MahaRERA Suspends 20,000 Property Brokers Over Certification Non-Compliance
Mumbai, 23 May 2024 — The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended about 20,000 real estate agents. They failed to get the required Certificate of Competency. This cuts the number of registered agents in the state to about 13,000, down from 47,000 since MahaRERA’s 2017 start.
The Certificate of Competency requirement started on 10 January 2023. It will be enforced from 1 January 2024. Despite many extensions, a number of agents did not meet the certification mandate. This caused the suspensions. MahaRERA Chairman Ajoy Mehta emphasized the critical role of agents in real estate. He said, “It is essential for real estate agents to know the rules and project details.””
The suspended agents have a year to complete the training, pass the exam, and upload their certificates to the MahaRERA portal. Successful compliance within this period will result in the reinstatement of their licences. Failure to do so will lead to permanent cancellation. There will be a six-month ban on reapplying, barring them from real estate transactions.
Earlier this year, MahaRERA cancelled 13,785 agents’ registrations for not renewing their licences. This highlights its commitment to high industry standards.
Chairman Mehta warned developers. MahaRERA will cancel the registration of any who use unqualified agents. He urged developers to heed this warning to ensure compliance with regulatory standards.
This move shows MahaRERA’s commitment to the Real Estate (Regulation and Development) Act, 2016. It aims to make Maharashtra’s real estate sector more transparent and accountable.
