If you think only star ratings are given to hotels and electrical appliances then you are wrong. Ratings are also given to the real estate projects as well. Nowadays even the builder community and the real estate developers like DreamzGK , ShriRam Properties, SV Ventures are also given star ratings to testify their credibility and reliability of their constructed projects.
The ratings are not given to the builders but to individual projects and these can serve as an additional tool for judging their products and services. The authorities feel that for the customer it is an additional tool to take an informed decision as these ratings whether low or high will testify the willingness of the builder which will cater to more professionalism and transparency in the real estate sector.
How will the ratings happen?
In answering this, CRISIL officials said that the process of rating is an exhaustive process entailing lot of procedural steps. The analysts will visit the project and perform a thorough and prescribed evaluation of the critical parameters like developer quality, legal dealings, construction quality, financial soundness and innovation. These evaluations will eventually help the developer to evaluate each process of their functioning and will help them ascertain risk and the correct perspective of the processes in place. This can take them one step ahead for them to take corrective actions too.
Needless to say this rating will add to the customer's source of obtaining information and taking an informed decision. But what are the metrics and the parameters that these ratings will be on? That is what we discuss below in detail.
The metrics of ratings or the rating parameters:
Quality of Construction:
The project and the builder will be judged on the technology deployed, the quality of raw materials, the sources from where they are obtained and the quality of the products being used in constructing the project.
Track record of the builder:
The builder's track record will depend on the quality that has been delivered in the past and how timely the possession has been given in the past. The real estate experts feel the buyers who are buying for the first time should go with the realtor with a good track record so that he or she is assured that they are in safe hands.
Legalities and Legal dealings:
The key points under this parameter is whether the builder is getting all the clearances, approvals from the concerned authorities in time or not and whether the builder is building project on land with clear land titles and whether these clearances are obtained before construction.
Customer service quality:
The builder's way of handling customers, their queries and their support to the customers is the parameter they will be judged on.
Marketing:
In this category the project location, the category of buyers and their profile and the amenities provided will be judged. These will be judged to evaluate how the market receives it and how fast they can sell their products.
Innovation:
In this category the builder will be judged on the ways and methods the builder takes recourse to other than what will be judged in the above categories like the modes of payment, additional help to customers, other methodologies used, etc.
By : Saikiran
SaiKiran is an online marketing manager working for property scam portal,a neutral site which gives a information ,reviews, of all the builders and helps in exchaging the idea of customers
The ratings are not given to the builders but to individual projects and these can serve as an additional tool for judging their products and services. The authorities feel that for the customer it is an additional tool to take an informed decision as these ratings whether low or high will testify the willingness of the builder which will cater to more professionalism and transparency in the real estate sector.
How will the ratings happen?
In answering this, CRISIL officials said that the process of rating is an exhaustive process entailing lot of procedural steps. The analysts will visit the project and perform a thorough and prescribed evaluation of the critical parameters like developer quality, legal dealings, construction quality, financial soundness and innovation. These evaluations will eventually help the developer to evaluate each process of their functioning and will help them ascertain risk and the correct perspective of the processes in place. This can take them one step ahead for them to take corrective actions too.
Needless to say this rating will add to the customer's source of obtaining information and taking an informed decision. But what are the metrics and the parameters that these ratings will be on? That is what we discuss below in detail.
The metrics of ratings or the rating parameters:
Quality of Construction:
The project and the builder will be judged on the technology deployed, the quality of raw materials, the sources from where they are obtained and the quality of the products being used in constructing the project.
Track record of the builder:
The builder's track record will depend on the quality that has been delivered in the past and how timely the possession has been given in the past. The real estate experts feel the buyers who are buying for the first time should go with the realtor with a good track record so that he or she is assured that they are in safe hands.
Legalities and Legal dealings:
The key points under this parameter is whether the builder is getting all the clearances, approvals from the concerned authorities in time or not and whether the builder is building project on land with clear land titles and whether these clearances are obtained before construction.
Customer service quality:
The builder's way of handling customers, their queries and their support to the customers is the parameter they will be judged on.
Marketing:
In this category the project location, the category of buyers and their profile and the amenities provided will be judged. These will be judged to evaluate how the market receives it and how fast they can sell their products.
Innovation:
In this category the builder will be judged on the ways and methods the builder takes recourse to other than what will be judged in the above categories like the modes of payment, additional help to customers, other methodologies used, etc.
By : Saikiran
SaiKiran is an online marketing manager working for property scam portal,a neutral site which gives a information ,reviews, of all the builders and helps in exchaging the idea of customers
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