In a bid to enhance transparency and empower homebuyers in Maharashtra, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to implement a project grading system starting April 2024. This initiative aims to provide prospective buyers with comprehensive insights into registered real estate projects, facilitating informed decisions.
Ajoy Mehta, Chairman of MahaRERA, revealed to Moneycontrol that the grading system will encompass projects registered since January 2023. The grading parameters, carefully curated by MahaRERA, include technical, financial, and legal details, along with a comprehensive project overview. These vital project aspects will be openly accessible to potential buyers, aiding them in making prudent investment choices.
The grading process, slated to commence next month, will initially focus on projects registered after January 2023. Mehta emphasized that the grading matrix, announced last year, is based on four key criteria pivotal for project assessment.
According to MahaRERA, the grading matrix will undergo biannual updates during the financial year, ensuring the relevance and accuracy of project assessments. The first grading period, spanning from October 1, 2023, to March 31, 2024, will culminate in the publication of grades by the end of April 2024. Subsequently, the second grading cycle, covering April 2024 to September 2024, will be released by October 2024.
MahaRERA officials emphasized that the grading process will be facilitated through MahaRERA's IT Solution, MahaCRITI. The assessments will rely on information submitted by developers, ensuring a comprehensive and objective evaluation of registered real estate projects.
The introduction of the grading system marks a significant step towards bolstering transparency and accountability in Maharashtra's real estate sector, empowering homebuyers with essential information to navigate the market confidently.
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