Real estate project advertisements: MahaRERA levies Rs 33 lakh penalty on 370 projects
Real estate project advertisements: MahaRERA levies Rs 33 lakh penalty on 370 projects
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.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined up to 370 real estate projects in Maharashtra Rs 33 lakh for publishing ads without QR codes or RERA registration numbers. Newspaper and social media advertisements are included in this.
“370 projects in the state that print advertising have been targeted by MahaRERA. These projects have been fined around Rs 33 lakh, of which Rs 22.20 lakh has been collected. There are 35 projects in Nagpur, 162 in Pune, and 173 in the Mumbai region. MahaRERA has advised against investing in housing developments without a MahaRERA registration number for the purpose of safe and secure investment, the regulator stated in a statement.
According to the MahaRERA’s statement, in addition to the advertisements in newspapers, there are a lot of them on social media sites including Facebook, Instagram, YouTube, and websites.
Also Read: HP India MD Ipsita Dasgupta buys Rs 22.52-crore apartment in Mumbai
How does QR code and registration number help homebuyers?
Using their cellphones, buyers can scan the code to obtain information about the project, including 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. The same is true for registration numbers; after inputting the registration number of a certain project, buyers can access information about the project by visiting the MahaRERA website.
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 of real estate brokers to do the same.
Also Read: Top 10 micro markets in India account for 62 percent of green office building supply: Report
In order to give 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.
