UP RERA Introduces QR Code Mandate for Enhanced Transparency in Realty Projects
UP RERA makes QR codes compulsory for new projects to promote transparency and protect buyers, ensuring easy access to project details
Real EstateQr CodeUpreraTransparencyHomebuyersReal Estate NewsJul 18, 2024
The QR code, which will be assigned to each new project at the time of registration, will contain all the necessary details about the project, including land documents, approved layouts and maps, project specifications and amenities, start and completion dates, bank accounts, promoters, co-promoters, registered agents, quarterly progress report (QPR), occupancy certificate or completion certificate, and other requisite NOCs.
According to UPRERA, homebuyers often rely solely on advertisements by developers, which may not always provide accurate information about the project. With the introduction of QR codes, buyers can simply scan the code using their mobile phones to access all the project details on the UPRERA portal. This will enable them to verify the information provided by the developer and make informed decisions.
The QR code will also be mandatory in all documents shared with allottees, including booking forms, allotment letters, and builder-buyer agreements. This will ensure that buyers have access to all the necessary information throughout the buying process.
UPRERA Chairman Sanjay Bhoosreddy emphasized the importance of promoting transparency in the real estate sector, stating that advertisements can be misleading, and it is the responsibility of the regulatory authority to ensure that innocent buyers are not deceived.
This move is expected to bring about a significant shift in the way real estate projects are marketed and sold in Uttar Pradesh, with a greater emphasis on transparency and accuracy.
Frequently Asked Questions
What is the purpose of introducing QR codes in real estate projects?
The purpose is to promote transparency and protect homebuyers by providing easy access to project details.
What information will be contained in the QR code?
The QR code will contain all project details, including land documents, approved layouts and maps, project specifications and amenities, start and completion dates, bank accounts, promoters, co-promoters, registered agents, quarterly progress report (QPR), occupancy certificate or completion certificate, and other requisite NOCs.
Why is transparency important in real estate transactions?
Transparency is important to ensure that buyers are not misled by false or misleading information, and to enable them to make informed decisions.
How will the QR code benefit homebuyers?
The QR code will benefit homebuyers by providing them with easy access to project details, enabling them to verify the information provided by the developer, and making informed decisions.
Is the QR code mandatory for all real estate projects in Uttar Pradesh?
Yes, the QR code is mandatory for all new projects registered with UPRERA.
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