In a first, real estate projects, promoters to be graded in Maharashtra every six months
MahaRera is set to introduce a project grading system to assess projects based on technical, legal, financial, and general project overviews. As per a TOI report, builders will be required to submit these details through an online system every six months.
This initiative marks MahaRera as the first real estate regulatory authority in India to implement such a grading system.
The gradation process, devised according to criteria established by MahaRera, will be accessible to the general public. This transparency will enable prospective homebuyers to gain a comprehensive understanding of a project's status, aiding them in making informed investment decisions.
Additionally, every project promoter will be obligated to appoint a public grievance redressal cell, staffed with a full-time officer, for each project. The officer's name and contact information will need to be prominently displayed on the project's website and in all related advertisements, ensuring greater accessibility for consumers.
A recent circular issued by MahaRera stated, «The introduction of this grading matrix will benefit both aspiring buyers and those who have already committed to a purchase, allowing them to compare various real estate projects and make well-informed decisions.
This marks the initial phase of the grading matrix's implementation, with subsequent phases to follow in a staggered manner.»
The grading matrix will be updated biannually during the financial year, with the first grading period scheduled from October 1, 2023, to March 2024. The process will commence once the deadline for uploading the last quarter's quarterly progress report, April 20, 2024, is met, as stated in the circular.
A spokesperson for MahaRera highlighted, «In pursuit
