Financial Daily from THE HINDU group of publications
Friday, Feb 22, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 22, 2002 |
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Government
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States ICRA rating for Calcutta metro scheme Our Bureau
KOLKATA, Feb. 21 KOLKATA's real estate sector has perhaps come of age with what is probably the first rating done on a local construction group. Rating agency ICRA has assigned an `RT2' grade to the Calcutta Metropolitan Group's (CMG) Hiland Park project. The grading, assigned to the first phase of CMG's project, indicates that the prospects of successful implementation of the project and transfer of ownership are high. Also, the rating agency feels that the risks associated with it are low. The grading is also based on the "availability of funds'' with CMG, and its "ability to transfer clear titles to buyers'' of Hiland Park properties. A few other points have also gone in favour of the group, including its appointment of professional agencies for carrying out the project and the progress of the construction work. The assessment has further taken into account the project's design in accordance with the "seismic and climatic profiles of the Kolkata region''. ICRA's grading method, incidentally, has been developed in collaboration with the National Real Estate Development Council (Naredco). CMG, it may be mentioned, is a joint sector entity, promoted by the United Credit Belani group and the Calcutta Metropolitan Development Authority. The Hiland Park project, which in the first phase comprises a set of two residential towers and a club, recorded over 80 per cent bookings in December 2001. ICRA has also observed that given the fact that the structures involved are high-rises, the "quality control mechanisms and level of mechanisation employed are moderate, and may be strengthened further''. It says Hiland Park is the first project for the promoters in terms of magnitude.
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