Uttar Pradesh RERA issues grading framework for real estate projects and promoters

May 02, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on April 22, 2020, invites suggestions from stakeholders on grading framework for Real Estate project and promoters to facilitate the growth and promotion of a healthy, transparent, productive and competitive real estate sector by May 13, 2020. 

The objective of the Grading system is to assess the Promoters and Projects registered with U.P. RERA and rate them so that homebuyers can make an informed choice and also help in creating a track record for promoters and better understanding such issues as delays in possession and major slowdown in the projects registered with UPRERA and level of performance of the Promoters.

The key parameters of promoter grading are financial quality, organizational structure and certificates, take record, compliance adherence and customer feedback.

The grading process will, inter-alia, involve: -

1. Project/promoter registration with UPRERA 

2. Additional documents/information to be uploaded by promoter for Grading process 

3. Data validation and analysis of the information uploaded through portal 

4. Assignment of grading 

5. Publication of the grading in the public domain through UPRERA portal 

6. Grading renewals

The proposed grading framework has been uploaded on the UPRERA portal (https://www.up-rera.in/index) for the feedback, if any, by the stakeholders. The suggestions can be offered in the form provided at https://forms.gle/1A2RXqSqohvs2ivm9 by May 13, 2020.


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