Rights of Real Estate Agents under the RERA Act in India
Real estate agents , The Real Estate (Regulation and Development) Act, 2016 (RERA) has been instrumental in streamlining and regulating the real estate sector in India. While the act primarily focuses on protecting the rights of property buyers and enhancing transparency and accountability in real estate transactions, it also recognizes the significant role played by real estate agents and brokers. The act provides a clear framework for the registration, rights, and obligations of real estate agents. Understanding these rights is crucial for agents to operate within the legal parameters and contribute effectively to the growth of the industry.
Key Rights of Real Estate Agents under RERA
- Right to Registration and Certification:
- One of the primary rights conferred upon real estate agents under RERA is the right to register with the RERA authority of their respective state. An agent cannot facilitate the sale or purchase of properties in projects registered under RERA without obtaining this registration.
- Upon registration, agents receive a certification that serves as a legal recognition of their professional status. This certificate must be renewed periodically, as stipulated by the state-specific RERA rules.
- Right to Information:
- Real estate agents have the right to access detailed information about the projects they are involved in. This includes project plans, approvals, the status of registrations, and any updates related to the project.
- With access to comprehensive project information, agents can provide accurate details to prospective buyers, thereby enhancing their credibility and fostering trust in the market.
- Right to a Transparent and Fair Working Environment:
- RERA aims to establish transparency in the real estate sector, which directly benefits real estate agents. Under RERA, developers are required to disclose all relevant project details, which eliminates misinformation and aids agents in communicating correct information to their clients.
- This transparency ensures that agents are not held liable for any misrepresentation made by the developer, provided the agent has conveyed the information as disclosed on the RERA website.
- Right to Commissions and Fees:
- The RERA Act safeguards the commission and brokerage fees of real estate agents. As agents are now regulated and registered, they can demand their professional fees as stipulated in the agreement with the buyer or developer.
- Any dispute over the payment of fees can be addressed through the respective state’s RERA authority, ensuring a fair resolution.
- Right to Participate in Grievance Redressal Mechanisms:
- Real estate agents have the right to file complaints against developers or buyers in case of any grievances related to a transaction. This can include non-payment of fees, unfair practices, or any violation of the RERA provisions.
- Agents can approach the RERA authority or the Appellate Tribunal to seek redressal, thus ensuring that their rights are protected.
- Right to Conduct Business with Legal Security:
- The registration under RERA provides real estate agents with legal backing and recognition. This acts as a safeguard against illegal practices and ensures that only credible agents are involved in real estate transactions.
- In case an agent’s registration is revoked without valid grounds, they have the right to appeal and seek legal recourse to reinstate their registration.
Obligations Accompanying the Rights
While the RERA Act grants several rights to real estate agents, it also enforces specific obligations to maintain ethical standards and transparency in the real estate sector. These include:
- Not facilitating the sale of unregistered projects.
- Ensuring that the necessary disclosures are made to buyers.
- Refraining from engaging in any unfair trade practices.
- Providing all necessary documents and project information to prospective buyers.
Real estate agents must operate within these parameters to fully exercise their rights and contribute to the structured growth of the real estate sector.
Conclusion
The RERA Act has brought significant changes to the real estate sector in India. By delineating the rights and duties of real estate agents, the Act has not only formalized the profession but has also empowered agents to conduct their business with greater legal and ethical standards. Real estate agents must stay informed about their rights under RERA to leverage the benefits of the Act and establish themselves as credible and professional players in the market.
