“The Pessimist Sees Difficulty In Every Opportunity. The Optimist Sees Opportunity In Every Difficulty.”

Maharashtra’s real estate sector has achieved a significant milestone with the issuance of MahaRERA Circular No. 63, mandating the implementation of Clause 15A. This regulation requires promoters to include the clause in the Model Form of Agreement for Sale and the Allotment Letter, officially documenting agents’ brokerage. This step marks a new era of transparency and accountability in property transactions across the state.

The circular is the result of 1.5 years of  sustained efforts by NAR-India’s Agent Self-Regulatory Organization (SRO), advocating for fair recognition of real estate agents’ contributions. The recent appointment of Mr. Manoj Saunik as MahaRERA Chairman expedited the process, bringing about a swift and much-anticipated reform.

Clause 15A states: “In case the transaction being executed by this agreement between the promoter and the allottee is facilitated by a Registered Real Estate Agent, all amounts (including taxes) agreed as payable remuneration / fees/ charges for services/ commission/brokerage to the said Registered Real Estate Agent, shall be paid by the Promoter/ allottee/ both, as the case may be, in accordance with the agreed terms of payment.”

Key benefits of Clause 15A:

• Transparent Brokerage Documentation: Ensures timely payment and minimises disputes over commission.
• Enhanced Professional Recognition: Acknowledges agents’ roles, strengthening trust with clients.
• Stronger Legal Framework: Provides a solid basis for agents to enforce their rights.
• Greater Promoter Accountability: Promotes ethical practices by holding promoters responsible for honoring their commitments.
• Encouragement for Professional Development: Recognises the expertise of agents, inspiring continuous skill enhancement.

This landmark decision reinforces the importance of real estate agents in Maharashtra, paving the way for a more equitable and professional industry.