On June 22, 2023, MahaRERA, the state’s regulatory authority for real estate, announced plans to implement a grading system for state-funded real estate developments.  One important duty of the MahaRERA is to assign grades to projects based on different development characteristics, as stated in Section 32 (f) of the Real Estate (Regulation and Development) Act, 2016, which was passed in 2016. Promoters are graded as part of this.

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MahaRERA rating: Benefits

The quality, location, and amenities of real estate developments differ. This endeavour will be beneficial for individuals who are less familiar with technical issues like permissions and will aid homeowners in evaluating the quality of a property. Buyers of homes should be aware that real estate project grading is not a guarantee for a project, according to the MahaRERA.

MahaRERA’s proposed grade

A framework for grading real estate developments in Maharashtra has been created by the MahaRERA and will be implemented in stages.

Phase 1: Disclosure of information

This will make it easier for potential customers to evaluate and compare various projects.

• Location, developer, facilities, and other pertinent information about the project
• Technical information: The current state of numerous permissions, including the commencement certificate, the promoters’ quarterly and yearly compliances, the booking percentage, and the status of society creation, among others.
• Financial information: Financial obligations, project financial progress, yearly audit certificate, etc.
• Legal information: Cases and complaints brought against the project, warrants issued, liens, etc.

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Phase 2: The project evaluation phase

According to the MahaRERA, it is suggeste to develop a grading system to assess the projects and subsequently. The promoters on the basis of the aforementioned and other acceptable and relevant criteria after the real estate sector has had more time to grow.

Grading would be phase in, giving the real estate industry time to grow and develop before grades are given. This would guarantee that the grading system is accurate and fair and that it serves as a useful tool for prospective customers.

MahaRERA: What system will be use for grading?

The information provide by the promoter will be use to automatically create the project grade using MahaRERA’s IT system, MahaCRlTl.

MahaRERA : Projects eligible for grading under Maha RERA

After January 2023, all projects registered with MahaRERA would be eligible for grading.

When will the grading process begin under Maha RERA?

The MahaRERA directive states that the grading must take place twice a year. The initial grading period will run from October 1, 2023, to March 20, 2024. The grading procedure will start as soon as the April 20, 2024, deadline for last quarter’s QPR uploading has passed.

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