Real Estate Agent Authority (REAA)
Body corporate established under the Real Estate Agent Authority Act 2020
Partially proclaimed in November 2020 and October 2023.
Objectives of the REAA
What are the objectives of the Authority?
Regulate & Control

Regulate and control the business of real estate agents
Promote Transparency

Protect & Assist

"No person shall act as a real estate agent unless he is registered as such with the Authority"
Who must register?
Per the Real Estate Agent Authority Act 2020
Real Estate Agents
People who carry out a real estate transaction in the course of business.
Land Promoters
A land promoter identifies and acquires land for development.
Property Developer
A property developer oversees the planning, design, and construction of real estate projects.
Who qualifies as a real estate agent?
Per the legal definition, "real estate agent"
means a person who, or a partnership in which he is a member which, carries out a real estate transaction in the course of a business by –
- negotiating the sale, exchange, purchase or lease of real estate;
- directing or assisting in the procuring of prospects, or the negotiation or closing of transactions which result in the sale, exchange, purchase or lease of real estate;
- taking part in the procuring of vendors, purchasers, lessors, lessees, landlords or tenants of real estate;
- engaging in real estate management, either as a consultant or as an agent;
- advertising or holding himself out as being engaged in the business of negotiating the sale, exchange, purchase or lease of real estate;
- receiving payment for a real estate transaction, either by himself, his partner, his employee or his agent; and
includes –
- a land promoter;
- a property developer; and
- such other class of persons as may be prescribed; but
does not include –
- Repealed by [Act No. 15 of 20211]
- a person, employed by the State, a statutory body or such other body as may be prescribed, who, in the discharge of his functions, carries out a real estate transaction;
- a person who acts for, or on behalf of, another person under a power of attorney to carry out a real estate transaction, provided that he does not carry out that transaction for any profit or consideration;
- an administrator, a liquidator, a receiver manager, a receiver, an auctioneer or a trustee who, in the discharge of his functions, carries out a real estate transaction;
- any person who, by virtue of a Court order, carries out a real estate transaction;
- such other class of persons as may be prescribed;
Fees
Processing Application fee: Rs 2,000 (non-refundable)
Real Estate Agent
Rs 20,000 /year
Land Promoter
Rs 100,000 /year
Property Developer
Rs 100,000 /year
Starting 1st August 2026
Official commencement of registration process (phase 1) for Real Estate Agents (buying and selling of properties), land promoters and property developers.