MahaRERA to Introduce AI-Powered Project Grading System for Maharashtra Real Estate
MahaRERA is set to launch an AI-powered grading system for real estate projects in Maharashtra, aiming to enhance transparency and accountability in the sector.
Real EstateMaharashtraMahareraArtificial IntelligenceProject GradingReal Estate MaharashtraJul 15, 2024
The MahaRERA had announced its plans to grade real estate projects in Maharashtra in September 2023, based on four key parameters technical, financial, and legal details, as well as project overview. The grading system will be updated every six months, with the first period covering October 1, 2023, to March 31, 2024. The regulatory authority has chosen AI tools to minimize manual intervention and ensure the grading process is carried out efficiently.
Mehta stated that the norms for grading real estate projects are ready, and the MahaRERA has already received suggestions and objections, which have been incorporated. The authority is in the process of shifting from the old IT system to the new one, which will enable the AI-based grading system. With over 46,000 projects registered since its inception in May 2017, and more than 15,000 projects completed, the MahaRERA has received over 25,000 complaints, with more than 17,000 settled.
The AI-powered grading system is a significant step towards enhancing the transparency and accountability of the real estate sector in Maharashtra. It is expected to provide homebuyers with a trustworthy platform to evaluate real estate projects, making it easier for them to make informed decisions.
Information
MahaRERA is a regulatory authority established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra. The authority is responsible for registering real estate projects, ensuring compliance with the Act, and protecting the interests of homebuyers.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a statutory body established to regulate and promote the real estate sector in Maharashtra. The authority is responsible for registering real estate projects, ensuring compliance with the Real Estate (Regulation and Development) Act, 2016, and protecting the interests of homebuyers.
Frequently Asked Questions
What is the purpose of MahaRERA's project grading system?
The purpose of MahaRERA's project grading system is to provide homebuyers with a transparent and trustworthy platform to evaluate real estate projects, making it easier for them to make informed decisions.
What parameters will be used to grade real estate projects in Maharashtra?
The parameters used to grade real estate projects in Maharashtra include technical, financial, and legal details, as well as project overview.
How often will the grading matrix be updated?
The grading matrix will be updated every six months, with the first period covering October 1, 2023, to March 31, 2024.
What is the role of artificial intelligence in MahaRERA's project grading system?
Artificial intelligence (AI) tools will be used to minimize manual intervention and ensure the grading process is carried out efficiently and transparently.
How many projects have been registered with MahaRERA since its inception?
More than 46,000 projects have been registered with MahaRERA since its inception in May 2017.
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