Over 13,000 real estate agents in Maharashtra have seen their registrations expire, as per a list released by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The authority has warned homebuyers against engaging with these agents.
Since its establishment in May 2017, MahaRERA has required all real estate agents to register with them. Six months ago, agents were also instructed to display their RERA registration numbers and QR codes on their promotional materials.
In Maharashtra, which is one of the largest real estate markets in the country, over 44,000 real estate agents are registered. These agents are required to renew their registration every five years, but 13,785 of them failed to do so, with most registrations expiring between May and June 2022.
Competency Exam
In January 2023, MahaRERA mandated that all registered real estate agents must take a competency examination by September 1. Those who pass the exam, which covers topics such as homebuyers’ rights, the RERA Act, and other sector-related aspects, are certified as real estate agents.
Homebuyers are advised to exercise caution and avoid dealing with agents whose registrations have lapsed. MahaRERA has been conducting competency examinations, and it is expected that all agents will pass and renew their registration,” stated a MahaRERA official.
Most of the agents whose registrations lapsed were small-scale dealers who may not have perceived the need to register. However, the regulatory framework is being strengthened, said the official, who wished to remain anonymous. “It is advisable for all stakeholders to adhere to the framework to ensure their relevance in the real estate sector,” they added.
According to the list published on the MahaRERA website, the majority of agents with lapsed registrations are from the Konkan region, including the Mumbai Metropolitan Region, Pune, and the Nagpur region.
