Under the PMLA, special authorities are required for estate agents with a turnover of Rs. MahaRERA

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) ordered real estate agents having a yearly revenue of more than Rs 20 lakh to share information regarding the appointments of a main officer and a designated director on Monday.

The Prevention of Money Laundering Act of 2002 (PMLA) and the Prevention of Money Laundering (Maintenance of Records) Rules of 2005 both reference this need (PMLR).

The senior officer would serve as a primary point of contact for reporting suspicious transactions and seeing possible red flags. The chosen director would be responsible for ensuring overall adherence to the obligations set forth in PMLA and the PMLR.

Under the PMLA Act, real estate agents are now considered “reporting entities.” The reporting entity is required to keep track of its business activities. A banking firm, financial institution, intermediary, or individual engaging in a specified trade or profession is referred to as a “reporting entity” under the PMLA.

In accordance with the MahaRERA order, all real estate agents must also submit a half-yearly progress report that includes information on the booking and sales of flats, shops, plots, apartments, or other buildings that they have handled as well as information on projects where a promoter has designated the agent and the fees charged for those booking and sales. Other information besides the fees collected will be made public to promote openness and help homebuyers make informed decisions.

“Agents are required to provide information about the transactions they carry out, including the fees they collect, in addition to completing their obligations under the PMLA. When buying a home, many buyers rely on agents. Home purchasers can therefore check the qualifications of the agents and then choose by submitting details of each of them “said a MahaRERA representative.

Real estate agents are required to register with MahaRERA in accordance with certain provisions of the Real Estate (Regulation and Development) Act.

Every real estate agent registered with MahaRERA is required by the Act to keep and retain books of accounts, records, and documentation.

The rules must specify that agents keep and safeguard books of accounts, records, and papers as may be required by the requirements of the Income Tax Act of 1961, the Companies Act of 2013, or any other applicable law.