14 , May , 2020
UP: In a one of its kind move, UP-RERA has designed a framework to allot grades to developers and housing projects. The decision has been taken with the joint consultation of authorities of Noida, Greater Noida, Yamuna Expressway Industrial Development Authorities, home buyers associations, promoters associations and other prominent stakeholders. Indubitably this ranking system will aid the buyers in taking quick decisions as an informed buyer will make rational choices. This latest development is planned with an objective to provide a transparent buying scenario, ultimately leading towards increased sales and trust amongst developers.
Rajive Kumar, chairman, UP-RERA, “RERA will assign grades to the projects and the promoters with a view to assist a prospective homebuyer while investing in a project. Through this grading the prospective homebuyers will have a beforehand knowledge of the credentials of the promoter and the quality of the projects under consideration”.
The Developers and Housing Projects registered with UP-RERA will be ranked with grades from 1 to 5 under different parameters like previous execution track records, organisational structure, adherence to rules and regulations, certifications etc. The authority have appointed CRISIL for setting up the grading system.
