The Real Estate (Regulation and Development Act), 2016, popularly known as RERA, has been a game changer for the realty industry. The above legislation aims to promote transparency, accountability, and efficiency while promoting and protecting the interests of homebuyers. Maharashtra was one of the first few states to implement this effectively since its launch.
Known as the MahaRera Act, the regulatory body has been a boom for developers and buyers, with some of the following functions forming its integral core.
- Maximum transparency in the sale of plots, apartments, and buildings.
- Grievance redressal in case of project delays.
- Ensuring regular quality control checks.
- Project documentation, including layouts, approvals, and title documents.
- Providing compensation in case of unforeseen circumstances.
Recently, making headlines, the MahaRera introduced a QR code display for all its registered housing projects. MahaRERA’s order dated July 25th, 2023, stipulates that non-adherence to QR code functionality will be deemed a breach of Rera’s directives. Promoters will face a penalty of no less than Rs 10,000, and potentially up to Rs 50,000, as per Section 63 of the Act, for each instance of such violation.
Every promotion or advertisement published after August 1st, 2023, is hereby directed to issue a QR code for all properties registered since March 2023. As per Section 1(2) of the Act, it is mandatory for the promoter to prominently state the Registration Number issued by the Authority, along with the Authority’s Website Address.
Format of QR code display
The Rera QR code needs to be displayed clearly and understandably so software applications can easily read and recognise it. Position it next to the MahaRERA Registration Number and the Website Address. According to clause A of the act, the QR code shall apply to the following mediums of promotions and advertisements.
- Promotional placements in newspapers, magazines, and journals.
- Printed handouts, pamphlets, catalogues, and leaflets.
- Informational materials or banners at project sites and sales offices.
- Online platforms, including project websites and web pages.
- Promotions across social media platforms.
- Additionally, any other advertising avenues suitable for QR code distribution.
Impact on MahaRera Projects
- Enhanced Transparency: QR codes would allow potential buyers to access information about a project directly, reducing the chances of misinformation or misrepresentation. This could improve transparency between developers and buyers.
- Easy Access to Information: Buyers can quickly access important project information by scanning a QR code. This would save time and effort for individuals researching properties.
- Reduced Fraud: By providing direct access to verified project details, QR codes could help reduce instances of fraudulent activities, an constant fear amongst many buyers.
- Informed Decision Making: Buyers would be better equipped to make informed decisions about their property purchases, as they would have access to comprehensive project details and statuses.
- Simplified Due Diligence: QR codes could simplify the due diligence process for potential buyers, making verifying project details and legal approvals easier.
- Accountability: The use of QR codes might encourage developers to provide accurate and up-to-date information, knowing that potential buyers can easily verify the information.
Quick Response (QR) codes have emerged as a versatile and efficient tool within Maharashtra’s Real Estate Regulatory Authority (MahaRERA) framework. These codes have transformed the real estate sector by enhancing transparency, accountability, and accessibility. QR codes empower potential buyers and investors to make informed decisions by enabling instant access to vital property information and project details.
Integrating QR codes with MahaRERA’s system has streamlined the property verification process, allowing stakeholders to verify project registration and compliance easily. This fosters a sense of trust between developers and buyers, ultimately benefiting the overall real estate ecosystem.
Furthermore, QR codes contribute to the government’s digitisation efforts, aligning with the vision of a digitally empowered Maharashtra.
QR codes have revolutionised how property information is accessed and shared in the context of MahaRERA, promoting efficiency, transparency, and credibility in the Maharashtra real estate sector.