Chennai: India’s Ratings agency CRISIL urged housing boards and state governments to create awareness about the significance of ratings in the realm of developing a real estate project. It is designed to help create a level playing field among the players.
The lack of awareness among public and developers has led to only some takers to rate their projects though there are large number of real estate projects in the country, a top CRISIL official said.
CRISIL Head, Corporate and Infrastructure Ratings Akash Deep Jyoti said that at present there are more than 50,000 small and big real estate builders in India but only 60 of them have come forward to rate their projects.
The CRISIL head further added that rating a real-estate project would help create a "level playing field" among developers by bringing in more "transparency" and more organised operations.
“To create awareness on value of ratings we need the support of everyone, including Housing Boards and Housing department in State Governments," the rating agency chief said.
He also said that a large number of developers try to woo prospective buyers by hanging huge advertisements of their future projects. However once completed, the project differs in many aspects from the promises held out to buyers.
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