Lately, Chat GPT and its various versions are everywhere. As a professional who has another 30-35 years of practice left, I am naturally worried. I couldn't fathom what my younger colleagues and upcoming professional fellows must be going through. This uncertainty needed an answer and I decided to put it to the test.
The Method I followed was simple. I listed a few frequent questions that my clients ask me and also jotted down their follow-up questions on the matter to ensure I put Chat GPT through the same regular interaction that I get with my clients. The results will shock almost anyone. Each response has been rated by me on three parameters, 0 being worst and 5 being best. Response Quality will signify my assessment whether my clients will be able to understand the language used by the AI and comprehend the same. Usability refers to the fitment and usage of the advise given by the AI. Risk of Replacement refers to my assessment if the AI has fundamentally replaced a Human being [professional] need in the conversation.
So let me first reproduce the interaction with Chat GPT.
First Question I posed: Can I withdraw more than 70% from my Rera account?
Response [that popped within few microseconds] " As an AI language model, I do not have access to specific information about your individual RERA (Real Estate Regulatory Authority) account or the regulations governing it in your jurisdiction.
In general, the rules and regulations regarding RERA accounts vary by jurisdiction and may be subject to change over time. However, RERA accounts are typically set up to protect homebuyers' interests and ensure that developers are complying with regulations related to real estate projects.
If you are looking to withdraw funds from your RERA account, you should consult with the regulatory authority in your jurisdiction or seek the advice of a qualified financial professional who can provide you with guidance specific to your circumstances. They can advise you on the maximum amount that you are allowed to withdraw from your RERA account and any other relevant considerations."
Response Quality: 3/5 Usability: 1/5 Risk of Replacement : 0/5
Confident as ever, I decided to taunt this AI with my next question
Second Question : Can you answer questions regarding Maha Rera?
Response: "Yes, I can answer questions related to Maha RERA. Maha RERA refers to the Real Estate Regulatory Authority of Maharashtra, India, which regulates the real estate sector in the state of Maharashtra. Please note that my responses are based on my knowledge cutoff date of September 2021 and may not reflect any updates or changes that have occurred since then."
Response Quality: 3/5 Usability: 2/5 Risk of Replacement : 0/5Third Question: How is parking allotted under Maha Rera regulations?
Response: "Under the Maha RERA regulations, parking spaces are generally considered a part of the common areas and amenities of a real estate project. The allotment of parking spaces is governed by the development agreement between the developer and the landowner or the local municipal corporation's parking policy.
As per the regulations, the developer is required to provide the details of the total number of parking spaces available in the project and the number of parking spaces that are reserved for the exclusive use of each apartment or unit. The details of the parking allotment are to be mentioned in the agreement for sale that is executed between the developer and the buyer.
Further, as per the Maha RERA regulations, the developer is not permitted to charge separately for the parking space. The cost of the parking space is to be included in the overall cost of the unit or apartment. In case of any disputes related to the allotment or use of parking spaces, the buyer can approach the Maha RERA authority for redressal."
Response Quality: 4/5 Usability: 4/5 Risk of Replacement : 3/5
Forth Question: Can you share the notification number for Parking regulations by Maha Rera?
Response: "Yes, the notification number for the parking regulations under Maha RERA is as follows:
Notification No. 11/2018, dated April 17, 2018, issued by the Maharashtra Real Estate Regulatory Authority (Maha RERA) under Section 84 of the Real Estate (Regulation and Development) Act, 2016 (RERA).
This notification lays down various rules and regulations regarding the allotment and use of parking spaces in real estate projects in the state of Maharashtra. It also specifies the format for providing details of parking spaces in the agreement for sale and the penalties for non-compliance with the parking regulations"
Response Quality: 4/5 Usability: 4/5 Risk of Replacement : 1/5
Fifth Question: Was there any follow-up notification or circular to 11/2018?
Response: "Yes, there have been several follow-up notifications and circulars issued by Maha RERA regarding parking regulations since Notification No. 11/2018 was issued. Some of the significant notifications and circulars are:
Notification No. 29/2018, dated October 25, 2018 - This notification clarifies that the promoter or developer cannot charge any additional amount for parking spaces beyond the carpet area of the flat or apartment.
Circular No. 9/2019, dated April 29, 2019 - This circular provides guidance to developers and buyers on the calculation of parking spaces and the various types of parking spaces that can be provided in a real estate project.
Circular No. 10/2019, dated May 7, 2019 - This circular provides guidance to developers on the allotment of parking spaces to homebuyers and the importance of complying with the parking regulations.
Circular No. 13/2019, dated July 22, 2019 - This circular clarifies that if the developer has already sold the parking spaces separately to any third party, then the developer cannot offer the same parking space to any other homebuyer.
These notifications and circulars provide additional guidance and clarification on the parking regulations laid down in Notification No. 11/2018 and are aimed at ensuring greater transparency and accountability in the real estate sector in Maharashtra."
Response Quality: 4/5 Usability: 4/5 Risk of Replacement : 3/5
Commentary of the Author: Is Chat GPT going to end my career? I think the technology is still at a nascent stage. As ChatGPT itself admitted that its knowledge was limited up to Sep 21 I think it will take more time to mature into a live solution provider. However, that day is not far. Further, unless you are someone who knows there are other guidance and circulars that came out on parking matters, the first response from the AI is grossly inadequate.
We live in a new world where AI will only make working by professionals more faster and accurate. We need to learn, adapt and evolve to accept these new softwares as enablers. Yes to professionals who do not upgrade, they will be replaced in my limited opinion. But can this AI replace my intuition, my planning skills, and my skill to navigate a complicated interplay of GST, Income Tax and RERA plaguing a particular issue, THE ANSWER FOR TODAY IS A FIRM NO.
The AI pleasantly shocked me and can definitely enable clients to prepare themselves better before they reach out to a professional for an advice but replacing a professional today seems far-fetched. This Author is hopeful that this article provided you some insight into a new and unexplored territory.
Do try out your questions in Chat GPT and let me know which ones you think it could not answer. Until then this author awaits an update.
- an article by CA Saransh Dey
Very aptly presented Saransh
ReplyDelete- Mitul
Thank you Mitul.
Delete