Indian Economy News

MahaRERA proposes self-declaration of project quality by realty developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed an annual self-declaration for realty developers, outlining project quality assurance parameters such as structural design, stability, and material quality. This initiative aims to standardize processes, minimize defects, and enhance homebuyers' experiences. Initially voluntary, developers adopting the system will gain credibility through listing on the MahaRERA website, with mandatory compliance for all once the transition phase ends.

Aligning with the Real Estate (Regulation and Development) Act, 2016, MahaRERA seeks to address concerns over construction quality by introducing regulations for defect rectification and project quality assurance. The proposal, open for feedback until May 23, underscores the authority's commitment to establishing industry-wide standards to safeguard homebuyers' interests and ensure construction quality from design to completion.

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