In a first of its kind in the country, the Maharashtra RERA has taken yet another crucial decision to award grades to make the real estate sector more accountable. The grades will be awarded on the basis of the performance of the project technically, legally, and financially, in addition to general grades. To get the grades, the builders would have to furnish their details online every six months.
The grading helps prospective investors decide whether to invest their money in the project. Each promoter should appoint a full-time worker to redress public grievances. The details of the officer should be displayed at the project site and also included in the relevant portal and advertisements.
Under the technical evaluation, the builder should furnish details like how much external and internal work the project has gone through. Whether the work is completed as per the schedule. In the case of the delay, what are the causes? Did the builder apply for an extension of the annual quality certificate tenure?
Similarly, the builder should furnish details of the extent of spending so far. The annual audit report details whether fines have been imposed on the builder, whether the builder paid fines, what the due amount is, and others.
In the legal category, the builder should furnish details like whether any complaints have been lodged against the project. Whether warrants have been issued against the builders, the company should also furnish details of the National Company Law Tribunal.
Under the general category, how many flats have been booked? Whether residents formed a welfare society or not, who are all the people who have been assigned flats? Besides furnishing these details, the details of the grievance redressal official’s name should be included.
By furnishing the details, the intending buyers would be able to make a decision on the acquisition of the property, remarks a MahaRERA official who wished to remain anonymous.
The projects would be graded under these categories. In the next phase, more and more categories will be included for the purpose of awarding grades, the official said.
The builders are required to update information once every six months.
