MahaRERA initiates three-tier audit for housing projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to conduct a three-level scrutiny of housing projects in order to ensure that homebuyers have no complaints and that developers adhere to regulations. Under the new mechanism, all project registration applications received will undergo scrutiny at legal, financial, and technical levels. Each of these three levels of thorough examination will be carried out by independent teams assigned to their respective areas. MahaRERA aims to guarantee the timely completion of projects without any obstacles and reduce homebuyer complaints to zero through the implementation of these new application scrutiny measures. The regulatory body stated that applications will be assessed for all potential scenarios that could impede the project or pose a risk of non-completion. Ajoy Mehta, Chairman of MahaRERA, explained that the organization has established legal, financial, and technical parameters to ensure the timely completion of real estate projects. He emphasized that new projects will only receive a MahaRERA registration number after meeting these essential criteria, portraying it as another initiative to empower homebuyers. Mehta further elaborated that the three-tiered system was established to conduct comprehensive and stringent financial, legal, and technical verification of each project, preventing the possibility of projects becoming stressed. If a registration application fails to meet MahaRERA's benchmark, a registration number will not be issued unless all provisions mentioned in the rule book are satisfied. This additional measure has been initiated by the regulator to safeguard homebuyers' investments.