On Thursday, Crisil, the leading credit ratings agency, introduced real estate ratings in order to help buyers in making informed purchases so that greater transperancy can be achieved. This concept of rating is launched for the first time by any Indian organization
Roopa Kudva, the Managing Director and Chief Executive Director of Crisil, told that there will be a scale of seven stars through which rating would be given to specific projects as compared to the other alternative available projects in the city.
Also, CREST publically declared that they are currently considering 21 projects spread across Tier-I and II cities.
The parameters of rating will be previous record of the developer, the infrastructure of the project, cost overruns, timely completion, finishing, after-sales service, project innovations and the legal issues associated with the project.
Also, this rating will be revised after the project completion.