MahaRERA Collaborates with ASCI to Monitor Non-complying Real Estate Developers
In a first-of-its-kind partnership, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has teamed up with the Advertising Standards Council of India (ASCI) to identify developers who advertise projects without registering them with the real estate regulatory body. This collaboration is aimed at protecting homebuyers from investing in properties that are either unauthorized or not yet allowed to be sold. MahaRERA has taken a significant step toward safeguarding buyer interests by incorporating artificial intelligence (AI) to detect advertisements lacking the MahaRERA registration number and QR code. Developers are not permitted to advertise their projects without proper registration, and any such violation is subject to ex officio penal action. According to Ajoy Mehta, Chairman of MahaRERA, having a QR code on advertisements is mandatory to provide easy access to detailed project information. As new avenues for advertising emerge in the digital age, the regulator recognizes the need to actively monitor and prevent misleading or incomplete advertisements. ASCI and industry experts will assist in identifying such advertisements across different media platforms. To achieve this, MahaRERA will establish a core group dedicated to monitoring and evaluating advertisements that violate the regulations. This collaboration signifies the first instance where AI will be employed to identify non-compliant developers in the real estate industry. Under the RERA Act, any project, including plotted developments comprising over 500 square meters or 8 flats, must be registered with MahaRERA. Developers are prohibited from marketing or selling any property within a project without a valid registration number and QR code. ASCI, a voluntary self-regulatory organization in the advertising sector, has been instrumental in protecting consumer interests across various media platforms. The collaboration with MahaRERA aims to instill confidence in homebuyers by curbing false and incorrect advertisements. Over the past year, MahaRERA has taken proactive measures by initiating actions against advertisements lacking registration numbers and QR codes. The scope of monitoring has expanded beyond traditional mediums to include new-age digital media. Recognizing the need for further action and coverage, the regulator has decided to collaborate with ASCI to encompass all sources and mediums of advertisements.
A Positive Approach to Enhancing Buyer Confidence
The tie-up between MahaRERA and ASCI has a crucial objective – to ensure that buyers have faith in projects with a valid MahaRERA registration number. With AI technology, MahaRERA aims to establish a streamlined process that prioritizes consumer well-being and detects fraudulent or unauthorized developments. MahaRERA’s Chairman, Ajoy Mehta, expressed the regulator’s commitment to maintaining trust in the real estate industry and preventing breached consumer confidence. By significantly leveraging AI and monitoring measures, the regulatory body dreams of stopping deceptive practices and reinforcing information transparency. Through this partnership, MahaRERA hopes to strengthen its role in safeguarding buyer interests, adding an additional shield of security while boosting the reputation of the Indian real estate market. As the industry progresses, MahaRERA believes mutual cooperation with regulatory bodies and external organizations is crucial for effective policy implementation.
Looking Ahead
With this innovative collaboration, MahaRERA and ASCI have opened new doors for industry regulators to proactively address buyer concerns. By embracing AI and utilizing technology for monitoring purposes, MahaRERA aims to set new benchmarks in consumer protection. This groundbreaking move has the potential to redefine the advertising landscape, encouraging developers to adhere to established norms while also empowering homebuyers with easy access to information. It highlights the commitment of MahaRERA and ASCI to maintain the integrity of the real estate sector and ensure that buyers make informed choices. With the success of this partnership, other regulatory bodies may follow suit, implementing similar collaborations in their respective regions. As technology continues to evolve, regulatory bodies must adapt and find innovative ways to safeguard buyer interests, instilling confidence in the real estate market and promoting a transparent ecosystem.
