Does Maharashtra govt’s decision to grade developers give power to buyers?

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In November 2014, the Maharashtra Government announced their intention of introducing a rating system for developers in the state. Till date several private agencies such as CRISIL and ICRA, grade developers and provide ratings to them. By and large this entire exercise was for the developers’ benefit. While it gave buyers some parameters to check the credibility of the developers, it hardly gave any solutions to the buyers’ issues.

Now, the rating system proposed by the Maharashtra Government would require the developers to divulge the source of their funding and the rate of completion of each of their projects. While the developer community is firmly opposing this move, buyers and even real estate agents seem to be happy.

“Any system that makes matters more transparent for the buyer would be encouraged as it will give them more information. I do not see any reason why developers should not share information with the buyer that should ideally be available on the public domain,” says Indrani Malkani, founder trustee and secretary, Malabar Hill Resident’s Association.

So, what are the issues that Malkani feels should get addressed with this Act? “To begin with, delayed projects are a major issue in real estate today. Ensuring timely possession is something every buyer would look forward to. Other than that, there are several issues such as the maintenance of flats post delivery, availability of parking/garage space, etc that buyers would like addressed. Delaying of re-developed projects is also a major concern,” adds Malkani.

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About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.