The Maharashtra Real Estate Regulatory Authority (MahaRERA) has unveiled plans for a grading system in real estate projects, introducing a consultation paper that proposes third-party inspections to ensure superior quality homes for buyers. While Section 14 (3) of the Real Estate (Regulation and Development) Act already provides a defect liability period of five years, MahaRERA aims to elevate standards further, setting protocols and construction benchmarks to proactively prevent quality issues.
Initially voluntary, MahaRERA intends to make this system mandatory for all projects after an initial transition period, emphasizing benefits for home buyers and the sector's credibility. Similar to credit rating agencies for companies, MahaRERA seeks to grade housing projects, targeting implementation by April 2024.
Public feedback on efficient implementation is invited until December 31, with the consultation paper highlighting proactive quality assurance as a priority. The focus is on averting defects during construction by upholding superior material quality and workmanship standards, ensuring defect-free projects that adhere to stringent quality norms.
Drawing parallels, the paper mentions Singapore's Construction Quality Assessment System (CONQUAS) by the Building and Construction Authority (BCA) and the Third-Party Quality Monitoring Agencies under the Pradhan Mantri Awas Yojana (PMAY).
MahaRERA plans to conduct third-party quality inspections in three stages—during advanced construction, pre-handover, and defect rectification—publishing the inspection agency's final report online for buyers. They propose empaneling these agencies via a tendering process.
While stakeholders commend MahaRERA's initiative, concerns have been raised regarding its dispute resolution obligations, urging urgent attention. Legal experts view MahaRERA's efforts to establish a quality framework positively, stating it serves as a preventive measure against construction issues. The proposed Third-Party Quality Monitoring system, starting on a trial basis and transitioning to mandatory, is seen as a proactive step, providing an additional safety net beyond governmental quality checks.
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