The homebuyers will now be able to decide on housing projects based on their gradation on Maharashtra Real Estate Regulatory Authority (MahaRERA) website. The gradation will be done using IT tools after assessing technical, financial and legal details as well as project overview provided by developers.
According to MahaRERA, the grading matrix will be updated every six months in a financial year. The first period will be from October 1 to March 31, 2024.
Further, to ensure transparency, MahaRERA had told developers to open three separate designated bank accounts for every project, enabling better monitoring of transactions. Those advertisements lacking MahaRERA registration number and QR code were subjected to suo moto action by MahaRERA.
