All the real estate stakeholders-builders, brokers, and landowners will be seen performing under the Real Estate (Regulation and Development) Act. As per RERA guidelines, no broker can advertise any real estate project without having unique RERA registration number. Also, they are debarred from meddling any real estate deal between the seller and the buyer. With the regulation, RERA restrains the wantonness of unorganized players in the real estate biz. Alongside, homebuyers should also know how they can have better transaction protection from these unauthorized real estate agents under this revised real estate Act.
Mostly, brokers are seen promising a moon to the potential buyers in order to make them convinced for the purchase. This is the popular trick of the brokers for fulfilling their selling quota and having an early closure. Often they also offer referral rewards to attract more willing people towards participation and later, buyers are left with no clue about the referral rewards. Not that you will always face deception while dealing with real estate brokers. But, a little precaution can return you a better-secured transaction. As a leading property portal in Kolkata, we advise every potential buyer not to go by any verbal commitment by the broker when it comes to the biggest venture of your lifetime. Thus, buyers should ensure that promises made by the brokers are either documented or signed by the builder/broker.
“This problem arises when potential buyers deal with small-time brokers. Brokers with NAR/CREDAI association can neither charge you a fortune nor will they promise anything unreal for selling properties quickly. Now with the enforcement of RERA, the government is set to hold its grip tight in terms of real estate transaction. The consumer-centric Act prescribes mandatory registration under respective RERA Regulatory Authority (RA) against valid document submission by the applicants,”-said Mr. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR).
Impact of RERA on real estate agents
RERA renders brokers and agents punishable if they try to evade the rules. Brokers should only promise what the property can offer the buyers. Thus, they can’t either misinform or under-inform buyers in name of selling. With valid documentation, buyers can easily access to quick legal redressal, in case of incorrect business practice. Brokers who have been profited by the consumers’ ignorance will now be expelled from the marketplace.
Buyers should always remember before seeking RERA assistance, being a legal Act, RERA has its limitation to perform. It can only protect the buyers’ interest when you are having all required documentation in your hand. Then only the law can prohibit such brokers or developers. For those who continue to trust the loft, verbal commitments of the brokers or partner channels, RERA can’t take any cognizance.
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