Current Affairs Exam

MahaRERA Scraps Project Grading System Due to Legal Concerns

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has put its planned project grading system on hold due to legal limitations. The grading system, which was intended to help homebuyers make informed decisions by evaluating projects based on technical, financial, legal, and project overview parameters, was deemed to be outside the scope of the Real Estate Regulatory Act, 2016. Developers had also opposed the system, arguing that it was not authorized by the Act and could lead to malpractices. The decision to halt the grading system comes after the Bombay High Court inquired about the possibility of MahaRERA rating or classifying developers to aid buyers in making informed choices. While MahaRERA had proposed the grading matrix in response to the court’s query, the legal constraints have ultimately forced them to abandon the initiative.

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