Registration of Real Estate Agent / Property Dealers

By | June 13, 2016

Registration of Real Estate Agent / Property Dealers

REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

Registration of Real Estate Agent / Property Dealers

Meaning of Real Estate Agent / Property dealers :-[ section 2 (zn)]

“real estate agent” means any person, who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale, with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be, and includes property dealers, brokers, middlemen by whatever name called

No sale without registration of Real Estate Agent / Property Dealers : [ Section 9(1) ]

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, as the case may be, 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.

How to do Registration of Real Estate Agent / Property Dealers : [ Section 9(2) , (3) and (4)]

Every real estate agent shall make an application to the Real Estate Regulatory Authority for registration in such form, manner, within such time and accompanied by such fee and documents as may be prescribed

[section 9(3)] The Authority shall, within such period, in such manner and upon satisfying itself of the fulfilment of such conditions, as may be prescribed—

(a)          grant a single registration to the real estate agent for the entire State of Union territory, as the case may be;

(b)          reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of the Act or the rules or regulations made thereunder :

               Provided that no application shall be rejected unless the applicant has been given an opportunity of being heard in the matter.

Whereon the completion of the period specified under sub-section (3), if the applicant does not receive any communication about the deficiencies in his application or the rejection of his application, he shall be deemed to have been registered.

Registration Number to be quoted in every sale by Real Estate Agent / Property Dealers : [ Section 9(5) ,(6) and (7)]

Every real estate agent who is registered as per the provisions of this Act or the rules and regulations made thereunder, shall be granted a registration number by the Real Estate Regulatory Authority , which shall be quoted by the real estate agent in every sale facilitated by him under this Act

Every registration shall be valid for such period as may be prescribed, and shall be renewable for a period in such manner and on payment of such fee as may be prescribed.

Where any real estate agent who has been granted registration under this Act commits breach of any of the conditions thereof or any other terms and conditions specified under this Act or any rules or regulations made thereunder, or where the Authority is satisified that such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, without prejudice to any other provisions under this Act, revoke the registration or suspend the same for such period as it thinks fit :

Provided that no such revocation or suspension shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.

No sale of unregistered projects after registration of Real Estate Agent / Property Dealers :[ section 10(a)]

Every real estate agent registered under section 9 shall not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority;

Books of Accounts to be maintained after registration of Real Estate Agent / Property Dealers [ section 10(b)]

Every real estate agent registered under section 9 shall maintain and preserve such books of account, records and documents as may [be] prescribed

Facilitate to allotee after registration of Real Estate Agent / Property Dealers [ section 10(d)]

Every real estate agent registered under section 9 shall facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building, as the case may be;

No to Involve in unfair trade practices after registration of Real Estate Agent / Property Dealers [ section 10(c) ]

Every real estate agent registered under section 9 shall  not involve himself in any unfair trade practices, namely:—

(i)           the practice of making any statement, whether orally or in writing or by visible representation which—

(A)          falsely represents that the services are of a particular standard or grade;

(B)          represents that the promoter or himself has approval or affiliation which such promoter or himself does not have;

(C)          makes a false or misleading representation concerning the services;

(ii)          permitting the publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered;

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