The Aryavarth Express
Agency(New Delhi): The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has implemented a new directive for property developers across the state, necessitating the inclusion of a QR code on project registration certificates. This QR code is intended to benefit both current and prospective homeowners by providing instant access to comprehensive project details. The revamped registration certificates, now bearing a digital signature from the secretary, are part of UP RERA’s efforts to enhance transparency and reliability in the real estate sector.
The QR code on the certificate encapsulates vital information such as the project’s name, the developer’s name, registration number, and the project’s timeline, including its initiation and completion dates, alongside the addresses associated with the project and the developer. Furthermore, the QR code contains critical registration conditions, notably the requirement for developers to deposit 70% of the funds received from buyers into a separate account. This account is strictly for covering construction costs and land expenses, ensuring financial integrity and project completion.
Developers are instructed to prominently display the QR-enabled project registration certificate within their offices and at project marketing sites. This visibility aims to allow homebuyers to effortlessly scan the QR code with their smartphones, leading them to the UP RERA web portal. Here, they can review detailed project information, including land details, approvals, and quarterly progress reports.
Sanjay R Bhoosreddy, the Chairman of UP RERA, emphasized the initiative’s goal to foster an environment of accountability and transparency within the real estate sector. This move is also aimed at safeguarding consumer rights by keeping homebuyers well-informed about crucial project details. Developers are further encouraged to incorporate the QR code in their online presence and marketing materials, including websites, advertisements, brochures, and social media platforms, enhancing transparency and empowering consumers in their purchasing decisions.