MahaRERA plans mechanism to monitor housing projects’ quality
Real Estate Regulatory Authority (MahaRERA) is planning to soon introduce rules to monitor quality of housing projects with a view to safeguard interests of homebuyers.
The new mechanism is expected to help resolve disputes between developers and homebuyers arising due to quality issues.
«In Maharashtra, 1.6 crore citizens are waiting for homes and about 14 lakh homes are under construction. Hence the government recognises the importance of the real estate sector and good housing.
While the foundation of regulation will remain the same, more emphasis will be laid on the issue of timely construction, delivery and quality of housing, as well, in order to make good housing available to all,” said Ajoy Mehta, Chairman, MahaRERA.
More than an impediment, the new system will ensure seamless delivery of housing projects, he said while addressing a NAREDCO summit.
The regulatory authority recently 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.
