Brickplot Score Rubric — Exact Coefficients

• EC clean 30yr — Kaveri 2.0 / IGR full chain extract
• Mother deed chain — at least 2 prior owners traceable
• Layout classification — LP/TP sanction matches actual use
• RERA escrow compliance — 70% collection-to-escrow ratio verified
• Civic road elevation risk — road elevation vs plinth per BBMP DEM

Deininger et al. (2008) find secure property rights reduce transaction costs by 18–24% and raise resale liquidity. Karnataka IGR deed-velocity data (2022–2025) shows EC-clean projects transact 31% faster than encumbered peers.

• QPR filing cadence — all 4 quarters filed within 15 days of quarter-end
• Satellite vs declared completion gap — ≤10 percentage-point delta
• Complaint-to-project ratio — upheld complaints per 100 units launched
• Form A completeness — all mandatory fields populated, no N/A abuse

IIMB RERI (2023) analysis of 4,200 RERA-registered projects shows QPR-regular developers deliver on schedule 2.3× more often than irregular filers. Satellite-vs-declared gap >15pp is the single strongest leading indicator of eventual stall (precision 0.71 at 18-month horizon).

• NCLT/IBC status — no admitted insolvency petition against promoter or parent
• MCA-21 financials — audited P&L filed within 9 months of FY close
• Delivery track record — % of past projects delivered on or within 12m of promised date
• Commercial portfolio exposure — >40% commercial revenue increases SPV default risk
• Subvention scheme risk — deferred-payment structures flagged; escrow adequacy tested

RBI Financial Stability Report (2024) identifies developer leverage as the primary systemic risk in residential pre-sales. CRISIL data shows rated developers default on possession at 4× lower rates than unrated peers. Subvention schemes increase buyer NPV risk by 9–14% when builder liquidity deteriorates.

• Post-possession diffusion index (DI) — % promoters minus % detractors in 12-month cohort
• Construction phase DI — sentiment from buyers in active-construction phase (pre-OC)
• Complaint resolution rate — RERA complaints closed in favour of promoter vs buyer
• Sample depth flag — axis weight discounted 30% if interview count < 8

Wu & Brynjolfsson (2015) show user-generated review signals predict housing satisfaction with R² 0.41 at neighbourhood level. Brickplot sentiment pipeline (IREF + MagicBricks + 99acres, n=50 projects/week) shows post-possession DI is the highest-precision single signal for construction quality vs marketing claims.

• APF lender count + tier — nationalised bank APF weighted 1.5× private/HFC APF
• LTV offered — projects where lenders offer <70% LTV flagged as reduced bankability
• NRI loan product availability — at least one lender on APF list offers NRI home loans

NHB data (FY2024) shows projects with ≥3 APF lenders have 23% lower cancellation rates. SBI APF alone signals due-diligence depth: SBI rejects 34% of builder applications at APF stage vs 18% average for HFCs, making its presence a credible quality signal.

• School proximity (1–3km) — CBSE/ICSE school within 1km scores 10pts; within 3km scores 6pts
• Flood zone classification — CWC Category-A without engineered mitigation triggers hard cap 5.4
• Metro corridor stage — operational line scores higher than approved-not-funded DPR
• Commercial office vacancy (CPRI) — micro-market office vacancy >20% signals employment risk
• AQI 5yr avg — CPCB station within 2km; annual average >200 triggers hard cap 6.9
• Noise/vibration risk — expressway <200m or under flight path within 3km flagged

Case & Shiller (2012) document that school-district quality explains 8–11% of residential price variation independently of location. CPRI commercial vacancy data predicts rental yield within ±0.4pp. CWC flood-zone overlap is associated with 15–22% insurance cost uplift and measurably lower resale velocity in Brickplot IGR analysis (2022–2025).

• Micro-market pricing residual (AVM) — project ask vs Brickplot AVM band; >15% premium flagged
• Brickplot Demand Index (BDI) — composite of IGR deed velocity + search intent + listing velocity
• NHB RESIDEX QoQ — official price index quarterly change for the micro-market node
• IGR deed registration velocity — SRO-level deed count trend, 6-month rolling vs prior-6-month

NHB RESIDEX is the statutory price benchmark; Brickplot supplements it with IGR deed-velocity (sub-registrar registration counts) which leads RESIDEX by 1–2 quarters. Wu & Brynjolfsson (2015) show search-intent signals predict price movement at 6-month horizon with R² 0.38, which informs BDI construction.

• Non-linear completion scoring — 3.2× higher price variance in projects below 50% completion; sub-axis weights adjusted accordingly
• Schedule adherence — months of slippage vs original RERA possession date
• Capital cost burden — implicit buyer cost of delay estimated at ₹ per month (rent + EMI overlap)
• Phase delivery record — builder's last 3 completed projects: % delivered within 12m of promised date

Chau, Wong & Yiu (2007) document that pre-sale buyers accept an 8–12% implicit discount for bearing construction risk in Hong Kong — a pattern replicated in RBI pre-sale analysis (2023). Brickplot Sentinel-2 satellite sweep data (2024–2025, 200 projects) confirms 3.2× higher price-variance concentration in the 0–50% completion band, justifying the non-linear sub-axis weight. This axis increased from 9% to 11% in v3.0.

• OC status vs lifecycle — RTM projects without OC >6 months post-handover trigger hard cap 5.4
• Building plan sanction — BBMP/BMRDA/authority sanctioned plan matches constructed floors
• Environmental clearance — MoEFCC EC valid and project built-up area within EC ceiling
• Fire/water NOC — fire NOC current; water/sewage NOC from utility body on file

RERA tribunal orders (2021–2024) show approval gaps (missing NOCs, lapsed sanctions) are cited in 41% of possession-delay complaints. OC absence post-handover is the most common basis for homebuyer forum orders compelling refund, making it the highest-stakes single document in this axis.

• RWA governance quality (BAF framework) — corpus adequacy, maintenance contract transparency, escalation mechanism
• STP commissioning — on-site STP operational at OC; capacity matches peak occupancy
• Maintenance corpus adequacy — sinking fund per unit vs 10-year projected capex
• Parking ratio — ratio per unit by segment; <1.0 in Premium/Luxury triggers hard cap 6.4
• Soil/foundation risk — expansive black cotton soil or filled land without engineered foundation flagged

IIMB RERI resident satisfaction surveys (2023, n=1,200 households) identify water reliability, parking, and maintenance governance as the three strongest predictors of resale intent at 5 years. Borewell-only water supply in Cauvery/Krishna Stage-V deficit zones triggers a hard cap (6.4) given documented 40–60 day annual dry periods in affected micro-markets.

• CPRI-driven micro-market demand — CPRI commercial office vacancy as proxy for rental tenant pool depth
• Gross rental yield estimate — derived from IGR deed price + 99acres/MagicBricks rental listing median
• BDI exit liquidity proxy — Brickplot Demand Index as forward indicator for resale absorption speed
• Days-on-market for resale — SRO deed registration lag for secondary transactions vs micro-market median

NHB RESIDEX yield data (FY2024) shows gross rental yields in top BLR micro-markets range 2.1–3.8%; projects in CPRI top-quartile employment zones outperform by 0.6–0.9pp. Case & Shiller (2012) find days-on-market is the highest-frequency reliable signal of local demand conditions, ahead of listed prices.