Mumbai in a significant development for the real estate sector, 87% of candidates who appeared for the fifth real estate agents’ examination conducted by the Maharashtra Real Estate Regulatory Authority (MahaRERA) have successfully passed. Out of the 4,769 candidates who took the exam, 4,165 have met the required standards. This brings the total number of certified real estate agents in the state to 13,370.
The exam results, released recently, highlight a notable achievement in the professionalisation of the real estate sector. Of the successful candidates, 3,553 are men and 612 are women, with 196 individuals being senior citizens. This reflects a broad demographic participation, indicating the growing appeal and importance of formal certification in the real estate industry. MahaRERA’s push for higher standards began in January of the previous year when it mandated that real estate agents undergo training and obtain certification to operate legally. This requirement aims to ensure that agents possess comprehensive knowledge of the Real Estate (Regulation and Development) Act (RERA) and other critical aspects of the real estate industry. Key areas of expertise include verifying the credibility of developers, understanding land title validity, and knowledge of project approvals and compliance with RERA standards.
The drive for certification comes against the backdrop of significant regulatory action. MahaRERA has previously suspended the registrations of over 20,000 agents who failed to comply with the mandatory training and certification requirements by December 31. This follows the cancellation of registrations for 13,785 agents due to non-renewal or voluntary cancellation. The introduction of these stringent requirements is part of MahaRERA’s broader effort to enhance transparency and professionalism in the real estate sector, ensuring that agents provide reliable and accurate information to homebuyers. This initiative aims to create a more trustworthy and informed environment for property transactions, ultimately benefiting both buyers and developers.
As the real estate market continues to evolve, the successful completion of this exam by a significant majority of candidates underscores the commitment of the industry to uphold high standards and foster a more regulated and transparent market.
