MahaRERA will decide the rating of housing projects this inorder to make it easier for a homebuyer to buy a house.
MahaRERA has sent out an appeal to send suggestions, objections to them by July 15.
Just like how movies have a rating, now even housing projects in Maharashtra, will have ratings too. MahaRERA has started the process of determining the ‘rating’ of housing projects on the basis of some set criteria to make it easier for the customer who does not know much about the various permissions in the construction sector, the credibility of the developer, the intricacies of various contracts, to make it easier and more confident to take the decision to buy a house. For this purpose, MahaRERA has prepared a detailed proposal on which criteria and procedure to determine the rating.
This comprehensive consultation paper has been published on the website of Maharera. All the concerned should give their suggestions, objections, opinions accordingly. Maharera has appealed that they should be sent to the email address suggestions.maharera@gmail.com before July 15.
This method will be applied to projects registered after January 2023. The rating of the projects will be announced twice a year and based on the information from October 1, 23 to March 24, Maharera is trying to make the first rating available from April 20, 2024.
As part of empowering consumers, Maharera has already made it mandatory for developers to use QR codes containing all project information with all advertisements from August 1.
A house is bought by spending a lifetime’s earnings. Maharera strives to ensure that the rights of its customers are protected, and that reliable information is available on the projects in which they have invested or intend to invest. As a part of this effort, Maharera has decided to rate these projects, which currently do not exist anywhere in the country.
Various factors are to be taken into consideration while determining the rating. It involves financial viability of the project, technical approvals from competent authorities, pending cases on the project, various compliance reports to be posted on the website of Maharera within the prescribed period.
The criteria for rating the projects should be known, they should get used to it, and sufficient time should be given for it. There should be no injustice to anyone. For this, MahaRERA is going to implement the process of determining this rating in a phased manner.
For this, objective information of the project is expected to be announced in the first phase. It includes project details location, developer, facilities etc. Technical Details, Commencement Certificate(CC), Quarterly, Annual Compliance Report, Percentage Enrollment.
If the project is completed, is the society formed? Apart from this, Financial Details includes financial burden, financial progress of the project, annual audit certificate etc. Legal details It will be seen that cases against the project, complaints, warrants issued by MahaRERA etc. will be publicly available in the first phase.
Four important snapshots of the project will be released in the second and final phase based on the above information to determine the ranking. It will roughly contain project overview, technical, financial and legal details of the project. This information will be publicly available to customers. Based on this information, the ranking will be decided and will be made public from April 20, 2024.
Also Read: 88 Realty Projects approach MahaRERA to cancel their Registration
