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With the emergence of so many real estate developers all over India and a number of projects being developed or already developed, there are prospects as well as dangers for the buyers. How would the buyers know which developer is reputed? How will they know which project is without any problems? How can the buyers ascertain the financial strength and goodwill of the developers? Faced with the increasing need of having a proper rating system in place which would help the buyers to know which developer and project is a better option than the other, CRISIL launched its Real Estate Star Ratings in 2010, called as CREST. In these ratings, the factors which are considered by the agency are: 1.Quality of documentation 2.Construction related risks 3.Financial viability 4.Track record of builder Often, the customers are not able to form any objective opinion about the project and they have no option but to depend on information provided by dealers and local populace about the projects and the dealers. There was a gap of credible information about the real estate developers which has been sought to be filled by the CREST. The ratings would be useful for all the stakeholders of the projects such as SRS Pearl Floors, including the builders, investors and lenders. The builders will also benefit from these ratings since they would be able to raise the funds for the project with ease and will also be able to market their projects in a better way. For the foreign investors and collaborators, these ratings can provide the benchmarks for investments in different projects. The builders would be sensitised with the need to develop their projects in accordance with the legal and regulatory framework and achieve good ratings by working on standardised parameters. For the lenders, these ratings can help in determining which project to finance and by how much? The investors can limit their exposures to these projects based on these ratings. Further, these can be used for fixing the interest rates of financing these projects, determining how much of margin needs to be kept by them and also in asking for suitable collaterals as security against the financing. For the buyers the benefits are quite obvious. They would know about the builders and their projects from a credible source. These ratings are also helpful in comparing one project with the other such as comparing SRS Pearl Floors Faridabad with the other projects in the Greater Faridabad region on various parameters outlined above. Further, the buyers can also check the status of the construction work on a regular basis. CREST provides the updated status on projects (using photos) which have been rated by it. There are limited number of projects currently been rated by it. As awareness about the relevance of these ratings grow, the builders are likely to seek ratings for their own projects proactively. Kamal bhatt is writer who frequently writes about neharpar property like Srs Pearl Floors, Srs Pearl Floors Faridabad & Srs Pearl Floors Price List .
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