Maharashtra MahaRERA Introduces Innovative Grading System for Real Estate Projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to launch a pioneering grading system for registered real estate projects, commencing in October this year. Under this new system, projects registered after January 2023 will be assessed every six months on their financial, technical, and legal aspects. This groundbreaking initiative, a first in India, aims to empower homebuyers by providing them with transparent information on project progress and quality, facilitating informed decision-making. MahaRERA will automate the grading process through its IT solution 'MahaCRITI,' promoting transparency and accountability in the real estate industry. Some advocates, however, stress the importance of on-site audits to ensure the grading system's credibility.
Since its establishment in May 2017, MahaRERA has registered over 40,000 projects in the state, with more than 12,000 completed and over 5,000 facing lapsed registrations. This move towards project grading is in response to a Bombay High Court query and reflects MahaRERA's commitment to transparency and consumer-centric practices in the real estate sector. To maximize the system's benefits, stakeholders emphasize the need for continuously updating project information on MahaRERA's online portal and ensuring that the grading system remains easily understandable for the general public, thus empowering homebuyers to make informed investment decisions in the real estate market.
Similar News
Monsoon Deluge Exposes PMC Road Repair Failures
28 Sep 2023
Amnesty Scheme to Reduce Stamp Duty Deficit
02 Dec 2023
Historic Bhide Wada Set for Redevelopment by PMC
06 Dec 2023
PMC Approved Bus Bay on Nagar Road
12 Dec 2023
PMC Phased Approach to Repair 40 Aging Bridges
08 Jan 2024
Long Weekend से Pune-Satara Highway पर लगा लंबा!
27 Jan 2024
आखिर कब Open होगा Pune Airport का New Terminal?
06 Feb 2024
Pune Areas to Experience Water Shortage Tomorrow
07 Feb 2024
PMC demolishes 29 Hilltop Properties
09 Feb 2024
PMC under scrutiny for repeated budget inflation
03 Apr 2024
Pune Battle Against Rising Garbage-Related Fires
08 Apr 2024
IMD Warns Dry Conditions Challenge 125 Districts
19 Apr 2024
Residents Sweat Through Frequent Power Outages
28 Apr 2024
BSI to Open New Botanical Garden in Mundhwa
27 Aug 2024
