MahaRERA project grading: the scorecard that never arrived, and how to read its inputs yourself

Search for a MahaRERA project grade and you will find announcements from 2023 promising one: a half-yearly score for every new project, published from April 2024, computed from the same filings this blog keeps teaching you to read. What you will not find is a grade. None was ever published, and by November 2024 the scheme had been shelved. The scorecard is still worth knowing, because it is the regulator's own list of what matters in a filing, and every item on it is public.

What happened to the grading scheme#

So the first thing a buyer should know is a negative: there is no grade to look up. If a brochure, a listing or a sales executive quotes a "MahaRERA grade" for a project, ask where it came from, because the regulator has not published one.

What the scorecard would have read#

The matrix was designed to read the project's own record: whether QPRs land on time, how work completed compares with time elapsed, booking levels, the quality certificate, extensions, society formation and conveyance (technical); financial progress, the Form 5 audit and its qualifications, encumbrances and penalties (financial); complaints, warrants and court or NCLT proceedings (legal); plus the promoter and project profile (overview). Nothing subjective was to enter: the grade would have been the paper trail, scored.

That design is why it still matters to a buyer. A promoter cannot advertise their way past a filing, and a small builder who files cleanly reads better than a famous one who does not. It is the same logic as the register itself: behaviour, published. The regulator set out which parts of that behaviour it considers decision-relevant, and then left the scoring to whoever reads.

An analogy: the marking scheme without the exam#

Imagine a board publishing its marking scheme and then cancelling the exam. The marks never arrive, but the scheme still tells every student what the examiners thought mattered, and a student who checks their own answers against it learns more than one who waits for a result. MahaRERA's matrix is that marking scheme. Nobody will hand you the grade, so mark the project yourself.

Running the four snapshots yourself#

Ten minutes on the project's public filing covers what the matrix would have read, and in two respects it beats the grade the scheme promised: it is current to the latest quarter rather than to a six-month window, and it works on every project.

1. Technical: is the project filing, building at the pace of its calendar, and extending? The date of the latest quarterly progress report and whether any quarter is missing, construction progress against the share of the registered timeline already elapsed, bookings against units, and the extension history, which carries the promoter's own stated reason for each one. Extensions are routine rather than rare: of the 10,379 approvals MahaRERA granted in 2025-26, 3,687 were timeline extensions, against 4,204 new registrations, so a reason that changes from one extension to the next says more than the fact of an extension.
2. Financial: is the money side clean? Any declared charge on the land and the lender behind it, and the certificates that release money from the project account.
3. Legal: complaints, warrants and cases. The legal snapshot in raw form, with case numbers.
4. Overview: who is the promoter, and what is their record elsewhere? A thin record on this project is not a thin record on the promoter; that is the whole method in checking a builder's track record.

How much of the register the scheme would ever have reached#

Even had it gone ahead, the scheme covered only projects registered after January 2023, and most of the register is older.

17,634 of 55,995 published projects, 31.5 percent, were registered on or after 1 January 2023. Two projects in three would never have carried a grade even if the scheme had run, which is one more reason the inputs, not a score, are the thing to read. The 2017 spike is the register opening, when the whole existing stock registered at once, and those are the projects most likely to be finished or lapsed by now rather than selling to you.

Where buyers get it wrong#

1. Trusting a quoted grade. MahaRERA has not published one, so a grade in a brochure or a listing is someone else's score, and the first question is whose.
2. Reading a missing grade as a bad sign. No project carries one, so the absence says nothing about the project.
3. Waiting for the scheme to come back. Nothing published since November 2024 suggests it will, and the inputs are readable today.
4. Checking the wrong phase. The phase games apply to every check here: read the filing of the specific registration containing your tower, not the flagship phase.
5. Stopping at the filing. Nothing in the matrix was ever going to read the price, the location or your draft agreement.

Meera's shortlist#

Meera (illustrative, as ever) had a Thane shortlist of five, and one sales executive told her the project was "MahaRERA grade A". She asked where the grade was published, got no answer, and ran the four snapshots on all five projects' public filings instead. Two conversations and three polite exits came out of it. Of the two finalists, one showed a fresh filing with construction keeping pace with the time elapsed; the other's record rested on a strong first year followed by two slowing quarters. She chose the first, and the second's extension application, filed that winter, arrived on exactly the schedule its filings had suggested.

What the report adds#

Every input above sits on the free project page for any covered project: the latest filing, the extension history with its reasons, construction by building, declared charges, and the complaints and cases. The Rs 499 buyer report reads the same record against the district: how long this promoter has gone between filings compared with the district's projects, construction and booking pace per month against the district's recent registrations, and the booking changes ReraGenie has recorded since it began watching the project. District alerts are free during the pilot beta and cover every new registration where you are looking.

The one-line summary#

MahaRERA designed a project grade and shelved it before publishing one, so there is no score to look up: read the four snapshots yourself on the public filing, which takes ten minutes, works on every project and is current to the latest quarter.

Methodology and sources#

• The grading design: MahaRERA Circular No. 46/2023, 28 August 2023, introducing the MahaRERA Grading Matrix for projects registered post January 2023, assessed every six months, with a first period of 1 October 2023 to March 2024.
• The shelving: a senior MahaRERA official to the Times of India, 6 November 2024, as reported by PropNewsTime.
• Extensions: MahaRERA's approvals for 2025-26, as reported in 2026: 10,379 approvals, including 4,204 new registrations and 3,687 extensions.
• Registration-year counts and the 31.5 percent share: ReraGenie analysis of 55,995 published MahaRERA projects, as updated on 29 September 2026. In scope means a filed registration date on or after 1 January 2023, the reading of the circular's "registered post January 2023" used here.
• Nothing in this article reproduces or estimates any project's grade, because none has been published.