The gradation process, devised according to criteria established by MahaRera, will be accessible to the general public. This transparency will enable prospective homebuyers to gain a comprehensive understanding of a project’s status, aiding them in making informed investment decisions. Additionally, every project promoter will be obligated to appoint a public grievance redressal cell, staffed with a full-time officer, for each project. The officer’s name and contact information will need to be prominently displayed on the project’s website and in all related advertisements, ensuring greater accessibility for consumers.
A recent circular issued by MahaRera stated, “The introduction of this grading matrix will benefit both aspiring buyers and those who have already committed to a purchase, allowing them to compare various real estate projects and make well-informed decisions. This marks the initial phase of the grading matrix’s implementation, with subsequent phases to follow in a staggered manner.”
The grading matrix will be updated biannually during the financial year, with the first grading period scheduled from October 1, 2023, to March 2024. The process will commence once the deadline for uploading the last quarter’s quarterly progress report, April 20, 2024, is met, as stated in the circular.
A spokesperson for MahaRera highlighted, “In pursuit of enhanced transparency, MahaRera is leading the way by utilizing its authority to grade projects based on various development parameters, making this information readily accessible to the public via the portal. Furthermore, the regulator has the potential to extend this grading system to promoters after consulting and considering input. In addition, it has been observed that post-sale or purchase, there is often a lack of dedicated officers or coordinators from the builder’s side to address people’s grievances. Thus, the mandatory appointment of such officers and the publication of their contact information through project advertisements.”
