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Planning to purchase a house in Mumbai, for that matter in any other big cities in India? Worried about the credibility of the developers which keeps your purchase in pending?
Be cool and free of all worries. The credit rating agency Crisil has launched real estate ‘star ratings’, where it will rate various projects by developers. The rating will be city specific: for example, Mumbai 7-Star, the highest, to Mumbai 1-Star, the lowest. These ratings will be available to buyers for free on the Internet and will include two main parameters, one at the developer’s level and the other at the project level.
Property buyers often face substantial difficulty in getting credible information relating to the dream house they are searching for. Such lack of information often relates to land records, quality of construction, finances and background of the developers. Christened Crisil Real Estate Star Ratings, it will address all these issues. At the developer’s level, Crisil will check construction and the legal record of the land. Also, the organisational and financial strength of the developer will be looked into. At the project level, Crisil will look at the construction technology, material, legal aspects like title clearance of the land, government approvals, location of the site, innovation, etc.
Once Crisil assigns the rating and the developer accepts it, it will be binding. The rating will be available in the public domain. As of now, 21 projects have been rated by Crisil, which is offering the service in nine cities of Mumbai, Pune, Bengaluru, Chennai, Coimbatore, Hyderabad, Kochi, Kolkata and Visakhapatnam. It will in future include cities in northern India as well.
The flip side of the story is that it is a voluntary exercise and a property will be rated only if the developer approaches the agency.
With the rating agency coming into the picture, things will never be the same in the major property markets in the country. Now with this development, the prospective buyers, who spend crores on a dream house, can have a peaceful sleep.
