Maharashtra RERA finalizes criteria for proposed grading of housing projects
Maharashtra Real Estate Regulatory Authority (MahaRERA) has finalized the criteria for the proposed grading of housing projects in the state to be known as MahaRERA Grading Matrix. The grading of projects will be undertaken to make it easier for homebuyers to select the right project.
MahaRERA is the first real estate authority in the country to undertake the exercise to rate the projects this way and is planning to grade the project initially and then the promoters.
Housing projects registered after January 2023 will be eligible for the rating to be announced every six months starting April 2024 and for this, details from October 1 to March 2024 will be taken into consideration.
This rating will be determined automatically by the technology department of MahaRERA based on the information shared by the developers with the regulator. Therefore, it is the sole responsibility of the developers to provide proper information to the regulator and update it as per regulatory provisions, MahaRERA said in a release.
The regulator released a detailed consultation paper seeking suggestions and objections regarding the criteria and the rating exercise on June 16. Maharera has now taken the final decision based on the suggestions and objections received in this regard and giving priority to the interests of the consumers.
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The developer is expected to update information about the project every three months and annually to ensure the homebuyer is aware of the project’s status. Also, the developer is mandated to appoint a dedicated grievance redressal officer to resolve any issues that homebuyers may have.
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