Mumbai, January 9, 2024
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a three-tier scrutiny process for new real estate projects to ensure that they are completed on time and avoid customer complaints.
The three tiers of scrutiny are:
- Legal: This tier will assess the legal status of the project, including the ownership of the land, any encumbrances on the land, and the project development agreement.
- Financial: This tier will assess the financial viability of the project, including the developer’s financial statements and any loans or mortgages that have been taken out against the project.
- Technical: This tier will assess the technical aspects of the project, including the approved plans, the construction schedule, and the quality of materials.
Developers who submit projects for registration must provide all of the required documentation for each tier of scrutiny. The documentation must be accurate and complete, and it must be submitted in a timely manner.
MahaRERA is also providing guidance to developers on how to prepare their projects for registration. The authority has held workshops and published information on its website to help developers understand the new requirements.
This new scrutiny process is a significant step forward in protecting the interests of homebuyers and ensuring that real estate projects are completed on time.
Specific benefits of the new three-tier scrutiny process:
- Increased transparency: The new scrutiny process will provide homebuyers with more information about the projects they are considering investing in. This will help them make more informed decisions.
- Reduced risk of delays: The new scrutiny process will help to identify potential problems early on, which can help to prevent delays in project completion.
- Improved quality: The new scrutiny process will help to ensure that projects are built to high standards, which will reduce the risk of defects and problems.
MahaRERA is committed to protecting the interests of homebuyers and ensuring that the real estate sector is fair and transparent. The new scrutiny process is a key part of this commitment.