Mumbai: The real estate sector in Maharashtra is undergoing a positive change. MahaRERA (Maharashtra Real Estate Regulatory Authority) has taken a big step towards making real estate builders more accountable and sensitive towards homebuyers. They will now grade every real estate project based on technical, legal, financial, and general project overviews. Builders will have to submit these details mandatorily through an online system every six months. This will help make the real estate sector more transparent and responsible.
The general public will be able to see how real estate projects are rated by MahaRera based on certain criteria. This will help people decide whether to invest in a project or not. Every promoter of a project will have to appoint a full-time officer to handle grievances from the public. The officer’s name and contact information will be displayed on the project’s website and advertisements. MahaRera will introduce the grading system in phases, with this being the first phase. The system will allow buyers to compare different projects and make informed decisions. This move is aimed to help aspiring buyers and those who have already made a purchase.
The grading matrix will be created every six months during the financial year. The grading process will start from October 1, 2023, to March 2024. Once the last quarter’s quarterly progress report (QPR) is uploaded by April 20, 2024, the process will begin.
