Six real estate projects in Chennai have got top ratings from Crisil, which has, for the first time, has come out with a product to provide city-specific all round assessment of real estate projects.

Addressing a gathering got up to announce the award of 7-Star rating to Abode Valley and 6-Star rating to Central Park — couple of projects promoted by Lancor Holdings — Lodd Rajendra, Head of Business Development, Crisil Ratings, said Crisil was now working on two more mandates from the realty sector. He said Crisil had thus far rated 21 real estate projects.

Detailing the salient features of the two Crisil rated projects, Mallika Ravi, CEO, Lancor Holdings, said that Lancor was “committed to quality and transparency in our dealings with our stake holdings.” Of the six Crisil-rated real estate projects in Chennai, two are promoted by Lancor. The remaining are by Akshaya Group.

According to Mr. Rajendra, the rating will address two critical needs in the realty sector — improved transparency and objective bench-marking of projects.

Crisil Real Estate Star Rating (CREST), a product launched early this month, is intended to help flat buyers benchmark and identify quality projects within a city. Such ratings, it is claimed, will provide a comprehensive evaluation of all project-specific risks, which could impact the quality of the project.