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UP RERA issues amendments to registration certificate for agents, increases validity to 10 years

After the amendments, the processing fee for a single real estate agent will be Rs 1,000, and for others, the stipulated processing fee would be Rs 5,000.

Representative image

Representative image

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on August 26 issued amendments to the registration system of real estate agents in the state through the "Registration Certificate" under Form-H of UP RERA Rules. The amendment has allowed the registration of real estate agents to increase from 5 years to 10 years.

In Rule-10(3) of the UP Land Estate (Regulation and Development) Rules, 2016, the validity period mentioned in the registration certificate will be increased to 10 years instead of five years, it said.

As per new Regulation No. 48 in the Real Estate Regulatory Authority (General) Regulations, 2019, UP RERA grants authorisation for registered agents. After the amendments, the processing fee for a single real estate agent will be Rs 1000, and for others, the stipulated processing fee would be Rs 5,000.

Additionally, after the amendments, the registration application can be submitted as per the prescribed arrangement of processing the certificate of registration of real estate agents.

This comes after the initial validity of the registration of real estate agents in UP RERA, which commenced at the end of July 2017, has started expiring or is about to expire after the initial validity period of five years.

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Following this, the real estate consultants welcomed the move.

Ritesh Mehta, senior director and head–West and North, Residential Services, JLL said, "It clearly indicates that this regulatory body (RERA) is here to stay for a long & has been successfully implemented. Extended validity of 10 years also gives comfort to the agents & avoids recurring documentation processes. This will encourage more one-time registration."

Santhosh Kumar, Vice Chairman - ANAROCK Group said, "Real estate agents and channel partners are an integral part of the industry value chain. Their involvement plays a major role in maintaining momentum in the rapidly reviving market. This move will reduce the strain of compliance on agents, and also bring down their costs."

Kumar added, "The extension of license validity is an added incentive to get registered and be fully compliant in the new regime of transparency and accountability that has been gathering place since 2017 with the implementation of this ground-breaking act and all the positive market signals it transmits."
Moneycontrol News
first published: Aug 26, 2022 08:15 pm
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