Registration of an Agent under Real Estate Regulatory Authority (RERA)
Real estate and broking is one of the simplest business in India as there are no particular qualification or experience necessities and furthermore there is no code of practice which sets responsibility, transparency and professional benchmarks. Thus, there are a huge number of non-professional agents/ brokers in each city working with no accountability. Subsequently, to get transparency and responsibility, agents have likewise been covered under the ambit of RERA and registration requirement has been compulsory for them according to section 9 of the RERA Act, 2016.
Without acquiring registration real estate agent will not facilitate the sale or purchase of or follow up in the interest of any individual to encourage the deal or acquisition of any plot, apartment or building, all things considered, in a real estate project or some part of it, being the part of the real estate project registered, being sold by the promoter in any planning area.
MANDATORY REGISTRATION UNDER RERA
The enrollment of an agent is required under section 9 of the Act. No real estate agent can encourage the sale/purchase of properties in real estate projects registered under section 3 of the Act without getting registration under section 9.
Each real estate agent will make an application to the Authority for registration in such form, manner within such time and joined by such fees and documents as may be prescribed in particular State’s rules. The Authority will grant a single registration to the real estate agent for the whole State or Union territory.”
The Agent needs to make an application under section 9(2) to the Real Estate Regulatory Authority for getting the registration Certificate. The Application technique differs from state to state as per their respective rules.
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|NGO Registration||GST Registration|
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FUNCTIONS OF RERA AGENT
Each real estate agent which isn’t registered with the Authority will not facilitate the sale or acquisition of any plot, apartment or building, all things considered, in a real estate project or some portion of it, being sold by the promoter in any planning area.
Therefore, firstly they require to register themselves with the authority and
LIST OF DOCUMENTS REQUIRED
|Sl No.||Particular||Documents required|
|1||The brief details of his enterprise||
Type of enterprise
|2||The particulars of registration (whether as a proprietorship, partnership, company, society etc.)||
|3||Personal details||In case of an individual
In case of other Entity
|4||Income tax return for Last 3 financial years||A declaration in case the applicant was exempted from filing returns in any of the three years preceding the application,|
|5||An authentic copy of the address proof of the place of business||
|6||Details of real estate projects and their promoters on whose behalf he has acted as a real estate agent in preceding 5 years|
|7||Details of civil, criminal cases pending against him if an individual or any of the partners, directors, trustees, or any other entity|
PROCEDURE FOR REGISTRATION OF AN AGENT
VALIDITY OF REGISTRATION
RERA registration for Agent would be valid for a period of 5 years from the date of issue. The license could be renewed again for a period of 5 years, through submitting a renewal application 60 days preceding the expiry date.
PENALTY FOR NON-REGISTRATION AND CONTRAVENTIONS:
Under the RERA Act if any Agent fails to comply or contravenes the provisions relating to registration or functions, he/she shall be liable to a penalty of Rs.10, 000/- per day during which the default continues.
The said penalty may extend up to five per cent of the cost of plot, apartment or buildings of the real estate project for which the sale or purchase has been facilitated.
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