MahaRERA directs realty agents to make transaction details public twice a year

Representational image.

With an aim to increase transparency, the Maharashtra Real Estate Regulatory Authority (MahaRERA), in an order issued on February 13, directed real estate agents to make half-yearly progress reports public from the next financial year.

In the progress report, real estate agents will have to furnish information on projects they have been designated by developers for sale, and other details including transactions made in a particular real estate project.

Also read: MahaRERA allows deregistration of a real estate project by developers with conditions

The MahaRERA said in the order, "The half-yearly progress reports except the portion marked '*' in Form 6 shall be made available for public viewing to enable greater transparency and citizen empowerment." The portions excluded are the financial details relating to the fees levied by the real estate agent against transactions.

Moreover, every MahaRERA-registered agent should upload on their respective web pages half-yearly progress reports.

Also read: 26 percent jump in stalled real estate projects in under a year: MahaRERA

This order will impact more than 38,000 real estate agents across Maharashtra who are registered with MahaRERA.

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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Further, the order reads that agents should upload the half-yearlv progress report for April to September on or before October 20 and for October to March on or before April 20.

Order to take effect from April 2023

The order will take effect in the next financial year.

According to MahaRERA, action will be taken against all real estate agents who do not comply with the order.

The order states, "In the event the hall yearly progress report in the manner and as per the timelines mentioned above is not submitted, action as deemed fit shall be initiated by the Authority."

Also read: MahaRERA issues notices to 19,000 real estate projects in 20 days over non-compliance