The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has introduced a new requirement that aims to enhance transparency and accountability in the real estate sector.
As reported by the Hindustan Times, effective immediately, all developers must include a unique QR code on their promotional materials for ongoing projects. This QR code will be assigned to each live project registered with UP RERA. It will be displayed alongside the UP RERA registration number on brochures and other marketing materials.
Prospective buyers can scan the QR code with their mobile phones to access detailed project information from the UP RERA portal.
How the QR Code Benefits Consumers
- Direct Access to Project Details: By scanning the QR code, consumers will gain immediate access to comprehensive information about the project. This includes crucial details such as land documents, approved layouts and maps, project specifications, start and completion dates, bank account information of the promoters, and more.
- Enhanced Transparency: The QR code system aims to bridge the gap between promotional content and actual project details. This measure helps mitigate the risk of misinformation, allowing buyers to verify the authenticity of the project details independently.
- Accountability and Accuracy: Builders and promoters are now required to publish the QR code on all promotional materials, including brochures, advertisements, booking forms, allotment letters, and builder-buyer agreements (BBAs). This ensures that all information provided is accurate and up-to-date, aligning with the latest data on the UP RERA portal.
Implementation Requirements for Developers
Promoters of the 948 projects registered with UP RERA must incorporate the QR code into all their promotional materials. The QR code must be featured on:
- Brochures and Advertisements: Both printed and digital marketing materials.
- Booking Forms and Allotment Letters: Documents provided to prospective buyers during the booking process.
- Builder-Buyer Agreements (BBAs): Legal documents involved in the transaction process.
Sanjay Bhoosreddy, chairman of UP RERA, stated that UP RERA is constantly striving to empower consumers of the real estate sector and bring in transparency and accountability. He noted that the QR code initiative is designed to ensure that consumers can access complete and accurate information about real estate projects.
The Confederation of Real Estate Developers Associations of India (CREDAI) has praised the QR code system as a significant advancement for the real estate industry. Dinesh Gupta, secretary of CREDAI, Western UP, commented, “This is a commendable step to bring transparency in the real estate sector. It will empower homebuyers to cross-check details before choosing a builder.”
The QR code initiative is anticipated to set a new standard for transparency and accountability in real estate transactions across Uttar Pradesh, offering homebuyers a reliable and efficient tool to verify project information.