"Home Buying: Check RERA Registration of Developers and Agents"
Engaging with unregistered agents or purchasing property in a project lacking a valid RERA registration can lead to significant legal and financial issues for homebuyers. Recently, the Maharashtra Real Estate Regulatory Authority (MahaRERA) revoked the licenses of 20,000 agents who either did not obtain the necessary real estate agent competency certificate or failed to register their certificates on the MahaRERA website.
This is not an isolated incident. RERA authorities across various states frequently cancel registrations of real estate agents and projects that do not adhere to established rules and regulations. For instance, in March 2024, Haryana RERA cancelled the registrations of five housing projects due to non-compliance with the RERA Act.
Similarly, in July of the previous year, MahaRERA issued cancellation notices to over 500 developers for not updating project information as required.
According to the Real Estate (Regulation and Development Act) 2016, real estate projects exceeding a certain size and number of units, as well as agents marketing such projects, must be registered with the state's real estate regulator. Compliance with these regulations is mandatory to ensure transparency and protect homebuyers from potential risks.
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