Broker Registration Number Mandatory Requirement of RERA.

19-May-2017    |    Source:    Accommodation Times



Brokers need to list with developers to market their projects



Brokers who deal in ongoing and new projects also have to be registered under RERA. This broker registration number has to be listed with developers with ongoing and new projects and has to be displayed on the project website for the agent to be able to transact in that property.
All ongoing projects can although, advertise, market and sell till July 31. Maharashtra RERA Regulator, Gautam Chatterjee told to clarifying this issue once more. No ongoing project can afford not to apply for registration by July 31st, as they would be prosecuted after that period, he further added.
However, the project can continue with marketing till this cut-off date. No new launches are allowed without a registration number.
Issuing this clarification, Chatterjee said that RERA has been set up to deal with projects that are coming up and therefore, all professionals dealing with primary or secondary sales in under construction projects come under the purview of RERA. Brokers who deal in projects that have already received their Occupation and Completion Certificates do not need to register under RERA.
Chatterjee estimates that currently there are about 1 lakh agents who are transacting in primary markets either in first or second sale of units. They need to register with the authority and list that number with the developer who has to publicly display this number on the builder and project websites.
He clarified that those dealing in completed and handed over projects do not need a RERA number either in the sale or lease markets. Chatterjee was confident that developers would start applying for registration within the next 7-10 days and the broker registration applications would swell from the current 500 to cover all 1 lakh in the state.
So if you have a unit in an ongoing project and are planning to sell it through a broker, be sure to either go with a broker who is listed with the developer or make sure he gets listed before he services you. Note it down, this is a mandatory requirement of the Act.

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