MahaRERA 2024: All About Maharashtra RERA Website In Detail

 March 20, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) is proposing a new system requiring developers in Mumbai to maintain three separate bank accounts for each project, aimed at enhancing oversight of project funds and safeguarding buyer interests.



These accounts include a Collection Account for all payments from buyers, a Separate Account for 70 per cent of collected funds designated for specific project expenses, and a Transaction Account for the remaining 30 per cent for other project-related costs.MahaRERA emphasises that this system will bolster transparency, financial discipline, and security of funds, inviting public input until April 15th, 2024. The proposed benefits for homebuyers include increased fund security, improved transparency, and streamlined dispute resolution, marking a significant stride towards consumer protection and trust-building in Mumbai's real estate sector.

March 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to introduce a grading system for real estate projects, aimed at empowering homebuyers and enhancing transparency in the sector. Scheduled to commence between October 2023 and March 2024, the grading process will evaluate projects based on criteria such as project overview, technical snapshot, financial details, and legal status.

The first round of grading results is expected in April 2024, with subsequent updates biannually. Additionally, MahaRERA has revoked the licenses of over 13,785 real estate agents who failed to renew their registrations, emphasising the need for compliance with regulations. 

The grading system seeks to enable informed decision-making for homebuyers by considering factors like financial risk, legal complexities, technical feasibility, and timely completion prospects, drawing inspiration from successful models in other countries. 

MahaRERA has actively solicited public feedback to refine the grading framework, reflecting a collaborative approach. Read More For MahaRERA

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