MahaRERA Puts Real Estate Project Grading on Hold Due to Legal Constraints
MahaRERA has paused its planned grading system for registered real estate projects in Maharashtra due to limitations within the Real Estate Regulatory Act (RERA) of 2016, which does not authorize regulatory bodies to grade projects. This grading initiative, announced last year, aimed to assist homebuyers in making informed choices by evaluating projects based on technical, financial, legal, and overall project aspects, with a launch initially set for October 2024. A senior official clarified that proceeding with grading would risk legal issues outside MahaRERA's scope. Developers, represented by Credai, had also opposed the grading plan, citing concerns over potential malpractices.
The decision comes after a Bombay High Court inquiry in February 2023 asked the Maharashtra government about MahaRERA’s role in grading developers to aid buyers. In response, MahaRERA had proposed a grading framework intended to update every six months, with the first grading period planned for October 1, 2024. Since MahaRERA’s establishment in May 2017, over 47,400 projects have been registered, of which 15,600 are completed. To date, MahaRERA has handled 26,800 complaints and issued orders in more than 17,900 cases.
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