RERA Regulations for Realtors

RERA Regulations for Realtors
Sep 2017 , by , in Legal Opinion & Counsel

The Real-estate (Regulation and Development) Act, 2016 – Section 9 and 10

 

  1. 9. (1)No real-estate agent shall facilitate the sale or purchase of or act on behalf of anyperson to facilitate the sale or purchase of any plot, apartment or building, as the case maybe, in a real-estate project or part of it, being the part of the real-estate project registered undersection 3, being sold by the promoter in any planning area, without obtaining registrationunder this section.

(2) Every real-estate agent shall make an application to the Authority for registration insuch form, manner, within such time and accompanied by such fee and documents as may beprescribed.

(3) The Authority shall, within such period, in such manner and upon satisfying itselfof the fulfillment of such conditions, as may be prescribed—

(a) grant a single registration to the real-estate agent for the entire State of Unionterritory, as the case may be;

(b) Reject the application for reasons to be recorded in writing, if such applicationdoes not conform to the provisions of the Act or the rules or regulations madethereunder:Provided that no application shall be rejected unless the applicant has been given anopportunity of being heard in the matter.

(4) Whereon the completion of the period specified under sub-section (3), if theapplicant does not receive any communication about the deficiencies in his application orthe rejection of his application, he shall be deemed to have been registered.

(5) Every real-estate agent who is registered as per the provisions of this Act or therules and regulations made thereunder, shall be granted a registration number by the Authority,which shall be quoted by the real-estate agent in every sale facilitated by him under this Act.

(6) Every registration shall be valid for such period as may be prescribed, and shall berenewable for a period in such manner and on payment of such fee as may be prescribed.

(7) Where any real-estate agent who has been granted registration under this Actcommits breach of any of the conditions thereof or any other terms and conditions specifiedunder this Act or any rules or regulations made thereunder, or where the Authority is satisfiedthat such registration has been secured by the real-estate agent through misrepresentationor fraud, the Authority may, without prejudice to any other provisions under this Act, revokethe registration or suspend the same for such period as it thinks fit:

Provided that no such revocation or suspension shall be made by the Authority unlessan opportunity of being heard has been given to the real-estate agent.

  1. Every real-estate agent registered under section 9 shall—

(a) Not facilitate the sale or purchase of any plot, apartment or building, as thecase may be, in a real-estate project or part of it, being sold by the promoter in anyplanning area, which is not registered with the Authority;

(b) Maintain and preserve such books of account, records and documents asmay prescribed;

(c) Not involve himself in any unfair trade practices, namely:—

(i) The practice of making any statement, whether orally or in writing or byvisible representation which—

(A) Falsely represents that the services are of a particular standard orgrade;

(B) Represents that the promoter or himself has approval or affiliationwhich such promoter or himself does not have;

(C) Make a false or misleading representation concerning theservices;

(ii) Permitting the publication of any advertisement whether in anynewspaper or otherwise of services that are not intended to be offered.

(d) Facilitate the possession of all the information and documents, as the allottee,is entitled to, at the time of booking of any plot, apartment or building, as the case maybe;

(e) Discharge such other functions as may be prescribed.

Offences & Penalties

  • If any real estate agent fails to comply with or contravenes the provisions of section 9 or section 10, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.

 

  • If any real estate agent, who fails to comply with, or contravenes any of the orders or directions of the Authority, he shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five per cent., of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated and as determined by the Authority.

 

  • If any real estate agent, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal, he shall be punishable with imprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent. of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated, or with both

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