Introduction: The Maharashtra Real Estate Regulatory Authority (MAHARERA) has taken significant steps to enhance transparency and accountability in the real estate sector. This article delves into various important orders, including Circular No. 45/2023, Circular No. 46/2023, and Order No. 46B/2023, Order No. 43/2023 and Order No. 42/2023 issued on different dates.

Circular No. 45/2023, Date: 24/08/2023: Establishing of a home buyer / allottee Grievance Redressal Cell.

Circular No. 46/2023, Date: 28/08/2023: Introduction of MahaRERA Grading Matrix for Real Estate Projects

Order No. 46B/2023, Date: 21.08.2023: Display of QR Code by registered real estate agents in promotions / advertisement material relating to real estate projects registered with MahaRERA

Order No. 43/2023 Dated:13/02/2023: Submission of half-yearly reports by MahaRERA registered real estate agents

Order No. 42/2023 Dated: 10/02/2023: In the matter of de-registration of real estate projects or part of a real estate of project

MAHARASHTRA RERA: 

In order to improve transparency and accountability in Real Estate sector, MahaRERA has made significant moves by issuing various orders. It includes introduction of a Grading Matrix for Real Estate projects, submission of half yearly projects by the promoters, etc. This paper will discuss such various important orders.

A. Grading Matrix for Real Estate Projects: Order dated 28.08.2023

All real estate projects registered post January 2023 shall be eligible for MahaRERA Grading Matrix. MahaRERA Grading Matrix shall be generated every six-months of the financial year. The first period for the Grading Matrix shall begin from 1st October 2023 to March 2024. The Grading Matrix process shall commence once the due date for last quarter Quarterly Progress Reports (QPR) uploading is done i.e. 20th April 2024.

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.

B. Home Buyer’s Grievance Redressal Cell: Order Date: 24/08/2023

Keeping in view the difficulties faced by home buyers as to the unavailability of authorised persons for redressal of their issues and grievances, it has been directed to the promoters to endeavor to establish a Home Buyer/Allottee Grievance Redressal Cell. The Cell shall be responsible for receiving and promptly addressing complaints/ grievances of home buyers/allottees with specific emphasis on resolving such complaints fairly and expeditiously.

Further, the Cell shall have at least one Grievance Officer whose details shall be provided to the home buyers/allottees. It is also mandatory to make available on promoter webpage the total number of complaints / grievances received and the number of complaints / grievances disposed of as settled. The presence of a dedicated grievance redressal cell will be a consideration when MahaRERA undertakes grading of real estate projects.

C. Display of QR code on real estate projects: Order Date: 21.08.2023

Promoters and real estate agents making promotions or advertisements must prominently display the respective project’s QR Code. The QR Code published shall be legible, readable, and detectable with software application and shall be published besides MahaRERA project registration number. Violation of the same shall be levied as penalty.

D. Half-vearly reports by MahaRERA registered real estate agents: Order dated 13.02.2023

Real estate agents registered under MahaRERA shall upload a half yearly progress report on their respective web page as per financial calendar half year period which shall be uploaded as follows:

(a) April to September : on or before 20th October

(b) October to March: on or before 20th of April

E. De registration of real estate Projects or Part of a real estate of project: Order No. 42/2023  Dated: 10/02/2023

  • Application for de registration shall be made to the Secretary, MahaRera. Only those real estate projects which have zero allottees shall be considered for de registration. Where only a part of the real estate project is to be deregistered, the said part shall have zero bookings.
  • When de-registration of a portion of a real estate affects the rights of rest of the allottees in the balance part of such real estate project then 2/3rd consent of such allottees need to be submitted along with the application for de-registration.
  • Any aggrieved person may file a complaint in the matter of deregistration of the real estate project.

Conclusion: MAHARERA’s proactive measures, as highlighted in Circulars 45/2023 and 46/2023, and various orders, aim to bring positive changes to the real estate landscape. From grading matrices to grievance redressal cells, these initiatives are steps towards fostering trust and transparency in the sector. Adherence to these directives is crucial for both promoters and home buyers in navigating the real estate environment efficiently.

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Qualification: LL.B / Advocate
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Location: Jaipur, Rajasthan, India
Member Since: 11 Jan 2024 | Total Posts: 1

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