Brief about the New Initiative of Maharashtra RERA
In what is believed to be a much more precise and time economising process which other states can learn from the real estate regulatory authority of maharashtra (MahaRERA) has a proposal which seeks to rank real estate projects and their respective developers in terms of performance. Such ranking of projects and promoters will not only win back the confidence of homebuyers but will make the system considerably responsive to the consumer. The projects will benefit and the promoters will benefit as the grading will be good for the image of the real estate and construction sector which is what is needed now.
Evaluation criteria of projects and developers
With this new grading system, real estate developers will be evaluated according to various factors of the project including the quality of work, timelines, finances, legality, and customer satisfaction. Likewise, developers themselves will be evaluated based on factors such as history, finance, ability to deliver, and after sale services. The grading will be based on a 1 to 5 star system where 5 star is the highest level of satisfaction and is the most dependable for quality realization.
Effect to the homebuyers and the developers
There is a general feeling that including project grading will greatly help homebuyers. They will be able to get an impartial scale which is free from variables to quantify the authenticity of the content being advertised on the projects of their preference. In addition, the grading system will also work to the benefit of developers as there will be a clear standard that has to be met when delivering projects. Higher rated promoters in their respective areas will obviously have a competitive advantage over other developers thereby encouraging the emergence of better practices on the rest of the promoters.
Maintaining Clarity and Minimizing Risks
No doubt, this process will allow home buyers to obtain vital information about the projects and the developers, such as their history, economic status, and whether or not they adhere to the laws, thus policing against these fraudulent schemes and shielding consumers from rogue developers.
People who are ready to buy houses will be able to see and verify the credibility and track records of the developers and therefore chances of putting money in a weak or poorly executed real estate projects will be minimized. For the developers, this system has a great importance as it helps them to portray their history and set themselves above the unsophisticated players in the real estate industry. The gradation repeats most of them because it is an award to their endeavors of sticking to the standards that can lead to the gaining more clients and growing their business.
Dream Location’s Desire For Openness
Dream Location, a reputable real estate developer that has previously been operating in an open and fair manner, as can be seen in all of its completed and imminent projects, has backed the initiative and so its calls for the regulation of the sector. Dream Location commends the measure taken by the Maharashtra RERA and considers it as a step that protects the consumers.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.