MahaRERA directs developers to establish grievance cells

16 Aug 2023 CW Team

Traditionally, homebuyers interact with a project's sales and marketing team during the property purchase or registration phase. However, if issues arise subsequently, these homebuyers often lack knowledge about a specific mechanism to resolve their problems.

MahaRERA emphasizes that by instituting project-specific grievance redressal cells, developers can effectively manage such issues. Complainants will receive official and timely information, providing them with reliable avenues for addressing their concerns.

To ensure transparency, MahaRERA requires the grievance redressal cell's details, including officer names and contact information, to be prominently displayed on the project site and the developer's website.

Starting from January 2023, MahaRERA has initiated a project grading system, evaluating registered projects based on predefined criteria. The establishment of project-specific grievance redressal cells will be a significant factor in this assessment.

The grading process will consider various factors, such as the project's financial viability, technical approvals from relevant authorities, pending legal matters, and compliance reports updated on the MahaRERA portal within specified timeframes. This rating determination will occur in phases, allowing developers ample time to prepare as they familiarize themselves with the criteria.

The first phase of grading will focus on presenting objective project information, including details about the project, location, developer, and amenities. Technical information, such as Commencement Certificates (CC), quarterly and annual compliance reports, and booking percentages, will also be provided. Financial information will encompass financial obligations, project progress, and annual audit certificates. Legal details will disclose any legal cases, complaints, and warrants issued by MahaRERA.

In the second and final phase, the grading process will culminate with the release of four essential snapshots of the project. These snapshots will encompass project overviews, technical aspects, financial status, and legal particulars.

Project ratings will be declared twice a year, based on data from October 2023 to March 2024. The information used for determining these rankings will be accessible to the public, including homebuyers, with the official ranking publication scheduled for April 20, 2024.

MahaRERA has also taken a step to enhance its compliance mechanisms by enlisting a real estate intelligence agency. This agency will aid the compliance cell in collecting information about projects that are inactive, financially strained, or failing to submit quarterly reports or adhere to regulatory requirements.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive to real estate developers, urging them to establish grievance redressal cells dedicated to addressing the concerns of homebuyers. These cells, tailored to each developer's projects, are required to have at least one designated grievance redressal officer. Adhering to this mandate will play a crucial role in the proposed evaluation process of projects conducted by the regulatory authority.Traditionally, homebuyers interact with a project's sales and marketing team during the property purchase or registration phase. However, if issues arise subsequently, these homebuyers often lack knowledge about a specific mechanism to resolve their problems.MahaRERA emphasizes that by instituting project-specific grievance redressal cells, developers can effectively manage such issues. Complainants will receive official and timely information, providing them with reliable avenues for addressing their concerns.To ensure transparency, MahaRERA requires the grievance redressal cell's details, including officer names and contact information, to be prominently displayed on the project site and the developer's website.Starting from January 2023, MahaRERA has initiated a project grading system, evaluating registered projects based on predefined criteria. The establishment of project-specific grievance redressal cells will be a significant factor in this assessment.The grading process will consider various factors, such as the project's financial viability, technical approvals from relevant authorities, pending legal matters, and compliance reports updated on the MahaRERA portal within specified timeframes. This rating determination will occur in phases, allowing developers ample time to prepare as they familiarize themselves with the criteria.The first phase of grading will focus on presenting objective project information, including details about the project, location, developer, and amenities. Technical information, such as Commencement Certificates (CC), quarterly and annual compliance reports, and booking percentages, will also be provided. Financial information will encompass financial obligations, project progress, and annual audit certificates. Legal details will disclose any legal cases, complaints, and warrants issued by MahaRERA.In the second and final phase, the grading process will culminate with the release of four essential snapshots of the project. These snapshots will encompass project overviews, technical aspects, financial status, and legal particulars.Project ratings will be declared twice a year, based on data from October 2023 to March 2024. The information used for determining these rankings will be accessible to the public, including homebuyers, with the official ranking publication scheduled for April 20, 2024.MahaRERA has also taken a step to enhance its compliance mechanisms by enlisting a real estate intelligence agency. This agency will aid the compliance cell in collecting information about projects that are inactive, financially strained, or failing to submit quarterly reports or adhere to regulatory requirements.