If you are looking to rent, buy, or sell your house in September 2023, you will probably run into a completely different group of brokers.
Over 39,000 real estate agents in Maharashtra who are registered in its records – including our team at Living Luxury Real Estate – are undergoing training programmes run by the Maharashtra Real Estate Regulatory Authority (MahaRERA) and will take over the real estate industry by surprise with their expertise.
The goal of the 20-hour training session is to change the role of brokers from being intermediaries to being accountable for the Real Estate (Regulation and Development) Act, 2016, which was created during the past two years.
MahaRERA, the governing and regulatory agency created in 2017, intends to make property sales transparent, safeguard the interests of buyers, and establish a redress system for the prompt resolution of disputes.
This January, it was the first state-level organisation in India to launch the course. Those who complete the course take the exam and are awarded a certificate allowing them to work as brokers.
According to Sanjay Deshmukh, a retired IAS official who is currently a nodal officer for MahaRERA, the government is steadfast in its position that the training be made necessary for all brokers despite early opposition and uncertainty, and for good cause. “During an early training session, I posed straightforward questions to the trainees. Many of them lacked knowledge, and some didn’t know what RERA stood for.
Deshmukh was referring to an incident that happened at the Real Estate Management Institute (REMI) in Mahalaxmi. One of the four institutions in Maharashtra that MahaRERA has designated as an approved training centre is REMI. This is something we continue to notice among the majority of brokers who come for training, according to Maria Coelho, Academic Head, REMI, who was present at the event. Although there was initially opposition, since April enrollments have increased. The gathering is diverse, including people from the old school and newer arrivals. Due to its thorough design, the course helps both.
The in-depth curriculum covers the RERA Act’s specifics, the MahaRERA portal’s operation, how agents must register and what their responsibilities are, real estate calculations, and the due diligence that brokers must carry out before facilitating a sale.
Of course, there are individuals who are uncertain or dubious.
This move by MahaRERA is definitely supportive of the home buyers, but hasn’t gone down well with the old school brokers who have been in the Industry from generations.
Last modified: July 17, 2023