MahaRERA will very soon initiate the grading system for every real estate project registered since January 2023.
To increase transparency in real estate, Maha RERA (Maharashtra Real Estate Regularity Authority) has decided to set up a grading system for every project registered since January 2023.
According to officials, this grading system is a great initiative that will assist buyers in making up their final decision. This grading system by MahaRERA will depend on many factors like legal, financial, technical, timely completion of the specific project and many others! The real estate developers will get ample time to submit these details to MahaRERA, which will ultimately help to grade their real estate projects.
The grading system will be done in Maharashtra from October 2023 to April 2024. During this period, the officials of MahaRERA will look into all the details and factors of the projects and then grade them. After the grading, they will grade the promoters too.
The grading of real estate projects will be announced twice a year. According to officials, this grading system is all done to be a beneficial aid for buyers, which will assist them in getting a house that fits all of their criteria, including budget and their demands!
An official said, “The MahaRERA intends to draw up the first rating list, which will be available from April 2024.” The grading system will be available on the MahaRERA website from April 2024.
The chairman of the Maharashtra Society Welfare Association, Ramesh Prabhu, states that this will be the very first time in India that RERA has taken some initiative to grade real estate projects and the developers. He also adds, “This will encourage promoters to improve their level of grading, which will be conducted by an independent agency approved by the MahaRERA.”
Most of the time, buyers do not have any clarity about the trustworthiness of the real estate agents and developers. When this grading system is in function, buyers will have clarity and get help when investing in any real estate project!