BENGALURU: With real estate accessible in relatively every corner of the State, from shops offering photocopying facilities to visit organizations, one would envision that the total of all the real estate agencies could run into a few thousands.
However, a large portion of a year after the Real Estate Regulation and Development Act, 2016 was implemented, the Real Estate Regulatory Authority (RERA) Karnataka has approved very small number of projects, and far less real agents.
The RERA not just makes it obligatory for agents to register, yet in addition binds them into managing just with RERA registered properties.
Agents are regularly the first and conceivably only purpose of contact for few potential home purchasers. The Act had given a good hope to home purchasers to have a list of agents who might be bound by the Act, with the goal that they are not misdirected into contributing their life’s savings on questionable projects.
In any case, for reasons running from a lack of awareness about the compulsory requirement to register to the dread of being considered accountable, there have been couple of takers for the identification of ‘RERA registered agent’ — just 662 as of January 31.
Interim Chairman, RERA Karnataka, Kapil Mohan, conceded that the number is lower than anticipated. He informed that currently, it is a transition period. Later on, every one of them will be registered. Most purchasers get involved with only agents and not with promoters or builders. After registration, it becomes evident that the agent will be as included as the builders in case something goes wrong. In the event that they are promoting a project, they should attempt to put in all effort to know all about it and will be liable to a penalty if it contravenes anything.
That is one of the reasons that numerous agents are not willing to get themselves registered. RERA registration offers acknowledgment as an approval and lawful agent by method of advantage, and that’s it.
Numerous real estate agents, referred to being unconscious of the Act, or the necessity to be registered, as the purpose behind not registering. An operator from Mysuru stated that they don’t recognize what the Act is about or what they should do to register.
Another agent from Basaveshwarngar in Bengaluru stated that they were totally unaware about the benefits of getting enrolled. No one revealed to them anything about getting registered.”
There seems, by all accounts, to be disarray among the individuals who claim to have applied for registration. One real estate in Jayanagar, who asserted to be enrolled, said he keeps on managing promoters of properties regardless of whether they are RERA endorsed or not
However, Irfan Basha, who enrolled last August, said however enlistment did not really convert into more clients, he did it as a matter of compliance. He added that they are responsible for what we will offer to sell. End clients are being shown a good time. Presently, purchasers can in any event run with reliable brokers. Truly, now they have a smaller pool to offer to sell from as the properties must be registered with RERA. Be that as it may, it will be a good deal.
A few developers and promoters agreed too. Managing partner of a property development company, Mr. K. Ramesh, said it would be more secure for home purchasers to take a gander at registered agents. “More often, imminent home purchasers are shown paradise. Be that as it may, actually, they are being told awful lies. One can see small shopkeepers set up boards asserting to be real estate agents. There is legally a leverage for purchasers to go for registered agents, as they can hold them responsible later on.
Mr. Mohan said that Karnataka RERA is taking measures to register more properties and agents, such as making sure that obtaining finance becomes hard for unregistered projects.
Online platforms outside RERA
In spite of the fact that the Act has brought real estate agents under its ambit, online platform that empower purchasing, selling and leasing of properties remain outside. In any case, RERA authorities called attention to the fact that there is no commission or money related transaction required with respect to the platforms.
What the RERA says:
Every real estate agent registered shall —
– not encourage the sale or purchase of any plot, flat or building, all things considered, in a real estate project or part of it, being sold by the promoter in any planning region, which isn’t registered with the Authority;
– not include himself in any out of line exchange rehearses, to be specific:—
(i) the act of putting forth any expression, regardless of whether orally or in composing or by obvious portrayal which—(An) erroneously speaks to that the administrations are of a specific standard or review; (B) speaks to that the promoter or himself has endorsement or alliance which such promoter or himself does not have; (C) makes a false or deceiving portrayal concerning the administrations;
(ii) Allowing the distribution of any advertisement whether in any daily paper or generally of services that are not planned to be offered.
– encourage the ownership of all the information and records, as the allottee, is qualified for, at the time of booking of any plot, flat or building, all things considered;
The projects approved by RERA Karnataka are 1,233; Applications rejected totals to 48; No. of the real estate agents who have applied for registration sums up to 894 and the No. of real estate agents approved are 662.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws