A “Real estate agent” is a person who acts on behalf of another person in a real-estate transaction, and is benefited with fees for the service extended. Real estate agents include the likes of property dealers, brokers, middlemen etc. Top services rendered by real estate agents include is the introducing and deal making on leasing or sale of plot, land, building and apartments. Under the RERA Act applicable in India, all real estate agents must obtain a RERA registration for Agents.
The RERA Act has provided State Governments with the powers to issue rules and regulations pertaining to RERA registration for real estate agent registration. Any project where the area of development exceeds 500 square meters or if the number of apartments developed is more than eight, RERA registration would be required for the project and the project can be sold only by an Agent having RERA registration. Hence, only an Agent having RERA Registration is eligible for dealing in properties having RERA registration. IndiaFilings can help you obtain RERA Registration for Agents in India at any State. Talk to an IndiaFilings Advisor to know more and get your RERA Broker Registration.
Benefits of RERA Registration for Agents
Under the RERA Act, a real estate project that must be registered under the RERA Act can be dealt only by a real estate agent having RERA registration. RERA registration is required to advertise, market, book, sell or offer for sale, or invite persons to purchase in any plot, apartment or building. Only the following types of plots and apartments are exempted from RERA registration requirements:
- The area of land proposed to be developed does not exceed 500 square meters.
- The number of apartments proposed to be developed does not exceed eight, inclusive of all phases.
- Renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building.
Hence, RERA registration is a must for all real estate agents. Further, having RERA registration would help establish credibility amongst prospective buyers and sellers and show professionalism.
To conduct the real estate business, an agent shall pay a registration fee while applying for registration with the RERA authority. He/she can pay the registration fee using a demand draft, a cheque or through online payment mode when available.
- An individual agent shall pay Rs. 10,000 for RERA registration
- A real estate agency shall pay a sum of Rs. 50,000 for RERA registration
Documents required for registration of an agent under the RERA
- A duly filled RERA agent registration form
- Particulars stating the type of organization (Pvt. Ltd./Public Ltd./LLP/Partnership firm/Proprietorship Firm) with the registration number
- An authentic copy of the address proof of the place of business
- An authentic copy of Pan card of the real estate agent
Validity of registration
The registration shall be valid for 5 years from the date of receiving the registration certificate. The registration may be revoked in between the validity period if the agent breaches the RERA rules.