{"id":10426,"date":"2020-06-09T13:01:34","date_gmt":"2020-06-09T07:31:34","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=10426"},"modified":"2020-10-03T16:49:01","modified_gmt":"2020-10-03T11:19:01","slug":"guide-on-rera-registration-for-real-estate-agents","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/","title":{"rendered":"Guide on RERA Registration for Real Estate Agents"},"content":{"rendered":"\n<p class=\"has-drop-cap\">A &#8220;<strong>Real estate agent<\/strong>&#8221; is an individual who acts on behalf of someone else in a real estate transaction, and is profited with fees for the service extended. Real estate agents incorporate the likes of property dealers, brokers, middlemen, and so forth. Top services rendered by real estate agents incorporate the introduction as well as deal-making on leasing or sale of plot, land, building, and apartments. Under the <strong>RERA Act<\/strong> applicable in India, every real estate agent should obtain a <a href=\"https:\/\/corpbiz.io\/online-rera-registration-for-agents\"><strong>RERA registration for agents<\/strong><\/a>. <\/p>\n\n\n\n<p>The RERA Act has furnished State Governments with the powers to issue rules as well as regulations relating to RERA registration for an agent. Any project where the area of development surpasses <strong><em>500 square meters<\/em><\/strong> or if the number of apartments developed is more than eight, <a href=\"https:\/\/corpbiz.io\/rera-registration\"><strong>RERA registration<\/strong><\/a> shall be required for the project, and the project could be sold only by an Agent having RERA registration. Subsequently, only an Agent having RERA Registration is qualified for managing in properties having RERA registration. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Benefits_of_RERA_Registration_for_an_agent\" >Benefits of RERA Registration for an agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Legal_aspect_of_RERA_registration_for_Real_estate_agent\" >Legal aspect of RERA registration for Real estate agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Importance_of_Real_Estate_Agent\" >Importance of Real Estate Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Compliances_for_Real_Estate_Agent\" >Compliances for Real Estate Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Penalties_for_Real_Estate_Agent\" >Penalties for Real Estate Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#RERA_Registration_for_agents\" >RERA Registration for agents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#The_validity_of_the_RERA_registration\" >The validity of the RERA registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Document_Required_for_Registration\" >Document Required for Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Functions_of_the_Real_Estate_Agents\" >Functions of the Real Estate Agents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-real-estate-agents\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_RERA_Registration_for_an_agent\"><\/span>Benefits of RERA Registration for an agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per the RERA Act, a real estate project that should be\nregistered under the RERA Act could be dealt with only by a real estate agent\nhaving RERA registration. RERA registration is requisite to advertise, market,\nbook, sell, or offer for sale, or invite individuals to purchase in any plot,\napartment, or building.<\/p>\n\n\n\n<p><strong><em>There are only the following types of plots and apartments are exempted from RERA registration for agent requirements. Those follow:-<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"677\" height=\"383\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-52.png\" alt=\"RERA registration for agent requirements\" class=\"wp-image-10428\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-52.png 677w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-52-300x170.png 300w\" sizes=\"(max-width: 677px) 100vw, 677px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Legal_aspect_of_RERA_registration_for_Real_estate_agent\"><\/span>Legal aspect of RERA registration for Real estate agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RERA represents for <strong>Real\nEstate Regulatory Authority<\/strong>, which is an act of the Parliament of India\ntrying to ensure home-buyers and assists in boosting investments in the real\nestate business. It is intended to bring clarity and responsibility that would\nrecapture the lost faith of the individuals in the real estate business.<\/p>\n\n\n\n<p>Through RERA registration for an agent, the <strong>Real Estate Act, 2016<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Real_Estate_(Regulation_and_Development)_Act,_2016\"><strong>[1]<\/strong><\/a><\/sup>, built up it in each state for regulation of the real estate sector and also acted as an adjudicating body for quick dispute redressal. This Act came into existence on 1st May 2016, with <strong><em>59 of 92 sections<\/em><\/strong> notified.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Real_Estate_Agent\"><\/span>Importance of Real Estate Agent <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Real estate agents are the backbone of the real estate\nmarket. They channelize the markets in which the money is either brought by the\npromoters or by the buyers. An agent is valued extremely high by the general\npublic since they realize that the <strong><em>agent is the medium through which a promoter\nand a buyer meet<\/em><\/strong>. <\/p>\n\n\n\n<p>Real estate agents are the catalysts through which a smooth <strong><em>sail\nof selling and purchasing <\/em><\/strong>can be done in the market. A promoter builds\na project, but he neither has the skill nor the network to sell those units,\nand a buyer can only reach the promoter through a personal relationship or\nthrough agents.&nbsp; <\/p>\n\n\n\n<p>The problem in India is that with the passage of time, the general\npublic is losing trust in the real estate agents. Even the agents know that\ntheir image in the eyes of common man has gone from bad to worse, and now this\nthing has become so extreme that the young generation finds this a work of\nthieves and goons. However, one should always keep in mind that not all the\nagents are thugs, many of them do their job very honestly. <\/p>\n\n\n\n<p>Thus, the government had to come up with an answer for the\nlosing faith of our real estate agents. This answer is RERA. RERA with, <strong>Central Advisory Council and Real Estate\nAppellate Tribunal<\/strong> have been formed so that people can regain trust in our\nnation&#8217;s real estate agents and also to strictly penalize the defaulters due to\nwhich an unbalance are created in public. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliances_for_Real_Estate_Agent\"><\/span>Compliances for Real Estate Agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To achieve fair practice in dealing with properties, <strong>RERA regulations<\/strong> have prescribed\ncertain compliances for Real Estate agents to moderate the transactions in real\nestate properties. As per RERA Act, no real estate agent shall facilitate few\napproaches.<\/p>\n\n\n\n<p><strong>Those are as follows:-<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"694\" height=\"350\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-53.png\" alt=\"Compliances for Real Estate Agent\" class=\"wp-image-10430\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-53.png 694w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-53-300x151.png 300w\" sizes=\"(max-width: 694px) 100vw, 694px\" \/><\/figure><\/div>\n\n\n\n<p>As required by RERA Act, Every State RERA has prescribed its\nown <strong>RERA Rules, <\/strong>which prescribe\nabout <strong>RERA Registration Fees<\/strong>, RERA\nRegistration form, and RERA registration process. Apart from Registration,\nthere are other compliances:<\/p>\n\n\n\n<ul><li>To ensure that the property which requires RERA\nregistration has been registered with respective State RERA.<\/li><li>To ensure all the papers\/information required in\nthe deal has been given to allottee.<\/li><li>Don&#8217;t provide any false promise or misleading commitment.<\/li><li>Don\u2019t involve in any kind of mal-practice<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_for_Real_Estate_Agent\"><\/span>Penalties for Real Estate Agent <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Failure to get RERA registration would attract a <strong>penalty of Rs. 10,000\/-<\/strong> per day during\nthe period of default. For another kind of violation, there are provisions for <strong><em>revocation\nof RERA registration and imprisonment<\/em><\/strong>. The Real Estate (Regulatory and\nDevelopment) Act, 2016 provides for rules and regulations, which are as follows:<\/p>\n\n\n\n<ul><li>A real-estate agent would be punished with a sum of <strong>Rs 10,000<\/strong> for every day of default, <strong><em>which may extend up to 5% of the cost of the property,<\/em><\/strong> be it for non-registration or any other violation of conduct. <\/li><li>The fee could cumulatively <strong><em>extend up to 5% of the price of the plot<\/em><\/strong>, apartment, or building, also in case of any further indulgence in unfair trade practices. <\/li><li>An agent can get <strong><em>imprisonment for up to 1 year<\/em><\/strong> without fine, which may <strong><em>extend up to 10% of the estimated cost of the project.<\/em><\/strong><\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/\">Comprehensive Guide on RERA Registration for Promoters<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RERA_Registration_for_agents\"><\/span>RERA Registration for agents <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is now a <strong><em>compulsion for an agent to get registered\nwith RERA<\/em><\/strong>. Without this Registration, he will be ineligible to sell or\nadvertise a property. Registration will be a simple process, as the agent only\nhas to submit all the documents asked by the authority.<\/p>\n\n\n\n<p>We will update the requirements of the authority as and when\nit starts to set up those norms. We will also support the agents with the time\nschedule as to when will be the registration starts and all as we get updates\nfrom RERA itself.<\/p>\n\n\n\n<p>As requisite by RERA Act, every State RERA has set its own\nRERA Rules, which lay down about RERA registration for agent Fees, RERA\nRegistration for agent form, and RERA registration for agent course.<\/p>\n\n\n\n<p>We all know that somewhere down the line, the government also becomes a part of unethical behaviors of some agents by delaying their approvals. This can come as good news to the existing and budding agents as now <strong><em>the government has to either register or reject their application within the given amount of time<\/em><\/strong>, and also, it has to give a written clarification that on what grounds is the applicant is getting rejected. If the government fails to do these steps, a person automatically becomes an agent.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"624\" height=\"333\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-54.png\" alt=\"Process of RERA Registration for agents \" class=\"wp-image-10431\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-54.png 624w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-54-300x160.png 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_validity_of_the_RERA_registration\"><\/span>The validity of the RERA registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RERA registration for agents would be valid for <strong><em>5\nyears<\/em><\/strong> from the date of issue. The license could be <strong><em>renewed again for a period of 5\nyears<\/em><\/strong>, through submitting a <strong><em>renewal application 60 days prior to the\nexpiry date<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Document_Required_for_Registration\"><\/span>Document Required for Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>A duly filled RERA agent registration form.<\/li><li>Particulars are stating the type of organization\n(Pvt. Ltd. \/Public Ltd.\/LLP\/Partnership firm\/Proprietorship Firm) with the\nregistration number.<\/li><li>The particulars of Registration including the\nbye-laws, memorandum of association, articles of association, etc. as the case\nmay be.<\/li><li>Name, address, contact details and photographs\nof the real estate agent, if it is an individual and the name, address, contact\ndetails and photograph of the partners, directors, etc. in case of other\nentities.<\/li><li>An authentic copy of the address proof of the\nplace of business.<\/li><li>An authentic copy of Pan Card of the real estate\nagent.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Functions_of_the_Real_Estate_Agents\"><\/span>Functions of the Real Estate Agents <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The <strong><em>agent must have all the records of the\npromoters<\/em><\/strong> as well as their projects. These documents should be\npresented to the buyers as and when required. He should not advertise or\nmisguide the general public with the facts of the project that are false. He\nshould understand that being an agent is a responsibility to fairly handle the\nhard-earned money of a common man.<\/li><li>Thus, he <strong><em>should not try to trick a customer by giving\nhim false information<\/em><\/strong> or by any method. A real estate agent must\nunderstand that a buyer very rarely knows the laws when buying a house, and\nit&#8217;s his duty to introduce each law to the eyes of a buyer. <\/li><li>These are the <strong><em>summary of the role of real agent\n<\/em><\/strong>and his registration process. The government has wisely chosen these\nsteps as it wants to create a long run of trust-building between an agent and\nthe buyer. We will help to build a stronger relationship between the buyer and\nan agent by providing proper assistance and interactions.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Real estate agents are the heart of real estate industry.\nThey are the mediators facilitating transactions between builder and buyer.\nWith RERA, which will soon come into force, all brokers will have to be\nmandatorily registered with the concerned state-level regulatory authorities. <\/p>\n\n\n\n<p>Real estate agents will be given a registration number by the authority, which will be <strong><em>valid for 5 years<\/em><\/strong> and will be quoted in every transaction facilitated by him. All brokers will have to compulsorily register with the concerned state-level regulatory authorities. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/rera-complaint-or-consumer-forum\/\">\nRERA Complaint or Consumer forum (NCDRC): Which is better?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A &#8220;Real estate agent&#8221; is an individual who acts on behalf of someone else in a real estate transaction, and is profited with fees for the service extended. Real estate agents incorporate the likes of property dealers, brokers, middlemen, and so forth. Top services rendered by real estate agents incorporate the introduction as well as [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":10433,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[182],"tags":[643],"acf":{"service_id":"319"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":13101,"readingTime":6,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10426"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=10426"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10426\/revisions"}],"predecessor-version":[{"id":17326,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10426\/revisions\/17326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/10433"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=10426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=10426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=10426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}