Star tag to be made must for real estate developers too
After star hotels, now it is turn for star-rated real estate developers. Soon government would make it mandatory for developers to get rated by urban development ministry to operate in the country. Developers will be accorded star grades between one and five on the basis of their past performance, quality of products and net worth.
The move is aimed at protecting consumer interests in deciding whether they are gelling value for their money spent, a government source said. As the market is flooded with developers of various hues, who promise moon but end up in fleecing, the government has decided to introduce a rating system, he added. If a developer fails to deliver according to the contract, the star status would be taken away.
Confirming the move Anil Baijal, secretary, urban development ministry said: “The exact parameters are not set as yet. The decision is in sync with bring more transparency in obligations and full disclosure. The whole idea for setting up a regulation is to ensure that the consumers are not taken for a ride.”
According to sources in Nirman Bhawan, government is already discussing the proposed modalities with various quarters including industry bodies Ficci and Assocham and the real estate developers. Not only, companies’ forthcoming projects will also have to meet yardsticks for the star accreditation. This accreditation will be granted on the basis of plans submitted by developers to the regulatory authority. Moreover, if developers fail to make the project ready for occupancy, they risk loosing the star status.
Developers say, this move will be viable only if the government also takes proactive measures to check the consumers also adhere to the agreed payment mechanism.
Says Rumneek Bawa, chief executive officer (CEO), Uppal’s Group, “For instance many a time consumers fail to pay up installments, though there may not be any genuine problems.
Source : ET
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