Registration of Real Estate Agent

  • Application Form
  • Particulars stating the type of organization ( Pvt.Ltd./Public./LLP/Partnership firm/ Proprietorship Firm) with a registration number.
  • An authentic copy of the address proof of the place of business.
  • An authentic copy of the Pan Card of the real estate agent.
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WHAT?

The Real Estate (Regulation and Development) Act , 2016 (RERA ACT) is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force from 1 May 2016 which applies to whole of India except the State of Jammu and Kashmir. The Act establishes the State wise Real Estate Regulatory Authority.

This Act has been established to:
  • Regulate and promote the Real Estate sector
  • To ensure the sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner
  • To protect the interest of consumers in the real estate sector
  • To establish an adjudicating mechanism for speedy dispute redressal; and
  • To establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

Registration for Real Estate Agents are regulated by the Real Estate Regulatory Authority established under the RERA ACT. The said Authority grant a single registration to the real estate agent for the entire State of Union territory. The expression "real estate agent" has been specifically defined under the Act.

It means any person:
  • who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building etc in a real estate project (defined separately under real estate project), by way of sale, with another person or transfer of plot, apartment or building etc of any other person to him and
  • receives remuneration or fees or any other charges for his services whether as commission or otherwise by whatever name called and
  • includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building and
  • includes property dealers, brokers, middlemen by whatever name called.
WHY?
  • Ensure the accountability and transparency
  • Promote Good Corporate Governance and will build the trust of the customers
  • Foreign Investment will improve due to regulated sector
  • Reduce the Risk of the Builders w.r.t Insolvency or Bankruptcy
  • Ensure the timely payment from the customers to the builders
  • Valid till 5 Years
WHO?

Every person before facilitating the sale or purchase of or acting on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being the part of the real estate project registered under the Act, being sold by the promoter in any planning area, will have to get himself registered as the Real Estate Agent with the Real Estate Regulatory Authority under the RERA Act, 2016.

HOW?
  • Step 1: Application Form: - Filling of online / offline Application along with prescribed documents and fees
  • Step 2: Processing of Application: - Application will be processed for Approval / Objections / Rejection within 30 days of filing of application.
  • Step 3: Granting Registration and Registration No. : -
    1. No Objections Registration no. Granted to the Project
    2. Objections raised Opportunity given to rectify the objection, thereafter application re-processed for Approval / Rejection
  • Step 4: Deemed Approval : - If the application filed not processed for Approval / Objections / Rejection within 30 days of filing the project shall be deemed to have been registered, and the Authority shall within a period of seven days provide a registration number
PENALTY

Any person who is required to obtain registration as described above shall be liable to a penalty of INR 10,000/- every day during which the default continues, which may extend upto 5% of the cost of the plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.