The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that it is currently working on regulations to monitor the quality of construction in real estate projects. The authority is in the process of drafting a discussion paper that will be made publicly available in the coming days.
MahaRERA believes that implementing regulations and procedures for effective quality control will help ensure the construction of projects meets the necessary standards. By doing so, they aim to address the concerns raised by homebuyers regarding the quality of houses despite timely possession.
Under the RERA Act, developers are liable for any defects that are reported by the property owners within five years from the date of possession. In case of any defects in workmanship, quality, provision of services, or other obligations as per the agreement for sale, the developer must rectify the issues within 30 days. Failure to do so entitles the buyer to appropriate compensation as provided under the Act.
Ajoy Mehta, Chairman of MahaRERA, highlighted the need to address complaints from homebuyers regarding the quality of their properties. He emphasized the importance of establishing quality standards for finished projects. The authority has already introduced a grading matrix that focuses on the timely completion of projects. Furthermore, MahaRERA plans to introduce a grading system for real estate projects in the state from April 2024. This grading system will provide buyers with valuable information to make informed decisions.
The grading of projects by MahaRERA will be based on four parameters: technical, financial, legal details, and project overview. These parameters will help assess and evaluate the various aspects of a real estate project and provide a comprehensive understanding of its quality and credibility.
Overall, MahaRERA’s efforts to regulate the quality of construction in real estate projects will contribute to enhancing consumer protection and ensuring that buyers receive the quality they expect and deserve.
Sources:
– Maharashtra Real Estate Regulatory Authority (MahaRERA) – statement by MahaRERA
– Real Estate (Regulation and Development) Act, 2016 (RERA Act)