In a significant move to regulate the real estate advertising industry, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has partnered with the Advertising Standards Council of India (ASCI). The collaboration aims to identify developers promoting projects in various mediums such as newspapers, television, social media, and websites without the mandatory MahaRERA registration number and QR code.
To detect these advertisements, the ASCI will utilize the power of artificial intelligence (AI). By leveraging AI technology, the ASCI will create a dedicated team solely responsible for tracking, monitoring, and evaluating ads that violate the MahaRERA regulations. Once identified, the ASCI will promptly report such ads to MahaRERA for necessary action.
Previously, the ASCI had informally assisted MahaRERA in identifying unauthorized real estate advertisements. However, this Memorandum of Understanding (MoU) formalizes the partnership between the two organizations. As part of the agreement, MahaRERA will compensate the ASCI for their services, cementing a mutually beneficial collaboration.
Under the Real Estate (Regulation and Development) Act (RERA), any project spanning over 500 square meters or comprising eight or more flats must be registered with MahaRERA. It is strictly prohibited for developers to advertise or sell properties in these projects without obtaining the necessary MahaRERA registration. Additionally, RERA mandates that every developer includes a QR code in their advertisements as a means for potential homebuyers to access comprehensive information about the project with just a single click.
Speaking on the importance of this partnership, MahaRERA Chairman Ajoy Mehta emphasized the enforcement actions taken against developers who publish ads without a registration number. With the introduction of the QR code requirement, homebuyers can effortlessly gather crucial information about a project, ensuring transparency and empowering them to make informed decisions.
By combining their expertise and leveraging AI technology, MahaRERA and ASCI are actively working towards promoting fair practices in the real estate advertising industry. This joint effort will not only safeguard the interests of homebuyers but also strengthen the credibility of the real estate sector in Maharashtra.
FAQ Section:
Q: What is the purpose of the partnership between Maharashtra Real Estate Regulatory Authority (MahaRERA) and Advertising Standards Council of India (ASCI)?
A: The partnership aims to regulate the real estate advertising industry by identifying developers who promote projects without the mandatory MahaRERA registration number and QR code.
Q: How will the ASCI detect unauthorized advertisements?
A: The ASCI will use artificial intelligence (AI) technology to track, monitor, and evaluate ads that violate MahaRERA regulations.
Q: What happens when the ASCI identifies unauthorized ads?
A: Once identified, the ASCI promptly reports such ads to MahaRERA for necessary action to be taken.
Q: How is this partnership different from previous collaboration between MahaRERA and ASCI?
A: This Memorandum of Understanding (MoU) formalizes the partnership and includes compensation for the ASCI’s services.
Q: What are the requirements under the Real Estate (Regulation and Development) Act (RERA)?
A: Any project over 500 square meters or comprising eight or more flats must be registered with MahaRERA. Developers are prohibited from advertising or selling properties in such projects without the necessary MahaRERA registration.
Q: What additional requirement does RERA mandate for developers’ advertisements?
A: RERA requires every developer to include a QR code in their advertisements, allowing potential homebuyers to access comprehensive project information with a single click.
Q: What is the significance of the partnership between MahaRERA and ASCI?
A: The partnership ensures the enforcement of regulations, promotes fair practices, and enhances transparency in the real estate advertising industry.
Key Terms:
– Maharashtra Real Estate Regulatory Authority (MahaRERA): The regulatory authority in Maharashtra, India responsible for overseeing the real estate sector and ensuring compliance with regulations.
– Advertising Standards Council of India (ASCI): A self-regulatory organization in India that monitors and regulates advertising content across various mediums.
Related Links:
– MahaRERA Official Website
– ASCI Official Website
The source of the article is from the blog revistatenerife.com