Soon, Maharashtra homeowners looking to acquire a new property will have access to a useful tool. With the help of artificial intelligence (AI), the Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to introduce a new system that evaluates real estate projects according to important criteria. This system would provide quicker and more accurate results.
Announced in September 2023, the goal of this effort is to increase openness in Maharashtra’s real estate sector. Four key components of a project will be taken into account by the grading system: technical criteria such as construction quality, the developer’s financial standing, legal clearances, and an overall project overview. The final grade will be heavily influenced by each of these factors. For example, 25% of the total score will go toward technical factors like building code compliance and quality of construction. A further 25% of the weight will be assigned to the project’s financial stability, the developer’s track record, and the amount of money needed to finish it.
Source: Prop News Time
