In a bid to promote transparency and provide easy access to information for prospective homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a fresh order to developers. Starting from August 1, all real estate projects in the state must prominently display QR codes in their advertisements and promotional materials, or face penalties ranging from Rs 10,000 to Rs 50,000 for non-compliance.
The QR code, a square black and white scannable barcode, will be assigned to each new real estate project alongside the registration certificate. This move aims to empower potential buyers with vital project details. By simply scanning the QR code using their smartphones, homebuyers can access comprehensive information about the real estate project. The information provided will include the developer’s name, date of registration, expected completion date, received approvals, and any complaints registered against the project.
Moreover, the QR code will also allow homebuyers to stay updated on any changes made to the approved plan and whether the project’s registration has been renewed. All these details will be readily available with just one click, streamlining the process for homebuyers and fostering a sense of confidence and trust in the real estate market.
Since its establishment in May 2017, MahaRERA has registered over 40,000 real estate projects, a substantial number of which have lapsed, amounting to around 5,700 projects. By enforcing the display of QR codes in advertisements, the regulatory authority aims to enhance accountability and reduce potential fraudulent practices in the real estate sector.
MahaRERA’s decision is welcomed by consumer advocates and homebuyers alike, as it provides a convenient and efficient way to access essential information about real estate projects. The move is expected to bring about increased transparency, enabling homebuyers to make more informed decisions while safeguarding their interests.
Developers are advised to adhere to the new guidelines and display the QR code prominently in all their promotional materials, including advertisements in all media channels. Failure to comply with the directive will attract penalties, and if the violation is not rectified within ten days of penalty imposition, further actions will be taken against the concerned promoters.
As August 1 approaches, all eyes are on Maharashtra’s real estate industry to witness the impact of this tech-driven approach towards empowering homebuyers and creating a more accountable and transparent real estate market. With the introduction of QR codes, MahaRERA takes a significant step towards fostering consumer confidence and promoting a fair and trustworthy real estate ecosystem.
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