The Maharashtra Real Estate Regulatory Authority (MahaRERA) on July 8 said that it has initiated action against developers of 628 real estate projects for not displaying the RERA registration number and QR code in their advertisements and imposed a penalty of โน88.90 lakh on them.
Of the 628 real estate projects, 312 projects are from Mumbai Metropolitan Region and 250 from Pune and 66 from the Nagpur region, said MahaRERA.
The MahaRERA said the action was taken with the assistance of the โAdvertising Standards Council of Indiaโ
Collectively, a penalty of โน88.90 lakh has been imposed on 628 real estate projects, of which โน72.35 lakh has been recovered so far. Of the 628 housing projects, 312 are from the MMR, 250 from the Pune region and 66 from the Nagpur region, the authority said in the statement on July 8.
In MMR, MahaRERA has imposed a penalty of โน54 lakh on 312 projects from Mumbai city, suburbs, Thane,and Panvel. An amount of โน41.50 lakh has been recovered from developers active in these areas.
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The MahaRERA also appealed to homebuyers that they should not invest in real estate projects that do not have a RERA registration number.
What does RERA mandate for advertising real estate projects?
According to RERA Act, any project (including plots) of over 500 square meters or eight apartments are to be registered with the MahaRERA. Without the registration number, no developer can publicize, market or sell any property. However, the MahaRERA allows developers to advertise projects without mentioning RERA where an occupation certificate has been received.
“Starting August 2023, it is also mandatory to display QR code with every advertisement. This enables homebuyers to access project-related information. Despite this, some developers are violating these guidelines. Therefore, MahaRERA is always on the lookout for such advertisements and regularly initiates action against the violators,” Ajoy Mehta, chairman of MahaRERA.
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“Having MahaRERA registration number is synonymous to a secure investment in real estate as it instills a sense of trust among flat purchasers. After the success of QR codes for housing projects in Maharashtra, regulatory authorities in other states have also made it mandatory,” Mehta added.
MahaRERA using artificial intelligence to book real estate developers violating norms
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on February 15 had announced that it has collaborated with the Advertising Standards Council of India (ASCI) to identify developers who advertise projects without registration numbers and QR codes.
ASCI is a voluntary self-regulatory organization working in the advertising space. Both MahaRERA and ASCI are working jointly to penalize developers who violate RERA rules.
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Last year, UPRERA had imposed a penalty of โน1 lakh each on five real estate developers for promoting and advertising their projects without RERA registration number.
