‘One nation, one licence! Pan-India permit likely for real estate agents
An amendment of the Real Estate Regulatory Authority (RERA) law is being considered in this regard.
An amendment of the Real Estate Regulatory Authority (RERA) law is being considered in this regard.
An amendment of the Real Estate Regulatory Authority (RERA) law is being considered in this regard.
New Delhi: The Union Ministry of Housing and Urban Affairs has decided to look into the legalities of implementing the ‘One Nation, One Licence’ policy for real estate brokers and agents.
An amendment of the Real Estate Regulatory Authority (RERA) law is being considered in this regard.
The National Advisory Committee, which met last day, discussed the matter following which the Urban Affairs Ministry Secretary Manoj Joshi directed to seek legal opinion on it.
The legalities of the demands for implementing a single licence that is applicable anywhere in India, and unifying the licence fee structure would be examined.
Unification of licences at a national level has been a long-pending demand of those who have been working in the real estate sector.
Agents, who operate in more than one State, need to get separate licences in each State.
In many States, a hefty fee is to be paid to get the license.
The license fee ranges from Rs 10,000 to Rs 2.5 lakh.
Though there is about half a lakh of agents or brokers who have got a licence, about 20 lakh persons are working in the real estate field without any license, according to the National Association of Realtors.
Licence must for real estate dealings
As per law, real estate agents and brokers are allowed to strike deals only after registration in each State and getting the licence.
It is also mandatory that the registration number with the Real Estate Regulatory Authority (RERA) must be displayed on all advertisements and brochures of real estate projects.
The agent will be fined if an advertisement is published or a deal is struck without registration.