We all know at least one Real estate agent whom we have used for buying or selling property. Our perception about the stereo-typed realtor is probably because of this interaction or probably due to the depiction of one in television serials or movies. However, these assumptions are not always as real as they seem and are far from reality. It’s time to clear the air about these myths that have been around for years and we shall do this in course of this article.
The Real Estate (Regulation and Development) Act 2016, known as RERA too, was enacted on 26th March 2016 while all its provisions were effected from 1st May 2017. The Act has been brought in to protect the home buyer’s interests and bring about greater transparency in the real estate industry. Developers are required to register their projects under this act and Real Estate Agents have to register their businesses. The process of registration for real estate agents is currently on going while developers were given the deadline of 31st July 2017, failing with a 10% penalty will be slapped.