by akshayWhat are the changes to the MahaRERA
In Pune, a significant stride has been made by the Maharashtra Real Estate Regulatory Authority (MahaRERA) towards augmenting transparency within the real estate sector.
Announcement on May 29, 2023, MahaRERA
MahaRERA directed all builders to prominently display the QR codes of their registered projects in all advertisements, including those on social media platforms. This directive is set to become mandatory from August 1, 2023.
The circular issued by MahaRERA emphasizes that builders and promoters must ensure that the QR code is easily visible across all promotional materials related to their projects. This includes electronic and digital media, newspapers, and various social media channels such as Facebook, Instagram, WhatsApp, and Twitter.
The QR code, when scanned, provides prospective buyers and interested parties with crucial information about the registered project. This information includes details like the status of approvals, project commencement, and completion dates, the project’s renewal date, any modifications made to the approved plans, and any complaints filed against the builder or the project, among other pertinent details.
It’s worth noting that MahaRERA oversees approximately 40,000 registered projects to date. Since March 2023, the authority has been issuing these QR codes for registered projects. As per the guidelines set by the Real Estate (Regulation and Development) Act (RERA), promoters are required to update the project’s status every 3 to 6 months, typically through a form known as Form 5. This form provides essential information about the project’s current status and other relevant details.
With the introduction of these QR codes, accessing this information will be more streamlined, allowing customers to make informed decisions about their property investments.
A spokesperson from RERA highlighted the significance of this move by stating, “Homebuyers will be able to scan the QR codes of any housing project and obtain immediate information, eliminating the need to contact the builder or visit the developer’s site.”
This initiative by MahaRERA represents a proactive step towards transparency and accessibility in the real estate market, ultimately benefiting both homebuyers and the real estate industry.”
