COVER STORY/ECOSYESTEM
Effective August 1, MahaRERA Introduces Fines for Builders Failing to Print 'QR Code' in Housing Project Advertisements
Mumbai, July 27th, 2023: In a momentous decision, MahaRERA (Maharashtra Real Estate Regulatory Authority) has mandated that developers prominently display the MahaRERA number and QR code on all housing project advertisements, including websites, starting from August 1. Failure to comply with this directive will result in fines of up to Rs 50,000 for the developers.
Effective August 1, MahaRERA Introduces Fines for Builders Failing to Print 'QR Code' in Housing Project Advertisements
To ensure adherence to the new regulation, MahaRERA will closely monitor the implementation of the QR code requirement. Any continued non-compliance for 10 days after the deadline, and if the QR code is not adequately printed, will be treated as a “continuing breach of instructions,” leading to appropriate actions taken as per the rules.
Prior to this development, individuals seeking information about housing projects had to recall the RERA number, navigate to the MahaRERA website, and then search for details. With the introduction of QR codes, obtaining relevant project information will now be simplified, as it will be accessible with just a single click. This revolutionary approach eliminates the need to remember cumbersome numbers, and MahaRERA seeks the cooperation of customers in the successful implementation of this innovative measure.
Starting from March, MahaRERA has already initiated the issuance of QR codes for newly registered housing projects. Taking it a step further, the authority has made extensive efforts to ensure QR codes are also made available for existing projects. The full implementation of this QR code requirement will commence from August 1.
Developers have long utilized various media platforms, such as newspapers, electronic media, Instagram, Twitter, WhatsApp, and more, to promote their housing projects and attract potential investors. The new regulations mandate the printing of both the MahaRERA number and the MahaRERA website on all advertisements across different mediums. Furthermore, starting from August 1, displaying and printing the QR code has also become compulsory.
With QR codes now integrated into advertisements, prospective homebuyers will enjoy the ease of accessing crucial project information with a simple click. Informed decision-making is critical for homebuyers and real estate investors, and the QR code will offer comprehensive details, including the project’s name, developer’s name, expected completion date, registration date, any complaints lodged against the project, project approvals, post-approval plan modifications, and project registration renewal status. This user-friendly feature will significantly assist customers in making well-informed investment decisions when it comes to housing projects.
