Real Estate Agents are essential element of Real Estate Sector, who connect Allottees and Promoters and facilitate most of the real estate transactions. Recognizing their importance, Real Estate (Regulation and Development) Act, 2016 recognizes them as one of the key stakeholders along with Allottees and Promoters.
Definition and Provision-
“Real estate agent” means any person, who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be and includes property dealers, brokers, middlemen by whatever name called.”
means any person, who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be and includes property dealers, brokers, middlemen by whatever name called.As per section 9 of “Real Estate (Regulation & Development) Act, 2016 (RERA) read with Rule 11 of above-mentioned Rules, Every real estate agent need to take prior registration with RERA authority of Maharashtra before dealing in any transactions relating to sale/purchase, advertising or brokerage of property of a project registered under this Act.
Functions of Real Estate Agent-
Every real estate agent registered under section 9 shall-
- Not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority;
- maintain and preserve such books of account, records and documents as may prescribed.
- not involve himself in any unfair trade practices, namely: -
- the practice of making any statement, whether orally or in writing or by visible representation which.
- falsely represents that the services are of a particular standard or grade.
- represents that the promoter or himself has approval or affiliation which such promoter or himself does not have.
- makes a false or misleading representation concerning the services.
- permitting the publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered.
- facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building, as the case may be;
- discharge such other functions as may be prescribed.