Real estate is a sector with wide range of variations based on regional and economic dynamics, which often confuses the consumers on what basis they have to prioritize and invest. On the other end Promoters/developers at times also will not be able to justify their quality of construction, genuinity of legal documents. There are no specific standardized benchmarks set to measure the various aspects of a real estate project and they by decide its worth to invest. Real estate rating provides a state/city/region-specific assessment of the quality of real estate projects. Based on defined criteria and benchmarks your real estate project against other projects in the state, city and down to specific locality, and thus helps buyers identify best projects in the region. This type of rating addresses two major needs in the real estate sector – enhanced transparency and specific benchmarking of projects.

Advantages

To developers

• Elevates the positive points of the project when compared to other projects in the same city and in a way strengthens corporate branding.
• Helps in incurring finance from banks and financial institutions by building credibility.
• Helps in knowing the potential pricing of the particular project.
• Building Trust among buyers.

To buyers

• Helps in decision making through comparison of various projects in a region.
• Get more details regarding the project in which the buyer is going to invest.
• Progressive information on the project.

Approach

APRERA will collect the information and documents submitted by promoters for registration of their project and analyze them based on the set parameters. The primary focus is to determine the quality of the particular real estate project. After analyzing the set parameters, a rating will be assigned and the project would be under surveillance throughout its tenure.

Parameters:

Promoter track record

• Completed projects.
• Litigations.
• Financial stability.

Project Construction Quality

• Structural stability.
• Brands and quality of fittings and finishes.
• Maintenance (after sale).
• Building permit order.
• NOCs from authorities.

Project Legal Quality

• Encumbrances. .
• Title deed to land and project. .
• Agreement of sale, allotment letter & conveyance deed. .
• Title search report. .

Project Financial Quality

• Project estimate. .
• Title deed to land and project. .
• Source of funds. .
• Financial agreements/mortgage with financial institutions and banks. .

Project Innovation Quality

• Project estimate. .
• Building design. .
• Construction technology. .
• Amenities. .