NEW DELHI: The Haryana real estate regulatory authority (RERA), Gurugram-bench, has advised homebuyers and property investors to transact only through agents registered with the Authority, warning that dealing with unregistered intermediaries could lead to legal and financial risks.
In an advisory issued recently, Gurugram RERA said that unregistered real estate agents often make misleading or false assurances to attract buyers, which can result in disputes and complications at a later stage. Under the Real Estate (Regulation and Development) Act, 2016, no real estate agent is permitted to facilitate the sale or purchase of property in a registered real estate project without obtaining registration from the concerned regulatory authority.
The authority clarified that the definition of a real estate agent under the act is broad and includes any individual who negotiates or acts on behalf of another person in a property transaction, or who introduces buyers and sellers for the sale or purchase of plots, apartments or buildings in a real estate project, in return for any form of remuneration or commission. This includes property dealers, brokers and middlemen, regardless of the title under which they operate.
Gurugram RERA further pointed out that section nine of the RERA act mandates compulsory registration of real estate agents with the respective state authority. Any person acting as a real estate agent without such registration is legally ineligible to sell, advertise or facilitate the sale of property in a real estate project.
Homebuyers have been advised to verify the credentials of real estate agents before entering into any transaction by checking the list of registered agents available on the official Gurugram RERA website. The authority said that adherence to these guidelines would help ensure greater transparency, protect buyer interests and reduce the risk of fraudulent practices in property transactions.
