Mumbai, 22nd July 2024: A total of 5,260 candidates have completed preliminary training in the real estate sector to qualify themselves for an online exam to be conducted on July 29 at 24 centres across Maharashtra, shared Maharashtra Real Estate Regulatory Authority (MahaRERA).
Of the 5,260 candidates, 3,081 are from the Mumbai Metropolitan Region, 1,533 from Pune, 518 from Nagpur, 40 from Nashik, 28 from Sambhajinagar, 21 from Kolhapur, 20 from Sangli, and 7 each from Amravati and Jalgaon, along with 5 from Nanded.
So far, the test has been held four times and about 9,295 candidates have cleared the exam. There are around 47,000 agents registered across Maharashtra. Of these, registrations of 13,785 agents have been cancelled due to non-renewal. Subsequently, in April-end, MahaRERA suspended registration of over 20,000 agents who failed to comply with the training and certification requirements by December 31. They will have to comply with the mandatory requirement to resume operations in the real estate sector. Due to the action initiated, the number of candidates appearing for the upcoming test has increased to over 5,000 from around 1,700 in the previous edition.
In the real estate sector, the ‘agent’ is a crucial link between homebuyers and developers. Often, homebuyers’ first point of contact is agents who share primary information about various projects. Their role and importance in the real estate sector cannot be undermined and has to be recognised. They need to be well-versed in the provisions of the Real Estate (Regulation and Development) Act. Through the agents, a flat purchaser receives details such as provisions in the agreement for sale, stamp duty and registration, allotment letter, carpet area, payment schedule, regulatory provisions, etc. Hence, it is essential that agents provide all of this information consistently and with utmost clarity. Based on this set of information, the investor makes an informed decision about purchasing a home. Therefore, to safeguard customer’s interests is of utmost importance for which it is mandatory for the agents to undergo such training and certification time-to-time.
MahaRERA Chairman Ajoy Mehta said, “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. They are expected to have credible primary information about the developer and the project, land rights, RERA carpet area, project’s commencement certificate, clearances from local authorities, developer’s liabilities, and much more. A homebuyer processes this set of information to make an informed choice on their flat’s purchase.
Therefore, MahaRERA has made it mandatory for the agents to undergo training, pass an exam to obtain certification. Failure to comply within the stipulated time frame to obtain this certification will result in tough decisions such as discontinuing dealing in real estate transactions. Recently, MahaRERA suspended registrations of over 20,000 defaulting agents who did not comply with the mandatory due diligence. So far, 19,403 people have completed the training and 9,295 candidates have cleared the examination. Test for 5,260 candidates will be conducted this month end. Securing and protecting homebuyers’ interests is MahaRERA utmost priority. It is MahaRERA’s resolve not to tolerate any harm done to the homebuyers.”
