Mumbai (Maharashtra), [India], May 7, 2024: In Ravi Kewalramani’s recent social media exposé, one thing is clear— Chandak Group has not failed to fulfil financial obligations. On the contrary, it is due to Ravi’s lack of real estate competency certificate, as mandated by the MahaRERA, that Chandak Group couldn’t initiate the transaction.
Such a revelation has sent shockwaves through the industry, prompting a swift response from key stakeholders in the real estate industry.
One of them is the notable Girish Chhalwani, CEO of THE EDGE, a leading Real Estate Advisory firm headquartered in Mumbai. Chhalwani’s reaction highlights the gravity of the situation, particularly for real estate agents and the broader market landscape.
The situation throws light on the precarious state of the real estate agents, struggling under the regulatory scrutiny of the MahaRERA, courtesy of Ravi Kewalramani’s exposé. With a staggering 90% of agents lacking the essential competency certificate—a deficiency starkly apparent within the Mumbai Metropolitan Region (MMR)—the fallout is profound.
As a result, the real estate ecosystem is about to face massive sales problems; with over 100 Crore brokerage commission stuck due to the non-availability of competency certificates. The entire situation has cast a shadow of uncertainty over developers reliant on agents to facilitate transactions and drive sales. The recent notification from the Real Estate Regulatory Authority (RERA) mandating competency certifications further stresses the predicament, fostering an atmosphere of apprehension and distrust within the industry.
Recently Girish Chhalwani and Rafique Merchant collaborated on a video, shedding light on this pressing matter. They urged real estate agents in Maharashtra to undergo training and obtain a certificate of competency. Emphasising the importance of complying with regulatory standards set by RERA, they underscored the need for adherence to ensure ethical practices in the industry.
Girish Chhalwani drew a striking analogy, comparing the actions of agents without a certificate to driving a car with an expired license. This analogy resonates strongly, emphasising the potential risks and consequences involved.
In response to Ravi Kewalramani’s recent video, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued warnings to developers, cautioning against the engagement of uncertified agents. Developers failing to comply may be subjected to rejection of project registration, revocation, or imposition of penalties, as stated in a fresh circular issued on April 29.
Despite MahaRERA’s consistent efforts to enforce compliance and transparency, challenges persist. The authorities highlighted the significant number of agents yet to undergo training and certification. The gap between regulatory requirements and industry practice remains a pressing concern.
As the industry struggles with the fallout of Ravi Kewalramani’s video, Girish Chhalwani’s advocacy for education, compliance, and industry-wide collaboration symbolises hope and stability. Only through collective action and commitment to regulatory adherence can the real estate sector navigate these turbulent times and rise stronger and more resilient in the face of adversity.
