The real estate regulator of Maharashtra announced on Thursday the suspension of registrations for 20,000 real estate brokers, reducing the number of registered agents in the state to just 13,000. The regulator initially began registering these intermediaries for property transactions in 2017, with a total of 47,000 agents registered up until this recent development.
Earlier this year, the Maharashtra realty regulator took action by revoking the registration of 13,785 agents who failed to renew their licenses. Additionally, the registrations of another 20,000 agents have been suspended for a year due to either not obtaining the MahaRERA's real estate agent certificate of competency or failing to upload the certificate on the watchdog's website, as per an official statement.
The licenses of these 20,000 agents can be reinstated if they fulfill certain criteria within a year, which includes completing training, obtaining the certificate of competency, and uploading it on the portal, as stated by officials. Additionally, it has been reported that approximately 5,500 new candidates are expected to take the examination to become registered agents next month.
The body's chairman Ajoy Mehta said an agent plays an important role and it is essential for them to be well-versed with the Real Estate (Regulation and Development) Act, 2016 regulation. "MahaRERA has made it mandatory for agents to undergo training, clear the examination, and obtain certification. This decision was taken on January 10, 2023, and was extended multiple times before finally becoming binding for all agents on January 1, 2024," he said.
Despite these measures, approximately 20,000 agents are still operating without the necessary qualifications, and their approval has been suspended, he cautioned. Furthermore, he warned that the regulator will take strict action, including cancelling the registration of developers who continue to engage with unqualified agents.