The
National Housing Bank (NHB) on recently said it will soon come up with a rating
for housing projects in association with banks, to help buyers make informed
decisions.
"We
have sought Reserve Bank of India (RBI)
nod to launch the NHB - IBA rating for real estate projects. We expect to
launching the rating soon. But, we are not planning to make it mandatory for
all," NHB Chairman and Managing Director Mr. R V Verma said in Mumbai.
Using the
rating ranging from 1 to 7 (seven being the best one) for a project, a
potential buyer can make a more informed decision and go for the best project.
The
rating will be given by one of the registered rating agencies & be made
public. Aspects such as financial details, legal issues such as land titles,
track-record of the builders, approvals received by the project & repayments made to financiers among
others will be considered while arriving at the rating.
“We have
suggested that let us not make the rating mandatory for projects. Rather, we
can incentivise its use through various means,”
Mr. R V Verma said.
The
incentives will include concessional interest rates to borrowers opting for
projects with better rating & also concessional interest rates to the
builders for their project loans from the lenders, he also said.
Mr.Verma
said a committee of stakeholders, including representatives from the banking
sector and rating agencies, which he headed, had recommended the introduction
of such a rating system.
It can be
noted that the government has been making attempts at coming up with a law to
regulate the real estate sector, which will keep tabs and prevent any wrongful
activities.
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