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The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a groundbreaking initiative aimed at improving the real estate market in the state. MahaRERA plans to implement a comprehensive grading system for real estate projects, making it easier for prospective homebuyers to make informed decisions when selecting a property. This will be the first initiative of its kind undertaken by any RERA authority in the country, highlighting Maharashtra's commitment to transparency and consumer protection.
Recognizing the challenges faced by homebuyers in understanding the intricacies of the housing sector, such as the reliability of developers, permissions required, and complexities of contracts, MahaRERA seeks to alleviate these concerns and instill confidence in potential buyers. By introducing project ratings and grading project promoters, the authority aims to facilitate decision-making for homebuyers and enhance their trust in the real estate market.
To ensure a fair and effective grading system, MahaRERA has drafted a comprehensive proposal outlining the criteria and procedures for determining project ratings. The authority has also solicited suggestions and objections from various stakeholders, encouraging a collaborative approach to this pioneering endeavor. Interested parties have been given until July 15 to provide their input, ensuring a thorough and inclusive evaluation process.
The grading mechanism will be applicable to projects registered after January 2023. The projects will receive ratings twice a year, with the first rating list set to be published in April 2024 based on data collected from October 2023 to March 2024. By adhering to this timeline, MahaRERA aims to promptly provide homebuyers with reliable information to aid their decision-making process.
In addition to the grading system, MahaRERA has already implemented a new regulation requiring developers to include Quick Response (QR) codes in all advertisements. These QR codes will provide access to comprehensive project information, further empowering homebuyers to make informed choices. This additional measure underscores MahaRERA's commitment to transparency and consumer protection.
The decision to introduce project grading aims to enhance transparency, protect homebuyers' rights, and ensure accurate information is readily available to those investing or planning to invest in real estate projects. MahaRERA will consider various factors when determining project ratings, including the project's financial viability, technical approvals from competent authorities, pending litigations, and compliance reports updated on the MahaRERA portal within the specified timeframe.
To ensure a smooth implementation of the grading process, MahaRERA plans to phase it in gradually, providing developers with sufficient time to familiarize themselves with the criteria. The first phase will focus on providing objective information about the project, including details such as location, developer, facilities, and project overview. The subsequent phase will delve into more technical aspects, financial details, and legal information, allowing for a comprehensive evaluation of each project.
The project rankings, based on the information provided, will be made publicly available to homebuyers starting from April 20, 2024. This will enable prospective buyers to access reliable and transparent data, enabling them to make well-informed decisions when purchasing a property. By establishing this grading system, MahaRERA strives to promote accountability, transparency, and consumer confidence in the real estate sector, ultimately benefiting both homebuyers and developers alike.
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