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MahaRERA To Start Grading Real Estate Projects from April 2024


 

MahaRERA shall introduce MahaRERA Grading Matrix for Real Estate Projects in phased and staggered manner.

 In the First Phase, MahaRERA shall aim at objectively listing real estate project information making it easier for homebuyers to compare different real estate projects and make informed decisions. The First Phase of grading the Real Estate Projects shall commence from April 2024.

 The following framework for Information Disclosure shall be adopted:

è  Eligibility Criteria: All real estate projects registered post January 2023 shall be eligible for MahaRERA Grading Matrix.

è Frequency: MahaRERA Grading Matrix shall be generated every six-months of the financial year. The first period for MahaRERA Grading Matrix shall begin from 1.t October 2023 to March 2024. MahaRERA Grading Matrix process shall commence once the due date for last quarter Quarterly Progress Reports (QPR) uploading is done i.e. 20th April 2024.

è  Tools :  for MahaRERA Grading Matrix MahaRERA Grading Matrix shall be automatically generated through MahaRERA's IT Solution MahaCRlTl on basis of information submitted by the promoter.

 è  Parameters :  for MahaRERA Grading Matrix The Project Snapshot shall broadly contain the following four categories:

  Project Overview

 Technical Snapshot

 Financial Snapshot .

 Legal Snapshot

In the first phase, the information against these Parameters shall be displayed to the home-buyers for making informed decisions.

 The identified parameters for Project Snapshot are as follows:

             A.  Project Overview

         1 Project Name

2 Promoter Name

3 MahaRERA Registration Number

4     Location )

5.Type of Project ' Residential / Commercial / Plotted Development etc.  

B.   Technical Snapshot

 

1. Quarterly Progress Reports Submitted

Quarter Ending ----- Submitted / Not Submitted

Quarter Ending ---- Submitted / Not Submitted

Quarter Ending ----- Submitted / Not Submitted

Quarter Ending ---- Submitted / Not Submitted

Quarter Ending Submitted / Not Submitted

2. % of Work Completed of Building / Wing / layout / Plotted Development (From Engineer's Certificate)

3. % of Work Completed of Internal & External Development Works (From Engineer's Certificate)

4. % of Time Elapsed Project Registration Date Proposed Project Completion Date

5. Annual Quality Certificate FY Ending -.---- Submitted / Not Submitted

6. Extension Application (lf applicable)

7. Booking Percentage

8. Formation of Society (If applicable)

9. Conveyance to Association of Allottees (If applicable)

10. Has the Promoter appointed Allottee Grievance Officer & provided details Yes / No C.


C.  Financial Snapshot


1. % of Financial Progress (From CA Certificate)

2. Annual Audit Report (Form 5) FY Ending Submitted / Not Submitted

3. Any Qualifications of the CA –

4. Penalties

5. Financial Encumbrances

 

D.  Legal

          l. Complaints Against the Project

2. Warrants Issued

3. Legal Encumbrances

4. Any NCLT / Other Legal Proceedings


Source : MahaRERA circular no 46/2023.

Adv Leena Kaulgekar


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