CRISIL upgrades Land Trades Maurishka Palace Rating to 6 Stars
Mangaluru: Land Trades Builders & Developers received an enhanced rating of ‘Mangalore 6 Stars’ from CRISIL for Maurishka Palace, its largest and most ambitious project to date, following an audit after completion of the project.
This new rating is an upgrade from its earlier rating of ‘Mangalore 5 Stars’, accorded by CRISIL to the same project during the construction stage. Independent quality audit both before and after completion of a project is yet another first by Land Trades and reflects it’s all abiding commitment to optimum customer satisfaction.
Maurishka Palace is centrally located at Kadri Kambla in the city. The project comprising 330 apartments features two independent blocks of Ground+22 storey each along with premium lifestyle facilities. The 22,000 sqft exclusive Club House with full-fledged gym, independent Jacuzzis & Spas for men and women, swimming pool, indoor and outdoor sports facilities is a unique feature of Maurishka Palace and Mangalore’s first and largest such facility.
The project was completed within a record period of 40 months. It was formally inaugurated on 29 May 2015. Over 90% of the flats are sold and the project will complete its first successful year this weekend. “All teething problems which normally appear in the first year have been addressed to the best satisfaction of the residents, as per our commitment as promoters of the project. Maurishka Palace is a prestigious project of Land Trades where we have strived to deliver our best. This critical evaluation by CRISIL is a testimony to our credibility as a reliable builder and developer of Mangalore. The feedback provided to us by CRISIL will further enable us to improve our performance in the future,” said proprietor of Land Trades, Srinath Hebbar.
After handing the certification, Director of CRISIL Satish Ramachandran said that the enhanced rating was awarded to the project following a fresh independent audit by CRISIL technical team who undertook thorough inspection of the entire project along with interviews with customers, residents, and various project associates.
CRISIL Real Estate Star Ratings is based on an eight-point scale that is specific to the city, with the highest rating being 7 Star. The ratings are awarded after all-round assessment of the projects and address two critical needs in the realty sector – improved transparency and objective bench-marking of projects to help buyers to identify quality projects within their city. The ratings are based on Sponsor Quality, Construction Quality, Legal Quality, Financial Quality and Innovation Quality. He also said that it is not easy to get even a 5 Star rating while 6 and 7 Stars are very few. Land Trade’s Sai Grande has a 7 Star rating.
“When a developer applies for such rating, it shows that they want to provide transparency and are open to scrutiny. It’s a good thing that developers are taking such initiative by themselves,” said Satish congratulating Hebbar and his team on the occasion.
Regional head of CRISIL Ajay Kumar Anand, Structural engineer of the project Krishna Shetty and other were present. Manohar Prasad compered the programme.
CRISIL – An Icon of Credibility
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. It is India’s leading ratings agency and is also the foremost provider of high-end research to the world’s largest banks and leading corporations. It enjoys unimpeachable credibility in the corporate world and a positive rating from CRlSIL is an invaluable testimony for trust.
Recognising CRISIL’s credentials, N R Narayana Murthy, the Chairman Emeritus of lnfosys Technologies Ltd, who is a leading spokesperson for the Indian corporate world has said, “At a time when rating agencies world over are under scrutiny, CRISIL stands out as an outstanding example of a rating agency that has remained true to its value.”
