The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it will start grading real-estate projects from April 2024 in the state. MahaRERA says it will help homebuyers make informed decisions.
In the first phase, MahaRERA shall aim at objectively listing real-estate project information, making it easier for homebuyers to compare different projects and make informed decisions. All projects registered after January 2023 shall be eligible for grading.
The grading matrix will be updated every six months of the financial year. "The first period will be from October 1, 2023 to March 31, 2024. The grading matrix shall commence once the due date for uploading the last quarterly progress report (QPR) is done by April 20, 2024. The grading shall be automatically done through MahaRERA's IT Solution MahaCRITI, on the basis of the information submitted by developers.
MahaRERA has broadly chosen four parameters. Information uploaded by developers, like technical, financial and legal details, and project overview will be the basis. Information about these parameters will be displayed to the homebuyers for making informed decisions.
MahaRERA officials had sought suggestions from the public and stakeholders until July 15, 2023. The parameters were chosen after receiving the suggestions. In August 2023, MahaRERA had also appealed to developers to form dedicated grievance redressal cells within their respective firms to provide after-sales assistance. This grievance cell by individual developers will also be one of the criteria for MahaRERA to grade real-estate projects.
