Starting next month, homebuyers in Maharashtra will be able to make more informed decisions on housing projects with the help of a new project gradation system available on the Maharashtra Real Estate Regulatory Authority (MahaRERA) website. According to MahaRERA chairman Ajoy Mehta, who is set to retire, the gradation will be based on technical, financial, and legal details, as well as an overall project assessment provided by developers.
"This will be a game changer, helping homebuyers make safe and informed decisions on any project," said Mehta. He noted that the grading matrix will be updated every six months, with the first period running from October 1, 2023, to March 31, 2024.
The project, originally announced in September last year, provides a more transparent mechanism for buyers to evaluate projects. This system introduces a layer of accountability for developers while offering homebuyers a clearer understanding of a project’s status.
In his tenure, Mehta has taken significant steps to improve the efficiency of MahaRERA’s operations, including enhancing the execution of recovery warrant orders. According to recent data, MahaRERA has recovered ?175 crore from 131 projects following complaints, a significant step toward resolving disputes between buyers and developers.
Mehta also initiated mandatory project information disclosure, the requirement for quality assurance certificates for completed projects, and the introduction of a detailed framework for senior citizen homes. To improve transparency further, developers are required to maintain three designated bank accounts for better monitoring.
Additionally, MahaRERA has cracked down on misleading advertisements by enforcing strict action on those lacking registration numbers and QR codes. Developers can also now exit unviable projects more efficiently, and real estate agents must pass certification exams to ensure compliance with regulatory provisions.
Since its inception in 2017, over 46,000 projects have been registered with MahaRERA, and more than 25,000 complaints have been filed, with 17,000 settled.
