Tag Archives: AI

The MahaRERA and the Advertising Standards Council will use artificial intelligence to monitor real estate advertisements.

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Artificial intelligence (AI), according to MahaRERA, will be used to identify ads published without a QR code or MahaRERA registration number. As defined by the RERA Act, any project larger than 500 square meters or eight apartments registered with the MahaRERA.

On February 15, the Advertising Standards Council of India (ASCI) and the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced their partnership to identify developers advertising projects without QR codes and registration numbers. To identify developers advertising projects without QR codes and registration numbers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) and the Advertising Standards Council of India (ASCI) announced their collaboration on February 15. 

Artificial intelligence (AI) will identify advertisements published without a QR code and MahaRERA registration number. 

To defend consumer interests on websites, social media, television networks, newspapers, and other media, ASCI is a voluntary self-regulatory organization for the advertising industry. 

MahaRERA and the ASCI have signed a Memorandum of Understanding (MoU) to safeguard the interests of homebuyers, according to a statement released on February 15. Manisha Kapoor, the CEO of ASCI, and Vssant Vani, the administrative officer of MahaRERA, are signatories to the agreement.”

By the agreement, advertisements published without a MahaRERA registration number and QR code will use artificial intelligence. In response, the statement announced the formation of a core group tasked with tracking, observing, and evaluating these ads to eventually bring them to MahaRERA’s attention. 

Developers are prohibited from advertising a project unless it has been filed with MahaRERA. We have taken ex officio legal action against developers who have displayed advertisements without a registration number. 

To allow prospective homeowners to obtain comprehensive information about a project with just one click, it is now necessary for advertisements to include a QR code, according to MahaRERA Chairman Ajoy Mehta. 

He went on, “There are newer forms of advertising emerging in the new age media, which we cannot ignore. Therefore, to recognize and stop such deceptive or incomplete advertisements across all media, we need the aid of ASCI, a self-regulatory organization, and industry experts. The most recent action will aid in reducing these false and deceptive commercials.”

MahaRERA is tightening its grip on developers. 

Since 2023, MahaRERA has been taking measures against publications of advertisements that do not include a QR code or registration number. Aside from the traditional media, the authority has expanded the reach of new-age media. 

Artificial Intelligence’s effects on real estate

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The application of intelligent technology that can complete tasks with little assistance from humans is the focus of the multidisciplinary field of artificial intelligence (AI). AI has always had the potential to transform businesses, societies, and industries. Recent developments have propelled AI from a niche field of study to the forefront of widespread use. The ability of AI to write, draw, code, and compose, among other tasks, has led business executives to carefully consider the advantages and disadvantages of AI for their organization.  

It is clear that strategically embracing AI could result in revolutionary changes in the commercial real estate industry. It is according to investors, developers, and corporate occupiers. AI and generative AI are among the top three technologies that will most likely have the most impact on real estate over the next three years, according to JLL’s 2023 Global Real Estate Technology Survey. Regarding the precise ramifications of AI for the sector, there is still uncertainty, though. Respondents displayed the lowest understanding of AI and generative AI compared to other surveyed technologies such as blockchain, virtual reality, and robotics. Artificial Intelligence (AI) has applications in commercial real estate, such as predictive analysis for market analysis, intelligent property search and recommendation, property management and maintenance, and improved marketing and advertising. Leaders in the real estate sector are aware of the impending changes and are actively investigating ways to capitalize on AI’s revolutionary potential despite the uncertainty surrounding it. 

The use of AI in the real estate industry represents a dramatic change in the purchasing, managing, and real estate. Real estate professionals are aware of the benefits and opportunities presented by AI technologies, but they also recognize the importance of using data to drive profitable outcomes. By using machine learning techniques to exact valuable insights from data patterns, artificial intelligence (AI) tools enable better-informed decision-making. Artificial intelligence has many uses in the real estate industry, such as investment analytics, process optimization, and improving client experiences. Artificial intelligence has many uses in the real estate industry, such as investment analytics, process optimization, and improving client experiences. Brokerages optimize their listings, and machine learning helps agents handle customer inquiries more quickly and effectively. We will see benefits such as enhanced lead generation, data collection, and sales process optimization. By employing AI to collect information on customer preferences, behavior, and feedback, agents and brokers can improve their marketing and customer service strategies and make more informed decisions. AI-powered automated valuation models compete with traditional appraisers, and mortgage lenders utilize AI for risk assessment calculations. Developers rely on AI platforms for predictive analytics, which provide location recommendations based on local zoning laws, market trends, pricing, and demand to help them make better decisions.  

By concluding the massive amount of real estate data available, artificial intelligence (AI) enables professionals in the real estate sector to make well-informed decisions. Artificial intelligence (AI) algorithms offer insightful analyses of past sales data, market trends, and other vital variables. These analyses help to create data-driven approaches ranging from spotting possible investment opportunities to setting competitive property prices. 

By utilizing data, artificial intelligence (AI) in real estate creates opportunities for increased efficiency, better customer support, and more informed decision-making. As this technology advances, the real estate industry can anticipate a plethora of growth prospects and a means of potentially revolutionizing the industry as a whole.