The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to revolutionize the real estate industry by implementing an unprecedented framework for quality assurance, inspired by Singapore’s Building and Construction Authority (BCA). This pioneering initiative aims to ensure impeccable construction quality and defect-free apartments for homebuyers, marking the first such framework introduced by any real estate regulatory authority in India.
The innovative mechanism will empower homebuyers, including those without technical expertise, to evaluate a project’s quality and make informed decisions. MahaRERA’s proposal includes third-party inspections at three crucial stages of construction, focusing on advanced phases, pre-handover, and issue verification. Emphasizing technical strength in empanelment criteria, financial considerations will align with market forces.
Initially, the framework will be advisory and optional for projects, with MahaRERA establishing an approved list of third-party quality inspection agencies through a transparent tendering process. Ajoy Mehta, Chairman of MahaRERA, emphasized that this system aims to address defects before possession, reducing the need for post-possession redressal by developers over a five-year period.
The regulator envisions this initiative as a transformative step that will ultimately benefit homebuyers and enhance the real estate sector’s credibility. The proposed framework is open for public discussion, with a consultation paper available for comments until December 31.
MahaRERA’s proactive approach extends beyond quality assurance, as it recently finalized criteria for a unique grading system, the MahaRERA Grading Matrix, for housing projects in the state. This grading, a first-of-its-kind in the country, will make it easier for homebuyers to select projects based on their quality and reliability.
Housing projects registered after January 2023 will be eligible for the grading system, which will be announced biannually starting April 2024. MahaRERA plans to grade both projects and promoters, with details from October 1 to March 2024 considered for the inaugural ratings. This comprehensive approach reflects MahaRERA’s commitment to proactively shape a transparent and reliable real estate ecosystem in India.
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