The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined up to 370 real estate projects in Maharashtra Rs 33 lakh for printing ads without QR codes or RERA registration numbers. Newspaper and social media ads are included in this.
“MahaRERA has taken action against 370 projects in the state that print advertisements. A fine of around Rs 33 lakh has been imposed on these projects out of which Rs 22.20 lakh has been recovered. It includes 173 projects in the Mumbai area, 162 in the Pune area, and 35 in the Nagpur area. For safe and secured investment, MahaRERA has urged not to invest in housing projects without having MahaRERA registration number,” the regulator said in a statement.
The MahaRERA said in its statement that in addition to the advertising in newspapers, there are a lot of them on social media sites including Facebook, Instagram, YouTube, and websites.
Why is this QR Code Important?
Using their cellphones, consumers may scan the code to get information about the project, which includes the developer’s name, the registration date, the anticipated completion date, any complaints against the project, the approvals obtained, the progress of construction, approved plans, litigation, and more. In the same way, registration numbers allow purchasers to access project data by entering the registration number of a specific project on the MahaRERA website and signing in.
Developers are required by the MahaRERA to include QR codes in all of their ads and promotional materials as of August 1st, failing which they risk a fine of up to Rs 50,000. After that, it was requested that real estate brokers do the same.
In order to provide prospective homeowners access to project specifics, every new real estate project in the state is given a QR code along with the registration certificate for publication.
Since the establishment of MahaRERA in May 2017, more than 42,000 real estate projects have been registered in Maharashtra. Approximately 5,700 of these projects have expired.
In June 2023, India’s housing prices increased 2.7% YoY, according to CEIC. This comes after a 1.8% YoY gain in the prior quarter. Between March 2011 and June 2023, the average growth rate was 5.0%. Data on house prices peaked in March 2011 at 30.6% and fell as low as -11.4% in September 2020.