Maharashtra Real Estate Regulatory Authority (MahaRERA) is poised to revolutionize transparency in the real estate sector with the imminent launch of its project grading system, powered by artificial intelligence (AI). This initiative, spearheaded by MahaRERA Chairman Ajoy Mehta, aims to provide homebuyers with comprehensive insights into real estate projects across Maharashtra.
Initially announced in September 2023, MahaRERA’s grading system will evaluate projects based on four critical parameters: technical, financial, legal details, and project overview. These evaluations, facilitated by AI tools to minimize human intervention, will enable prospective buyers to make informed decisions by accessing detailed project information. “We have finalized the norms for grading real estate projects and incorporated feedback received during public consultations,” Said Official “The development of our AI-based grading system is nearing completion, and we anticipate its launch within the next month.”
The grading matrix, scheduled for bi-annual updates starting from October 1, 2023, will provide regular assessments of registered projects. This systematic approach aims to enhance transparency and accountability in the real estate sector, ensuring that project information remains current and accessible to stakeholders. “Once operational, the grading system will empower consumers by offering transparent evaluations, thereby fostering trust and confidence in the real estate market,” added official.
Since its inception in May 2017, MahaRERA has registered over 46,000 projects and successfully completed more than 15,000. The authority has also resolved over 17,000 complaints, underscoring its role in safeguarding consumer interests and promoting fair practices within the industry. The introduction of AI-driven grading marks a significant milestone for MahaRERA, aligning with global standards of regulatory excellence. As the system nears its debut, stakeholders anticipate a transformative impact on the real estate landscape, paving the way for a more informed and secure investment environment.
