MahaRERA (Maharashtra Real Estate Regulatory Authority) has become the first such authority in the country that will grade every real estate project based on technical, legal, financial and general project overviews which builders will have to submit mandatorily through online system every six months.
The gradation based on the criteria fixed by MahaRera will be available to the general public to understand the status of the project and thus will empower them to decide on whether to invest in the project or not.
Similarly, every promoter will have to appoint a public grievance redressal cell with a full-time officer for each project and display his name and number on the website and advertisements for the consumers.
“The move will help aspiring buyers or those who have already booked for purchase to compare different real estate projects and make an informed decision to whether to go ahead or not. This is the first phase of the grading matrix being introduced by MahaRERA followed by other phases in a staggered manner,” said a circular issued by the state’s real estate regulator.
The grading matrix will be generated every six months of the financial year. The first period for the grading process will begin from October 1, 2023 to March 2024.
The process will commence once the due date for uploading of last quarter’s quarterly progress report (QPR) is done i.e April 20, 2024, it stated further.
“To achieve even better transparency, MahaRera is the first in the country to use its power to grade projects on various parameters of development and make them readily available in public domain through the online portal. The regulator also has powers to eventually grade promoters. After consultations and suggestions the framework of information based on which grading will be done has been decided,” revealed the MahaRERA spokesperson.
“Similarly, after the sale or purchase it has been found that there are no officers or coordinators left from the builder side to address people’s grievances. This trend has been observed in several projects and hence the move to mandatorily appoint such an officer and advertise his name and number and other contact details through project advertisements,” he added further.
