In order to make it easier for the customers to buy a home, MahaRERA has decided to rate the housing projects so that they are not cheated in any way. The actual implementation of this decision will be done from April 2024. MahaRERA has finalised the proposed criteria for grading housing projects. Housing projects registered after January 2023 are eligible and the ranking will be published on the MahaRERA website every six months. At the same time MahaRERA ranking will be known as 'Sarani'.
MahaRERA was established to bring transparency in the construction sector and prevent cheating of consumers. It has implemented many provisions under the RERA Act. As a part of that, now MahaRERA has decided to rate projects and promoters. So the credibility of the project and developers can be understood. Whether necessary permissions have been obtained for the project and all such matters will be clarified in accordance with this assessment. MahaRERA has decided to rate projects and promoters, raising the issue that this will make it easier for customers to buy a house.
MahaRERA had called for suggestions to decide the criteria. Based on these suggestions, the criteria have been finalised by prioritising consumer interest. Financial feasibility of the project, technical approval of the competent authorities, ongoing cases related to the project etc. will be verified at the time of criteria determination. Also, this rating will be implemented in two phases. The objective information of the project is expected to be released in the first phase. It includes project location, developer, facilities, commencement certificate, quarterly, annual compliance report, percentage of registration, if the project has been completed, whether society has been formed, financial burden, financial progress of the project, annual audit certificate, lawsuits against the project, complaints, The orders etc. issued by MahaRERA will be investigated.
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 contain a rough overview of the project, details of technical, financial and legal information 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 after April 20, 2024. This rating will be determined automatically by the technology department of MahaRERA based on the information coming to MahaRERA from the developers. Therefore, it is the responsibility of the developers to provide proper information to MahaRERA and update it as per the regulatory provisions, it has clarified.
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