The Maharashtra Real Estate Regulatory Authority (MahaRERA) has always been putting an effort to boost the real estate sector. Now, in a groundbreaking move to promote the growth, they are launching a Quick Response (QR) code that will be catering to all the housing projects.
The introduction of the QR code in the housing sector will determine growth. This will also bring a significant revolution in helping people find the real estate properties of their choice and know about housing projects with just a quick scan.
But is it helpful? In this article, we will take a closer look into the impact of QR code by MahaRERA.
What is the MahaRERA QR Code Scanner?
The MahaRERA QR Code scanner is a machine-scannable image that can instantly be read using the smartphone camera. The QR code will contain black squares and dots, which will represent important information regarding the project. Once you scan the code, the information will immediately be shared on your smartphone.
QR Code by MahaRERA
If you're planning to buy a property in Mumbai (Maharashtra), you can easily check the terms and conditions by MahaRERA. With the rapid development of real estate properties in this region, you will find various properties here. It is often advisable to purchase MahaRERA-registered properties so that you can reach out to the respective body in case of any grievances.
The MahaRERA launched the QR code on August 1, 2023. If you're looking to buy a home in Maharashtra, this QR code scanner can come in quite handy. Through this code, you will be able to access all the important information about the property. With its help, you can come to know about the construction status, availability of flats, issues in project completion and its deadline.
When you scan the MahaRERA QR code you will get all the necessary information about the project. It will include details like,
- Name of the project
- Promoter information
- Tentative date of completion of the project
- Registration date
- Approval status
The QR code will also make it easier for the users to access essential information like the modifications made to the project. It will also provide information regarding the project validity extension and if there are any warrants against the project. The financial status and timely delivery information of the project are also covered in it.
Accessing MahaRERA QR Scanner and Penalties
Homebuyers can scan the MahaRERA QR code using their smartphone to access the project details. From August 1, 2023, the officials have made it mandatory for the developers to add a QR code to all their promotional materials. It should be available across all visual media platforms used for the promotion and advertisement of real estate projects. The homebuyers can also use the QR code to file any complaints.
Any real estate developer who fails to comply with the standards set by the MahaRERA will be liable for penalty. The absence of the QR code scanner from the promotional materials can lead to a penalty of up to Rs 50,000 under Section 65. The penalty however will not be less than Rs 10,000 for any violations that the real estate agents make.
Project Registration Details
With this MahaRERA QR code, homebuyers can now access critical information under Form 5. It mandates developers to provide updated information on construction progress and financial updates.
Currently, around 40,000 projects are registered with the QR code and approximately 11,000 projects are already completed. As of now, MahaRERA has also received around 20,783 complaints. The body has already addressed approximately 14,400 complaints.
What information is covered in Form 5?
Upon scanning the MahaRERA QR code, you will receive all the crucial information from Form 5 related to the project. According to this, the developers are responsible for providing a constant update regarding the project completion status. Furthermore, they also need to provide information regarding the financial status of the project.
New home buyers who are interested in a specific project can scan the QR code and check the registration certificate of the project. This plays an important role in establishing the genuineness and credibility of the project. As an active organization, MahaRERA was the first to introduce a Conciliation Firm to make it easier for homebuyers to raise their grievances.
Benefits of Accessing MahaRERA QR Code
Scanning the MahaRERA QR code can be extremely beneficial, especially in terms of accessing the information. Some of the prominent benefits of accessing the MahaRERA QR Code are as follows:
Access to Crucial Information
Using the MahaRERA QR code can give you access to some of the most important information regarding the project. As you receive the information and constant updates, it will help to build a strong relationship between the developers and home buyers. This also reduces the chances of any potential disputes.
MahaRERA QR code provides the benefit of transparency. This will be a great way to improve accountability. It will also help to save time and effort and provide an easy way to access information. This is also a kind of promotion strategy that would work out for most developers.
The introduction of a QR Code by MahaRERA (Maharashtra Real Estate Regulatory Authority) for accessing project details marks a significant step towards transparency and accessibility in the real estate sector. This innovative initiative aligns with the broader digital transformation trends.
The QR Code system simplifies the process for homebuyers and all other stakeholders, allowing them to instantly access comprehensive project details with a simple scan. These details include the likes of project approvals, financial status, and legal documents. This provides individuals with the information they need to make informed decisions.
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