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
Legal issues, such as title of the property
Project innovations, such as eco-friendly buildings
"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.