MGI Gharaunda gets ‘NCR 4 Star’ from CRISIL

April 26, 2012 - PRLog -- KDPMGI’s project MGI Gharaunda in Raj Nagar Extension, Ghaziabad, has bagged “NCR 4 star’ rating by the prestigious CRISIL, the largest rating agency in India. CRISIL 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.  

CRISIL has said that the project’s structural quality is backed by the sound track record of the architect, structural consultant, and civil contractor. CRISIL Real Estate Star Ratings address two critical needs in the realty sector: improved transparency and objective benchmarking of projects. The key factors evaluated in the Star Ratings process are quality of legal documentation, construction related risks, financial flexibility/viability of the project besides the background, and track record of the project sponsor.

Star Ratings is based on an eight-point scale that is specific to the city— from ‘City 7-Star’, the highest, to ‘City 1-Star’, the lowest being 'Non-Deliverable Project'. The rating says that the project has onsite material-testing facilities. For amenities the report says that the project has a clubhouse with recreational facilities, children’s play area, and 100 per cent back-up for common areas and individual units through diesel generator sets.

Mr. Manoj Goyal, CMD, KDP Buildwell, Pvt Ltd, said; Being the first project in Raj Nagar Extension to get CRISIL rating, the location of Gharaunda also came for praise as it is located in an upcoming residential area of Ghaziabad with many new residential projects in the vicinity, as the area is in proximity to east Delhi (Anand Vihar). The project is positioned as affordable housing and targets service class people from nearby areas.

The legal quality of the project is backed by a clear and marketable land title and receipt of the pre-construction approvals, a detailed apartment buyer agreement mentioning possession date, maintenance terms, default implications, and delay compensation. The financial quality of the project is good, marked by high saleability, receipt of customer advances, and sanctioned bank lines from Central Bank of India for the project. The project construction cost is likely to be funded with customer advances and bank lines. The sponsor quality is backed sound experience of its promoters in the National Capital Region’s (NCR’s) real estate market. The developer’s website has project specification, amenities, floor plans, location map, block wise price list, and payment plan.