Maharashtra: Maharera Launches Project Rating Initiative To Simplify Homebuying Process
Mumbai, 17th June 2023: Maharera, the regulatory authority for the real estate sector, has initiated the process of determining the ratings of housing projects.
The aim is to simplify the process of purchasing a house for customers who may lack knowledge about permissions, developer credibility, and contractual intricacies. Maharera has formulated a comprehensive proposal outlining the criteria and procedure for determining these ratings, which is now available for review on the Maharera website. Interested parties are encouraged to submit their suggestions, objections, and opinions to [email protected] by July 15th.
The rating system will apply to projects registered after 23rd January 2024. The ratings will be announced biannually, with the first rating scheduled to be released on 20th April 2024, based on information gathered between 1st October 2023 and 31st March 2024.
In a move to empower consumers, Maharera has already mandated the use of QR codes containing comprehensive project information in all advertisements from 1st August 2023.
Purchasing a house requires a significant investment in one’s lifetime of earnings. Maharera is committed to safeguarding the rights of customers and ensuring the availability of reliable information about the projects they have invested in or are considering. The organization strives to bring transparency to the real estate sector, assisting customers in making informed decisions by instilling confidence. The introduction of project ratings by Maharera is a pioneering effort in the country.
Several factors will be considered in determining the project ratings. These factors include the project’s financial viability, technical approvals from competent authorities, pending legal cases, and compliance reports, which must be posted on the Maharera website within specified timelines.
Stakeholders must familiarize themselves with the rating criteria and be given ample time to adapt to the new system, there should be no injustice to anyone. For this, Maharera is implementing the rating process in a phased manner.
During the initial phase, objective project information will be made available. This information will include details about the project’s location, developer, and facilities. Technical details, such as the Commencement Certificate (CC), quarterly and annual compliance reports, enrollment percentages, and project completion status, will also be provided. Financial details, including the project’s financial burden, progress, and annual audit certificate, will be disclosed. Additionally, legal details such as ongoing cases, complaints, and warrants issued by Maharera will be publicly accessible.
The second and final phase will involve the release of four key snapshots of the project based on the aforementioned information. These snapshots will encompass an overview of the project, along with technical, financial, and legal details. Customers will have access to this information, which will ultimately contribute to the determination of project rankings. The rankings will be publicly disclosed on 20th April 2024.
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