New Delhi: Real estate builders and projects in Uttar Pradesh will receive a rating from next year, a move seen helping potential investors and homebuyers make informed decisions. A consultant appointed by the Real Estate Regulatory Authority (RERA) of Uttar Pradesh has finalised a rating system which is linked to disclosures required under the RERA Act, Rules and Regulations.
The grading, to be done annually, will be based on a developer’s track record and background, financial profile, construction quality, buyer feedback and legal status of the project, according to UP-RERA chair-person Rajive Kumar.
“Exercise of rating the builder is on. If builder is able to complete project on time, he will be considered as a good builder,” Kumar told ET, adding that the first such rating will be announced in January next year.
Source From: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/uttar-pradesh-builders-to-get-rating-from-next-year/articleshow/71714398.cms