UP-RERA Embraces Maharashtra's MahaRERA Policies: 3 Key Real Estate Decisions Implemented as Trial Run

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UP-RERA has recently embraced three significant policy decisions pioneered by the Maharashtra Real Estate Regulatory Authority (MahaRERA). These decisions entail the introduction of mandatory QR codes for all real estate projects, compulsory training and certification for agents, and the provision to deregister non-viable projects under certain conditions.

MahaRERA's proactive measures have had a profound and enduring impact on the real estate sector, fostering greater transparency and holding developers accountable for their actions. The positive outcomes experienced by homebuyers in Maharashtra due to these decisions have spurred other states to adopt similar policies.

One of the key policies adopted by UP-RERA is the mandatory display of QR codes in all project advertisements, a practice already in effect in Maharashtra since August 1, 2023. This system enables MahaRERA to monitor advertisements across platforms and take punitive action against developers who violate regulations. The QR codes provide homebuyers with easy access to comprehensive project information.

Additionally, UP-RERA has implemented the requirement for real estate agents to undergo 20 hours of training and pass an examination, a mandate initiated by MahaRERA in January of the previous year. Recognizing the pivotal role agents play in property transactions, it is essential for them to possess a thorough understanding of legal provisions and regulatory requirements.

Furthermore, UP-RERA has adopted the provision to cancel a project's registration if it becomes financially unfeasible. MahaRERA allows developers to deregister projects under specific conditions, safeguarding the rights of homebuyers and other investors. This measure is particularly crucial in cases where construction halts due to regulatory changes, legal disputes, or financial constraints, leaving stakeholders in a precarious situation.

In addition to these three key decisions, other states have also expressed interest in replicating various initiatives undertaken by MahaRERA, including standardized agreements, establishment of control rooms for regulatory compliance, and measures to enhance construction quality and resolve disputes.

Overall, UP-RERA's adoption of these policies underscores the growing recognition of the importance of regulatory frameworks in ensuring transparency, accountability, and protection of consumer rights in the real estate sector.

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