With the Maharashtra Real Estate Regulatory Authority (MahaRERA) in force, approximately 10-15 %of real estate brokers seem to have quit the sector.
The reasons — only registered brokers can sell MahaRERA registered projects; massive slowdown in the realty market; and overriding sentiments that there are no provisions in MahaRERA to protect therights of the brokers even though they are made liable for penal action.
According to the Confederation of Real Estate Brokers Association of India (CREBAI), MahaRERA has brought into place a form of regulation of the brokers dealing with real estate. We are seeing many of the unscrupulous brokers quitting the sector ever since MahaRERA has come to force.
MahaRERA has mandated that any broker who wants to sell apartments in a registered project needsto be registered with the real estate authority. Any builder who registers his project has to disclose the list of his brokers and they in turn need to be registered with MahaRERA.