In a bid to streamline and fortify the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a meticulous three-tier scrutiny process for new projects. This initiative seeks to uphold the timely completion of projects while mitigating potential customer grievances.
Three-Tier Scrutiny: Ensuring Holistic Evaluation
- Technical Scrutiny: The first tier involves a comprehensive assessment of the project’s approved plans, construction schedule, and material quality. This step ensures that the technical aspects are in line with the prescribed standards.
- Financial Scrutiny: The second tier delves into the project’s financial viability, taking into consideration loans, mortgages, and the developer’s financial statements. This evaluation aims to guarantee that the project is financially sound and capable of meeting its commitments.
- Legal Scrutiny: The third tier focuses on the legal standing of the project, encompassing aspects such as land ownership, property encumbrances, and the project development agreement. This scrutiny ensures that the project adheres to legal requirements.
Zero Tolerance for Non-Compliance
The heightened scrutiny procedures are implemented with the primary objective of ensuring timely and hassle-free project completion. Projects failing to meet MahaRERA’s stringent requirements will not be granted registration numbers, emphasizing a zero-tolerance approach towards non-compliance.
Empowering Homebuyers: The Three-Tier System
The MahaRERA chairman emphasized that obtaining a MahaRERA registration number necessitates strict adherence to financial, legal, and technical criteria. The three-tier system empowers homebuyers by ensuring a thorough verification process, ultimately reducing the stress associated with real estate projects.
Developer Workshop: Fostering Compliance and Openness
In tandem with the new scrutiny measures, MahaRERA conducted a workshop to address developers’ questions and concerns. This proactive approach aims to promote compliance within the real estate industry, fostering openness and transparency.
