India’s First Project Rating Launched
We at www.realtycompass.com are proud to announce the launch of India’s first “New Residential Project rating”.
Choosing amongst a maze of projects in your locality is always tricky for you and without any project rating in place; you end up spending months to look for one home which fits your budget and preference.
With Project rating in place, you can know look for sweet spots in your locality which have a good overall rating and yet are reasonably priced – and you hit a jackpot!
What is Project Rating?
Project Rating is the overall project score out of 100, where a project is rated on three critical parameters which will help you decide your next home.
Three critical parameters are –
Builder Rating: How reliable and credible the builder is?
Accessibility Rating: How accessible is the location where the project is located?
Amenities Rating: How does the project fairs in terms of amenities and hence quality of lifestyle in the project
Our intelligent algorithm not only assigns weights to each variable but also considers whether a parameter affects the rating in exponential, logarithmic, linear (and whatever else you must have reads in your textbooks) fashion
In short, project rating is an indicative rating which helps you do a quick selection / rejection of the project basis the parameter you weight most.
**We have given weights to all three parameters based on our deep understanding of the consumer behavior, but you can also look at all three parameters independently and do your own math.
Why is Project Rating Important?
Given the sheer number of choices you have today; and given that every project/house is different and lacks standardization- ratings would help you take a quick decision to create a shortlist based on your preferences (builder, amenities, accessibility)
How is Builder rating derived?
Builder rating is derived considering the past performance of the builder, total assets under construction; and consumer demand of his projects.
Past Performance of the Builder:
We are collecting lot of data points which helps us assess the past performance of the builder. Some of the data points we are collecting are – Number of projects delivered in past, Delivery/Delay track record, and Consumer complaints against the builder.
Total Assets under Construction
Having access to the exhaustive inventory of new projects in the city, gives us a deep insight into the strength of the builder. We very well know if the builder is predominantly a plot player getting into apartments or vice versa. This parameter gives a fair value to the quality of construction you can expect from the builder.
Well, the builder might be doing an average quality of construction, yet might be very popular as his product is value for money. Here we capture data points like the velocity at which builders product is selling or his price per square feet is increasing.
How is Accessibility rating derived?
As the industry experts say it is all about location, location and location! We are capturing latitude & longitude of all new projects, which helps us analyze the location of the project with respect to nearby shopping areas, gardens, noise polluting sources, metro stations, railway station and even café coffee days
Our accessibility rating, takes into account if the location is green, remote, noisy, near to up-market shops and has access to mass rapid transportation.
Accessibility rating = f (Open Spaces Around) + f (Accessibility to good quality lifestyle) + f(Mass Rapid transportation)
How is Amenities rating derived?
Our Amenities rating is derived from the wealth of information we have for each and every project in you city. For every project, we capture amenities and put them in buckets of Essential amenities (security, power back-up etc.) , sports amenities ( club house, badminton court etc.) and Health Amenities (RO treatment plant, Jogging track etc.)
Our Amenities rating, gives higher weights to health amenities and gives a negative rating if the project does not have essential amenities.
What not to expect from ratings?
Our Ratings (Project, Builder, Amenities, and Accessibility) are based on 1000’s of data points which we are capturing every day. The ratings are being refreshed every week to take into account newer data points we have captured.
The ratings are not elixir, but will definitely help you shortlist the projects faster and choose your home quicker.
Also, the ratings are derived based on what builder claims in his project. It does not take into account for example the amenities which builder promised but did not deliver at the end.
We wish all home buyers, happy house hunting. We hope our ratings, will definitely help you fast track your whole home search experience !!
Check these popular localities in Bangalore and Chennai to see it in action: