"We have sought Reserve Bank 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 RV Verma said.
Using the rating ranging from 1-7 (seven being the best one) for a project, a potential buyer can make a more informed decision and go for the appropriate project.
The rating will be given by one of the registered rating agencies and be made public. Aspects like financial details, legal issues like land titles, track-record of the builders, approvals received by the project and repayments made to financiers among others will be considered while arriving at the rating.