RERA Bihar to Release Rankings of Ongoing Real Estate Projects and Promoters
Patna: RERA Bihar is soon going to release ranking of ongoing registered projects and registered promoters whose projects got registered with the Authority since the enactment of Real Estate (Regulation and Development) Act, 2016.
“The aim of the exercise is to provide a well analyzed report on the performance of those registered projects that have still not been completed and also that of promoters who have registered their projects since enactment of RERA Act so that prospective homebuyers could take an informed decision before investing in any project,” RERA Bihar Chairman Vivek Kumar Singh said.
The term for ranking projects has been christened ‘Bihar RERA Real Estate Project Quotient (BRQ)’ and that for promoter ‘Bihar RERA Promoters Quotient (BPQ)’. A higher BRQ means the project progress is good, and vice-versa. The same is the case with BPQ the only difference is that in BPQ the overall performance of the promoters vis-à-vis all of their registered projects has been taken into account.
“As regards the ranking of the projects, we have taken into account factors like physical progress, use of funds collected from allottees, number of complaints, and other such cases filed against the promoter of the project,” said the RERA Bihar Chairman, adding: “While ranking the registered promoters, factors like experience, number of registered projects, timely completion of projects, legal cases, etc. have been taken into account.”
He said that all the registered promoters had been informed about the parameters used for ranking the projects and promoters and their suggestions had been solicited so that, if required, the parameters could further be fine-tuned before releasing the report for public viewing.
The RERA Bihar Chairman pointed out that ranking would remain dynamic, and based on the compliances made by promoters of registered projects, it would change accordingly.
Singh said that the data from the BRQ and BPQ would soon be placed on the website of RERA Bihar – https://rera.bihar.gov.in – so that prospective homebuyers could make an informed decision before investing their money in real estate project.
He pointed out that feedback from common people too would be invited before the scores of the BRQ and BPQ are placed in the public domain.
Commenting on the initiative taken by RERA Bihar regarding the ranking of projects and promoters, Maharashtra RERA Chairman Ajoy Mehta, during a recent visit to Patna said that it was a very good initiative and would help prospective homebuyers in a big way. “The kind of work done for preparing the data based on all the aspects related to the lifecycle of a real estate project is really commendable,” he added.
