MahaRERA Introduces grading system to enhance transparency

05 Sep 2023 CW Team

MahaRERA, the Maharashtra Real Estate Regulatory Authority, has initiated a groundbreaking move to bring transparency and accountability to the real estate sector. It has become the first regulatory body in India to grade every real estate project based on technical, legal, financial, and general project assessments, which builders must regularly submit online every six months.

These gradings, based on criteria set by MahaRERA, will be made available to the public, enabling them to assess a project's status and make informed investment decisions. Additionally, every project promoter is mandated to establish a public grievance redressal cell, complete with a full-time officer, whose contact details must be prominently displayed on the website and in advertisements for consumers.

This grading matrix will be updated every six months, with the first assessment period from October 1, 2023, to March 2024. The process will commence following the due date for the last quarter's quarterly progress report (QPR) upload, scheduled for April 20, 2024.

MahaRERA's spokesperson noted that this move, designed to enhance transparency, makes it the country's pioneer in grading real estate projects based on various developmental parameters and making the results accessible through an online portal. The regulator is also exploring the possibility of grading project promoters in the future."

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