Wednesday, June 21, 2017

RERA blessing for real estate agents


PUNE: The Real Estate Regulatory Act (RERA) is proving a boon for agents in the city. Over 1,200 have registered themselves under the act, providing a platform to authenticate their business. They were feeling left out because of lack of registration.

RERA came into force on May 1.The state government has set up a website for online registration of projects. Under RERA rules, builders and real estate agents have been given three months to register their projects with the regulator or face penalty. After the 90-day period, those failing to register would be considered delinquent and face severe action.

"The initiative is good. The law has been made now. So, registration is a must. The wrong elements that have come in the real estate brokering will be weeded out by this step," said Ramesh Gajare, a real estate agent.

Amit Jagtap, another agent, said steps should be taken to promote the initiative among citizens. "There are many legal aspects while dealing in properties. The guidance of lawyers is a must. But even agents play a major role. The registration will help in identifying the genuine agents," he said.

As per officials, over 1,200 people have registered in the Pune division. An official said a suo motu action was taken against an agent recently for advertising wrongly to send across a message to the fraternity that they should not take things for granted.

MahaRERA, in its first action imposed a fine of Rs1.2 lakh on the real estate consultant for advertising an unregistered project, thereby misleading consumers. The agent was told to tender an apology and restrained from indulging in misleading ads.

Activists feel the new act will serve the purpose if public pressure is exerted for implementation. "There is no control on agents. They cannot be charged under any specific act because there is no such act in existence. RERA can fill up that gap and keep watch on fly by night real estate firms," said Vivek Velankar, the founder of the Sajag Nagrik Manch.


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