As the days are passing by, the real estate developers are rushing to register their projects with the Real Estate Regulatory Authority . Although there is no such deadline for the real estate brokers, they have to register themselves with the real estate authority to conduct business and can only market RERA registered projects. As per the latest notification from the Central Government, developers can’t sell or market their projects in states that don’t have a real estate regulator.
Talking about the online real estate portals such as 99acres and magic bricks, Gautam Chatterjee the chairman of the Maharashtra Real Estate Regulatory Authority (MahaRERA) clarified that the portals facilitating the sale of projects are real estate brokers according to the Act and they have to register themselves with the RERA as an agent. The RERA bars these portals to advertise projects that are not registered with the authority. If they do so, the authority will impose an appropriate fine on them as per the RERA rules, he added.
According to the portals, they do not facilitate any sale of the project as they are only a marketplace for advertisement. They pass the leads to the developers or agents who are liable to close the deal.
Other than India, many countries have Real estate regulation rules. As per the rules in Dubai, real estate portals can only advertise Dubai RERA registered projects. It also mandates the developers to get an advertisement permit from RERA before advertising any real estate project based either in Dubai or overseas.
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