RERA is roaring in 2023: A quick update on RERA rulings and announcements.
The recent announcement by MahaRERA towards 𝐭𝐫𝐚𝐢𝐧𝐢𝐧𝐠 𝐑𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐚𝐠𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐭𝐨 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐂𝐨𝐦𝐩𝐞𝐭𝐞𝐧𝐜𝐞 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞𝐬 is a great step!
When I ventured into Real estate, one of my first endeavors was to get the requisite license to start the business. It came as a shock to me that no license was required to be a real estate advisor. You could practically “think” of being into real advisor one fine day and start your business from the next moment onwards.
While this fact scored high on “ease of doing” business, it explained the rationale for the broad negative perception around Real estate businesses.
The absence of a license for an advisory role was an exception when compared to other similar roles like mutual fund advisor, equity advisor, wealth manager, financial planner which require some registration or certification to offer these services. Real estate advisory, which trumps all other asset classes in terms of ticket sizes, had no such regulations.
When RERA was introduced in 2017, it kickstarted the process of registration of agents but the only essential requirement was payment of the Registration fees 😊
The recent announcement by RERA to make agents obtain a Competency Certificate after clearing an exam is a step in the right direction and augers well for the sector as a whole.
Hoping this is just the beginning!
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