NHB to introduce ratings for housing projects very soon
In association with banks, The NHB will come up with a rating for housing projects to help buyers make informed decisions.
Mr. RV Verma, NHB Chairman and Managing Director, says that they require Reserve Banks approval to launch the NHB-IBA rating for real estate projects. They are hoping to launch the rating soon. But they are not planning to make it compulsory.
The rating ranges from 1-7 for a project which help buyer to make a more informed decision and go for the best project.
The rating will be assigned by the registered rating agencies. Information like financial details, legal issues like land titles, track-record of the builders, approvals received by the project and repayments made to financiers among others, will be considered while arriving at the rating.
He further added that ratings are not be made compulsory for projects at this time but they will encourage it by providing incentives.
He also added that the incentives will include concessional interest rates to borrowers choosing for projects with better rating and also concessional interest rates to the builders for their project loans from lenders.
Mr. Verma also concluded that a committee, consisting of representatives from the banking sector and rating agencies, had recommended such a rating system.
Source: mydigitalfc.com
Read more related articles
Ratings for housing projects
National Housing Bank, NHB, NHB-IBA rating, Rating system, RBI, Realty News, Reserve Bank of India, RV Verma
