Guidelines for MahaRERA Real Estate Agent training and certification

Guidelines for MahaRERA Real Estate Agent training and certification

1. Introduction

Real estate agents are essential element of real estate sector, who connect allottees and promoters and facilitate most of the real estate transactions. The Real Estate (Regulation and Development) Act,2016 recognizes real estate agents as one of the key stakeholders along with allottees and promoters.

Accordingly, every real estate agent is required to be registered with MahaRERA before facilitating the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment unit or building as the case may be in a real estate project or part of it being sold by a promoter.

Real estate agents being the public face and an intermediary between home buyers / allottees and promoters it is essential that real estate agents have comprehensive understanding of the real estate transaction in order to guide the home buyers / allottees through each stage of purchase of any plot, apartment unit or building so an to avoid any misunderstanding and disputes.

Therefore, in order to bring certain level of consistency in the practices of real estate agents and enhance knowledge and awareness of the regulatory and legal framework and procedures, enforcement of code of conduct and with a view to ensure that real estate agents are professionally qualified to help / assist home buyers / allottees, MahaRERA has introduced real estate agent training and certification program.

2. Roadmap for Implementation

MahaRERA Order No. 4L of 2023 dated 10.01.2023Iays down the Roadmap for Implementation of Real Estate Agent Training & Certification as follows:

3. Real Estate Agent Training Details

a) Eligibility of training

The Real Estate Agent Training shall be applicable for

(i) All individual real estate agents in case of individuals and authorized signatory (authorized for making application for MahaRERA real estate agent registration) in case of firms / companies f organizations (Other than Individuals).

(ii) All employees/staff / officers by whatever designation called working in firms / companies f organizations of real estate agents, who interact with homebuyers / allottees for effecting transactions in real estate projects.

(ii| AII real estate agents registered with MahaRERA.

b) Training curriculum

MahaRERA, in consultation with association of real estate agents, association of homebuyers, association of promoters and All India Institute of Local Self Governance (AIILSG), have developed the curriculum for real estate agent training.

All India Institute of Local Self Governance shall be responsible for updating the Syllabus on regular basis to keep it current.

The Real Estate Agent Training course syllabus content

The training course syllabus content for the present shall contain the following:

1. Course orientation
2. Introduction to the ReaI Estate (Regulation and Development) Act201.6 (RERA)
3. Maharashtra Real Estate Regulatory Authority (MahaRERA)
4. Understanding of MahaRERA portal
5. Real estate agent registration and responsibilities
6. Real estate project registration and promoter responsibilities
7. Allottees and their responsibilities
8. Due diligence before facilitating sale of property
9. Sales process, forms and agreements
10. Real estate calculations

c) Training Providers

MahaRERA, through tendering process, has empaneled following four organizations for undertaking training of the real estate agents. The contact details of the organization are as follows:

d) Training mode, duration & other details

All modes of training shall be made available by the empaneled training providers which shall be as follows:

• Online
• Offline (Physical)
• Hybrid (Online + Physical)

Duration of training shall be minimum 20 hours.

Maximum batch size shall be 25-50 candidates per batch.

60% attendance is mandatory for completion of the course and registering for examination.

On successful completion of the program, records / details of the candidate will be shared by the training providers with MahaRERA and the institute conducting the final examination.

A candidate can appear for the exam only after successful completion of the training program / course.

On completion of the training program / course the candidate can appear for the exam. Every candidate shall be allowed three attempts to clear the exam. Failing in all three attempts, the candidate shall have to undertake the training program / course afresh.

The Real Estate Agent Training Fees

Training fees: Maximum fees to be levied by training providers shall not exceed Rs. 5000/- (excluding GST).

Training provider shall handhold the candidate through the examination registration process & certification.

4. Examination

In order to bring in reliability in the matter of conducting of the training course examination, MahaRERA has entered into a MoU with IBPS (Institute of Banking Personal Selection). IBPS is an autonomous body having its Governing Board consisting of nominees from the Reserve Bank of India, Ministry of Finance, Government of India, National institute of Banking Management, representatives of Public Sector Banks and Academicians, and has a long & varied experience in successfully conducting the examinations on large scale on behalf of reputed institutes/organizations authorities. IBPS shall be responsible for conduct of the examination(s) through online mode across the state at its centers.

The Real Estate Agent Training examination registration process

The examination registration process shall commence from March 2023 and examinations shall commence from April2023 onwards.

The Real Estate Agent Training examination pattern

The examination pattern will be Multiple Choice Questions with four options for each question. There shall be tentatively 50 questions (2 marks each) amounting to 100 marks. The passing marks shall be 40 marks.

Examinations shall be held in English and Marathi

The Real Estate Agent Examination fees

Examination fees: Maximum fees to be levied for registration of examination shall not exceed Rs. 1500/- (excluding GST)

5. Certification

On successful passing of examination, the candidates shall be provided certification i.e. a Certificate of Competency shall be issued with unique certification number.

The certification number shall be required to be mentioned for registration / renewal or continuation of registration of real estate agents with the Authority.

The timeline for obtaining MahaRERA Real Estate Agent Certificate of Competency shall be as mentioned in Order No. 41 of 2023 dated 10.01.2023 bearing No. MahaRERA/Secy/File No. 27/74/2023

(As approved by the Authority

Click here for MahaRERA order no 41/2023 dated 10.01.2023