MahaRERA to issue notice for property broker'sâ€™ registration soon

Pune

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is planning to issue a notification, asking the 1lakh and odd property brokers across the state to get themselves registered at the earliest.

At present, only 12% of the brokers have registered themselves with the authority. Statistics available with the Confederation of Real Estate Brokers Association of India's (CREDAI) Maharashtra chapter reveal that 7,000 property brokers have registered with MahaRERA and it now wants to make registration of the brokers mandatory.

CREDAI members, however, said with nearly 80% of the brokers dealing with secondary or re-sale property, there is a hesitation among them for the registration. Rules state that only a Maha-RERA-registered broker can market newly registered projects.

CREDAI-Maharashtra President Milind Kamdar told TOI that most real estate brokers were hesitant to get registered, a few of them are involved in new or the ongoing projects. He said, "If there's a notification, it will become mandatory for them to get registered."

During the national conference that concluded in Mumbai on January 9, MahaRERA Chairman Gautam Chatterjee had expressed concern over the dismal registration of the brokers.

real estate brokers have to pay Rs 10,000 each for registration in their individual capacity. But they are expected to pay Rs 1 lakh when they are part of a firm or a partner in it.

The Real Estate (Regulation and Development) Act, 2016 came into effect in Maharashtra from May 1last year. Real estate brokers marketing new projects are under its purview.

"The market is unregulated. The consumers will be benefited if they get registered."