Now UP RERA will rate builders based on their track record

Greater Noida (29/12/29/2018) : To protect the interests of home buyers, the Uttar Pradesh RERA is planning to rate both real estate projects and developers, Chairman Rajive Kumar said at a workshop held in Delhi on Thursday. Currently homebuyers have no data to check the past history or credibility of the builders and they become victim to false promises made by doubtful builders.

UP-Rera member Balwinder Kumar told TOI the projects will be divided into five-star, four-star, three-star, two-star and one-star categories, depending on what the developer promises to deliver and its credibility in delivering the same. The star-based system will segregate the best builders and their projects under different category like mediocre and ordinary ones.

“The star-ranking system will also give buyers the clarity on where they can invest freely and where they should be careful. So typically, if UP-Rera gives a project a five-star mark, it will mean we have checked the previous projects of the builder and its track record in delivering them.”

Further he added that “A part of the grading will relate to feedback of the people who have been associated with the project. The first round will be held around February and the first rating will be out by September next year,” he said.

For now there are 500 housing projects in Noida and Greater Noida against which homebuyers have filed complaints. According to Rera, there are over 3,000 complaints which are yet to be addressed by the authority,out of which 80% are from Noida and Greater Noida.