The application of Capability Maturity Models (CMM's) is recognised throughout diverse organisations in different domains as a route to achieve strategic schemes and continuously improve organisational competitiveness of the implementing entity. This paper shall look into the development and implementation of a specific Project Based Learning Capability Maturity Model (PBLCMM) for the systematic evaluation and improvement of the capability of an institutional Project Based Learning (PBL) model to enhance the learning of students. It shall also highlight the development phases of the model to improve the students' experience and education in a Higher Education Institution, based on a literature review, expert interviews and two case studies to verify the model's ability to incrementally enhance the capability of the utilised PBL model. The case studies prove the validity and effectiveness of the PBLCMM in identifying the potential for improvement, and educators and educational institutions may want to consider using the presented approach to optimise the effectiveness of their PBL model.