MahaRERA's QR Code August 2023 Implementation
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MahaRERA's decision
of implementing QR codes in Real Estate is widely regarded as a positive
move. With its pilot phase coming to an end, a conclusion has been reached that
the strategy contributes to the overall betterment of the real estate industry.
Keeping this in mind, certain rules were set in place which were to come into
effect from the 1st of
August, 2023. To know more, keep reading below.
The Power of
Transparency:
The real estate sector plays a
pivotal role in the Indian economy, but it has often been criticized for its
lack of transparency, which has led to uncertainties and concerns among
homebuyers. Recognizing the need to address these issues, the Government of
India enacted the Real Estate (Regulation and Development) Act, 2016 (RERA), to
instil transparency, accountability, and efficiency in the sector. One of the
key provisions of RERA is the requirement for developers to register their
projects with the respective state's regulatory authority before advertising or
marketing them.
Harnessing Technology
for Transparency:
In its relentless pursuit of transparency and ease of access
to information, MahaRERA has introduced an ingenious solution – the Quick Response (QR) code. This technology-driven approach
allows potential homebuyers to effortlessly access critical project-related
details by scanning the QR code using a smartphone or any QR code reader
application. This marks a significant departure from the conventional methods
of obtaining information, which often involved sifting through complex
documents or websites.
Key Features of the
QR Code Initiative:
The QR code initiative comes with a set of compelling
features designed to empower homebuyers and streamline the information-sharing
process:
- Prominent
Display: Developers are mandated to prominently display the QR code on
all project promotions and advertisements published after August 1, 2023.
- Easy
Accessibility: The QR code must be published alongside the MahaRERA
Registration Number and the Website Address, ensuring that potential
buyers can conveniently access the information.
- Versatility:
The initiative extends to a wide range of mediums, including newspapers,
magazines, printed flyers, brochures, catalogues, leaflets, prospectuses,
standees at project sites and sales offices, project websites, social
media advertisements, and any other relevant platforms.
- Legibility
and Readability: The QR code must be published in a manner that is
legible, readable, and easily detectable using a software application.
Empowering Homebuyers
Through Information:
The introduction of QR codes in real estate promotions and advertisements is a
game-changer for both developers and homebuyers. It empowers potential buyers with immediate access to vital project
information, such as project details, approvals, layout plans, amenities,
possession timelines, and more. This proactive disclosure fosters a sense of
trust between developers and buyers, as it eliminates uncertainties and
ambiguities associated with real estate transactions.
Conclusion:
MahaRERA's QR code
initiative represents a pivotal step towards transforming the real estate
landscape in Maharashtra. By embracing technology to enhance transparency and
accessibility, MahaRERA is setting new standards for the industry. As of August 1, 2023, the QR code requirement
will empower homebuyers to make
well-informed decisions, thereby ushering in a new era of transparency,
accountability, and efficiency in the real estate sector. This initiative
serves as a shining example of how innovative approaches can revolutionize
traditional industries and contribute to the overall development of the nation.
Article authored by: Team Propfynd
Date: 10th August, 2023