MUMBAI: Real estate portals like Magicbricks.com, 99acres.com, Makaan.com and Housing.com, among others, will now have to register themselves as real estate agents under the state regulator MahaRera.
In a recent order, the regulator has noted that such portals which carry out the functions of a real estate agent should register themselves with the Maharashtra Real Estate Regulatory Authority (MahaRera) within the next two months.
In July last year, consumer body Mumbai Grahak Panchayat had written a letter to MahaRera chairman pointing out that the activities of property portals and had sought clarification from the authority on the role of agents.
In the detailed judgement running into 279 pages, the MahaRera has maintained that such portals are carrying on activities which fall within the definition of real estate agent.
“We find that the portals will have to register themselves with real estate regulatory authority of a state where their activities are going on until the registration at national level is made permissible,” the order said.
Commenting on the order, MGP chairman Shirish Despande said, “it is a landmark judgement and we hope all property portals will accept this judgement without demur and register themselves with MahaRera. If Parliament’s intention to regulate the real estate sector is not in doubt, then by no stretch of the imagination the portals, which hugely impact buying decisions of lakhs of home-buyers can escape the net of Rera.”