To achieve the fair practice in dealing with properties, RERA regulations have prescribed certain compliances for Real Estate Agent to moderate the transactions in real estate properties. As per RERA Act, No real estate agent shall facilitate
- The sale or purchase of or
- Act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building,
- In a real estate project or part of it, being the part of the real estate project registered under section 3,
- Being sold by the promoter in any planning area,
- Without obtaining registration under this section.
As required by RERA Act, Every State RERA has prescribed its own RERA Rules which prescribe about RERA registration Fees, RERA Registration form and RERA registration process. Apart from Registration, there are other compliances:
– To ensure that the property which requires RERA registration has been registered with respective State RERA
– To ensure all the papers/information required in the deal has been given to allottee
– Don’t provide any false promise or misleading commitment
– Don’t involve in any kind of mal-practice
Failure to get RERA registration would attract a penalty of Rs. 10,000/- per day during the period of default. For another kind of violation, there are provision for revocation of RERA registration and imprisonment.