By Staff Reporter
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step to enhance transparency and protect homebuyers’ interests by imposing fines on builders who fail to display QR codes in their advertisements and promotions. Starting from August 1, the regulatory authority will enforce a minimum fine of Rs 10,000 and extend up to Rs 50,000 for each case of non-compliance.
A recent notification issued by MahaRERA to all developers stated that QR codes must be prominently displayed during the advertisement and promotion of any real estate project. This move aims to empower homebuyers with hassle-free access to vital information about the projects and developers before making purchase decisions.
Under the new regulation, MahaRERA will provide Quick Response (QR) codes to all newly-registered projects. These codes will serve as gateways to essential project details and developers’ information, ensuring transparency and accountability in the real estate sector.
The decision to impose fines on developers who fail to display QR codes comes as part of MahaRERA’s continuous efforts to strengthen consumer protection and streamline the real estate market in Maharashtra. The authority seeks to ensure that potential homebuyers have easy access to crucial information, enabling them to make informed choices about their investments.
In a bid to set an example, MahaRERA recently issued the first QR code registration certificate to ‘Gera’s Planet Of Joy Project II,’ a Pune-based project. When scanned, the QR code directed homebuyers to the MahaRERA portal, which further redirected them to the developer’s page. There, they found comprehensive details, such as the number of flats, the percentage of booked apartments, the proposed date of completion, registration date, and information about the self-regulatory authority (real estate apex body) with its membership number. Additionally, any extension granted, warrant issued, and other relevant project-related data were made readily available.
According to MahaRERA, out of over 42,070 registered projects in Maharashtra, only 29% have been completed as of the latest data available. The imposition of fines on non-compliant builders is expected to incentivize adherence to the QR code display directive and promote timely project completions.
MahaRERA also asserted that appropriate action will be taken against developers who fail to display QR codes even after being fined, ensuring strict enforcement of the new regulation.
In conclusion, the introduction of QR codes in real estate advertisements is a significant step by MahaRERA to empower homebuyers with easy access to project information. With the imposition of fines, the regulatory authority aims to ensure compliance among builders, fostering transparency and trust in the real estate market of Maharashtra.