Home buyers in Mumbai and across Maharashtra state will soon have access to certified real estate agents. A recent MahaRERA directive has made it mandatory for all property agents to obtain a certificate from the authority before providing professional services to property buyers. The directive will come into effect from May 1, 2023.
In line with the MahaRERA directive, the National Real Estate Development Council (NAREDCO), an apex body formed under the aegis of the Ministry of Housing and Urban Affairs, Government of India in association with Real Estate Management Institute (REMI) on Wednesday (February 15) commenced the training of the first batch of real estate agents under the Maharashtra Real Estate Regulatory Authority (MahaRERA) initiative.
Here are the key points homebuyers in Maharashtra should know about Certified MahaRERA Real Estate Agents:
What MahaRERA says
As per the MahaRERA directive, all channel partners and property agents are required to take an exam and obtain a certificate from the authority before providing professional services. In an order dated January 10, MahaRERA said:
“With effect from May 1, 2023, only those real estate agents who have a valid MahaRERA Real Estate agent certificate of competency can apply for MahaRERA real estate agent registration/renewal of registration.
– MahaRERA
Who needs the training and certificate?
The MahaRERA mandate will apply to the following persons:
- All individual real estate agents in case of individuals and authorized signatory (authorized for making application for MahaRERA real estate agent registration) in case of firms/ companies/organizations (Other than Individuals).
- All employees/staff/officers working in firms/companies/organizations of real estate agents, who interact with homebuyers/allottees for effecting transactions in real estate projects.
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Training program
The training launched by NARDECO and REMI is a 20-hour program with the option of being delivered in person or online. The program will be conducted from Monday to Friday; with four hours duration for each session. The first batch of the program started on February 15, 2023.
Training program objective
In a joint statement, MahaRERA, NARDECO and REMI said that the primary objective of the program is to educate and train real estate agents in the guidelines and regulations set by the Maharashtra Real Estate Regulatory Authority (MahaRERA).
The training program is aimed at equipping agents with the knowledge and skill sets necessary to effectively represent buyers and sellers in real estate transactions. It will provide agents with an understanding of the market and changes in the real estate sector due to RERA. On completion of the training course, a completion certificate will be issued by NAREDCO-REMI.
Benefit for homebuyers and agents
According to Rajan Bandelkar, President, NAREDCO, the MahaRERA mandate will bring in more transparency and integrity in the working of real estate agents as they are an important link between a home buyer and developer. “A knowledgeable agent will handhold a home buyer and gain his confidence, hence, helping him in taking a more informed decision during his search for a home,” he said.
Punit Chovatia, Head of Business Development at REMI said, “Across many developed countries, it is compulsory for real estate agents to undergo training before they begin their professional practice. This is an excellent step initiated by MahaRERA towards bringing in more competency and professionalism into the real estate sector.”
How will real estate agents benefit?
The training program will benefit real estate agents by preparing them for the MahaRERA real estate agent certification exam. It will facilitate an understanding of the clauses of MahaRERA and expand their network among their peers within the industry.
Eligibility criteria
The eligibility criterion for real estate agents planning to participate in the training program include MahaRERA registered real estate agents, new real estate agents who have not yet registered with MahaRERA and Professionals within and outside of real estate who wish to become Certified MahaRERA real estate agents.