To simplify the process of choosing new homes and hold real estate developers accountable towards homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a grading system for residential projects. Under this system, builders are required to submit technical, legal, financial, and project-related details through an online platform every six months.
The grading system, designed by MahaRera, evaluates projects based on specific criteria. This information will be accessible to the public, enabling them to assess the project’s status and make informed investment decisions. Additionally, every project promoter must establish a public grievance redressal cell with a dedicated officer. This officer’s name and contact details will be prominently displayed on project websites and advertisements, ensuring easy access for consumers seeking assistance.
The grading matrix will be updated twice a year, with the first evaluation period spanning from October 1, 2023, to March 2024. The process begins after the due date for uploading the previous quarter’s progress report, which is April 20, 2024.
A spokesperson from MahaRera highlighted that the initiative aims to enhance transparency by grading projects on different developmental parameters and making the results available to the public. This approach marks MahaRera as a pioneer in the country for implementing such a system.
As of August 31, 2023, Maharashtra has a total of 4,470 residential projects valued at Rs 5,50,558 crore. The share of private sector adds up to around 80 percent of the total investment in the state’s real estate sector. This investment is distributed across various cities and encompasses both premium and general residential projects and townships. Of the total 4,470 projects planned in the state, private sector accounts for 3,893 residential projects with a total investment of Rs 4,39,510 crore. Approximately two-thirds of these private projects are in the under-implementation stage and are registered with RERA (Real Estate Regulatory Authority).
