The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to implement a grading system for real estate projects starting from April 2024. This initiative aims to provide valuable information to homebuyers, assisting them in making informed decisions.
RECOS software can significantly help to enhance RERA grades by providing real-time insights into project compliance and effectiveness. It is a unified solution that integrates construction management, project costing, sales, and post-sales aspects, ensuring comprehensive oversight and optimization of your real estate projects.
Here are the key details of the grading system:
- Grading Parameters:
- The grading matrix will evaluate projects based on four critical parameters:
- Technical Specifications: Assessing the quality of construction and design.
- Financial Viability: Evaluating the project’s financial stability.
- Legal Compliance: Ensuring adherence to legal norms and regulations.
- Overall Project Overview: Providing an overall assessment.
- The matrix serves as the basis for evaluating projects.
- The grading matrix will evaluate projects based on four critical parameters:
- Assessment Timeline:
- All projects initiated from January 2023 onwards will undergo assessment.
- MahaRERA will update the matrix biannually:
- First grading period: October 1, 2023, to March 31, 2024.
- Subsequent grading rounds: Semi-annually, with the next period spanning April 2024 to September 2024.
- Developers must submit their Quarterly Progress Reports (QPR) by October 20, 2024.
- Grading results will be published based on the provided information.
- Transparency and Credibility:
- The process will be conducted through MahaRERA’s IT Solution MahaCRITI.
- This systematic approach aims to enhance transparency and credibility within the real estate sector.
- Stakeholders will gain valuable insights into the quality and progress of ongoing projects.
Click here to read/Download the Circular
RECOS can
