People who act as mediators and facilitate transactions between a builder and a buyer are known as real estate agents. Those who have a zeal for real estate can opt for it as a serious career choice. Not only is it lucrative but also a great career option. To become a real estate property agent in India, one needs to register under the Real Estate Regulation and Development Act or RERA.
After the Real Estate Regulation and Development Act was introduced in 2016, the real estate business had become much more organized in India. According to The Central Act, it is mandatory that the registration of property agents should hold state-level real estate regulatory authority to obtain the RERA registration number/license, which will be valid for five years.
The licensing and registration requirements may vary from state to state in India.
Researchers believe that any person who has a sound knowledge of the real estate market can easily apply for a license under Maharashtra RERA. A certain sum amount is required as the registration fee to grant a license for an agent or a company. For example, if a realty firm has a turnover of 40 lac, then the agent needs to apply for the Goods and Services Tax (GST) registration as well.
Apart from the RERA registration, a real estate broker in India should also apply for a Professional Tax Registration or PTR, which refers to a tax imposed by the State for carrying out certain professional services in that particular region. The PTR certificate needs to be renewed every year.
What is the RERA registration process for a real estate agent?
Just like that of the registration fees, the process of registration and obtaining a license differs across the states. Whichever state you might be in, always make sure to submit the following documents while applying for a real estate registration and license:
- Mention all the particulars of the applicant
- Provide details of Income Tax Returns for the last three years
- Submit an authenticated copy of address proof
- Photocopy of PAN Card
- Provide the details of registration in any other State
Generally, the certificate is granted to the agent within a month on the date of receiving the application. If someone fails at registering, they have to pay a fine of Rs 10,000 per day. If it is found that the agent is associated with unfair means and trade practices, they will be punished and imprisoned for up to one year and the regulatory authority can even cancel the license of the agent if he/she has violated the rules and regulations of the Act.
Get associated with the realtors association:
Apart from getting the real estate license from the State’s regulatory authority, it is essential to become a member of groups such as the National Association of Realtors or NAR which can further help to gain a credible image and create multiple networking opportunities at national and even international levels. To enhance their consumer recognition and facilitate lobbying with government authorities, there are several other platforms for real estate agents to start with. Some of these include the All India Real Estate Agents Association, Association of Certified Realtors in India, and other city-specific organizations such as Bangalore Realtors Association India or BRA and the Association of Real Estate Agents in Mumbai.