From the coming April 2024, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will be starting to grade projects in order to help the homebuyers to make decision perfectly. Maximum numbers of projects that will be graded are expected to be from the Mumbai real estate market, followed by Pune and Nagpur. MahaRERA had last September announced its plans to grade real estate projects in the state.
Ajoy Mehta, Former Municipal Commissioner of Mumbai, said, "We are under the process of starting to grade projects, and the same is expected to start from April 2024. The exact date of making the gradings is not finalised yet, but we are rolling it out next month. All projects from January 2023 will be taken for grading initially, and we announced the grading matrix last year. There are four criteria basis on which we are going to grade the projects."
MahaRERA stressed on the fact that, the grading matrix will be updated in every six months of the financial year. The first grading period will be from October 1, 2023 to March 31, 2024. The grading will be published in April end as the due date for uploading the Q4 quarterly progress report (QPR) ends on April 20, 2024.
One of the MahaRERA official said, the second round of grading will be published for the period of April 2024 to September 2024. The due date for uploading QPR for this is till October 20, 2024. The second round of the grading will be out by October end. MahaRERA's IT Solution MahaCRITI will carry out the process based on the information they will get from developers.
The MahaRERA official said, “If a developer has completed 20 percent of the project but has spent 90% of the receivables, we will display that. This will help homebuyers to make informed decisions. We will not go and give grading for each projects considering the sector is not ready for it now. The start is with giving out information and gradually over the period of next two to three years, we can even start grading projects like giving them a rating."
After the introduction of MahaRERA in May 2017, till date more than 44,000 projects have been registered in Maharashtra and more than 14,000 projects have been completed. UPRERA is also targeting on working on a similar plan to grade projects.
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