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Property buying is the most important and the largest investment in a lifetime for most individuals. But the most critical aspect of it is to select the right property at the right location. This is largely due to the absence of relevant comparative information for short-listing projects as well as lack of credible opinions on real estate projects. As a result, the decisions are largely made on the basis of visibility created by the developers through their marketing campaign.
Addressing this issue, CARE Real Estate Star Ratings will help distinguish real estate projects and rate them on various parameters be it developer quality, his track record in the industry, timeliness of project completion, construction quality, financial prudence, amenities provided, legal aspects, etc. The star ratings will thus enable investors and individuals to make informed decisions. Moreover, it also compliments due diligence activities conducted by PE Investors and Banks during funding of the projects.
Process
For an unbiased result, CARE’s team of experts initiates an extensive assessment of the project based on information and documents provided by the client (developer). The team further meets the client’s management and the project related teams, conducts site visits, analyses his past projects, assesses the city and the project location along with project financial/ break-even analysis. The primary focus is to determine the quality of the particular real estate project. After analysing the set parameters, a rating is assigned but the project would be under surveillance till OC is received. Rating is further communicated to the client and, if accepted, is released in public.
Rating Criteria
The Real Estate Star Rating involves a detailed examination of critical factors, that eventually help investors and buyers evaluate the project. Some of these factors include:
Project Developer Quality: It helps evaluate the track record of the developer in order to estimate the stipulated time-line given to the current project. It also studies the developer’s ability to complete the project based on the adequacy of the organizational set-up and financials to manage the funding of the project till completion.
Project Construction Quality: It includes innovative features like ‘Green Building’, amenities, recreational facilities etc. It studies the operational track record of these facilities promised. It also involves assessment of key factors like track record of contractors deployed by the developer, use of construction technology, ease of availability of raw material and labour.
Project Legal Quality: This refers to the clarity of legal title of land, status of various government approvals such as 7/12 extract required for the project including usage of land, environmental clearance, commencement certificate etc. It also covers assessment of the sale agreement.
Project Financial Quality: This includes complete analysis of the project finances such as status of funding of the project, funding mix and project financial flexibility.
Rated Projects
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Good one, this will help to distinguish real estate projects and enable investors to make informed decisions.
I liked the criteria for rating the projects. This will not only give details about project and construction quality but also the financial details of builder of the project.