Real Estate Companies About To Be Rated By UP RERA

RERA which stands for Real Estate Regulatory Authority has been set up by the government to take care of the interest of the home purchasers. It is about protecting their interest and rights. In RERA, UP, the chairman Rajive Kumar addressed the media on the workshop help on last week that they are going to rate the real estate builders, and projects so that the buyers get a clear vision of what they are investing their money into. They are about to launch a system as mentioned by him which will grade each of the projects under the real estate sector and the developers as well.

The system as described by the RERA chairman will involve the history of the builders so that their records can be tracked down and that will help the Regulator to grade them, and in turn, it will help the home buyers to choose the right developer and the project.

He also added that the ratings would be primarily based on the reviews given by the people who are associated with the project whether in the past in the present. The first round of taking reviews and feedback will be undertaken in the month of February, and the ratings as per those reviews will be out by the month of September. This will be the first of its kind.

The rating will be done by a rating agency which is not in any way possible associated with the developers or the projects, and basically, they will be independent.

As per Rajive Kumar, by now evaluation has been done for 98 projects and out of those 20-25 have been found with critical issues. The auditing team has rated another 25 of the projects as excellent and remaining of them are referred to as usable.

The audit committee provided some suggestion for the ones which are tagged as redeemable or usable. Following which they can raise their grade.

as per Rajeev Kumar, the developers and the projects need to take this suggestion on a serious note and act on it to proceed with it. Another factor that he pointed out is that finance is one of the primary concern for this redeemable projects.

(Source- Times Now News)

(Image Source- Money Control)