The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has taken a significant step towards enhancing transparency and consumer empowerment in the real estate sector. As per the new mandate, developers are now required to publish a QR code on the brochures of each ongoing realty project. This QR code, along with the UP-Rera registration number, will allow consumers to access detailed project information easily.
Enhancing Consumer Access to Information
The introduction of the QR code aims to provide homebuyers with a seamless and reliable way to verify project details. UP-Rera officials have pointed out that while promoters extensively advertise their projects, buyers often rely solely on the information provided by promoters or real estate agents. To address this, a unique QR code will be assigned to every live project registered with UP-Rera. This code will be embedded on the registration page of projects on the UP-Rera portal.
Mandatory QR Code Publication
Promoters of the 948 ongoing projects registered with UP-Rera are now required to publish this QR code in all promotional materials across various media platforms. The QR code must accompany the UP-Rera registration number and the web address of UP-Rera. This ensures that potential investors can simply scan the code using a mobile phone to obtain comprehensive project details directly from the UP-Rera portal.
Transparency and Accountability in Real Estate
UP-Rera’s chairman, Sanjay Bhoosreddy, emphasized the authority’s commitment to empowering consumers and enhancing transparency in the real estate sector. He stated, “To make sure that the consumer gets complete and correct information about a project and promoter, we have assigned a QR code to each project and made it mandatory for the promoters to include this code on all documents shared with allottees and promotional material.”
Comprehensive Project Information at Fingertips
The QR code will be featured on all booking forms, allotment letters, builder buyer agreements (BBAs), and advertisements. By scanning the code, property buyers can access crucial project details such as land documents, approved layouts and maps, project specifications and amenities, start and completion dates, bank accounts, promoters, co-promoters, registered agents, quarterly progress reports, occupancy certificates, and other essential information.
Industry Response and Consumer Benefits
The Confederation of Real Estate Developers Associations of India (CREDAI) has lauded this initiative. Dinesh Gupta, secretary of CREDAI Western UP, remarked, “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 promoters already upload all project-related information and approved layout and map on the UP-Rera portal where it is easily available.”
Conclusion
UP-Rera’s mandate for QR codes on realty project brochures is a transformative measure aimed at ensuring transparency and accountability in the real estate sector. This initiative empowers consumers by providing them with easy access to accurate project information, thereby fostering trust and informed decision-making in the property market.