REWPs Controvert to the Realty Agents Tag
REWPs Controvert to the Realty Agents Tag. Representatives of all the real estate web portals controverter to the Mumbai Grahak Panchayat’s contention made with the Maharashtra Real Estate Regulatory Authority (MahaRERA) that all real estate web portals (REWPs) registered with MahaRERA
to be tagged as ‘realty agents’ or ‘brokers’ as they facilitate sale and purchase of plots and apartments like other housing agencies.
REWPs Controvert to the Realty Agents Tag. According to the portals, they cannot be called realty agents (or brokers) as they are not engaged in any profit-making activity and do not collect any commission related to property deals .
Sudhir Pai, CEO of Magicbricks, said that as per the Information Technology (IT) Act, they are “intermediaries’ as they do not carry out any property transactions, so they do not qualify as real estate brokers.
Magicbricks is a classifieds portal and they operate like an an advertising platform for landlords, brokers and builders. They do not handle property transactions themselves, neither do they offer such services to property buyers, nor are they privy to any sale transaction between the developer and end customer at any stage.
Pai said that the Magicbricks platforms, including the search option and buyers’ category, have been updated to be fully RERA-compliant. The upgrade will enable developers to post their advertisements in accordance with RERA guidelines.
Amitendra Singh Antal, vice president (legal) of Info Edge (India) Ltd, which operates the web portal 99acres.com, said that they are a digital platform where people publish and display platform where people publish and display information about their properties as per the applicable guidelines. Their revenues are not linked to how a property transaction pans out.
Dhruv Agarwala, chief executive officer of Housing.com and Makaan.com, both portals operated by Elarat Technologies Pvt Ltd, also said that they were only advertising platforms.
The MahaRERA has issued a show cause notices to web portals like Magicbricks.com, 99acres.com, Makaan.com and Housing.com on July 31 asking them to explain why they have not registered themselves with the Authority. The notice states that if these portals had registered, then they should inform the Authority of their registration numbers. These portals have sought time to reply to the notice. The case, which was initially heard by Dr Vijay Satbir Singh and BD Kapadnis, is now scheduled for next hearing on 29th August. Read more