Empowering Real Estate Agents through MahaRERA Certification

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Real estate agents play a vital role in the real estate sector, connecting property buyers and developers and facilitating most transactions. The Real Estate (Regulation and Development) Act of 2016 recognizes them as key stakeholders, alongside buyers and developers.

Importance of Real Estate Agents

Real estate agents play a vital role in the real estate sector, connecting property buyers and developers and facilitating most transactions. The Real Estate (Regulation and Development) Act of 2016 recognizes them as key stakeholders, alongside buyers and developers. To ensure transparency and professionalism, all real estate agents must register with MahaRERA before engaging in the sale or purchase of plots, apartment units, or buildings in real estate projects promoted by developers.

As intermediaries between buyers/allottees and developers, real estate agents serve as the public face of the industry. It is crucial for them to possess a thorough understanding of real estate transactions to guide buyers/allottees effectively through each stage of property acquisition, minimizing the potential for misunderstandings and disputes. Consequently, MahaRERA has implemented a real estate agent training and certification program.

The program aims to standardize industry practices, enhance awareness of regulatory and legal frameworks, enforce a code of conduct, and ensure that real estate agents are professionally qualified to assist homebuyers and allottees effectively.

Roadmap for Implementation  

MahaRERA Order No. 4L of 2023 dated 10.01.2023 lays down the Roadmap for Implementation of Real Estate Agent Training & Certification.

Real Estate Agent Training Details  

a) Eligibility of training:

• The training applies to all individual real estate agents and authorized signatories for firms/companies/organizations (Other than individuals).
• It also includes all employees / staff / officers by whatever designation called working in firms / companies / organizations of real estate agents, who interact with homebuyers / allottees for effecting transactions in real estate projects.
• All registered real estate agents with MahaRERA are required to undergo this training.

b) Training Curriculum:

• The curriculum has been developed by MahaRERA in collaboration with real estate agents' assochttps://maharera.mahaonline.gov.in/iations, homebuyers' associations, promoters' associations, and the All India Institute of Local Self Governance (AIILSG).
  
• AIILSG will regularly update the syllabus to ensure it stays current.
• The training covers various topics, including an introduction to the Real Estate (Regulation and Development) Act of 2016 (RERA), understanding MahaRERA, real estate agent registration and responsibilities, real estate project registration and promoter responsibilities, allottees' responsibilities, due diligence before property sales, sales processes, forms, agreements, and real estate calculations.

c) Training Providers:

Training Providers MahaRERA, through the tendering process, has empaneled the following four organizations for undertaking training of the real estate agents.

d) Training Mode, Duration, and Other Details:

• Empaneled training providers will offer various training modes, including online, offline (physical), and hybrid (online + physical).
  
• The training duration must be a minimum of 20 hours.
• Each training batch can accommodate a maximum of 25-50 candidates.
• To successfully complete the course and be eligible for the examination, a candidate must have a minimum attendance of 60%.
• Upon successful program completion, candidate records will be shared with MahaRERA and the institute responsible for the final examination.
• Candidates can only take the examination after successfully finishing the training program.
• After completing the training program, candidates can attempt the examination. They are allowed a maximum of three attempts to pass the exam. Failing all three attempts necessitates re-enrollment in the training program.
• The training fees charged by providers should not exceed Rs. 5000 (excluding GST).
• Training providers are responsible for guiding candidates through the examination registration process and certification.

Examination Details:  

MahaRERA has partnered with IBPS (Institute of Banking Personal Selection) to ensure the reliable conduct of training course examinations. IBPS is an autonomous body with a Governing Board comprising nominees from various prestigious institutions and authorities. They have extensive experience in conducting large-scale examinations on behalf of reputable organizations.

• The examination process will be managed online at IBPS centers across the state. Registration for the examinations will begin in March 2023, with examinations scheduled to start from April 2023.
• The examination format will consist of Multiple Choice Questions (MCQs) with four options for each question. There will be approximately 50 questions, each carrying 2 marks, totaling 100 marks. A passing score of 40 marks is required.
• Examinations will be conducted in both English and Marathi.
• The maximum examination registration fee will not exceed Rs.1500 (excluding GST).

Certification 

Candidates who successfully pass the examination will receive a Certificate of Competency with a unique certification number. This number is necessary for the registration, renewal, or continuation of registration as a real estate agent with the Authority.

Conclusion:  

MahaRERA's initiative to implement a robust training and certification program for real estate agents reflects a commitment to fostering a qualified and ethical real estate industry. By addressing the need for standardized practices, regulatory awareness, and professional conduct, the certification program aims to enhance the role of real estate agents as knowledgeable guides for homebuyers and allottees. Through a partnership with IBPS for examinations, adherence to a well-structured curriculum, and emphasis on practical skills, MahaRERA is paving the way for a more transparent and competent real estate ecosystem. As the program unfolds, it is expected to contribute significantly to the overall integrity and reliability of real estate transactions in Maharashtra.