The Real Estate (Regulation and Development) Act , 2016 (RERA ACT) is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force from 1 May 2016 which applies to whole of India except the State of Jammu and Kashmir. The Act establishes the State wise Real Estate Regulatory Authority.
Registration for Real Estate Agents are regulated by the Real Estate Regulatory Authority established under the RERA ACT. The said Authority grant a single registration to the real estate agent for the entire State of Union territory. The expression "real estate agent" has been specifically defined under the Act.
Every person before facilitating the sale or purchase of or acting on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being the part of the real estate project registered under the Act, being sold by the promoter in any planning area, will have to get himself registered as the Real Estate Agent with the Real Estate Regulatory Authority under the RERA Act, 2016.
Any person who is required to obtain registration as described above shall be liable to a penalty of INR 10,000/- every day during which the default continues, which may extend upto 5% of the cost of the plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.