Checkout Budget Highlights 2023The Maharashtra Real Estate Regulatory Authority (MahaRERA) has slashed the registration fees for sole proprietor real estate agents to Rs 10,000 from the current Rs 1 lakh. However, the registration fees for partnership firms or those having multiple owners will continue to be Rs 1 lakh, MahaRERA has said.
This has come after several real estate agents and their associations in Maharashtra demanded the change. The registration fee charged by MahaRERA is valid for five years.
In an order issued on February 20, MahaRERA said, "Currently, Rs 10,000 (Rupees Ten Thousand only) in case of applicant being an individual and Rs 1 lakh in case of applicant being other than individual. And whereas, the Authority has noticed that presently a proprietary concern is classified under the category ‘Other than Individual’ and accordingly the fees that are collected is as prescribed for the said category. "
"And whereas, the Authority is of the opinion that a proprietary concern should be classified under the category ‘Individual’ and not under the (category ‘Other than Individual’)."
The order added, "In view of the above the following directions are issued: a) The fees payable by a real estate agent who is a proprietary concern or a proprietor of a proprietary (concern shall be Rs 10,000 (Rupees Ten Thousand i.e. the fees prescribed for the category ‘Individual’. This order shall come into force with effect from the date of this order."
The order has come as a relief to close to 40,000 real estate agents who are registered as real estate agents with MahaRERA.
A broker from the National Association of Realtors said, "It is good news as we were following up with the MahaRERA for this but it did listen to us only when our voice was collective. Now proprietary firms will have to pay only Rs 10,000 for five years’ registrations, and this will also ensure those not registered with MahaRERA will get it registered."
Exams for real estate agents
MahaRERA starting May 1, 2023, has made it mandatory that agents have the MahaRERA Real Estate agent ‘Certificate of Competency’ to apply for agent renewal or register with MahaRERA. Existing registered realty agents have to obtain and upload the MahaRERA certificate before September 1, 2023.
The course includes basic training provided by institutes shortlisted by MahaRERA and will be provided online, offline and in hybrid form as per the agent’s convenience.