Discover how MahaRERA's Grading Matrix is set to revolutionize the real estate industry in Maharashtra, and how the framework for information disclosure will empower homebuyers to make informed decisions.
Introduction
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a Grading Matrix for Real Estate Projects, which aims to increase transparency and provide homebuyers with objective information to make informed decisions. This circular, outlines the framework for information disclosure that shall be adopted under the Grading Matrix.
Understanding the Grading Matrix
The Grading Matrix is a tool that will be used to grade real estate projects based on various parameters such as location, amenities, construction quality, and legal compliance. The grading will be done on a scale of 1 to 5, with 5 being the highest grade. MahaRERA Grading Matrix shall be automatically generated through MahaRERA's IT Solution MahaCRlTl on basis of information submitted by the promoter.
The Grading Matrix will be introduced in a phased and staggered manner. In the first phase, MahaRERA will aim to objectively list real estate project information, making it easier for homebuyers to compare different real estate projects and make informed decisions. The following framework for information disclosure shall be adopted:
Eligibility Criteria: All projects registered post January 2023 shall be eligible for grading.
Frequency: Grading shall be generated every six-months. The first period for MahaRERA Grading Matrix shall begin from 1st October 2023 to March 2024. Grading process shall commence once the due date for last quarter Quarterly Progress Reports (QPR) uploading is done i.e. 20 April, 2024.
Parameters of Grading:
Project Overview - Promoter details and Type of Project.
Technical Snapshot - Quarterly updates, % of work completed, % of time elapsed, Booking %, Quality Certificate, Extension, Conveyance, Society Formation.
Financial Snapshot - % Financial progress, CA Audit Report, Audit Qualifications, Financial Encumbrances, Penalties.
Legal Snapshot - Complaints against the Project, Warrants issued, Legal/NCLT Proceedings.
Conclusion
The Grading Matrix will be a game-changer for the real estate industry in Maharashtra. It will provide homebuyers with objective information to make informed decisions and will increase transparency in the real estate sector. The Grading Matrix will also help promote healthy competition among real estate developers, as they will strive to achieve higher grades for their projects.
In conclusion, the introduction of the Grading Matrix for Real Estate Projects by MahaRERA is a welcome move that will benefit homebuyers. Contact us for insights into how the Grading Matrix can benefit you and your real estate investments.
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