Transparency in real estate sector required
Anurag Jhanwar, Director, Real Estate Ratings, CRISIL, has stressed the need for enhanced transparency in the real estate sector, which can be achieved through self-regulation by developers. The good news is that we are now seeing developers coming forth and embracing this concept by opening themselves up to third-party evaluation, a positive sign indicating dedication towards customer-centricity and professionalism, he said.
He was here to announce the CRISIL 7-star rating to Asset Kasavu, the villa project developed by the Kochi-based Asset Homes at nearby Kalamassery. It is the first villa project in South India to receive the CRISIL rating. To a question, he said efforts taken by the Narendra Modi Government for the sector were in the ‘right direction’. However, it would take some time to get the desired results. The announcements made in the Union Budget would definitely boost the sector, he added.
According to Jhanwar, CRISIL Real Estate Star Ratings provide a city-specific all-round assessment of real estate projects and help buyers benchmark and identify quality projects within their cities. The key factors evaluated in the star ratings process are the quality of legal documentation, construction related risks, financial flexibility/ viability of the project, innovative attributes of the project, besides the background and track record of the project sponsor.
Source: The Hindu Business Line
Anurag Jhanwar, CRISIL, CRISIL 7-star, Kochi-based Asset Homes, Real Estate Ratings, Real Estate Sector
