Details of real estate project grading are likely to be made public by the Maharashtra Real Estate Regulatory Authority (MahaRERA) in a month. The MahaRERA intends employing artificial intelligence (AI) tools to grade these projects, Ajoy Mehta, chairman of MahaRERA told HT.com
What is grading of real estate projects in Maharashtra?
The MahaRERA in September 2023 had announced that it will start the process of grading real estate projects in Maharashtra. The regulatory authority had chosen four parameters based on information uploaded by developers. These are technical, financial and legal details, and project overview. Information about these parameters would be displayed for homebuyers to help them take a decision.
The MahaRERA is working on a system that will ensure that the real estate projects are graded with the help of artificial intelligence (AI) tools with minimal manual intervention.
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MahaRERA likely to make details of grading projects public in a month
‘Norms on what basis we will grade real estate projects are ready. We had put out a discussion paper for grading and we have already received suggestions and objections for the same, which have also been incorporated,” said Mehta.
“… we wanted to make sure that the grading is completely on the basis of Information Technology (IT) tools. We will use artificial intelligence for generating IT-based grading of these projects. We are in the process of shifting from the old IT system to the new IT system,” said Mehta.
“It will take time for the entire new IT system to be ready. However, we are hoping that the new system for grading real estate projects through AI-based tools will be ready in the next 15 to 20 days. I think we should be able to go live with the grading in the next one month,” he said.
Also Read: MahaRERA suspends registration of over 20,000 real estate agents in Maharashtra
Real estate projects to be graded every six months
According to MahaRERA, the grading matrix will be updated every six months of the financial year. “The first period will be from October 1, 2023 to March 31, 2024. The grading matrix shall commence once the due date for uploading the last quarterly progress report (QPR) is done by April 20, 2024,” MahaRERA had announced in September 2023.
In Maharashtra, more than 46,000 projects have been registered since MahaRERA came up in May 2017 and more than 15,000 projects have been completed. The MahaRERA, since its inception, has received more than 25,000 complaints of which more than 17,000 have been settled, according to the MahaRERA data.