With RERA becoming a reality on May 1, 2017, the next task is for the brokers to register with their respective state Real Estate Regulatory Authorities.
Now RERA is a reality. RERA registration pro cess has commenced in Maharashtra, but has not assuaged the challenges of real estate brokers. They are confused and trying to put the pieces together. With RERA becoming a reality on May 1, 2017, the next task is for the brokers to register with their respective state Real Estate Regulatory Authorities.
"The remaining 32 Sections of the Real Estate Act, 2016, have been notified. Projects and real estate agents have to be registered with the regulatory authorities within three months from May 1," said M Venkaiah Naidu, Union minister of urban development, housing and urban poverty alleviation, at a conference in Delhi recently .
Maharashtra is the first state to come up with the rules for the Real Estate Regulatory Authority, under the chairmanship of Gautam Chatterjee, a senior IAS officer of the 1982 batch. The portal is already up, calling for registrations. The entire process is online and gets completed when the broker submits the right document.
How are the brokers in Maharashtra taking to the process of RERA and do they realise the merit that it will bring them?
A broker says, "“As service providers to customers, they have to answer all queries related to deliverables committed by the developers. With the implementation of RERA in all states and with brokers getting registered, they will be more accountable to the customers. By registering with the regulatory authority, it will prove their overall credibility and seriousness in the business. We support it and its implementation".
Registration will be a simple process, as the agent only has to submit all the documents asked by the authority. Brokers are gradually starting the process and their reactions are mixed. Where some brokers are busy arranging their required documents, some have already registered, saying why waste time when everyone has to ultimately register.
Another broker says feels that the registration process for MahaRERA is quite simple. "It asks for basic documents, such as Pan Card, IT Forms, photographs, et al. However, there is not much awareness in the market. Not all brokers know the entire process of registration. Homebuyers too appear not that bothered about it yet."
Yet another broker says, "I have arranged half the documents and I plan registration in a few days. The whole process is online, which is good."
The non-refundable registration amount of Rs 10,000 is getting a mixed feedback. While some brokers feel that the amount is too much, there are some who feel that the amount charged by the Authority could be more. "The Authority is asking for a very petty amount as registration fees and should ask for more, especially from brokers who are operating in urban areas. Otherwise, anyone and everyone can become a broker. Anyways, there is no minimum education requirement in the Act.
With the registration process having just started in Maharashtra, the debate has just begun. By July 31, 2017, provided states are ready with their Acts and processes, RERA are set to bring about a significant change in the real estate industry, where fly-by-night developers and unprofessional brokers will not be able to sell apartments without proper documentation. Given the stringent registration process, there will be a consolidation in the real estate industry and that is expected to lead to professionalism, accountability, transparency and trust.
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