MahaRERA establishing quality assurance framework for real estate
Real Estate

MahaRERA establishing quality assurance framework for real estate

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to introduce a comprehensive framework for quality assurance, aiming to ensure the quality of construction and the delivery of defect-free apartments to homebuyers. The framework is modelled after the Singapore government's Building and Construction Authority (BCA), which operates as a statutory authority.

It is noteworthy that this initiative marks the first instance of such a framework being developed and implemented by any real estate regulatory authority in India.

According to the new plan, the mechanism is anticipated to empower homebuyers, even those lacking technical expertise, to evaluate a project's quality and make informed decisions. As part of this framework, the regulator is suggesting the adoption of third-party inspections for projects to guarantee their quality.

The inspection process will unfold in three stages, namely during advanced construction phases, pre-handover or pre-delivery of housing, and the verification of issue rectification. Empanelment criteria will prioritise the technical prowess of the organization, with financial considerations being influenced by market forces.

In the initial stages, MahaRERA will compile an approved list of third-party quality inspection agencies tasked with conducting the necessary inspections. The empanelment process will be transparent and will involve a tendering process, incorporating insights from associations representing developers and homebuyers.

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to introduce a comprehensive framework for quality assurance, aiming to ensure the quality of construction and the delivery of defect-free apartments to homebuyers. The framework is modelled after the Singapore government's Building and Construction Authority (BCA), which operates as a statutory authority. It is noteworthy that this initiative marks the first instance of such a framework being developed and implemented by any real estate regulatory authority in India. According to the new plan, the mechanism is anticipated to empower homebuyers, even those lacking technical expertise, to evaluate a project's quality and make informed decisions. As part of this framework, the regulator is suggesting the adoption of third-party inspections for projects to guarantee their quality. The inspection process will unfold in three stages, namely during advanced construction phases, pre-handover or pre-delivery of housing, and the verification of issue rectification. Empanelment criteria will prioritise the technical prowess of the organization, with financial considerations being influenced by market forces. In the initial stages, MahaRERA will compile an approved list of third-party quality inspection agencies tasked with conducting the necessary inspections. The empanelment process will be transparent and will involve a tendering process, incorporating insights from associations representing developers and homebuyers.

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