Why RERA is a ‘blessing in disguise’ for property brokers
The implementation of the Real Estate Regulatory Act (RERA) has transformed the way the real estate sector in India operates.The overarching regulatory framework defined by the Act provides for clear guidelines and way forward for not only real estate developers but property brokers as well. It i
Published -
Dec 13, 2017 4:39 AM
The implementation of the Real Estate Regulatory Act (RERA) has transformed the way the real estate sector in India operates.The overarching regulatory framework defined by the Act provides for clear guidelines and way forward for not only real estate developers but property brokers as well.
It is now mandatory for all the firms and professionals involved in sale and purchase of real estate to register under the Act. As on 25 November, the Act has been notified in 27 states and union territories, while 8 states are in the process of notifying. The core provisions of the Act are largely similar in nature.
It is a sea change for property broking businesses in India who had been operating as any other local business with no sector-specific guidelines and regulations. The provisions of the Act promote transparency and accountability, thus creating a roadmap for more professional conduct.
Once a property broker registers under the Act, he is required to maintain comprehensive records of all the property transactions done by him. The RERA registration number has to be displayed in all the papers and communications circulated in the market, thereby providing public an access to necessary information related to experience, skills and conduct of the broker. The Act mandates all the property brokers to renew their registration after an expiry of a certain term notified by the State.
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