RERA Guidelines For Real Estate Broker-Agent

rera-guidelines-for-real-estate-broker-agent
Apr 28, 2017 Share

Article Index


1) Rera registration fees real estate agents

2) Fees for renewal of registration of real estate agent

3) Convenience fee to be levied on the promoters / real estate agents / complainant

4) Documents required for rera registration process of an agent

5) Regulations and process for a real estate agent to register

6) What is acknowledgement receipts proposed to be used by the real estate agent?

 

Rera Registration Process for Real Estate Agents and Rera Registration Fees for Agents

 

The Real Estate Regulation And Development Act,2016  also extensively known as RERA has defined some guidelines for Real Estate agents to ensure sale of plot, apartment or building, and sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal. The act will come into effect from 1st may 2017, total 101 section are notified under the Act. Out of which 69 were notified 30 April 2016 and rest 32 sections on 19 April 2017. 

RERA provides the home buyers with a perfect intent to scrutinize the whole accreditation of the real estate property they are looking for. and with the below guidelines it would be more easy for an investor to get what he wants. As per the act all agents and developers who want to provide services must register under RERA. Developers are liable to disclose all details of the project and all agents who are supposed to deal with particular projects of the developer. The regulator will keep track of all registered agents on the website.

 

 

Rera Registration Fees for Real Estate Agents

 

Rs. 500/- (+ Taxes & Bank Charges if any)to be paid to Mahaonline for Maha-Rera website. Additional payable fees.

Individual is Rs. 10,000/- only.

Proprietor/ Proprietorship Firm,Partnership Firm, Society, Pvt Ltd./ Ltd: Company, LLP etc. Rs.1,00,000/- only.

Mode Of Payment for Rera Registration for Agents NEFT, RTGS or any other Digital Transaction Mode.

 

Fees for Renewal of Registration of Real Estate Agent:

 

A real estate agent to whom registration has been granted under section 9 may, make an application for renewal of his registration, at least sixty days prior to the expiry of the registration.

The application shall be in Form 'J' and shall be accompanied with the same fees and fresh Documents as are applicable in case of new registration, under these rules.

Validity of Renewal of Registration of Real Estate Agent: The renewal granted of registrations to a real estate agent under this rule shall also be valid for a period of five years from the date of its renewal.

THE DOCUMENTS REQUIRED FOR RERA REGISTRATION PROCESS OF AN AGENT UNDER THE RERA ACT ARE

1) A duly filled RERA agents registration form

2) Particulars stating the type of organization ( Pvt.Ltd./Public./LLP/Partnership firm/ Proprietorship Firm) with a registration number.

3) An authentic copy of the address proof of the place of business.

4) An authentic copy of the Pan Card of the real estate agent

The scale of MahaOnline convenience fee to be levied on the promoters / real estate agents / Complainant are as follows: Fee per transaction (Rs.) excluding taxes and bank charges

 

Types of Transactions

Fee per transaction (Rs.) excluding taxes and bank charges

1.New Project Registration 750
2. Project Extension / Withdrawal Request 500
3.Annual fees to project for status updates 500
4.New Real Estate Agent Registration / Renewal 500
5. Complaint Filling 50

Charges for inspections of documents and certified copies of the document shall be applicable under RTI Act and Rules there under as amended time to time.

 

Rera Registration fees for Real Estate Agents under RERA:

1) (a)A sum of ten thousand, in case of an applicant being an individual.

(b) Rupee one lakh, in case of an applicant is an entity not registered under Companies Act 2013 or

(c) Rupees Twenty - Five lakhs, in case of an applicant, is a body corporate, registered under the Companies Act, 2013, shall be paid as fees to the authority for obtaining a registration.

2) The fees shall be paid to the authority through NEFT or RTGS System at the time of filling of the online application or through a pay order or demand draft payable at the head of the Authority and drawn on any scheduled bank along with an application, at the time of submission of such application.

You can also find details about rera registration fees and rera registration process on maharera.mahaonline.gov.in

 

The documents required for RERA registration process of an agent under the RERA Act are:

1) A duly filled RERA agents registration form

2) Particulars stating the type of organization ( Pvt.Ltd./Public./LLP/Partnership firm/ Proprietorship Firm) with a registration number.

3) An authentic copy of the address proof of the place of business.

4) An authentic copy of the Pan Card of the real estate agent

 

 

A simple illustration of real estate agents registration process is below to understand

 

 

 

Rules, Regulations and Process for a Real Estate agent to register as per RERA.

1.Online Portal of RERA Registration :

http://maharera.mahaonline.gov.inp>

2.RERA Applicable for the Agents:

Agents who dealings with RERA Registered Projects/ Apartments/Flat, Commercial, Plotting.

3.Accompanying Documents in case of Applicant is Individual, Proprietor/ Proprietorship Firm:

4.Accompanying Documents in case of Applicant is Partnership Firm, Society, Pvt. Ltd./ Ltd. Company, LLP etc.:

  • Aadhar Card
  •  Recent Photo graph of Proprietor.
  •  Photo graph of Employee, Associates (if any)
  •  ITR of Last Three years
  •  Address Proof of any Branches (if any)
  •  details (if any) of all real estate projects and their promoters on whose behalf he has acted as real estate agent in preceding five years
  •  details of all civil/ criminal cases pending against him or Associate/s.
  •  authenticated copies of all letter heads; rubber stamp images, acknowledgement receipts proposed to be used by the real estate agent
  • what is acknowledgement receipts proposed to be used by the real estate agent?

    The receipt a real estate agent provides to the builder against the services/consultation given to the home buyer. (Invoice for the commission against an apartment sold)

  •  Address, Contact No, Cell No & Email ID

 

  • Incorporation Certificate
  •  Registration No., TIN, DIN
  •  PAN of Firm, Company
  •  Copy of Deed of Article, Memorandum
  •  Photo graphs of All Partners, Directors,Members
  •  Photographs of Employee, Associates (if any)
  •  ITR of last Three Years
  •  Address Proof of any Branches (if any)
  •  details (if any) of all real estate projects and their promoters on whose behalf he has acted as real estate agent in preceding five years
  •  details of all civil/ criminal cases pending against Company or any of Director, Partner,Trustee or Associate/s./ Employee
  •  authenticated copies of all letter heads; rubber stamp images, acknowledgement receipts proposed to be used by Company
  • All Address, Contact No, Cell No & Email ID

 

5. Registration Fees:

a. Rs. 500/- (+ Taxes & Bank Charges if any)to be paid to Mahaonline for Maha-Rera website. Additional payable fees..

b. IndividualRs. 10,000/- only.

c. Proprietorship Firm ,Partnership Firm, Society, Pvt Ltd./ Ltd: Company, LLP etc. Rs.1,00,000/- only.

 

6. Mode of Payment Registration Fees:

NEFT, RTGS or any other Digital Transaction Mode.

 

7. Book of Records:

The real estate agent upon being engaged by the promoter under clause (f) of sub-section (2) of section 4 for a real estate project shall maintain and preserve books of accounts, records and documents separately for each such real estate project.

8. Registration Time Frame:

Within a time frame of 30 Days RERA authorities shall deliver Registration No along with Certificate. (if Application is not being Rejected) On Completion of time frame of 30 Days (if you not received any objection, query, rejection) there are provision of deemed registration within 7 Days.

9. Validity of Registration:

RERA Authority is bound to given an opportunity to being heard or to fulfillment of required papers before rejection any Application. 

10. Renewal of Registration:

A real estate agent to whom registration has been granted under section 9 may, make an application for renewal of his registration, at least sixty days prior to the expiry of the registration. The application shall be in Form 'J' and shall be accompanied with the same fees and fresh Documents as are applicable in case of new registration, under these rules.

11. Validity of Renewal:

The renewal granted of registrations to a real estate agent under this rule shall also be valid for a period of five years from the date of its renewal.

 

12. Obligations of Registered Real Estate Agents:

Every registered real estate agent shall prominently display number of his Registration Certificate at the principal place of business and at its branch offices.

Every registered real estate agent shall quote his number of their registration all the documents relating to advertisement, marketing, selling or purchase issued by the real estate agent along with the number of registration certificate of the real estate project.

13. Revocation of Registration of Real Estate Agents:

Where any real estate agent who has been granted registration certificate number commits breach of any terms and conditions specified under these rules or regulations made there under, or where the Authority is satisfied that such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, without prejudice to any other provisions under the Act, either suo-motu or on an application or complaint from the promoter or allottee or revoke the registration or suspend the same for such period as the Authority thinks fit and inform all the

promoters:

Provided that, no such revocation or suspension of registration shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.

14. Rustication of New Application in case of Membership Revoked by Authority.

Provided that, on the revocation of the registration by the Authority of any real estate agent; fresh application for grant of registration cannot be made again within a period of six months by such real estate agent.

15. Maintenance and preservation and production of books of accounts, records and documents.-

Every registered real estate agent shall maintain and preserve such books of accounts, records and documents as he may be required in accordance with the provisions of the Income Tax Act, 1961 or the  Companies Act, 2013 or under any other law applicable for the time being in force or rules  and regulations framed there under and will be required to produce them for inspection if so needed for grant or renewal of the registration

16. Other functions of a real estate agent.

The real estate agent shall provide assistance to enable the allottee and promoter of each real estate project, to exercise their respective rights and fulfil their respective obligations at the time of marketing and selling, purchase and sale of any plot, apartment or building, as the case may be.

 

17. Prohibition for a Agent to involve himself in any unfair trade practices namely

(i) making any statement, whether orally or in writing or by visible representation which ¸ falsely or knowingly represents that services or amenities are of a particular standard or grade;¸ represents that the Promoter or himself has approval or affiliation which such promoter or himself does not have; ¸ makes a false or misleading representation concerning the services which the promoter does not have;

(ii) permitting the publication of any advertisement whether in any newspaper or other media, of services that are not intended to be offered by the promoter;

(iii) facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building or as the case may be;

(iv) discharge such other functions as prescribed by the regulations of the Authority.

18. Penalty for unregistered agents who involved in a RERA Registered project dealing, advertising, Marketing etc

Rs. 10,000/- per day during the period of failure and its Maximum up to 5% of the value of deal/ project value.

Share Your Comment 4 Comments

Avinnash

May 05, 2017

Please clarify in details about acknowledgement receipts proposed to be used by the real estate agent. what details required on receipt copy. to whom it is to be given?

Roger Londhe

Nov 13, 2017

The receipts a real estate agent provides to the builder against the services/consultation given to the home buyer. (Invoice for the commission against an apartment sold)

Vipin chavan

Jun 03, 2017

Please give me format for "Acknowledgement receipts proposed to be used by the real estate agent" Mail me on [email protected]

SILA

Jul 16, 2017

TELL ME THE MEANING OF Acknowledgement receipts proposed to be used by the real estate agent IN FULL DETAILS . WHAT DOES IT MEANS

Roger Londhe

Nov 13, 2017

Please refer above comments for the same

MEL

Jul 25, 2017

Is there any change to the brokerage charged by real estate agents, post RERA?

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