MahaRERA implements three-tier scrutiny for timely registering of projects

For new real estate projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has instituted a three-tiered scrutiny process to guarantee timely completion and prevent customer grievances.

Following are the three-tiers of scrutiny:

Technical: The project’s approved plans, the construction schedule, and the material quality will all be evaluated in this tier.

Financial: This tier will evaluate the project’s ability to make ends meet, taking into account any loans or mortgages that have been taken out against it as well as the developer’s financial statements.

Legal: This tier will evaluate the project’s legal standing, encompassing land ownership, any encumbrances on the property, and the project development agreement.

With the goal of having no complaints from buyers, these increased inspection procedures are meant to guarantee the timely and trouble-free completion of projects. Projects that don’t match MahaRERA’s requirements won’t be assigned registration numbers.

The MahaRERA chairman emphasized that getting a MahaRERA registration number requires adhering to financial, legal, and technical requirements. Homebuyers are empowered by the three-tier system, which guarantees thorough verification to reduce project stress.

At the same time, MahaRERA held a workshop to help developers with their questions and concerns, promoting compliance and openness in the real estate industry.