RERA from a Real Estate Agent’s point of view- complexities and solutions

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Authored by Alok Gupta

The real estate sector in India, the second-largest job provider after agriculture, is expected to grow over 30 per cent in the next 10 years. However, despite being such a big sector, it didn’t have any regulatory mechanism for a long time. The advent of the long-awaited Real Estate (Regulation and Development) Act, 2016 or RERA is a welcome move.

Sections 9 and 10 of the Act cover the role of a real estate agent. It is definitely better to have some legal recognition, but in order to fix the power, duties and responsibilities of an agent or a middleman, a lot more needs to be defined.

The job of a real estate broker needs more recognition and more definition along with licensing and certification. Even on a conservative estimation, real estate broking is a Rs 18,000-crore industry with over five lakh real estate agents across the country. However, real estate broking in India is less than one per cent of the global size of the industry.





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