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UP Rera To Colour Code The Housing Projects To Mark Reliability Of Developer

 


CA Ramesh Agrawal

UP Real Estate Regulatory Authority UP-RERA has carried out colour coding of all the 781 housing projects being executed in the city to give homebuyers an idea about the safety of their investment in property.

The regulatory body’s assessment of three months has revealed that only 35.6% housing projects are completely safe investments.

In addition, the regulatory body has uploaded the list of housing schemes along with their colour codes on the website.

The properties have been divided into 3 Colour Categories i.e. Green, Orange and Red after verification of four parameters.

The 4 parameters are

(i)                  Lucknow Development Authority (LDA)’s due approval of layout map,

(ii)                complaints of ongoing projects against Promotors,

(iii)              Builder’s Financial Status, &

(iv)              developer’s efficiency records for previous projects.

Green Code: Projects which fulfil all four parameters are safe for investment and are kept in ‘Green’ category. There are 278 (35.6%) projects out of 781 Projects that have been coded green.

Orange Code: Projects which qualify 2-3 standards are marked as ‘Orange’ (i.e. a little risky) & there are 319 (40.8%) projects out of 781, which fall in orange zone.

Red Code: Those projects which clear only one or none of the parameters are placed in ‘Red’ category (unsafe). There are 184 (23.6%) projects out of 781, which are in red zone which are not safe at all.

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