AI-Powered Grading System for Real Estate Projects by MahaRERA in Maharashtra

Published Date: 16/07/2024

MahaRERA is set to launch an AI-driven project grading system to rate real estate projects in Maharashtra, providing transparency and accountability to homebuyers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is poised to revolutionize the real estate sector in Maharashtra by introducing an artificial intelligence (AI) powered project grading system. This innovative move aims to bring transparency and accountability to the sector, empowering homebuyers to make informed decisions.

According to Ajoy Mehta, chairman of MahaRERA, the regulatory authority is working on a system that will grade real estate projects based on four key parameters  technical, financial, and legal details, as well as project overview. These parameters will be evaluated using AI tools, minimizing manual intervention and ensuring a fair and unbiased assessment.

The idea of grading real estate projects was first announced by MahaRERA in September 2023, with the intention of providing homebuyers with a clear understanding of a project's credibility. The grading matrix will be updated every six months, with the first period covering from October 1, 2023, to March 31, 2024.

Mehta revealed that the new IT system is expected to be ready in the next 15 to 20 days, with the grading system set to go live in about a month. This move is expected to have a significant impact on the real estate sector in Maharashtra, where over 46,000 projects have been registered since MahaRERA's inception in May 2017.

The introduction of AI-powered project grading is a welcome step towards ensuring transparency and accountability in the sector. By providing homebuyers with a reliable and unbiased assessment of real estate projects, MahaRERA is taking a significant step towards protecting their interests.

  Information  

Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established in May 2017 to regulate and promote the real estate sector in Maharashtra. Since its inception, MahaRERA has received over 25,000 complaints, with more than 17,000 being settled.

Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body responsible for promoting and regulating the real estate sector in Maharashtra. Its primary objective is to protect the interests of homebuyers and ensure transparency and accountability in the sector.

FAQS:

"Q: What is the purpose of MahaRERA's project grading system?

A: The purpose of MahaRERA's project grading system is to provide homebuyers with a transparent and unbiased assessment of real estate projects, enabling them to make informed decisions.

Q: What parameters will be used to grade real estate projects?

A: The grading system will evaluate projects based on four parameters: technical, financial, and legal details, as well as project overview.

Q: How often will the grading matrix be updated?

A: The grading matrix will be updated every six months, with the first period covering from October 1, 2023, to March 31, 2024.

Q: What is the expected timeline for the launch of the AI-powered grading system?

A: The new IT system is expected to be ready in the next 15 to 20 days, with the grading system set to go live in about a month.

Q: How many projects have been registered with MahaRERA since its inception?

A: Over 46,000 projects have been registered with MahaRERA since its inception in May 2017.

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