CRISIL Real Estate Star Gradings

This gradings provide city specific all-round assessment of real estate projects and help buyers benchmark and identify quality projects within their city.

 

CRISIL Real Estate Star Gradings address two critical needs in the realty sector: improved transparency and objective benchmarking of projects.

 

The key factors evaluated in the Star Gradings process are:

  • Quality of legal documentation,
  • Construction related risks,
  • Financial flexibility/viability of the project besides the
    background, and
  • Track record of the project sponsor.

Star Gradings is based on an eight-point scale that is specific to the city - from ‘City 7-Star’, the highest to ‘City 0-Star’, the lowest.

475 real estate projects graded
66 cities


Recently graded projects

Grading Scale

The Star Gradings are assigned on a city-specific, eight-point scale; for example, ‘Mumbai Zero Star’ to ‘Mumbai Seven Star’. The assigned grading will thus be a benchmark against other graded projects in the same city.

 

The gradings are available for proposed, ongoing and recently completed commercial and residential projects. Once the grading is assigned, the project will be monitored constantly, providing timely updates on project progress. The grading will be valid until the project is completed.

Our Grading Criteria

Project Sponsor Quality

  • Construction and legal track record
  • Organisation strength, systems & processes
  • Financial strength of developers (s)
Project Construction Quality
Project Legal Quality
Structural quality Clarity of Title
Infrastructure & Integrated Facilities Restrictive Covenants
Finishes Encumbrances
After-Sales Services Sale Agreement
Likelihood of Time and Cost Overruns Development Agreement

 

Project Financial Quality
Project Innovation Quality
Accounting Quality Innovation in the areas of Land acquisition/ Construction technology/ Building design/ Project funding
Project Economics or Viability
Financial Flexibility

 

Grading Definition

 

Grade
Definition
7 star Highest likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with the least delay
6 star Very high likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with very low delay
5 star High likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with low delay
4 star Above average likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with average delay
3 star Average likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with above average delay
2 star Low likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with high delay
1 star Very low likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with very high delay
0 star Lowest likelihood of a project being delivered as per agreed specifications. Such projects are usually delivered with maximum delay

 

Grading Parameters

Project Sponsor Quality

This parameter focuses on the developers' construction and legal track record, and comments on their financial strength and ability to complete the graded project.

 

Project Construction Quality

By providing an independent assessment of aspects such as structural quality, amenities, likelihood of time and cost overruns, and after-sales services, this parameter assumes critical importance.

 

Project Legal Quality

This parameter examines the land title, sales agreement and various other statutory approvals and clearances of the project.

 

Project Financial Quality

This parameter assesses the viability of the project, and financial flexibility and accounting quality of the developer.

 

Project Innovation Quality

This parameter examines the innovation in the project, and covers aspects such as construction technology and building design, among various aspects.

Top graded projects in your city

Questions?

  • Ajay Kumar,
    Email :
    ajay.anand@crisil.com,
    Tel : 080 4244 5399/ 97423 55502

  • Anirudh Agarwal,
    Email :
    anirudh.agarwal@crisil.com,
    Tel : 033-4011 8219/ 98309 92377

  • Velumuni A,
    Email: 
    Velumuni.A@crisil.com,
    Tel : 044-66933629/9884299276