CHENNAI: Ever since its inception in the year 1995, Akshaya Private Ltd, in its quest for continual improvement, has subjected the company’s systems and processes to audits by external agencies.
The prime reason being that the company wants to provide utmost transparency to its buyers in a hitherto unorganised sector.
A CRISIL DA3+ rated company Akshaya Pvt Ltd has recently offered all its projects on sale to the newly announced CRISIL Real Estate Star Rating. The aim of this rating by India’s leading Ratings, Research and Policy Advisory Company was to help home buyers make informed decisions.
The ‘Crisil Real Estate Star Ratings’ rated new housing projects on a scale of one to seven stars after comparing them with alternatives available in a city. Another important objective to introduce this Crisil Real Estate Star Ratings was to address two critical needs in the realty sector: improved transparency and objective benchmarking of projects. The real estate star ratings benchmark real estate projects within each city and provide all meaningful information to buyers on a city specific basis. The ratings are given mid-way through the project and will be under scrutiny till the project gets completed.
The parameters for evaluation included the past record of the developer, the infrastructure in erecting, timely completion, cost overruns, after-sales service, legal issues like title and project innovations like green buildings. The new product from CRISIL was launched to address the growing need in the market for objective, independent and credible assessment of real estate projects and provide a comprehensive evaluation of all project specific risks.
Based on stringent evaluation criteria, CRISIL rated ‘Project Adena’ on Old Mahabalipuram Road as ‘City Seven Star’ which implies that the project is most secure in all aspects of development and absolutely risk averse. Other projects, which were rated, included: The Belvedere on GST Road which received a ‘City Six Star’ rating, 36 Carat on Poonamallee High Road which received ‘City Five Star’ rating and Metropolis on GST Road and Davos on Trichy Road Coimbatore that received ‘City Four Star’ rating.
About the star ratings for the company’s projects, T Chitty Babu, chairman and CEO, Akshaya Pvt Ltd, said, “Brand Akshaya has always stood for transparency and accountability and this rating reaffirms that our work practice is among the best in the Industry.’’ The Akshaya Group stands tall with over 140 projects to its credit.
Akshaya Homes had won the CNBC /CRISIL ‘Best Legal Systems’ Award for three years in a row (2007, 2008 & 2009) for clear title, clarity in documentation, detailed saleable area statements, nil encumbrances, sales agreement, development agreements, regulatory clearances and timely delivery. Akshaya has also forayed into various business segments, including Hospitality, IT and Commercial real estate development.