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Crisil, the credit ratings agency, of late introduced the real estate ratings in India. The market analysts believe that this rating system will help customers to get complete information of the project before buying a house. It is likely to unleash more transparency in the Indian real estate segment and will be offering the details on a project-explicit basis. This rating system will work on the scale of one to seven stars once all available apartment options in the city are compared. The credit rating agency said that the system works on the information provided by a developer to them thus offering right to use varied information required for assessment.
The agency takes into consideration all the parameters set by them and then rates the project. After the builder agrees to the rating offered by the agency, then they go public with the rating and project analysis that will be free for end users. The parameters considered are the record of the developer, the infrastructure he is constructing, finishings, timely completion, cost overruns, pro-sales service, legal issues like property title, and project innovations such as green buildings. The agency will offer the rating of a certain project halfway through the project construction process and will have a close watch on the said project till completion, through which it can also be revised. Numerous rating agencies are introducing real estate rating systems. Fitch is the real estate agency that has been active since couple of years in the international real estate sector.
Discussing the necessity of such rating system and their practicality, developers opine that an overall evaluation of real estate projects will help end users to the best and spot class projects available in a particular city. Such real estate ratings should preferably offer a complete valuation of all project related risks that will influence the quality of the project. If these ratings are done meticulously then they will surely bring in more transparency in the Indian real estate system facilitating the buyer to take a more informed choice. This rating system will also work in the favor of the builders who mainly focus on quality and will present their standing in a different light. Normally buyers face scarcity of information when looking forward to buy a house but such impartial ratings will surely help them to finalize their decision. Even the real estate agents think that this is a very good system and an optimistic move towards introducing professionalism in the Indian real estate sector.
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