MoHUPA’s Draft for Real Estate Agents Based on Real Estate Act of 2016

I – Documentation Requirements of Real Estate Agent Registration

Every agent must submit following details in a written form in order to fulfil the application.

(a). An agent must provide brief details of his work and company. This will include his name, company’s name, type of enterprise etc.
(b). The information for registration should include the association bye-laws, memorandum, and articles.
(c). A photograph of the agent, if an individual, or photographs or all the directors, partners and shareholders of the firm.
(d). PAN card copy.
(e). Income tax return declaration of previous three financial years which have been filed under the Income Tax Act of 1961. In case an agent had been exempted from this, he must have the documents to support his assertion.
(f). Address proof of the place of doing business.

II – Registration Fee -

The agent has to submit a registration fee in the form of a demand draft while applying for his registration under RERA. An amount of Rs.25,000 has to be paid if the agent works individually while an amount of Rs.2,25,000 will be paid if there are more than one agents.

III – Matters Related to Rejection or Approval of a Registration Application -

(a). If an agent gets approved in the RERA registration, he will get a registration certificate and a registration number.
(b). The authority will give proper notifications to those agents who get rejected.
(c). The approval of the registration will be valid for a period of 3 years.

IV –Matter Related to the Renewal of Real Estate Agent Registration -

(a). There should be a minimum gap of three months between the renewal date and the date of expiration.
(b). The application of renewal of registration will be made with a demand draft of Rs.5000 in case of an individual agent and Rs.50,000 in case of more than one agents.
(c). The agent has to submit all his updated documents which were required during the first time registration application.
(d). The rejection or approval of renewal of the registration of the agent will be properly notified by RERA. Adding to that, no rejection will be made where an opportunity to the agent to be heard is not given.
(e). The renewal will only be made if RERA finds that the agent complies with all the requirements set by it.
(f). The renewal of registration will be valid for further 5 years.

V – Matter Relating to the Revocation of the Registration - 

The revocation of the agent’s registration will be done according to the norms and process of RERA.

VI – Maintenance of Records

The real estate agents must keep records and maintain the accounts and documents for all the sales which will be according to the provisions of Income Tax Act of 2016.

VII – Functions of Real Estate Agent

The agent will provide appropriate assistance to the buyer and the promoter/builder of the seller regarding the sale of the flat. His work will be to ensure that a simple and hassle-free agreement is made between the two parties.

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