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Builders to be rated

Builders to be rated

Apnaloan.com Research Bureau

05 May 2008

The Maharashtra government is taking steps in the direction of making builders and contractors accountable to their consumers. The government plans to get builders rated by reputed credit rating agencies such as the Credit Rating Information Services of India Ltd. (CRISIL) or Investment Information and Credit Rating Agency of India Limited (ICRA).

This is not to say that there is no monitoring of builders. Some of the listed real estate companies and some leading real estate developers hold to best industry practices and are monitored by the Securities and Exchange Board of India (SEBI) or other regulatory agencies. In spite of this, there are more than one lakh builders across the country which still are outside the purview of any regulatory agency.

The proposal for rating can bring the much awaited and needed transparency into this sector. It's also believed that this can help the government identify the best construction companies in the state. The Chief Minister of Maharashtra, Vilasrao Deshmukh said that those builders who establish repute may also be recommended for the Padma awards such as Padma Bhushan and Padmashri. According to media reports, builders and contractors, through the Indian Banks Association (IBA) have been making such demands. Know more about home loans on www.apnapaisa.com/loan.