Gujarat RERA Mandates Detailed Project Information on Construction Sites
The Gujarat Real Estate Regulatory Authority (RERA) has rolled out a new mandate that took effect on Monday, requiring all construction sites to display detailed information about their projects on large boards. This move aims to improve transparency and make real estate information more accessible to potential buyers.
These boards must include crucial details such as the RERA registration number, construction details, project specifications, amenities, RERA collection bank account, and project loan information. This comprehensive disclosure is designed to provide prospective buyers with all the necessary information at a glance, without the need to search through the authority's website.
Previously, only the RERA registration numbers were displayed on the boards, and buyers had to visit the RERA website to find additional details. The new order acknowledges that many people were unaware of where to find this additional information, leading to a lack of transparency. “It was noted that people did not know where they could get additional information,” stated the RERA order.
Under the new mandate, builders are required to display all these details on a board, banner, hoarding, or digital display measuring two meters in length and 1.2 meters in width. The display must be placed at the entrance of the project site at a height of 1.5 to 2 meters. The board should be made of waterproof material and have a background color of white or yellow. The lettering on the board must be at least 2.5 centimeters in size, and the QR code must measure 15 by 15 centimeters.
This initiative is expected to benefit both builders and buyers. Builders will be able to showcase their projects more transparently, which can enhance their credibility and trustworthiness. For buyers, having all the information readily available can help them make more informed decisions, reducing the risk of misinformation and ensuring a smoother buying process.
The Indian Express attempted to reach out to RERA Special Secretary AJ Desai for further comments, but he was unavailable for an interview. Despite this, the new order is a significant step towards improving the real estate market in Gujarat, aligning with the broader goals of the RERA to promote transparency and accountability in the sector.
Overall, the implementation of this new order is a positive development for the real estate industry in Gujarat. It not only enhances transparency but also empowers consumers to make well-informed decisions, ultimately contributing to a more robust and trustworthy market environment.
