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Mumbai, Maharashtra Real Estate Regulatory Authority (Maharera) on Monday issued an order directing real estate agents with an annual turnover of more than Rs 20 lakh to share details of appointments of a principal officer and a designated director.
This requirement is cited under the Prevention of Money Laundering Act, 2002 (PMLA) as well as the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PMLR).
The Principal Officer will act as a central reference point in facilitating the reporting of suspicious transactions and identifying potentially suspicious transactions. The designated directors will ensure overall compliance of the obligations imposed under PMLA and PMLR.
Real estate agents are included under the “reporting entity” under the PMLA Act. It is mandatory for the reporting entity to maintain records of its business. Under the PMLA, a “reporting entity” is a banking company, a financial institution, an intermediary or a person carrying on a designated business or profession.
As per the MahaRERA order, all real estate agents will also have to upload a half-yearly progress report containing details of booking and sale transactions of flats, shops, plots, apartments or buildings carried out by the agents. Projects where a promoter has nominated an agent and mentioned charges for booking and selling transactions. Other details, except the fee charged, will be made available for public viewing to enable transparency and facilitate home buyers to make an informed choice.
“Apart from fulfilling the obligations under the PMLA, agents have been asked to provide details of the transactions they undertake, including the fees they charge. Many home buyers depend on agents while buying a home. Hence, details of each agent have to be uploaded. Help home buyers to check the credentials of the agents and then make a choice,” said a MahaRERA official.
Under the sections of the Real Estate (Regulation and Development) Act, real estate agents have to be registered with MahaRERA.
The Act also mandates that every real estate agent registered with MahaRERA must maintain and preserve books of accounts, records and documents.
The rules also stipulate that agents maintain and preserve books of accounts, records and documents as required under the provisions of the Income Tax Act, 1961, or the Companies Act, 2013, or any other applicable law.
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