MahaRERA Collaborates with ASCI to Identify Non-complying Real Estate Developers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has joined forces with the Advertising Standards Council of India (ASCI) to tackle the issue of developers advertising projects without registering them with the real estate regulatory body, according to a report by ET RealEstate. This collaborative effort between MahaRERA and ASCI is the first of its kind in the country and aims to protect homebuyers from investing in properties that are either yet to be sold or not allowed to be sold for specific reasons. By utilizing Artificial Intelligence (AI), they aim to identify advertisements published without the proper MahaRERA registration number and QR code.
Aim to Protect Homebuyers
The primary objective behind this collaboration is to safeguard the interests of homebuyers who may be at risk of purchasing properties without proper regulatory approvals. Buying a home is a significant investment, and this partnership aims to improve transparency and prevent any misleading or incomplete advertisements that lead to dishonest transactions within the real estate sector.
The Role of Artificial Intelligence
By implementing AI, MahaRERA and ASCI hope to address the challenges arising from advancements in advertising methods. They recognize the importance of adapting to new media platforms and keeping up with evolving advertising techniques. Authorities and experts in the field will work together to identify and prevent misleading or non-compliant advertisements across different mediums, including traditional sources and new-age media.
To Track, Monitor, and Evaluate Non-compliant Advertisements
In order to effectively track and monitor such advertisements, a dedicated core group will be formed to inspect, evaluate, and eventually report non-compliant advertisements to MahaRERA. This collaboration is an important step in the integration of AI technology with real estate regulations, enabling the identification of errant promoters and ensuring that only authorized and compliant advertisements are allowed in the market.
Mandatory Project Registration for Developers
Under the RERA Act, developers are required to register projects with the MahaRERA for any developments exceeding 500 square meters or involving more than 8 flats. Without the registration number and a QR code, developers will not be authorized to advertise, market, or sell any property within the project. This emphasizes the importance of buyers ensuring that the project they are interested in has a valid MahaRERA registration number.
The Significance of a Successful Collaboration
ASCI, a self-regulatory organization in the advertising sector that focuses on consumer protection, commended MahaRERA’s initiative to instill confidence in homebuyers. The association highlighted that acquiring a MahaRERA registration number for a housing project provides assurance of a safe investment. Through this collaboration, MahaRERA aims to further prevent deceptive or incorrect advertisements that may compromise the trust of potential property buyers.
Expansion to New Media Platforms
In recent times, MahaRERA has been taking suo motu action against advertisements published without the required registration number and QR code. To address changing advertising trends and new digital platforms, the regulatory capabilities have now been expanded to include a broader range of media sources. MahaRERA believes that action should be taken across all advertising channels, and partnering with ASCI is a crucial step toward achieving that goal. In conclusion, this collaboration between MahaRERA and ASCI represents a significant milestone in the real estate sector. By leveraging AI and closely monitoring advertisements, these entities intend to protect homebuyers from potential risks associated with unauthorized or non-compliant real estate developments. The use of technology and regulatory partnerships is a positive step forward in ensuring transparency, trust, and the overall healthy growth of the real estate market.
