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Maharashtra Real Estate Regulatory Authority (Maharera) is planning to introduce grading of real estate projects in the state based on a set set of criteria to make it easier for home buyers to select a right project.
This would be the first such initiative from anyone Rare officials in the country. To begin with, MahaRERA aims to provide ratings on projects and then grade project promoters as well.
Homebuyers generally do not have clarity and information about various permissions, credibility of the developer and intricacies of various contracts in the housing sector. The authority aims to help homebuyers in decision making and boost their confidence.
MahaRERA has prepared a detailed proposal to lay down the criteria and procedure for determining such rating of real estate projects. It has invited suggestions and objections from various stakeholders till July 15.
This grading mechanism will be applicable to projects registered after January 2023. The ratings of the projects will be announced twice a year and based on the information from October 2023 to March 2024, Mahrera is targeting to have the first rating list available from April 2024 onwards.
As part of its exercise to empower homebuyers, MahaRERA has made it mandatory for developers to use Quick Response (QR) codes containing all project information with all advertisements from August 1.
According to the authority, the decision to introduce grading of real estate projects is aimed at improving transparency, ensuring that the rights of home buyers are protected and that the project in which they have invested or wish to invest Have reliable information available.
MahaRERA will consider a number of factors to determine the rating of any project. These factors would include the financial viability of the project, technical approvals from the competent authorities, pending litigations and various compliance reports to be updated on the MahaRERA portal within the prescribed period.
The Authority shall implement the process of determining this rating in a phased manner after the criteria for such grading are known to the developers and adequate time is provided for discernment.
The first phase is expected to announce objective details of the project including project details, location, developer, facilities etc.
In technical details, commencement certificate (CC), quarterly, annual compliance reports, booking percentage etc. will be provided. The financial statement will include financial liabilities, financial progress of the project, annual audit certificates etc. Legal details will reveal whether there are any cases, complaints, warrants issued by MahaRERA etc. against the project.
Four important snapshots of the project will be released in the second and final phase based on the above information to determine the ranking. This will include an overview of the project, technical, financial and legal details of the project.
The information, on the basis of which the ranking will be decided, will be publicly available to home buyers. The ranking will be made public from 20 April 2024.
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