Real Estate Regulatory Authority (RERA) has issued new regulations regarding the advertising of real estate plans, set to be implemented on October 18, 2024. Any advertising of real estate plans without prior approval from relevant authorities will be banned under these new regulations. RERA has outlined specific guidelines for real estate advertisements and has called on all licensed institutions to adhere to these regulations. The main goal of these regulations is to regulate the real estate sector and ensure the protection of all stakeholders’ rights.
One of the key requirements under these new regulations is for licensed entities to maintain principles of integrity and transparency when advertising properties. This includes obtaining the owner’s consent before publishing any advertisement and avoiding the concealment of any vital information about the property. Advertisements must clearly define their purpose and must not contain any misleading information. Once the purpose of the advertisement has been achieved, it must be either updated or removed within three days.
Additionally, all advertisements must include a quick response (QR) code issued by RERA, displaying licensing information. This QR code is essential for ensuring transparency and providing potential buyers or renters with accurate information about the property. If an advertisement is directly from the owner, this must be explicitly indicated in the advertisement. RERA has also emphasized that advertisements should not use altered images that misrepresent the property in any way.
RERA has also prohibited fake advertisements that are simply aimed at data collection or for purposes not related to the actual sale or rental of the property. The objective of these regulations is to crack down on any fraudulent or misleading advertising practices in the real estate sector. Compliance with these regulations is crucial to avoid penalties under Law No. 27 of 2017 and related decisions. Licensing authorities have been informed that QR codes for each institution’s license will be provided shortly to ensure all advertisements are in compliance with these new regulations.
