5th MahaRERA Competency Exam: Shielding Maharashtra Homebuyers' Rights

Published Date: 24/07/2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is gearing up to conduct its fifth competency examination for 5,260 real estate agents across 24 centers in Maharashtra.

"The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that a total of 5,260 real estate agents will appear for the fifth competency examination to be conducted by the Authority on July 29 across 24 centers in Maharashtra. This exam is a crucial step towards protecting homebuyers' interests in the state.

    Of the 5,260 candidates, 3,081 are from the Mumbai Metropolitan Region (MMR), 1,533 from Pune, and 518 from Nagpur. MahaRERA has made it mandatory for real estate agents to undergo training and obtain the prescribed certificate of registration, failing which their registrations will be suspended.

    Since the introduction of this requirement in January 2023, four batches have appeared for the examination, and 9,295 real estate agents have cleared the test. However, there are around 47,000 agents registered across Maharashtra, and registrations of 13,785 agents have been cancelled due to non-renewal. In April, MahaRERA had suspended registration of over 20,000 agents who failed to comply with the training and certification requirements.

    According to Ajoy Mehta, Chairman of MahaRERA, 'In the real estate sector, an 'agent' plays a crucial role for homebuyers and developers. Therefore, it is imperative for the agents to be well-versed in the provisions of RERA Act. Therefore, MahaRERA has made it mandatory for the agents to undergo training, pass an exam to obtain certification.'

    MahaRERA has taken several initiatives to safeguard homebuyers' interests in Maharashtra. In February 2023, the Authority directed real estate agents to make half-yearly progress reports public, furnishing information on projects where they have been designated by developers to handle sales.

       The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016. The Authority is responsible for regulating the real estate sector in Maharashtra, protecting homebuyers' interests, and promoting fair play in the industry.

       MahaRERA is committed to ensuring that real estate agents operate in a transparent and accountable manner. The Authority's efforts to regulate the sector have resulted in increased transparency and accountability, ultimately benefiting homebuyers in Maharashtra."

FAQs:

"Q: What is the purpose of the competency examination conducted by MahaRERA?

A: The competency examination is conducted to ensure that real estate agents are well-versed in the provisions of the RERA Act and can operate in a transparent and accountable manner.

Q: How many real estate agents have cleared the competency examination so far?

A: 9,295 real estate agents have cleared the competency examination so far.

Q: What happens if a real estate agent fails to comply with the training and certification requirements?

A: If a real estate agent fails to comply with the training and certification requirements, MahaRERA may suspend their registration.

Q: How many real estate agents are registered across Maharashtra?

A: There are around 47,000 real estate agents registered across Maharashtra.

Q: What is the role of MahaRERA in regulating the real estate sector in Maharashtra?

A: MahaRERA is responsible for regulating the real estate sector in Maharashtra, protecting homebuyers' interests, and promoting fair play in the industry."

Biometric Products & Solutions

BioEnable offers a wide range of cutting-edge biometric products and solutions: