It’s not just big, it’s also proving to be among the best. The real estate boom in town is not just adding to the square feet count, it’s also improving quality of life.
Proof of the plaster — the unprecedented ‘DR1’ grading from Icra Limited for the builders whose residential flagship is architect Balkrishna Doshi’s creation off the E.M. Bypass. And Udayan — The Condoville is one stop from Hiland Park, the second phase of which was recently rated ‘RT2-Plus’, the “highest reliability rating for a housing project in the country by Icra till date”.
The credit rating agency’s highest developer grading in the country has gone the way of Bengal Ambuja Housing Development Limited (BAHDL) — which also boasts Utsa in Rajarhat, Urvashi in Durgapur, Ulhas in Burdwan and Uttorayon in Siliguri — and Bengal Ambuja Metro Development Limited (BAMDL). Pivotal to the rating is the Rs 200-crore Udayan, the first self-contained residential complex in the country to be built on public-private partnership and comprising dwelling units for all three income groups.
“The DR1 is a developer’s grading, indicating a very strong project execution capacity. It also testifies that the prospects of execution of real-estate projects as per plan are the best and the ability to transfer ownership as per terms is highest,” explained Amul Gogna, executive director, Icra. “These assessments indicate there are many good developers in Calcutta coming up with quality products, which can only be good news for customers,” he added.
This building buoyancy is echoed by Sushil Mohta, secretary (hony), City Developers’ Forum: “Calcutta builders are more quality-conscious than their Mumbai or Delhi counterparts... These gradings encourage competition and ensure that the next development will strive that much harder.”
Harshavardhan Neotia, managing director, BAHDL, termed the Icra rating “a reinforcement of the belief in the procedures being followed and a reiteration of the quality measures being invested in”. There is early evidence of that in BAMDL’s first project, City Centre, the 5.8-lakh-sq-ft commercial-cum-residential complex in Salt Lake, a signature design by Charles Correa, scheduled to be unveiled in 2004.
And next year, the building blocks are becoming bigger and better, with Hiland Park Phase I and Space Town, at either end of town, well-inhabited and mega projects South City and Silver Spring well underway.