Mumbai, June 17th, 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step towards simplifying the process of purchasing a home by launching a project rating initiative. This initiative aims to provide clarity and transparency to homebuyers who may lack knowledge about permissions, developer credibility, and contractual complexities.
To facilitate this process, MahaRERA has developed a comprehensive proposal outlining the criteria and procedure for determining project ratings. Interested parties are encouraged to review the proposal, available on the MahaRERA website, and share their suggestions, objections, and opinions via [email protected] before the deadline of July 15th.
The project rating system will be applicable to projects registered after January 23rd, 2024. Biannual ratings will be announced, with the first rating scheduled for release on April 20th, 2024. This initial rating will be based on project information gathered between October 1st, 2023, and March 31st, 2024.
In an effort to empower consumers, MahaRERA has already made it mandatory for all real estate advertisements to feature QR codes containing comprehensive project information starting from August 1st, 2023.
Acquiring a home involves a significant financial investment, and MahaRERA is committed to protecting the rights of customers by ensuring the availability of reliable information about the projects they are considering or have invested in. The organization strives to bring transparency to the real estate sector, enabling customers to make well-informed decisions and instilling confidence. The introduction of project ratings by MahaRERA marks a pioneering effort in the country.
The project ratings will take into account several factors, including the project’s financial viability, technical approvals from competent authorities, pending legal cases, and compliance reports, all of which must be posted on the MahaRERA website within specified timelines.
To ensure a smooth transition and avoid any potential injustices, stakeholders will have sufficient time to familiarize themselves with the rating criteria and adapt to the new system. MahaRERA will implement the rating process in a phased manner.
During the initial phase, objective project information will be made available to the public. This information will include details about the project’s location, developer, and amenities. Technical details, such as the Commencement Certificate (CC), quarterly and annual compliance reports, enrollment percentages, and project completion status, will also be provided. Financial details, including the project’s financial status, progress, and annual audit certificates, will be disclosed. Additionally, legal details such as ongoing cases, complaints, and warrants issued by MahaRERA will be accessible to the public.
In the second and final phase, four key snapshots of the project will be released based on the aforementioned information. These snapshots will provide an overview of the project, along with technical, financial, and legal details. Homebuyers will have access to this information, which will contribute to the determination of project rankings. The rankings will be publicly disclosed on April 20th, 2024, enabling customers to make well-informed decisions when investing in real estate projects in Maharashtra.
