New Delhi: If you are planning to take home in Noida-Ghaziabad or any other city of UP, then you must read this news. Yes, home buyers in UP will now be able to decide whether the project is right to invest or not, by looking at the rating of the project, like a TV refrigerator. Uttar Pradesh RERA i.e. Real Estate Authority (UP RERA) is now going to rate the project.
Rating will be from 1 to 5
Uttar Pradesh Real Estate Authority (RERA) is soon going to rate the builder and their projects in Uttar Pradesh through the prestigious rating agency CRISIL. The builder and his project will be rated from 1 to 5 on behalf of CRISIL. A rating of 1 and 2 simply means that the builder’s track record is not good and investing in his project will not be very risky or appropriate.
5 ratings mean good builder
Similarly, 4 or 5 rating means the builder has a good record and your investment will be safe. At the same time, 3 ratings will mean satisfactory. The ratings released through UP RERA CRISIL will be based on the previous track record of the builder, previous completed projects, maintenance and feedback of completed projects. Apart from this, there will be many important standards like financial strength of the builder, legal document work.
Rating will be for the project under construction
This rating will only be for projects under construction. You can also see the rating by visiting RERA website. RERA hopes to bring transparency in the real estate sector through ratings and at the same time will help investors to invest in the right place.
Let us tell you that there are 500 such projects only in Noida and Greater Noida, on which investors / home buyers have filed complaints. According to RERA, more than 3000 cases are to be heard in which more than 80 percent cases are from Noida, Greater Noida only. Uttar Pradesh Real Estate Authority is going to start e-court from November. Paperless or without paper work will be done through e-court. That is, now you do not have to get involved in the paperwork of your case ACE Divino Greater Noida West.