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In a bid to empower homebuyers with better information and enhance transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is gearing up to introduce a project grading system, slated to commence in April 2024. Ajoy Mehta, the chairman of MahaRERA, highlighted the authority's commitment to aiding homebuyers in making informed decisions.
The grading initiative, which was first announced by MahaRERA in September last year, is anticipated to primarily focus on projects within the Mumbai real estate market, with Pune and Nagpur also featuring prominently. Mehta revealed that the grading process is currently underway, with the official launch scheduled for April 2024. While the exact date for the release of project gradings is yet to be finalized, Mehta affirmed that the rollout is imminent, signaling a significant step towards bolstering transparency and accountability in the sector.
Under the grading system, projects registered since January 2023 will undergo evaluation based on a predefined matrix encompassing four key criteria: technical, financial, legal details, and project overview. MahaRERA plans to update the grading matrix every six months, with the first grading period spanning from October 1, 2023, to March 31, 2024. The grading outcomes will be made public by the end of April, coinciding with the deadline for developers to submit their quarterly progress reports.
Moving forward, the grading process will be facilitated through MahaRERA's IT Solution MahaCRITI, leveraging data submitted by developers to assess project performance and compliance. Mehta emphasized that the grading system aims to equip homebuyers with essential information, enabling them to evaluate projects effectively and make informed choices.
With over 44,000 projects registered since its inception in May 2017, MahaRERA has emerged as a pivotal regulatory body in Maharashtra's real estate landscape. The introduction of the grading system signifies a significant milestone in the authority's efforts to enhance transparency and accountability within the sector.
Moreover, echoing MahaRERA's initiative, Uttar Pradesh RERA has also expressed intentions to implement a similar project grading system, underscoring a broader trend towards fostering transparency and consumer empowerment across India's real estate markets.
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