MahaRERA to set framework for quality assurance of real estate projects
December 6th, 2023
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to implement a comprehensive framework for quality assurance, to ensure quality of construction and defect-free apartments for homebuyers on the lines of Singapore government’s statutory authority Building and Construction Authority (BCA).
This will be the first such framework developed and implemented by any real estate regulatory authority in India.
The new mechanism is expected to enable homebuyers, even those who may not comprehend technical details, to assess the quality of a project and make a well-informed decision. Under this framework, the regulator is proposing a third-party inspection of the projects to ensure quality.
The inspection will be carried out in three stages at advanced stages of construction, pre-handover or pre-delivery of housing and verification of rectification of issues. Empanelment criteria will focus on the technical strength of the organization, while financial considerations will be subject to market forces.
To begin with, MahaRERA will be establishing an approved list of third-party quality inspection agencies for conducting necessary inspections. This process of empanelment will be conducted through a transparent tendering process, with inputs from associations of developers and homebuyers.
“The developer is responsible for redressal of defect related complaints for 5 years after the possession as per the defect liability period. In order to avoid the need for this, MahaRERA has proposed a third-party quality control system to conduct 3-way inspections in the final phase along with phase-wise inspection of the project,” said Ajoy Mehta, chairman, MahaRERA.
According to him, this mechanism will ultimately benefit the homebuyers and help build the credibility of the real estate sector.
Initially, this initiative will be advisory and optional for all projects. As the ecosystem develops and matures, this mechanism is expected to transition into a mandatory requirement for all real estate projects.
The regulator has released a consultation paper on the proposed third-party quality inspection framework and has invited public comments on the same by December 31.
As per the Real Estate (Regulation and Development) Act (RERA), 2016, the project developer is expected to rectify any defect, including structural quality or provision of services, that has been highlighted by homebuyers within five years of possession, within 30 days free of cost. If the developer fails to do so, homebuyers are entitled to receive compensation.
While the legislation offers a curative solution for problems pertaining to construction quality faced by homebuyers, MahaRERA is bringing in the new framework with an objective of prevention of such construction defects in the first place, thus avoiding the need for costly rework.
The regulatory authority recently finalized the criteria for the proposed grading of housing projects in the state to be known as MahaRERA Grading Matrix. The grading of projects will be undertaken to make it easier for homebuyers to select the right project.
MahaRERA is the first real estate authority in the country to undertake the exercise to rate the projects this way and is planning to grade the project initially and then the promoters.
Housing projects registered after January 2023 will be eligible for the rating to be announced every six months starting April 2024 and for this, details from October 1 to March 2024 will be taken into consideration.
Source: economictimes.indiatimes.com
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