UP-Rera to rank builders, housing projects, invites suggestions from developers on grading system

The regulatory authority in November 2018 had decided to rank builders and housing projects for the first time.

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has invited suggestions from developers for a draft of the framework developed by the authority to rank builders and housing projects. UP-Rera said the annual rankings would help homebuyers and investors make an informed choice.

UP-Rera has invited suggestions from developers for a draft of the framework developed by the authority to rank builders and housing projects. (HT File Photo)

The regulatory authority in November 2018 had decided to rank builders and housing projects for the first time. However, until now the authority could not execute the plan as, officials said, it took time to finalise the framework draft and other modalities.

Taking things forwards, the authority on April 23 put a copy of the framework’s draft on its portal— www.up-rera.in for interested stakeholders, including homebuyers, to go through the same and make suggestions. The authority said all suggestions can be made on the portal by May 13, 2020.

UP-Rera also plans to hold an interaction with the developers on the framework that will most likely be held on Monday via video conferencing.

The framework to rank builders and projects was prepared after consultations with the Noida, Greater Noida authorities, Yamuna Expressway Industrial Development Authority (Yeida), and other authorities in the national capital region. There are at least 600 under-construction realty projects in Noida, Greater Noida, and along the Yamuna Expressway.

Officials said ranking housing projects will help the buyers immensely.“The rankings will primarily help buyers to make a rational choice before buying any property. We will be the first in the county to have such a ranking system,” said Balvinder Kumar member, UP-Rera.

The regulatory authority will rank developers and housing projects on the basis of organizational structure, certifications, track record, adherence to rules and regulations, and feedback from old customers. The authority will also evaluate the promoter’s track record in executing projects as per schedules and will analyse the organizational, legal, and financial risks associated with housing projects, said officials.

The projects registered with UP-Rera will be given grades from 1 to 5. The promoters will have to submit details of their housing projects on the authority’s portal. Subsequently, the regulator will evaluate the projects and publish the grades on the portal for feedback before finalising the grads. All projects would be ranked annually.

“By grading projects and promoters, homebuyers will have more a transparent system to access developers. Buyer can take quick decisions while buying properties, and we hope that demand will increase because buyers will have more trust in the system,” said RK Arora president, Uttar Pradesh chapter of National Real Estate Development Council (NAREDCO) , a builders’ group.