No Grading for Real Estate Projects MahaRERA Withdraws Proposal
MahaRERA has decided to put its proposed grading system for registered real estate projects on hold, citing limitations under the Real Estate Regulatory Act, 2016. The grading system, announced in 2023, aimed to assist homebuyers in making informed decisions by evaluating projects based on technical, financial, legal, and project-specific parameters. However, the regulatory body clarified that the Act does not authorize it to grade projects, and proceeding with the plan could lead to legal complications. Developers, led by the state Credai body, had also opposed the initiative, arguing it could indirectly lead to malpractices.
The grading matrix, which was to be updated biannually, was scheduled to begin from October 2024. This system was initially proposed after the Bombay High Court, during an inquiry in February 2023, questioned whether MahaRERA could classify developers to safeguard buyer interests. Since its inception in May 2017, MahaRERA has registered over 47,400 projects, completed more than 15,600, and resolved 17,900 of the 26,800 complaints received. Despite this progress, the grading initiative remains shelved due to legal and stakeholder concerns.
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