With the introduction of RERA, real estate brokers have to register themselves, to be able to facilitate a transaction. Now agents or agencies operating independently in smaller pockets and who were fooling buyers will be wiped out.
The broker segment in India, is largely unorganised and unregulated and estimated to be a USD 4 billion industry, with an estimated 5, 00, 000 to 9, 00,000 brokers. For real estate sector to grow, its very much important to make rules for the registration of real estate brokers in India.
Once they’re registered under the RERA regulations, the market sentiment 9investors’ and home buyers’ trust) is likely to increase and this could lead to an increase in sales and revenue for both, brokers and builders.
Under RERA guidelines, real estate brokers will be liable for any flaws in the project and can be prosecuted for any misconduct in the business. It is Section 9 (1) of RERA that mandates the registration. Section 9 prohibits an agent to operate his business without such registration.
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