MahaRERA will start assessing real estate
MahaRERA will start assessing real estate- The controller selected four parameters for classification. All projects registered after January 20, 2023, will be reviewed. Parameters include information uploaded by developers, such as technical, financial, and legal information, as well as project overview.
MahaRERA announced plans to initiate the rating of government-owned real estate projects in Maharashtra, starting in April 2024. MahaRERA claims that it will assist homebuyers in making wise choices.
“Maharera’s first phase will focus on objectively listing real estate project information, making it simpler for homebuyers to compare various projects and make informed judgments. According to a MahaRERA regulation, any projects filed after January 2023 would be eligible for grading.
Throughout the financial year, the grading matrix will be modified every six months. The initial time frame will run from October 1 to March 31 of the following year. “The grading matrix will be applied upon uploading the final quarterly progress report by April 20, 2024, as mandated.”
Based on the data provided by developers, MahaRERA’s IT system MahaCRITI will grade automatically.
MahaRERA has generally selected four criteria.
The basis for evaluation will include developers’ technical, financial, and legal data, along with a concise 20-word project overview.
The MahaRERA ruling emphasized the need to provide homebuyers with essential information for informed choices.
Up until July 15, 2023, MahaRERA officials have invited stakeholders and the general public to offer comments. Criteria were established following the recommendations.”
In August 2023, MahaRERA also asked developers to set up dedicated grievance cells in their companies for after-sales service.
The MahaRERA will use this grievance cell by individual developers as one of the standards for grading real estate developments.
What gave rise to the grading system
On February 3, 2023, the Bombay High Court asked the state government whether MahaRERA could rate or rank developers so that individuals can make better and more informed choices while choosing a developer. The case involved a stalled Mumbai real estate project.
The grading process picked up after this query by the high court. Since its establishment in May 2017, Maharashtra has seen registration of 40,000 projects, with 12,000 already finished. More than 5,000 projects have their registrations lapsed.
