INTRODUCTION

Today India is fastest developing country in the world. Infrastructure sector has a major role driving the Indian economy. The sector is highly responsible for growth in India's development and faces considerable focus from government for initiating policies that would ensure growth in infrastructure in the country. India also needs to qualitatively ramp up the real estate sector inside the country. This will not only help the country to move at a faster pace but this will create a positive sentiment in the minds of domestic as well as foreign investors regarding the real estate capability of the country.

Credit Ratings of real estate projects act as a verification of the financial credibility and quality of work against real estate companies. Such companies strive to achieve the highest ratings to assure investors proper risks and returns on their investments, along with customer advances, customer satisfaction and robust sales. India has et up credit rating agency which are perhaps the amongst developing countries in 1988.

METHODOLOGY

The Quality Rating Guide is a comprehensive tool covering broad aspects of commercial projects. The prime focus is on the vast parameters on which project quality depends. It will act as a tool for companies to achieve the highest quality ratings and also act as a priority reference for customers to justify their quality related decisions. The quality rating guide works to fulfill certain broad objectives which typically cover the vast aspects of the construction processes and materials. The objectives are enlisted in a tabular form with the corresponding merits and demerits.

A rating has been assigned to the item or process with respect to each objective.

Function & Utilities

·        An attribute factor giving a broad idea about the features and characteristic functions of the item or process.

·        The response given by the item towards intrinsic and extrinsic factors.

Life Span & Construction Time

·        A time factor considering service life of the item, speed of construction or process and other relevant periods.

Environmental & Health

·        Being the need of the hour, green and eco friendly attributes of the item or process are highlighted.

·        Impacts of the item or process on human health and well being are considered.

Miscellaneous

·        Unique and relative features intrinsic to the item or process are brought up.

·        Labor skills, tools and equipments for the item or process are considered.

Cost

·        Involves the financial aspect of the item or process.

·        Initial and installations costs along with their dependency are considered.

·        Frequency and cost of maintenance and servicing are highlighted.

PROCESS

The process involves evaluating the following parameters in the mall and providing accurate ratings based on the merits and demerits of the various processes or materials based on the above objectives:

Table 1: Contents

The following is a sample rating of a type of paint, OBD and the rating calculated as per the parameters and objectives:

Table 2: Sample Ratings

Total rating: 3.2/5

CASE STUDY

Site visit and case studies were conducted based on the above objectives and parameters to provide quality ratings for three malls as follows:

Table 3: Case Study Findings

 

CONCLUSION

I have studied the literature behind Credit Ratings, Credit Rating Systems and Agencies and Green Building Rating Systems and found out the appropriate scope for my project.

·        Quality Ratings is the prime factor for Credit Ratings in real estate projects. Every decision made regarding quality will have a good or bad impact depending upon the direction of the decision.

·        Quality parameters of Credit Rating Agencies were analysed and were broken down into a simpler format. This data was either divided as per items, processes or legal regulations.

FUTURE SCOPE

·        To Provide the criteria to provide quality ratings for the parameters of Interior & Surroundings.

·        To review the actual quality ratings for Kumar pacific mall, SGS mall & Season’s mall.

·        This research methodology is also applicable to other infrastructure projects like roads, bridges, railways, ports, etc. Corresponding quality rating guides can be prepared.