BHUBANESWAR: Developers in the real estate sector need to self-regulate and enhance their transparency towards the customers, suggested Anirudh Agarwal, Regional Head, CRISIL Real Estate Star Ratings, here on Friday.
“The good news is that the real-estate developers are coming forward and embracing the concept of third-party evaluation of their projects which is a positive sign,” he said. Speaking at a function organised here to award 4-star rating to ‘Khushi Prestige,’ an upcoming real estate project in the city developed by ‘Khushi Realcon’. The project, a five-floor apartment consists of 20 aesthetically built luxury flats, designed to cater to the needs of high-end customers. The project offers wooden flooring, contemporary designs, spacious bedrooms adorned with finest fittings.
The rating addressed two critical needs in the realty sector - improved transparency and objective benchmarking of the projects. CRISIL rating will build confidence among customers on the quality and durability of the project, said Pradeep Thakkar, Director of Khushi Realcon. CRISIL carried out stringent exercise to evaluate the Prestige project in various parameters like construction, financial, innovation and legal aspects before awarding the rating.
Jeetu Mohapatra, CEO Orimark, the Channel partners of CRISIL real estate ratings said, the project located at a prime locality of the city shall gain high demands due to its proximity to the airport, railway station, medical care, malls and educational institutions.