MahaRERA is actively enhancing transparency and accountability in the real estate sector. It has issued show-cause notices to 74 real estate projects, predominantly in Pune, for failing to adhere to MahaRERA's essential mandate. As of August 1st, MahaRERA has mandated QR codes in property developers' advertising, granting potential homebuyers’ convenient access to crucial project details. These QR codes provide insights into project timelines, complaints, approvals, and plan modifications. MahaRERA has also imposed substantial fines on six developers in the MMR for not including QR codes, reinforcing its commitment to regulatory compliance and consumer empowerment.
The Maharashtra Real Estate Authority (MahaRERA) has recently demonstrated its commitment to transparency and accountability in the real estate sector. In a dynamic move, the MahaRERA has taken action against 74 projects, with a majority of 49 hailing from the bustling city of Pune, for non-compliance with the essential requirement of displaying QR codes during their social media advertising and promotional campaigns. As of August 1st, MahaRERA has mandated property developers to prominently feature QR codes in their advertising and social media promotions. These QR codes provide easy access to essential project information, empowering potential homebuyers with crucial property details.
QR codes transcend novelty; they serve as information repositories, providing vital project insights. They disclose project commencement and completion dates, ensuring transparency in project timelines. Additionally, they reveal lodged complaints, aiding buyers in assessing project reputation and issue resolution. These codes also furnish essential data on approvals and plan modifications, crucial factors impacting project scope, cost, and timeline. With 42,000 registered projects under MahaRERA, QR code integration in advertisements enhances transparency and empowers customers to make informed property investment choices.
Additionally, MahaRERA has levied significant penalties on six developers within the Mumbai Metropolitan Region (MMR) for their omission of QR codes in their project advertisements, which is a mandatory directive under MahaRERA. Non-compliance with the QR code directive wasn't limited to isolated cases. Out of 107 cases where developers neglected to include QR codes in their advertisements, 74 developers received show-cause notices from MahaRERA, with hearings initiated for 25 cases primarily in MMR. Six developers faced the financial repercussions of non-compliance through these fines.
In instances where developers contended that the advertisements were issued without their knowledge or consent, MahaRERA directed them to pursue appropriate action through the cybercrime cell. The regulatory authority continues to adjudicate the remaining cases, with show-cause notices pending for 33 developers. MahaRERA implemented the QR code mandate with rigorous monitoring of advertisements across various platforms, including newspapers, online portals, and social media channels like Facebook, Twitter, and Instagram. Disturbingly, a substantial number of digital ads lacked the mandatory QR codes.
MahaRERA officials tackled this by observing that some developers denied their involvement or awareness of these ads when MahaRERA contacted them. As a result, these developers were encouraged to file cybercrime complaints.
MahaRERA advises potential homebuyers to exercise caution when encountering real estate ads on social media. Alongside QR codes, buyers can verify project authenticity by entering the registration number on the MahaRERA website, which provides comprehensive project details. This follows MahaRERA imposing a combined fine of Rs 18 lakh on 90 developers earlier for advertising projects without valid MahaRERA registration numbers, reaffirming its commitment to transparency, accountability, and consumer protection in real estate.
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