MahaRERA to Give You the ‘Real Deal’ With Rating System for State's Residential Projects

To safeguard the interest of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to introduce a ‘rating system’ for residential projects from the next financial year. The system will help a buyer make a decision on buying homes and also keep him away from a project which has low rating.

Before implementing the system, MahaRERA has put all relevant policy documents on their website and invited suggestions and objections till July 15.

The MahaRERA claims it has upped the safeguards for homebuyers over the past five months, sending a clear message to developers that they can’t cheat the customers.

THE RATING SYSTEM

These projects will be reviewed on the basis of the financial status and technical clearances, litigation against the project and other information updated on the website of the project. MahaRERA will issue its first ranking next April on the basis of the assessment done between October 1, 2023 and March 2024.

According to Maha-RERA, the projects will be reviewed twice a year and the ratings will be announced.

AGGRESSIVE, FOR BETTER SERVICE: MAHARERA

MahaRERA, in one of its recent initiatives, has made it mandatory for all developers running residential projects to display a QR code on their advertisements from August 1, 2023. These QR codes are to have all information related to the project.

The authority has also made it mandatory for all property agents to become certified agents by clearing their exam. MahaRERA is the first RERA body to conduct such an exam.

It has started to de-register projects which have not taken off due to technical or legal issues. The first round covered 80 such projects, including some of top developers in the state.

Buyers often complain that MahaRERA’s orders are not followed by the builders. To change this image, MahaRERA has joined hands with the collector’s office of each district. It has assigned the task of implementing and following up on a recovery order against a developer to the Additional Collectors roped in as part of the process. In case a recovery has to be made by selling the assets of the developer, the Additional Collectors are responsible for it.