September 6th, 2023
In a move aimed at making the real estate sector more responsible
towards homebuyers, MahaRera will grade every project based on technical, legal,
financial and general project overviews which builders will have to submit mandatorily
through the online system every six months. By doing so, MahaRera will become the
first real estate regulatory authority in India to have such grades.
The gradation, based on criteria fixed by MahaRera, will be available to the general public to understand the status of a project and empower them to decide whether to invest or not. Similarly, every promoter will have to appoint a public grievance redressal cell with a full-time officer for each project and display the officer’s name and number on the website and in advertisements for consumers.
A circular issued by MahaRera said, “The move will help aspiring buyers or those who have already booked for purchase to compare different real estate projects and make an informed decision whether to go ahead or not. This is the first phase of the grading matrix being introduced by MahaRera followed by other phases in a staggered manner.
The grading matrix will be generated every six months of the financial year. The first period for the grading process will be from October 1, 2023 to March 2024. The process will commence once the due date for uploading of last quarter’s quarterly progress report is done, that is, April 20, 2024, the circular stated.
A MahaRera spokesperson said, “To achieve better transparency, MahaRera is the first in the country to use its power to grade projects on various parameters of development and make them readily available in the public domain through the portal. The regulator also has powers to eventually grade promoters. After consultations and suggestions, the framework of information based on which grading will be done has been decided.” The spokesperson added, “Similarly, after sale or purchase it has been found there are no officers or coordinators from the builder’s side to address people’s grievances. Hence the move to mandatorily appoint such an officer and advertise their name and number and other contact details through project advertisements.”
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