MahaRERA to Impose Fines on Builders for Non-Compliance with QR Codes in Ads and Promotions Starting 1st August 2023

In a significant move aimed at ensuring transparency and safeguarding the interests of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced its decision to impose fines on builders and developers who fail to display QR codes in their advertisements and promotions. This landmark regulation, set to take effect from August 1, 2023, marks a significant step forward in the real estate industry in Maharashtra, India.

The QR Code Mandate

The MahaRERA's directive mandates all builders and developers in Maharashtra to prominently display a QR (Quick Response) code in all their marketing materials, including advertisements, brochures, billboards, and promotional campaigns. This QR code will serve as a link to crucial project-specific information, enabling potential homebuyers to access comprehensive details about the project before making an informed decision.

Information Accessible via QR Codes

The QR codes will be linked to a dedicated webpage on the MahaRERA portal, which will host detailed information about the registered project. This information will include:

1. Project Specifications: Details of the project's layout, floor plans, and amenities.
2. Developer Information: Background details of the developer, previous projects, and credentials.
3. Legal Documentation: Access to important legal documents, including RERA registration details, approvals, and commencement certificates.
4. Completion Timeline: Estimated completion and possession timelines for the project.
5. Carpet Area Details: Clear breakdown of the carpet area and the built-up area of the units.
6. Escrow Account Details: Information about the project's escrow account for safeguarding buyer investments.
7. Complaints and Disputes: Details of any registered complaints or disputes related to the project.

Significance for Homebuyers

This move by MahaRERA is set to empower homebuyers and protect them from potential misinformation or hidden details when considering purchasing a property. By providing easy access to comprehensive project information through QR codes, potential buyers will be able to make better-informed decisions and reduce the risk of falling victim to misleading advertisements or unscrupulous practices.

Penalties for Non-Compliance

Builders and developers who fail to comply with the QR code display mandate will be subject to fines and penalties as per MahaRERA regulations. The severity of the penalty will depend on the extent of non-compliance and could escalate for repeated offenses.

Conclusion

The introduction of the QR code display mandate by MahaRERA from August 1, 2023, is a significant step toward transparency and consumer protection in the real estate sector. By making essential project information easily accessible to potential homebuyers, this regulation aims to build trust and accountability in the industry. As the implementation date approaches, builders and developers are urged to ensure compliance with the new requirements to avoid facing penalties and to uphold the integrity of the real estate market in Maharashtra.