Lancor Holdings Limited, a company promoting real estate projects, has been credited with the star rating for its city projects by the credit rating agency CRISIL. It is for the first time CRISIL has introduced ‘City Realty Star Rating’ to gauge real estate projects developed by real estate companies across the spectrum.
The rating aims to provide comprehensive evaluation of real estate projects, based on various parameters such as track record of the developer, construction quality and legal quality of the project among others.
“We see the rating process as a method of enhancing the development value for the customer by an independent agency. The ratings give enough confidence to the financial institutions who normally fund the projects,” said R V Shekar, Managing Director, Lancor Holdings Ltd. Lancor Holdings Limited (LANCOR) offered two of their current projects —The Central Park-South and Abode Valley for CRISIL real estate star rating. CRISIL, after a comprehensive evaluation, awarded 7 Star (the highest rating) to Abode Valley and 6 Star to Central Park — South.
“We have always maintained a high level of transparency, quality and deliverance in all our dealings with our stakeholders and the CRISIL star ratings have only reinforced our commitment to our valued customers,’’ said Mallika Ravi, CEO, Lancor Holdings Ltd. At company level, CRISIL did a detailed due diligence on the organisational, financial strength, systems and processes, standards of accounting and at projects level, title clearance of the land, government approvals, innovation, location, infrastructure facilities and after sales service.
The salient aspects of LANCOR projects are: Maintaining a high level of transparency in all its dealings with the customers, providing a full set of legal documentation, including approved plans, parent documents, title deeds, due diligence certificate from the lawyer, etc.
The projects carry amenities like two covered car parking for each apartment, marble flooring and Spanish tiles for the rooms, common area walls, water treatment plants, reverse osmosis purified water, sewerage treatment plant, camera surveillance, sports and a recreation centre with mini theatre, cafeteria and party rooms.
LANCOR’s subsidiary company, Lancor Maintenance and Services Limited, normally maintains the properties on behalf of the customers after the formal handing over of the apartments to them