In an endeavor to enhance compliance and transparency within the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented a requirement for all registered real estate agents in the state to obtain a MahaRERA Real Estate Agent Certificate of Competency. This initiative is aimed at ensuring that agents possess a comprehensive understanding of the RERA Act's provisions and are adequately equipped to carry out their responsibilities effectively.
To acquire the certificate, agents must successfully complete an online examination administered by MahaRERA. The examination encompasses various facets of the real estate industry, including verifying promoter identities and project details, examining property legal titles, calculating RERA carpet area, and comprehending building approvals. Only those agents who have secured this certificate will be permitted to operate in development areas such as Mahalaxmi in Mumbai and other regions across the state.
Although the initial deadline for passing the examination was set for September 1, 2023, only 3,400 agents managed to meet this requirement. Consequently, MahaRERA is contemplating an extension of the deadline by approximately six to seven months, allowing more agents to fulfill this prerequisite.
To prepare for the examination, agents attended workshops where they were introduced to the preamble, objectives, and purposes of the RERA Act. They also participated in virtual tours of the MahaRERA portal, gaining practical insights into the industry. The examination comprised 50 questions covering the roles and responsibilities of promoters, homebuyers, and real estate agents.
This certification initiative has been widely embraced within the industry. Real estate agents perceive it as recognition of their pivotal role in the sector and a significant step toward enhancing its organization. Buyers and developers are also expected to place greater trust and confidence in certified agents, thereby fostering professionalism and trustworthiness in the sector.
However, critics argue that the certification process may not substantially improve transparency, given the continued influence of powerful builders in the Mumbai real estate industry. Despite these concerns, the certification process is generally viewed as a positive development that will safeguard the interests of homebuyers while ensuring that real estate agents possess the necessary knowledge and accountability.
© 2023 Rera News. All rights reserved.