MahaRERA's Stand on Regulating Real Estate Influencers on Social Media
MahaRERA has no plans to regulate real estate influencers on social media, citing their focus on making developers share maximum information in the public domain.
Real EstateMahareraSocial Media InfluencersRera ActHomebuyersReal Estate MaharashtraJul 29, 2024
Homebuyers typically do not base their decisions to purchase a home solely on social media influencer content. Instead, they make informed decisions after careful consideration. Influencers can promote real estate projects, but MahaRERA already has a system in place where developers provide detailed information in the public domain.
MahaRERA has been working to strengthen its system to ensure homebuyers receive maximum information while making purchasing decisions. Real estate agents play a crucial role in this process, and MahaRERA has ensured that they sit for a competency examination.
Several real estate influencers are active on social media platforms like YouTube, X, and Instagram, providing tips on real estate projects and commenting on the sector.
It's worth noting that MahaRERA has taken action against developers and real estate agents in the past for violating rules related to advertising projects on social media and offline. The Authority has also levied penalties on developers for not displaying the RERA registration number and QR code in their advertisements.
In contrast, the Securities and Exchange Board of India (SEBI) regulates finfluencers on social media, having approved norms to regulate misinformation through financial influencers. SEBI has also created a closed ecosystem for fee collection by SEBI-registered Investment Advisers (IAs) and Research Analysts (RAs) from their clients.
Experts believe that before MahaRERA regulates real estate influencers, it would be beneficial to consider regulating financial institutions, chartered accountants, and company secretaries. They suggest that empanelment could be a viable option if regulation is not possible.
Information
MahaRERA is the regulatory body responsible for overseeing the real estate sector in Maharashtra. It was established to protect the interests of homebuyers and ensure transparency in the sector.
MahaRERA (Maharashtra Real Estate Regulatory Authority) is a regulatory body established to regulate the real estate sector in Maharashtra. Its primary objective is to protect the interests of homebuyers and ensure transparency in the sector.
Frequently Asked Questions
Does MahaRERA plan to regulate real estate influencers on social media?
No, MahaRERA currently has no plans to regulate real estate influencers on social media.
Why is MahaRERA not regulating real estate influencers?
MahaRERA's primary focus is on making developers share maximum information in the public domain, enabling homebuyers to make informed decisions.
What is MahaRERA's role in regulating the real estate sector?
MahaRERA is responsible for overseeing the real estate sector in Maharashtra, protecting the interests of homebuyers, and ensuring transparency in the sector.
How does SEBI regulate finfluencers on social media?
SEBI has approved norms to regulate misinformation through financial influencers, creating a closed ecosystem for fee collection by SEBI-registered Investment Advisers (IAs) and Research Analysts (RAs) from their clients.
What do experts suggest MahaRERA should do before regulating real estate influencers?
Experts suggest that MahaRERA should consider regulating financial institutions, chartered accountants, and company secretaries before regulating real estate influencers.
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