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Buying a house? See builder's rating now

Credit ratings agency Crisil on Wednesday launched project-specific real estate ratings to help home buyers make informed decisions. HT reports.

india Updated: Aug 05, 2010 21:51 IST
HT Correspondent

Credit ratings agency Crisil on Wednesday launched project-specific real estate ratings to help home buyers make informed decisions.

The ‘Crisil Real Estate Star Ratings' will rate new housing projects on a scale of one to seven stars after comparing them with

What they measure

Track record of the project developer

The infrastructure being built

The finishing of the buildings

Timely completion

Cost overruns

After-sales service

Legal issues, such as title of the property

Project innovations, such as eco-friendly buildings

alternatives available in a city.

"Crisil Real Estate Star Ratings will address two critical needs in the realty sector: improved transparency and objective benchmarking of projects," said Roopa Kudva, managing director and chief executive officer, Crisil.

"Real Estate Star Ratings will benchmark real estate projects within each city and thus provide meaningful information to buyers on a city specific basis, she said.

The rating will be given mid-way through the project and will be under scrutiny till the project is completed.

"Once the developer accepts the rating, we go public with the rating and project analysis which will be given to common buyers for free," Kudva said.