The Real Estate Regulation and Development Act (RERA) Act, 2016 is an Act to protect the people who are buying homestays for themselves. In addition, it helps to increase the investments in sector of real estate. RERA Act came into force on 01st May, 2016.
RERA Act came into picture because lots of buyers were not protected from the regulatory bodies. Therefore, to protect the consumers this act was passed.
Who is Real Estate Agent?
A real estate agent acts a beneficiary between buyers and sellers. He is the person to make meetings to buyer and seller so that at an appropriate day and time they both can meet to final the deal.
The people who need to become RERA agents must register themselves under defined authority. Once they are registered, they will be provided registration number and it’s valid for 5 years and can renewed after the expiry of 5 years.
What are roles of Real Estate Agents?
- They must have full details of directors and about project they will deal into.
- They agents must present all records to buyers when he asks for it.
- It is the duty of agent not to mislead or misinterpreted the general public about the projects.
- It is the duty of the agent to have fair deals with the customer after all the money belongs to a common man.