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MahaRERA To Start Grading Real Estate Projects On Four Parameters Every Six Months From April 2024
Aryan Raj
9 March 2024 12:15 PM GMT
The Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to implement a grading system for real estate projects starting from April 2024. All projects initiated from January 2023 onwards will undergo assessment by the regulatory body as part of this initiative, which is aimed at providing information about these parameters to homebuyers to assist them...
The Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to implement a grading system for real estate projects starting from April 2024. All projects initiated from January 2023 onwards will undergo assessment by the regulatory body as part of this initiative, which is aimed at providing information about these parameters to homebuyers to assist them in making decisions.
The grading matrix, which delineates criteria including technical specifications, financial viability, legal compliance, and overall project overview, was unveiled by MahaRERA last year through the circular numbered File No. MahaRERA/Secy /File No. 27/1166/2023. This matrix will serve as the basis for evaluating projects.
To ensure transparency and accountability, MahaRERA will update the grading matrix biannually, with the first grading period scheduled from October 1, 2023, to March 31, 2024.
Subsequent grading rounds will occur semi-annually, with the next period spanning April 2024 to September 2024. Developers will be required to submit their Quarterly Progress Reports (QPR) by October 20, 2024, after which the grading results will be published.
The grading process will be conducted through MahaRERA's IT Solution MahaCRITI, utilizing information provided by developers to determine project ratings. This systematic approach aims to enhance transparency and credibility within the real estate sector, providing stakeholders with valuable insights into the quality and progress of ongoing projects.
File No. MahaRERA/Secy /File No. 27/1166/2023
Clickhere to read / Download Circular
