Introduction
On Thursday, Crisil, the leading credit ratings agency, introduced real estate ratings to help buyers make informed purchases and achieve greater transparency. This concept of rating is a first by any Indian organization.
Ratings Methodology
Roopa Kudva, the Managing Director and Chief Executive Director of Crisil, announced that ratings will use a seven-star scale. This scale will compare specific projects against other available projects in the city.
Projects Under Consideration
Additionally, CREST publicly declared that they are currently evaluating 21 projects spread across Tier-I and II cities.
Rating Parameters
The parameters for rating include:
- Previous record of the developer
- The infrastructure of the project
- Cost overruns
- Timely completion
- Finishing
- After-sales service
- Project innovations
- Legal issues associated with the project
Post-Completion Evaluation
Furthermore, this rating will be revised after the project's completion to ensure ongoing evaluation and accuracy.