The Maharashtra Real Estate Regulatory Authority (MahaRERA) became the first real estate regulatory authority in the country to mandate an online examination for over 44,000 registered real estate agents in the state to obtain a MahaRERA Real Estate Agent Certificate of Competency before September 1, 2023.
However, less than 10 percent or around 3,400 of the real estate agents in Maharashtra have given this examination so far and cleared. Owing to this, the MahaRERA is working towards extending the deadline.
The competency exam clearance by MahaRERA means that the particular real estate agent is certified real estate agent where they are asked several questions in the written examination about consumer rights, RERA Act, and other knowledge of the real estate sector.
Meanwhile, homebuyers looking to invest in real estate in the festive season that will begin with Ganesh Chaturthi, should keep in mind the following things while choosing a real estate agent.
1) Check MahaRERA registration
The MahaRERA has made it mandatory for all real estate agents to register with the regulatory authority since May 2017. The MahaRERA has also mandated that real estate agents must display their RERA registration number and QR code on all promotional activities being carried out by them.
2) Check if the agent has appeared for competency examination:
The MahaRERA had in January 2023, mandated that all registered real estate agents should appear for a competency examination by September 01, 2023. As mentioned earlier, only around 10 percent of the agents have appeared for and cleared the same.
Hence, homebuyers should check if the real estate agent they are dealing with has cleared the competency examination or not.
The MahaRERA will issue a certificate to every real estate agent that clears the exam, and homebuyers can ask the agents to furnish this certificate.
3) Check if agent has progress reports on projects
The MahaRERA in February 2023, directed real estate agents to make half-yearly progress reports public from financial years 2023-24. In the progress report, MahaRERA had mandated that real estate agents will have to furnish information on developer projects they are representing, and other details, including transactions made in a particular real estate project, excluding the individual financial gains.
The real estate agents were asked to upload all these details on their respective web pages. Hence, homebuyers should check if the real estate agents they are dealing with are complying with the above regulations of MahaRERA.
4) Check if the developer has uploaded details of the registered real estate agent
Homebuyers should keep in mind that all real estate develoopers are mandated to deal only with real estate agents that are registered and compliant with MahaRERA regulations.
The developers are also expected to upload details of real estate agents they intend to deal with in particular projects on the MahaRERA web-page. Hence, homebuyers can find the names and details of real estate agents that are MahaRERA compliant, on these web-pages.
5) Cross verify details
Homebuyers should cross verify all the details given by real estate agents about a particular project with the MahaRERA web-page and the developers before investing in a particular project. Several details such as the carpet area, project completion date, amenities, litigation if any, permission status should be available on the MahaRERA portal along with details of the developer.