Business Standard-Maharashtra announces step for transparency in real estate brokerage fees
The Maharashtra Real Estate Regulatory Authority (MahRERA) has introduced a new clause in the model sale agreement, a document used by builders as a reference when preparing actual sale contracts. Clause 15A recognises the right of real estate agents, or property brokers, to receive payment in the form of fees, charges, commissions, or remuneration for services.
"The introduction of Clause 15A in the model format of the available for sale securities (AFS) will ensure clear identification of responsibility of payment of brokerage to the real estate agent, in the AFS being affixed to either the allottee or promoter or both parties (as may be mutually agreed), and result in better accountability and reduction of potential conflicts on this front,” said Jinal Mehta, partner, Cyril Amarchand Mangaldas.
