03.Real estate agent



Real estate agent

11. Application for Registration by the real estate agent.— (1) Every real estate agentrequired to be registered as per sub-section (1) of section 9 shall make an application in Form ‘VII’ hereto to the Authority.

(2) The application under sub-rule (1) shall be accompanied with the following documents, namely:—

(a) brief details of enterprise including its name, registered address of place of business, type of enterprise (proprietorship firm, society, partnership, company etc.); Registration number, PAN, Aadhar Card No, DIN, as the case may be, under which returns are required to be filed with statutory authority;

(b) particulars of registration obtained under other laws, and rules and regulations, as the case may be, along with the authenticated copy of partnership deed, memorandum of association, articles of association, etc.;

(c) two recent coloured passport size photographs of the real estate agent, in case he is an  individual and of all the partners, directors, members, trustees, etc. including the persons in service and  who have been assigned the work of   real estate agent, in case such real estate agent is a legal entity;

(d) authenticated copy of the proof of address of the principal place of business, number of branch offices, if any, along with contact details including telephone numbers, fax numbers and email address;

(e) details (if any) of all real estate projects and their promoters on whose behalf he has acted as real estate agent in preceding five years;

(f) details of all civil or criminal cases pending against him if is an individual or any of the partners, directors, members, trustees etc. in case of other entities;

(g) authenticated copies of all letter heads; rubber stamp images, acknowledgement receipts proposed to be used by the real estate agent;

(h) such other information and documents, as may be specified by the Authority.

(3) (a) A fee of rupees ten thousand, in case applicant is an individual; and

(b) a fee of rupees one lakh, in other cases shall be paid through NEFT or RTGS System or any other digital transaction mode.

(4) The real estate agent upon being engaged by the promoter for a real estate project he shall maintain and preserve books of accounts, records and documents separately for each such real estate project.

12. Grant of registration to the real estate agent or rejection of registration.—

(1) The Authority, may, within 30 days of receipt of application and after satisfying itself of the fulfilment of all conditions, issue a registration certificate with a registration number in Form ‘VIII’ hereto to the real estate agent.

(2) In case of rejection of the application, the Authority shall, after recording the reasons in writing inform the applicant in Form ‘IX’ hereto:
Provided that, no application for registration of a real estate agent shall be rejected unless the applicant has been given an opportunity of being heard in the matter by the Authority.

(3) The registration granted under this rule shall be valid for a period of five years.

13. Renewal of Registration of real estate agent.

 (1) A real estate agent to whom registration has been granted under section 9 shall make an application in Form ‘X’ hereto for renewal of his registration at least sixty days prior to the expiry of the registration. The application shall be accompanied with the same fees as referred in sub-rule (3) of rule 11.

(2) The real estate agent shall also submit all the updated documents set out in clauses (a) to (g) of sub-rule (2) of rule 11 at the time of application for renewal. In case of renewal of registration, the authority shall inform the real estate agent about the same in Form ‘XI’ hereto and in case of rejection of the application for renewal of registration the authority shall inform the real estate agent in Form ‘IX’ hereto: Provided that, no application for renewal of registration shall be rejected unless the applicant has been given an opportunity of being heard in the matter.

(3) The renewal of registration of the real estate agent shall be granted provided that the real estate agent continues to comply with the provisions of the Act and the rules and regulations made thereunder.

(4) The renewal of registration granted to a real estate agent under this rule shall be valid for a period of five years from the date of its renewal.

14. Obligations of registered real estate agent.

(1) Every registered real estate agent shall prominently display number of his Registration Certificate at his principal place of business and at its branch offices.

(2) Every registered real estate agent shall quote his number of registration on all the documents relating to advertisement, marketing, selling or purchase issued by the real estate agent along with the number of registration certificate of the real estate project.

15. Revocation of Registration of real estate agent.

 (1) Where any real estate agent who has been granted registration certificate commits breach of any terms and conditions specified therein or the provisions of the Act or rules and regulations made thereunder, or where the Authority is satisfied that such registration has been secured by the real estate agent through misrepresentation orfraud, the Authority may, without prejudice to any other action under the law, either suo-motu or on an application or complaint from the promoter or allottee, revoke the registration or suspend the same for such period as the Authority thinks fit and inform all the promoters:
Provided that, no such revocation or suspension of registration shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.

(2) Where the Authority revokes the registration it shall intimate about the same to the concerned real estate agent in Form ‘IX’ hereto:
Provided that, on the revocation of the registration by the Authority of any real estate agent; no fresh application for grant of registration shall be made before expiry of six months from the date of such revocation.

16. Maintenance and preservation and production of books of accounts, records and documents

 Every registered real estate agent shall maintain and preserve such books of accounts, records and documents as he may be required in accordance with the provisions of the Income Tax Act, 1961 (Central Act 43 of 1961) or the Companies Act, 2013 (Central Act 18 of 2013) or under any other law applicable for the time being in force or rules and regulations framed thereunder and will be required to produce them for inspection if so needed for grant or renewal of the registration.

17. Other functions of a real estate agent

 (1) The real estate agent shall provide assistance to enable the allottee and promoter of each real estate project, to exercise their respective rights and fulfil their respective obligations at the time of marketing and selling, purchase and sale of any plot, apartment or building, as the case may be.

(2) The real estate agent shall not involve himself in any unfair trade practices, namely:—

(i) making any statement, whether orally or in writing or by visible representation which—

(a) falsely or knowingly represents that services or amenities are of a particular standard or grade;

(b) represents that the Promoter or himself has approval or affiliation which such promoter or himself does not have;

(c) makes a false or misleading representation concerning the services which the promoter does not have;(ii) permitting the publication of any advertisement whether in any newspaper or other media, of services that are not intended to be offered by the promoter.

(3) The real estate agent shall,

(i) facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building  as the case may be.

(ii) discharge such other functions as specified by the Authority.

Rate of Interest payable by Promoter and Allottee and Timelines for Refund

18. Rate of interest payable by the promoter and the allottee.

The rate of interest payable by the promoter and the allottee shall be the State Bank of India highest Marginal Cost of Lending Rate plus two percent:
Provided that in case the State Bank of India Marginal Cost of Lending Rate is not in use it would be replaced by such benchmark lending rates which the State Bank of India may fix from time to time for lending to the general public.

19. Timelines for refund.

 The refund of any amount which is payable by the promoter to

allottee along with the applicable interest and compensation, if any, under the Act or the Rules and Regulations, shall be made by the Promoter to the allottee within thirty days from the date on which such refund along with applicable interest and compensation, becomes due and payable to the allottee:

Provided that, every instance thereof shall be reported by the concerned promoter within thirty days to the Authority.

Details to be published on the Website of Authority

20. Details to be published on the website regarding real estate projects.— (1) For the purpose of clause (b) of section 34, the Authority shall ensure that all the disclosures made by the promoters to the Authority with regard to the Real Estate project for which registration has been given, are made available on its website.

21. Details to be published on the website regarding real estate agents.— For the purpose of clause (d) of section 34, the Authority shall ensure that the following information shall be made available on its website in respect of each real estate agent registered with it or whose application for registration has been rejected or revoked:—

(a) For real estate agents registered with the Authority:—

(i) registration number and the period of validity of the registration of the real estate agent with the Authority;

(ii) brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, society, partnership, company, etc.);

(iii) particulars of registration including the bye-laws, memorandum of association, articles of association, etc., as the case may be;

(iv) photograph of the real estate agent if he is an individual and the photographs of the partners, directors, etc. in case of other persons;

(v) authenticated copy of the address proof of the place of business and the contact address, contact numbers and email-ids of the real estate agent and other officials responsible.

(b) In case of applicants whose application for registration as a real estate agent have been rejected or real estate agents whose registration has been revoked by the Authority:

(i) registration number and the period of validity of the registration of the real estate agent with the Authority;

(ii) brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, society, partnership, company, etc.);

(iii) photograph of the real estate agent if it is an individual and the photographs of the partners, directors, etc. in case of other persons.

 (c) such other information or documents as the Authority may, from time to time, require the promoter to submit.

22. Obligation of the Authority to ensure cyber security of its website.

 The Authority shall ensure adequate measure to ensure cyber security of its Website a back-up, in digital form, of the contents of its Website in terms of this rule, and ensure that such backup is updated on the last day of every month. The Authority shall maintain and update its Website and observe provisions of the Information Technology Act, 2000 (Central Act 21 of 2000) and the Right to Information Act, 2005 (Central Act 22 of 2005)

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