By Staff Reporter
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a significant initiative to benefit homebuyers. Starting in April 2024, MahaRERA will introduce a grading system for real estate projects across the state. This move is aimed at providing homebuyers with valuable information and enhancing transparency within the real estate sector.
Under this new system, projects registered after January 2023 will be eligible for grading. The grading matrix will be updated every six months during the financial year, with the first phase covering the period from October 1, 2023, to March 31, 2024. MahaRERA plans to utilize its IT solution, MahaCRITI, to automatically assign grades based on the information submitted by developers.
The grading system will evaluate projects based on four key parameters: technical, financial, legal details, and project overviews. By displaying this information to homebuyers, MahaRERA aims to empower them to make well-informed decisions when considering real estate investments.
This initiative follows a query posed by the Bombay High Court earlier this year. During a case involving a stalled Mumbai real estate project, the court inquired whether MahaRERA could rate or classify developers to assist people in making informed decisions about choosing a developer.
With over 40,000 registered projects since its establishment in May 2017, and more than 12,000 projects already completed, MahaRERA’s grading system seeks to further improve transparency and accountability within the real estate sector. Homebuyers will have access to vital project details, ultimately contributing to more informed and confident investment choices.