Single license system for agents and brokers
The National Association of Realtors (NAR) India, a real estate association representing over 50,000 property brokers across the nation, requested the federal government to issue a single licence allowing real estate agents to function anywhere in the nation, regardless of state.
An amendment of the Real Estate Regulatory Authority (RERA) law is being considered. The “One Nation, One Licence” policy for real estate brokers and agents will be implemented, and the Union Ministry of Housing and Urban Affairs has chosen to investigate the legalities of doing so. The National Advisory Committee examined the issue, Manoj Joshi, the secretary for urban affairs, instructed that legal counsel be sought.
The nationwide unification of licences has been a long-standing goal of individuals in the real estate industry. This request was set forward to prevent the hefty fee the agents or brokers must pay to get licence in different states. In many states the licence fee ranges from 10,000 to 2.5 lakh. Even though there are many agents who have got a licence but according to the National Association of Realtors, around 20 lakh people are employed in the real estate industry without a licence.
Real estate brokers and agents are only permitted to do deals under the law after registering with each State and obtaining a licence. Additionally, all marketing and brochures for real estate developments must show the project’s registration number with the Real Estate Regulatory Authority (RERA). The agent will be punished if an advertisement is printed, or a sale is made without registration.