Grading Parameters

The possible rating criteria for Calcutta • Appearance of building: 15 • Ratio of carpet area to super-built-up area: 10 • Location and orientation of flat/house: 10 • Cross ventilation of bedrooms and living/dining area: 10 • Ventilation of toilets and kitchens from an external wall: 10 • Ectrical design and fittings: 5 • Sanitary and plumbing designs and fittings: 5 • Structural design and adherence to prevalent codes: 10 • Waterproofing of roof: 5 • Waterproofing of toilet and kitchen floors and walls: 5 • Construction workmanship: 5 • Quality of hardware fittings (locks, hinges etc.): 5 • Common facilities on offer: 5

Rating of real estate properties has always been a hotly debated topic among architects and builders. While there is no strong resentment among developers and builders against a rating system, the methodology for it remains an unresolved issue.

Commercial establishments have the resources to appraise a building, but an individual buyer of a residential flat faces the dilemma of selecting the right property.

Therefore, all residential properties in the real estate market should be rated on a scale of 100 (see chart).

The rating should be done by an independent organisation set up jointly by the government and citizens so that those interested in buy-ing properties can get an independent quality assurance certificate from a third party.

The rating system should be transparent so that the builder and the buyer understand how the property has been graded.

For the sake of convenience, let us call the rating system the Property Rating Index for Different Environments or Pride.

The Pride rating can be done based on the performance of a particular property with respect to certain criteria for assessment. These criteria will change from region to region according to climatic, soil and other environmental conditions.

After grading the property, one has to look at other aspects as well for a proper assessment. One of the most important criteria is the payment schedule.

The payment schedule should be related to the progress of construction. The completion date of the project should be confirmed before the agreement for sale.

A token penalty of 2 per cent per month should be payable by both parties for defaulting on payment or delivery of property.

Most residents are unaware that the architect, structural engineer and the developer have to sign certain undertakings before the sanction of the building plan.

Buyers should carefully read them to understand the liabilities of those involved in the design and construction of the building.

In most cases, developers are required to plant trees in front of the project as part of the sanction requirement.

The residents should insist that these trees be planted before the flats are handed over.

Developers who have been consistent in delivery of projects should be rewarded with a different classification.

For instance, someone with a consistent average of above 75 Pride points in 10 projects should be classified as A+. Similarly, others with a consistent record in five buildings should be awarded grade A.

Developers achieving 65-75 points may be awarded B+ or B grade, according to the number of projects in which they have achieved it.

Therefore, 75 Pride points for a grade A developer would rate higher than 75 Pride points of a grade B developer because of their consistent track record.

The grading system can be reviewed after every five years when maintenance problems of each project can be taken into account.

It is also high time apartment owners in the city started networking among themselves through the Internet. There should be a website for flat owners and another for tenants.

The common problems arising out of the contractors’ or developers’ negligence should be brought to the notice of all flat owners and tenants.

It will give the developers valuable feedback on the clients’ needs and provide the buyers with information, which is difficult to collect on an individual basis.