The Real Estate (Regulation and Development) Act (RERA) has transformed India’s property market, with Chapter II, Section 9, focusing specifically on real estate agents. For those searching for land for sale in Goa or exploring a property to buy in Goa, understanding this section is crucial to ensuring a secure investment.
Chapter II, Section 9: Ensuring Agent Accountability
Chapter II, Section 9, of RERA mandates that all real estate agents operating in Goa (or elsewhere in India) must register with the state’s Real Estate Regulatory Authority. This ensures they meet stringent standards of accountability, professionalism, and transparency. Agents are issued a unique registration number, which must be quoted in all transactions and advertisements.
This provision benefits first-time buyers who may otherwise hesitate to trust real estate agents due to concerns about inflated prices, hidden commissions, or lack of authenticity. By making agent registration compulsory, RERA has significantly reduced fraudulent practices, safeguarding investors and ensuring a fair process for those seeking land for sale in Goa.
RERA’s Role in Professionalising Agents
According to RERA, these are the key conditions that govern registered Real Estate Agents:
Mandatory Registration:
Every real estate agent who facilitates the sale or purchase of properties in a RERA-registered project must register with the Real Estate Regulatory Authority (RERA). This applies to agents dealing in land for sale in Goa and other states.
Application Requirements:
Agents must submit an application in the prescribed form, along with the required fee and documentation, including:
- Proof of identity (e.g., Aadhaar, PAN card).
- Details of their office or operational location.
- Any prior registrations, if applicable.
Unique Registration Number:
Upon approval, agents receive a unique registration number. This number must be included in every advertisement, sales transaction, and communication relating to property dealings.
Validity of Registration:
The registration remains valid for the period specified by the authority. Renewal of registration is required before the expiration of the validity period.
Code of Conduct:
Registered agents must comply with rules set by RERA, such as:
- Ensuring accurate representation of project details.
- Avoiding unfair trade practices or misrepresentation.
- Acting in the best interest of buyers and sellers.
Penalties for Non-Compliance:
Agents operating without RERA registration or violating regulations face penalties, including fines and suspension of their registration.
Renewal and Updates:
Agents must renew their registration periodically and inform RERA about any changes in their business operations, such as relocation or the addition of new branches.Documentation and Records:
Agents must maintain accurate records of transactions for RERA-registered projects and provide these to the authority upon request.
Verifying Agent Registration
Buyers can easily check an agent’s RERA registration status through the official RERA Goa portal. This step is critical when evaluating a property to buy in Goa, as it confirms the agent’s legitimacy and compliance with the law.
Addressing Buyer Concerns
One common worry among buyers is that agents might push properties at inflated rates to earn higher commissions. RERA counters this by making agents answerable to both buyers and the regulatory authority. If a buyer feels cheated or misled, they can lodge a complaint with RERA, ensuring recourse.
Another challenge is trustworthiness. Buyers investing in a property to buy in Goa often come from outside the state, making it challenging to verify claims about properties. With RERA’s checks in place, agents must provide accurate documentation, from ownership details to project approvals.
Conducting Due Diligence
While RERA ensures a basic level of transparency, buyers must also perform their own due diligence. Steps to consider include:
- Research the Developer: Investigate the builder’s track record for timely delivery and quality.
- Inspect the Property’s RERA Registration: Ensure the project is registered and compliant.
- Assess the Location: Proximity to amenities and future growth potential add value.
Reputed developers like Mohidin Properties exemplify the trust and reliability buyers seek. Known for their sold-out projects, including Iconia, Mohidin has consistently adhered to RERA guidelines, ensuring a seamless experience for buyers. Their latest venture, Hamlet By The Bay, in Dabolim, offers plots where buyers can construct bespoke villas, with complete freedom to align their plans to modern design cues, or traditional principles like Vastu or Feng Shui.
RERA for Buying Land vs. Villas
There are differences in processes for buying a plot versus a ready-to-move villa:
- Buying Land: Buyers must confirm clear land titles and approvals. They should also check zoning laws to ensure compatibility with their intended use.
- Buying Villas: The focus shifts to construction quality, adherence to sanctioned plans, and readiness for possession.
Both require collaboration with RERA-registered agents to guarantee a safe and lawful transaction.
Conclusion
RERA’s stringent regulations, especially Section 9, have reshaped the role of real estate agents in Goa, ensuring professionalism and transparency. Whether you are exploring land for sale in Goa to build a dream villa or a ready-to-move property, RERA acts as a safety net, securing your investment.For those seeking premium real estate opportunities, Hamlet By The Bay by Mohidin Properties in Dabolim offers a perfect blend of location, compliance, and trustworthiness. With RERA-registered agents and a developer known for excellence, investing in Goa has never been more secure.