Assocham to monitor real estate ads

FILTERING ACT: Industry association Assocham has now stepped in to stop the dream sellers.

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Mumbai: Real estate companies often entice customers with lucrative offers, alluring promises that sometimes sound too good to be true.

Industry association Assocham has now stepped in to stop the dream sellers.

In an effort to curb the real estate advertisements aimed at enticing the buyer often exaggerate or at times misrepresent reality, the Associated Chambers of Commerce and Industry of India (Assocham) has decided to propose a monitoring committee to oversee real estate advertisements.

“We have received complaints regarding misleading property ads from Rajasthan and Uttaranchal,” said Assocham Secretary General D S Rawat.

Realtors across Mumbai say this practice is rampant and builders often misquote facts to dupe an unknowing buyer.

“I know of a project in Bhandup where the builder, in order to show more amenities and covered area, made a swimming pool on rooftop! After taking possession people came to know of it and realised its futility!” said Real Estate Consultant Pradeep Shetty.

Secretariat of Advertising Standards Council of India, the watchdog for advertisements in country says that there have been very few complaints regarding misleading ads in the real estate sector.

However Assocham’s move clearly shows that such ads are beginning to hurt more than just a few pockets.