The real estate regulator in Maharashtra announced on Thursday that it has revoked the registration of 20,000 real estate brokers, resulting in only 13,000 registered agents remaining in the state.
In 2017, the regulator initiated the registration process for middlemen involved in property transactions, resulting in a total of 47,000 agents being registered.
According to an official statement, the registration of 13,785 agents was revoked earlier this year due to their failure to renew their licenses. Additionally, the registrations of 20,000 more agents have been temporarily suspended for a period of one year.
This suspension is a result of their failure to obtain the real estate agent certificate of competency from MahaRERA or neglecting to upload the certificate on the watchdog's website.
The licenses for the 20,000 agents are eligible for renewal upon successful completion of training, acquisition of the certificate of competency, and submission of the same on the portal within one year, as stated.
The chairman of the organization, Ajoy Mehta, stated that approximately 5,500 fresh applicants are expected to participate in the upcoming examination for agent registration next month. It is crucial for agents to have a thorough understanding of the Real Estate (Regulation and Development) Act, 2016.
Ajoy Mehta said,"MahaRERA has made it mandatory for agents to undergo training, clear the examination, and obtain certification. This decision was taken on January 10, 2023, and was extended multiple times before finally becoming binding for all agents on January 1, 2024."
However, he cautioned that approximately 20,000 agents currently lack the necessary qualifications and their approval has been suspended. He emphasized that the regulatory body will not hesitate to revoke the registration of developers who persist in working with these unqualified agents.
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