KOCHI: Anurag Jhanwar, Director, Real Estate Ratings, CRISIL has stressed the need for enhanced transparency in the real estate sector, which can be achieved through self-regulation by developers.
More developers are coming forward to adopt the concept of self regulation by opening themselves up for third party evaluation.
This is a positive sign which indicates a dedication towards customer centricity and professionalism, he said while speaking at a function to hand over the 7-star rating citation to Asset Casa Grande, the ultra luxurious fully furnished lake front boutique sky villas promoted by the Kochi based Asset Homes.
According to him, the real estate star ratings provide city specific all round assessment of real estate projects and help buyers benchmark and identify quality projects within their city.
The key factors evaluated in the star ratings process are quality of legal documentation, construction related risks, financial flexibility/viability of the project, innovative attributes of the project besides the background, and track record of the project sponsor, he said.
With this citation, Asset Homes has become the first ever builder Kerala to have won the CRISIL 7 Star Rating twice.
In the past, Asset Signature, Thiruvananthapuram had also won this topmost rating from CRISIL.
V. Sunil Kumar, Managing Director and Anil Varma, Executive Director, Asset Homes said that Asset Casa Grande will be inaugurated by the Union Minister of Food and Consumer Affairs, K.V. Thomas on November 2.
Asset Homes, as part of its business diversification strategy, also forayed into industrial and corporate infrastructure development sector.
The company has secured contract of Petronet LNG Ltd for the execution of interior and allied works for the Composite Building and Reception centre at the Petronet LNG Terminal here at a cost of Rs 35 crore, they said.