- UP-RERA comes forth to rescue buyers from inauthentic purchase transactions
- The performance scale for the buyers will be between 1-5, judging their project credibility
- The UP-RERA star rating system will improve the quality of decision-making and indemnifying the buyers from malpractices
UP-RERA star rating system has recently made a decision of reviewing projects, which turns out to be in favor of homebuyers. The regulatory authority will now assess builders by keeping tabs on their project completion details, to help buyers make quality, and informed decision.
As of now, the prospective buyers have limited sources to track the past records of the builder they plan to invest in. As a result, many people have been a victim of forged, and dubious practices. There are 500 housing projects in Noida and Greater Noida against which complaints have been recorded. According to Rera, additional 3,000 complaints are pending, waiting to be addressed.
In need of stern action, UP RERA Star Rating System for Builders has been instated. The real estate regulator states “We have decided to start a rating system from 1 to 5 stars, depending on the past performance of the builders. We will provide information about builder’s financial position and its failed projects to the prospective buyers. This will enable homebuyers to make a proper selection of the property,”
RERA has come into full force to serve as a body indemnifying the buyers from malpractices. Not just UP, the regulatory body is active in other states of India as well. Making the entire transaction of home buying transparent, RERA ensures buyers aren’t being sold untruthful dreams by the builders.
The real estate regulator is going the extra mile to safeguard property buyers by appointing a private agency, who is coming into the foreground to evaluate projects, and seek necessary insights regarding project deadlines, from the builders.
“As per Rera norms, a builder has to submit the progress report of the project, every quarter with Rera. Due to the shortage of staff, physical verification of all such reports is not possible. Now, we are hiring a private agency which will check the housing projects to corroborate the quarterly reports filed by builders registered with us. This way, we will be able to monitor the projects in a proper manner,” said Kumar.
With the increasing number of complaints, the redressal has proved to be a tough task for the body. However, consumers seem optimistic about RERA shielding them. The UP RERA Star Rating System, in particular, has enforced builders to complete projects on time, and help buyers attain refunds if the former criteria aren’t met.