Around 70% of the people surveyed by Crisil said they would definitely prefer a rated project  Home buyers, cheer up! Good news for you, get all credible information about your dream house now. Recently, India’s premier ratings organisation Crisil introduced an 8-point scale to gauge real estate projects constructed by developers in big cities. Consequently, this would solve the perennial problem for end users to obtain reliable information related to their dream house.
Information such as quality of building materials, goodwill and financial strength of property firms, land records, various documentations and study on price range are essential for buyers, before finalising a property deal.
Crisil’s views
Coined as Crisil Real Estate Star Ratings, the ratings scale plans to bring in greater transparency in the housing sector and present property buyers with crucial comparison, thereby addressing the two long-time demands.
By providing a comprehensive evaluation of real estate projects, specific to a city, the ratings scale would help home buyers benchmark and spot quality properties within the particular city, states a recently published Crisil release.
According to the release, the all round assessment would also include the various project-specific risks impacting quality of the buildings.
To understand buyers’ take on the same, the ratings major conducted a survey and received a massive 5,000 responses, a majority of which gave thumbs up to the ratings scale. Around 70% of the people surveyed said they would definitely prefer a rated project. Moreover, 50% respondents answered they do not mind spending higher for a rated property.
GIHED hails ratings scale
Welcoming the move, Sureshbhai Patel, president of Gujarat Institute of Housing and Estate Developers (GIHED) said to a TJCD[i] correspondent, “The 8-point scale would undoubtedly benefit the society a lot, helping a layman select the right property. Moreover, it would help investors evaluate the real picture of the appreciation index.”
Mr Patel further adds that the Crisil ratings scale would also help to understand the realty sector’s contribution to the national economy and evaluate city-to-city growth.
Jeeta Bandopadhyay
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