A majority of home buying transactions in India are done through brokers/dealers/real estate agent (called ‘Agent’). Until the RERA act come into force, the Agent segment was unorganized and unregulated. The RERA act, has, to repose the faith of a homebuyer in the Real Estate Agent has brought into its ambit the inclusion of Agents by setting regulations within whose parameters, Agents can function.
It shall be mandatory for every Agent to register themselves with their respective State RERA authority to do any real estate related transactions failing which penalties will be payable .
The registration is valid for a period of 5 years and agents opting to renew have to do so before 60 days prior to the expiry of their registration.
Book of Records: The agent shall maintain book of accounts, records and documents for each real estate project separately.
Display of the certificate: The Agent shall ensure the registration certificate should be displayed at the place of business and that all advertisements, marketing, selling or purchase papers, have mentioned in them the registration number.
How To Register As An Agent Under RERA In Tamilnadu And Karnataka?
Registration can be done either as an individual or other than individual (Partnership form/society/LLP/Company)