By Pallavii Pitale
Credit ratings agency CRISIL, has launched a new project-specific real estate rating system in order to help the home buyers make informed decisions. CRISIL will rate new housing projects on a scale of one to seven stars after comparing them with other alternatives available in any city in India.
These ratings will address two critical needs in the realty sector i.e. improved transparency and objective benchmarking of projects. Various real estate projects within each city shall be benchmarked which would provide meaningful information to buyers on a city specific basis and shall also improve the transparency about the project. 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, the project analysis shall be given to common buyers for free.