In a first, UP RERA is going to allot star rating to developers in Uttar Pradesh based on their track record.
UP RERA is going to allot star rating to developers and their projects. The rating will be based on views of existing home buyers, quality of construction, past record, financials status and many more.
We are living in a digital age and before buying anything, we try to find out reviews and rating of products be it small, medium or big. But unfortunately we don’t have any rating criteria for real estate projects and developers.
Generally home buyers trust whatever said to them either by developer itself or property broker and this can be fabricated too in lack of no parameters to check! But UP RERA has been quite outspoken to assign a star rating to developers for the sake of home buyers and avoid fake information floating in market.
The reason behind this is failure of giants of real estate that raised question on credibility of entire sector. Due to no reliable parameters home buyers can’t judge a good developer and project before investment.
Star rating of developers will add another chapter of credibility in the real estate sector. This will be first of its kind initiative when UP RERA will evaluate track record of a developer and release a rating chart. To set up this mechanism of rating, state body is choosing external agency to scrutiny all aspects of real estate and justify rating of developers and their projects. UP RERA is also concerned about a fair process of star rating to avoid any dispute, that’s why allotting separate rating to developer and project both.
Bhanu Pratap Singh, Member of UP RERA says, “In act of UP RERA under section 32 F has provisions of creating rating model in real estate for home buyers. In lack of rating, home buyers used to believe whatever a developer or broker portray about project. But now we are eliminating this grey practice. A home buyer can check star rating of project and developer based on their history, construction quality, delivery, fund status, technical status, landscaping, maintenance and many other factors collected from evaluators, home buyers and facts available.” (Excerpts from Zee Business interview.)
Noida and Gr Noida are two big real estate destinations are also in the league where developers failed to complete projects. Now home buyers are paying EMI and rent together since last 8-12 years. It was a challenge for state authorities to dig out this problem from root. Almost 3 lakh home buyers are suffering due to failure of small and big developers in NCR only and nationwide data could be bigger than this.
Dinesh Jain- MD, Exotica Housing says, “We don’t have any system to check credibility of developers and a home buyer is bound to trust on the image projected by developer or brokers only. In my opinion, UP RERA is doing really good on this part and existing home buyers can give best of the information about past projects, quality, amenities and performance. I always feel that this level of transparency will bring best of the developers and project on top.”
It is quite surprising that when real estate is mounting so big in terms of investment, funding, job creation and GDP then how we could fail to develop such criteria! Real estate is banking upon promotion and self image building rather than justifying actual ingredients of it.
Avneesh Sood- Director, EROS Group says, “Accessing track record of developers is not easy until unless the group is renowned and performed exceptionally. Star rating from UP RERA will bring sense of reliability among home buyers who have all rights to know insights of a project and developer before putting life’s saving. Such system will remove misleading information about quality developers and fabricated picture of non performers.”
Stuck projects and court trials are common these days but SC is also not in condition to ensure home to home buyers who are paying cost of other’s greed. UP RERA is working really hard to regulate the sector and adding star rating is another benchmark to match before doing business.
Suresh Garg- CMD, Nirala World says, “It is really strange that till date we don’t have any rating system in real estate when we are dreaming housing for all. We prefer to choose best products of best company for our daily use then why don’t in real estate. Developers who are honest in commitment, excellent in construction and delivering project on time must get recognition from authentic sources.”
UP RERA is in stage of selection of agency for this work and soon home buyers will choose a perfect home from top project of a top builder. Mr Garg further added, “In present scenario, it is necessary for home buyers to know about track record of developer from unbiased sources and UP RERA is doing this. A buyer should know about status of project and developers to choose like any other industry to purchase.”