The Uttar Pradesh real estate regulator i.e. UPRERA is planning to introduce a grading system for realtors and the real estate projects. This grading system will act as a guide to the aspiring homebuyers and financial institutions. Under this grading system, both the developer and the real estate project will be rated on a scale of minimum zero and maximum of five.
Rajive Kumar, the UPRERA chairperson also said that the authority will kick-start the procedure for the same from January and we plan to run first grading system by September next year. The scale of grading system will purely be based upon the feedback of people who were either the part of project and on how compliant both project and developer is according to the RERA rules.
He further said that this process will create a record for developers and this will be beneficial for all stakeholders in this industry The UPRERA authority will also include a third party to carry out the grading system. In fact, this system is also being known as an innovative method of naming and shaming the developers especially for not delivering projects on time.
While speaking at an event, on compliance with Rera norms in the northern states, the UPRERA chief said that the authority has received nearly 80,000 complaints from the entire state and a majority of them was from Noida, Greater Noida and Ghaziabad.
He also said that they are working to resolve the cases and hope to dispose all complaints in the least time possible. Kumar further said that a study is already carried out to check the number of stalled projects in the state. He also said that the authority requires last-mile corpus to complete the work. In fact, the remaining projects can also be reviewed with the inclusion of a co-developer or providing seed funding. The structural progress in these projects is nearly 80% completed. Although, the projects of Amrapali group is not counted under this as the case is being looked after by the Supreme Court.
The Uttar Pradesh government formed a high profile committee to make similar arrangements for the completion of several projects even after offering relaxation to the realtors. According to the sources, the UP cabinet may review the recommendations made by this high profile committee to complete the stalled projects.