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The Maharashtra Real Estate Regulatory Authority (MahaRERA) is contemplating setting up a grading system for real estate projects and has invited public suggestions and objections.
The real estate body issued a notification on June 16. Explaining the rationale, it claimed that there were several types of grading mechanisms globally, and having a grading system for projects will benefit consumers, allowing home buyers to get a better sense of which projects best fit their needs and budget.
Considering factors such as financial risk, legal risk, technical risk and timely completion risk included in a grading, home buyers can make informed decisions before making investment.
MahaRERA has clarified that a real estate project grading is not a guarantee that there will be no problems with the project. However, a high grading can make home buyers more confident about their investment. MahaRERA cited examples of Singapore, Australia, Dubai where grading or ratings are already in use to rate real estate projects.
