From the April 2024, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will start grading projects to help homebuyers make informed decisions. Majority of the projects that will be graded are expected to be from the Mumbai real estate market, followed by Pune and Nagpur. MahaRERA had last September announced its plans to grade real estate projects in the state.
“We are under the process of starting to grade projects, and the same is expected to start from April 2024. The exact date of making the gradings is not finalised yet, but we are rolling it out next month,” Ajoy Mehta, chairman of the realty watchdog said.
“All projects from January 2023 will be taken for grading initially, and we announced the grading matrix last year. There are four criteria basis on which we are going to grade the projects,” he said.
According to MahaRERA, the grading matrix will be updated every six months of the financial year. The first grading period will be from October 1, 2023 to March 31, 2024. The grading will be published in April end as the due date for uploading the Q4 quarterly progress report (QPR) ends on April 20, 2024.
The MahaRERA has broadly chosen four parameters based on information uploaded by developers. These are technical, financial and legal details, and project overview. Information about these parameters will be displayed to homebuyers to help them take a decision.
Uttar Pradesh RERA is also working on a similar plan to grade projects.