The Maharashtra Real Estate Regulatory Authority (MahaRera) has floated a consultation paper for the implementation of a grading system for real estate projects. This move is designed to ensure that homebuyers receive residences of impeccable quality. The proposed framework introduces third-party inspections, a proactive measure beyond the current defect liability period specified in Section 14 (3) of the Real Estate (Regulation and Development) Act. While the existing provision protects consumer interests, MahaRERA envisions standardising procedures and construction norms to pre-empt quality defects.
Initially, developers are given the option to participate voluntarily in this framework before its transition to mandatory status for all projects across Maharashtra. Drawing inspiration from credit rating agencies, MahaRERA aims to grade housing projects, with the envisioned implementation scheduled for April 2024. The authority has sought public input, encouraging suggestions and objections on the efficient execution of this framework until December 31. Developers and industry stakeholders are invited to contribute their insights to suggestions.maharera@gmail.com.
The consultation paper references the Construction Quality Assessment System (CONQUAS) of the Building and Construction Authority (BCA) in Singapore, which categorises developers based on project quality. Similarly, MahaRERA’s proposed framework plans to conduct third-party quality inspections in three stages: advanced construction, pre-handover and defect rectification verification. The inspection agencies will be empanelled through a transparent tendering process, and their findings will be made available to homebuyers through an online platform. This approach aims to not only safeguard the interests of consumers but also contributes to the overall sustainability and reputation of the real estate industry.
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