The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a consultation paper on the development of a quality assurance reporting framework for real estate projects in Maharashtra. The framework aims to ensure that all real estate projects in the state are built to high quality standards.
The quality of real estate construction in India has been a matter of concern for many years. There have been numerous cases of structural defects and other quality issues in real estate projects. This has caused significant inconvenience and financial loss to homebuyers.
In order to address this issue, MahaRERA has taken the initiative to develop a quality assurance reporting framework. The framework will be based on the best practices used in other countries, such as the United Kingdom and the United States.
The proposed framework would require all real estate projects in Maharashtra to be subject to third-party quality assurance inspections. These inspections would be conducted in three phases:
- Preliminary inspection: This inspection would be conducted during the early stages of construction to ensure that the project is being built according to the approved plans and specifications.
- Intermediate inspection: This inspection would be conducted during the middle stages of construction to ensure that the project is on track to meet quality standards.
- Final inspection: This inspection would be conducted upon completion of the project to ensure that the project meets all quality requirements.
The third-party quality assurance inspections would be conducted by qualified professionals who are independent of the developer. The inspections would cover all aspects of the project, including the structural integrity, materials used, workmanship, and finishes.
The proposed quality assurance reporting framework would offer a number of benefits, including:
- Improved quality of real estate construction: The framework would help to ensure that all real estate projects in Maharashtra are built to high quality standards. This would reduce the risk of structural defects and other quality issues.
- Increased confidence of homebuyers: The framework would help to increase the confidence of homebuyers in the real estate sector. Homebuyers would be more likely to purchase a property from a developer who is subject to third-party quality assurance inspections.
- Reduced costs for developers: The framework would help to reduce the costs for developers by preventing the need for costly repairs after the project is completed.
MahaRERA is currently seeking feedback on the proposed quality assurance reporting framework. The feedback will be used to finalize the framework before it is implemented.