Real Estate (Regulation and Development) Act, 2016 has many aspects wherein the law has tried to touch all the pertinent issues. For Builders, the act has certain set of provisions which they have to follow with; for homebuyers, they now have regulator where they can file their grievances.
The other important facets of this law is keeping all the agents under the umbrella of RERA, as there have been multiple frauds where they sold the property by making false promises or selling of one flat to more than one person. To cover this RERA also has the provisions for agent registration, wherein no sale or purchase of any apartment building or plot shall be facilitated by the agent in any Real Estate project until the agent register himself under RERA.
Lately, in Rajasthan RERA has sent a proposal to the State seeking permission to make RERA registration mandatory for dealers. As per the proposal, the property dealers after taking registration need to have RERA registration no on their visiting cards and as per the speculation, the State Government may bring the provisions in for the registration for property dealers under RERA.
Property dealers are doing their business without having any license requirement and it is fetching more of the cases of frauds, as per the one of the officials of RAJRERA if they bring the property dealers under the RERA laws then these dealers have to follow the professional standards and if Authority received any complaint against them they may lose their registration.
It was also stated by the official that if the property dealers will not take registration then legal action will be taken against those who will be found in these malicious activities. This action is necessary because there should be awareness among property buyers and sellers too.
At last, we should acknowledge the efforts of the government as they are doing every possible effort to make Real Estate Industry clean.
Disclaimer – Please note that the above articles is based on the interpretation of related laws and judicial pronouncement which may differ from person to person. The reader are expected to take the expert opinion on the matter.