Introduction: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has consistently been at the forefront of driving transparency, consistency, and professionalism in the real estate sector. Its latest directive, Order No. 49/2023, introduces the concept of Self-Regulatory Organizations (SROs) to regulate and standardize the operations of real estate agents in Maharashtra.
Understanding the Role and Necessity of SROs
1. Elevating Professionalism:
With the aim of fostering professionalism, ethical practices, and consistency among real estate agents, MahaRERA envisions SROs as a transformative step to uphold a standard code of conduct in the sector.
2. Structured Eligibility Criteria:
The eligibility for these SROs includes:
- Being a recognized group or association of registered real estate agents.
- A minimum membership of 500 MahaRERA registered agents.
- Setting their own code of conduct, membership qualifications, and fees.
Key Functions and Responsibilities of SROs
SROs will serve as guiding institutions for real estate agents. Their responsibilities include:
- Encouraging adherence to the Act and related rules.
- Conducting awareness and educational activities.
- Setting and ensuring implementation of a standard code of conduct among members.
Streamlined Registration Process for SROs
The procedure to become an SRO involves a systematic process:
- Submission of application in Form A via email.
- Verification of membership count by MahaRERA.
- Payment of a nominal fee, followed by issuance of a registration certificate.
Furthermore, this registration remains valid for five years, emphasizing the long-term commitment and reliability of these organizations.
Conclusion: MahaRERA’s introduction of SROs for real estate agents signals a significant move towards reinforcing transparency, professionalism, and ethics in the real estate industry. By facilitating self-regulation, the authority ensures that agents in Maharashtra are held to the highest standards, ultimately benefiting consumers and the broader real estate ecosystem.
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MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY
Order No. 49/2023 Date: 24/o8/2023
No. MahaRERA/Secy/ File No. 27/ 1144/2023
Subject: Self-Regulatory Organization (SRO) for registered real estate agents.
In order to bring about greater professionalism amongst real estate agents, to bring about a certain level of consistency in real estate operation of real estate agents, enforcement of a code of conduct and to encourage fair, ethical, efficient and healthy practices, it is proposed to introduce Self-Regulatory Organization (SROs) for real estate agents in Maharashtra and register them with MahaRERA.
1) The basic eligibility criteria for these Self-regulatory Organizations (SROs) shall be as follows:
a) The proposed SRO has to be a group / association / federation of registered real estate agents and should be a legal entity.
b) The proposed SRO should have a least 500 MahaRERA registered real estate agents as their members.
c) Details of membership fees, duration of members, qualification of membership and code of conduct to be followed by the members may be as decided by the respective SRO and shall be made available to their members.
2) The functions and obligations of the SRO shall be as follows:
a) The SRO shall encourage its members to comply with the provisions of the Act, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time.
b) The SRO shall be responsible for carrying out awareness and education activities among its members.
c) The SRO shall specify standard of conduct for its members and also shall be responsible for the implementation of the same by its members.
d) Any information or particulars furnished to MahaRERA by the applicant shall not be false or misleading in any material respect.
3) Procedure for Registration:
a) Any group or association or federation of real estate agents, which is desirous of being registered as SRO with MahaRERA, shall email their application in Form A to Secretary, MahaRERA as sec @mahaonline. ov.in.
b) Within 7 days of receipt of application, the office of Secretary, MahaRERA shall scrutinize the application to verify if there are at least 500 MahaRERA registered real estate agents as its members with MahaRERA.
c) On satisfactory verification, the office of Secretary, MahaRERA shall request for online payment of fees of Rs. 10,000. The details of verification and fees payment shall be intimated through email in Form B.
d) On successful payment of fees by the applicant, the Certificate for Registration shall be issued in Form C. The certificate shall be shared through email with the SRO and uploaded on MahaRERA website.
4) Application for registration of SROs shall be accepted by MahaRERA from ____________.
5) The registration of SRO shall be valid for a period of five years.
(As approved by the Authorihi)
(Dr. Vasant Prabhu)
Secretary / MahaRERA
FORM A
Application for SRO for real estate agents
To,
The Secretary,
Maharashtra Real Estate Regulatory Authority
BKC, Mumbai
Subject: Application for SRO of Real estate agents
Respected sir,
I Mr ______________ being duly authorised on behalf of___________________ to apply for registration of Self-Regulatory Organisation for Real Estate Agents under Maharashtra Real estate Regulatory Authority
Details of applicant
1. name of the applicant:
2. address:
3. date of establishment:
4. type of applicant:
5. contact person details:
6. Email of the Association:
Details of members
1) Number of members at the time of application:
2) of the number of members in serial no 1, how many are RERA registered and are they above eligibility criteria of 500?
3) list of members along with their names and RERA numbers:
Enclosed documents
1) copy of registration/incorporation
2) copy of guidelines/code of conduct
3) list of MahaRERA registered agents
4) any other documents
I solemnly affirm and declare that the particulars given herein above are correct to my knowledge and belief. WE on behalf of Self-Regulatory Organization hereby confirm that governing norms of our organization shall not conflict with the provision of the Act, the Rules, Regulations, Circulars and Orders of MahaRERA. I also undertake to comply with the requirements of MahaRERA, and such other conditions and terms as specified by MahaRERA from time to time.
Yours faithfully
Signature of authorised signatory
With name and designation
Form B
Intimation of verification of Application
To,
You are hereby informed that your application for registration of SRO. has been verified and found to be complete as per terms and conditions of MahaRERA.
You are hereby requested to pay Registration fees of Rs. 1 0,000 through online payment at following bank account:
Name of Account holder:
Account Type:
Name of the Bank:
IFSC Number:
Branch Name:
Kindly confirm through email on payment of fees.
OR
You are hereby informed that your application for Registration of SRO’s has been verified and following insufficiencies were found:
1)
2)
You are requested to kindly submit revised application having addressed abovementioned insufficiencies.
Place:
Dated:
Signature and seal of the Authorized Officer
Maharashtra Real Estate Regulatory Authority
Form C
Registration Certificate for Self-Regulatory Organization for Real Estate Agents This registration certificate bearing No____________ is granted to___________ – having its registered office at _____________________________________ to act as a Self- Regulatory Organization for real estate agents whose members are registered with Maharashtra Real Estate Regulatory Authority (MahaRERA).
This registration is valid for a period of five years commencing from________________ and ending with____________ This registration is granted subject to the following conditions, namely: _
A. The SRO shall encourage its members to comply with the provisions of the Act, applicable rules regulations, orders or circulars issued by the MahaRERA from time to time.
B. The SRO shall be responsible for carrying out awareness and education activities among its members C. The SRO shall specify standard code of conduct for its members and also shall be responsible for the implementation of the same by its members.
C. Governing norms of the SRO should not be in conflict with provision of the Act, Rules, Regulations, Circulars and Orders of MahaRERA.
D. The SRO shall discharge such other functions as may be specified by MahaRERA from time to time.
If the above-mentioned conditions are not fulfilled by the SRO or if the SRO is found MahaRERA non complaint, MahaRERA may take necessary action against the SRO including revoking the registration granted herein without assigning any reason.
Dated:
Place:
Signature and seal of the Authorised officer
Maharashtra Real Estate Regulatory Authority
Sincerely
With name &
Designation
