1. Registration of Real Estate Projects & Real Estate Agents with RERA has become mandatory.
2. Developers & Builders should disclose all the details about their Agents marketing their inventories.
3. This acts prohibits RERA registered Real Agents facilitating sale or purchase of unregistered projects.
4. Every Registered Agents will have a Registration Number from RERA. Periodical renewal would be applicable.
5. Any breach of terms by Registered agents prescribed by RERA, no revocation or suspension shall be made without giving an opportunity to the said Real Estate Agent.
6. The Agents should also preserve books of accounts, records and documents. He should not engage in any act of representation.
7. Any aggrieved person may file a complaint against the Real Estate Agent to the Authority or adjudicating officer.
8. In the event of any complaint, the authority may call for such explanation or information from the Real Estate Agent.
9. The functions of the authority include the power to register the Real Estate Agent registered under the Act, maintain data base of Real Estate Agents, fixing fees to be levied with Real Estate Agent, ensure compliance of obligations by Real Estate Agents etc.
10. The authority may pass interim orders restraining the Real Estate Agent from carrying on any Act in contravention with the rules.
11. The authority has the right to levy the penalty on the Real Estate Agent.
12. Failure to pay such penalty, the same may be recovered from the Agent as arrears of land revenue.
13. Central Government while constituting the Central Advisory Counsel for more than 10 days which may be also representing Real Estate Agent.
14. If the Real Estate Agent fails to comply or contravenes the provisions of Section 9 (Section 9 of the said Act prohibits any Real Estate Agent from facilitating Sale or Purchase of any Real Estate Project Registered under the Act without being duly registered. Section 9 provides with the procedure of registration.) and 10 (Under Section 10, (1) the Real Estate Agent should not facilitate any Project unless it is registered with the Regulatory Authority. Under Sec.10 (2) The Agents should also preserve books of accounts, records and documents. He should not engage in any act of representation. ), he shall be liable for penalty of the 10,000 per day. If such default continues it may cumulatively extend upto 5% of the cost of the Plot, Apartment or Building as the case may be.
15. If the Real Estate Agent fails to comply or contravenes any of the order , decision or directions of the Appellate Tribunal, he shall be punishable by imprisonment of one year or fine for every day which may be cumulatively extend to 10%. It is to be noted that these are in the Central Government Act and will have to be accepted by the concerned State Government for being applicable to the concerned Estate. Further the Act has not yet been notified. The Act also provides for Rules and Regulations to be framed, regarding the procedure of Registration and Registration fees of the Real Estate Agents. The Rules and Regulations after being framed would give further guidance about the responsibilities and duties of the Real Estate Agents.
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