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In a decisive move to bolster homebuyer protection, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed realty developers to establish grievance redressal cells for their projects. These cells are aimed at addressing complaints from homebuyers in a systematic and timely manner.
Each of these redressal cells is mandated to have a designated grievance redressal officer, with compliance to this directive serving as a key criterion in the proposed evaluation of projects by MahaRERA. The creation of these cells comes as a response to the gaps in communication that often emerge post the purchase or registration of a property. Typically, homebuyers interact extensively with the project's sales and marketing team during the purchasing phase, but many find themselves without a clear recourse if issues arise thereafter.
MahaRERA emphasizes that the establishment of a dedicated grievance redressal cell for each project will streamline the resolution of such issues, as buyers will have access to official and reliable information promptly. To maintain transparency and ease of access, MahaRERA has instructed that detailed information about these cells—including the names and contact details of the officers—be prominently displayed at the project sites and on the developers' official websites.
Furthermore, MahaRERA has announced plans to initiate a grading system for projects registered under its purview, beginning in January 2023. The institution of a dedicated grievance redressal cell within each project will be a significant factor in determining these grades.
To assign grades, the regulator will take into account various parameters including the project's financial viability, technical approvals from competent authorities, pending litigations, and timely updates of compliance reports on the MahaRERA portal. This grading process will be implemented in a phased manner, with developers being informed of the criteria well in advance to prepare accordingly.
The first phase of the project’s evaluation is slated to include the release of objective information including project details, location, developer credentials, and facilities. Subsequent phases will disclose technical specifics, such as the Commencement Certificate (CC), compliance reports, and booking percentages. Financial and legal details—including liabilities, annual audit certificates, pending cases, and complaints will also be made public.
MahaRERA plans to release four comprehensive snapshots of each project, which will encompass an overview, technical data, financial status, and legal particulars. The project ratings will be updated biannually, with the first such update expected to be publicly available from April 20, 2024, based on data collected between October 2023 and March 2024.
In a related development, MahaRERA has engaged a real estate intelligence agency to assist its compliance cell. This agency will be tasked with gathering information on lapsed or financially distressed projects and monitoring whether developers are submitting their quarterly reports and adhering to regulatory compliance.
In conclusion, this new directive by MahaRERA marks a significant step towards empowering homebuyers in Maharashtra. By mandating the establishment of grievance redressal cells and introducing a transparent grading system for projects, the authority aims to ensure that homebuyers are well-informed and safeguarded against potential issues that may arise post-purchase, further enhancing the accountability and transparency of real estate developers in the region.
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