MahaRERA Cracks Down on Non-Compliant Projects, Fines 628 Developments
Maharashtra's RERA authority has penalized 628 projects for failing to display QR codes, ensuring buyer safety and transparency in the real estate sector.
ReraMaharashtraReal EstateMahareraQr CodeReal Estate MaharashtraJul 08, 2024
The regulatory body has been strict in enforcing this rule, which was made effective from August 1, 2023. The QR code and project registration number are essential for homebuyers to access important information about the project, including the project name, developer name, registration renewal status, expected completion date, complaints, litigations, and any recovery warrants that have been issued.
MahaRERA has collaborated with the Advertising Standards Council of India (ASCI) to identify projects that do not comply with this rule. The authority regularly monitors advertisements and levies penalties on defaulting projects. In addition, it warns homebuyers against investing in projects that do not provide these essential details.
According to the data, Mumbai tops the list with 312 default projects, followed by Pune with 250, and Nagpur with 66. The fines levied and collected by MahaRERA are city-wise, with Mumbai accounting for the highest fine of Rs 54.25 lakh, followed by Pune with Rs 28.30 lakh, and Nagpur with Rs 6.35 lakh.\n\nThis move by MahaRERA is a significant step towards protecting homebuyers' interests and ensuring transparency in the real estate sector. By making it compulsory for project developers to display the QR code and project registration number, the authority is enabling homebuyers to make informed decisions while investing in a property.
Frequently Asked Questions
What is the purpose of the QR code in real estate project advertisements?
The QR code provides homebuyers with access to important information about the project, including the project name, developer name, registration renewal status, expected completion date, complaints, litigations, and any recovery warrants that have been issued.
Why is MahaRERA fining projects that do not display the QR code and project registration number?
MahaRERA is fining projects to ensure buyer safety and transparency in the real estate sector. This is a mandatory rule to protect homebuyers' interests and enable them to make informed decisions while investing in a property.
How many projects have been fined by MahaRERA for non-compliance?
MahaRERA has fined 628 projects in the state of Maharashtra for not displaying the QR code and project registration number in their advertisements.
What is the total fine amount imposed by MahaRERA on defaulting projects?
The total fine amount imposed by MahaRERA is Rs 88.9 lakh, of which Rs 72.35 lakh has been collected so far.
What is the benefit of this move to homebuyers?
This move by MahaRERA benefits homebuyers by enabling them to access important information about the project and make informed decisions while investing in a property, thereby protecting their interests.
Related News Articles
Doubling Down on Senior Living: Ashiana Housing's Ambitious Plans
Ashiana Housing aims to double its annual senior living housing sales to 1,000 units within four years, capitalizing on the post-Covid surge in demand.
Experience Ultra-Luxury with Axis Bank's PRIMUS Credit Card
Discover the exclusive benefits and rewards of Axis Bank's PRIMUS Credit Card, designed for ultra-high net worth individuals.
Arkade Developers Raises ₹122.4 Crore in Anchor Round Ahead of IPO
Real estate developer Arkade Developers Limited raises ₹122.4 crore from investors in anchor round ahead of IPO
Maharashtra Election Results 2024: Real Estate Sector Cheers Mahayuti's Landslide Win
The real estate sector in Maharashtra is celebrating Mahayuti's overwhelming victory, seeing it as a golden opportunity to maintain continuity and drive the momentum in the industry forward.
RBI Relaxation of Norms Boosts Urban Co-operative Banks
The Reserve Bank of India (RBI) has introduced new regulations to ease the operational challenges faced by Urban Co-operative Banks (UCBs), particularly in the areas of real estate, housing loans, and priority sector lending. These changes aim to enhance
MHADA Takes Action to Recover Rs 172 Crore Dues from Defaulter Developers
In a significant move, the Mumbai Metropolitan Region Development Authority (MHADA) has initiated legal action to seize properties of defaulter developers to recover Rs 172 crore in outstanding dues. This action comes after the developers failed to clear