| Hiland Park, the three-phase, joint-venture residential project with a star rating
The second phase of Hiland Park, the residential complex that will house Calcutta’s tallest towers, has been rated ‘RT2-Plus’ by Icra — the highest reliability rating for a housing project in the country by the grading agency to date.
This was announced on Wednesday by Sumit Dabriwala, managing director of Calcutta Metropolitan Group Limited (CMGL), a joint venture between the CMDA and United Credit Belani Group.
CMGL is developing the housing project, coming up in three phases on the Eastern Metropolitan Bypass, opposite Peerless Hospital.
Dabriwala was speaking at the launch of Hiland Park’s third phase, which will comprise 368 apartments in four towers, and The County, the sports and recreation facility for residents of the complex.
The first phase of the project had received an ‘RT2’ grading by Icra, indicating “strong project”.
“This is the highest grading we have given to any residential project in India, which is extremely significant, since the system is designed to evaluate the risks for the buyer,” Amul Gogna, Icra executive director, told Metro.
Properties are graded on a scale of five — RT1 being the strongest, going down to RT5 — and RT2-Plus is the “closest one can get to the best”.
The investment information and credit rating agency takes into account three broad parameters for the assessment.
“Timeliness of completion, relative quality assurance measures and the risks of transfer of ownership are the issues we consider during the in-depth study, which looks more for realities on the ground rather than being just an exercise on paper,” explained Gogna.
From the presence of on-site labs to analyse purity of building materials to seismic safeguards and structural stability, everything is put under the microscope by the rating agency. “It’s largely a voluntary exercise where developers give us the mandate, but the buyers and users are our real audience,” the Icra chief said.
Launching the third phase and inaugurating The County, the 35,000-sq-ft club, state municipal affairs and urban development minister Asok Bhattacharya said: “We are looking at more joint-sector housing projects to alleviate the shortfall among the middle and lower-income segments.”
The minister also unveiled plans for a 3,000-unit housing project “for the urban poor” in Garden Reach on a 10-acre plot. Echoing Bhattacharya’s views on the private-state housing model, mayor Subrata Mukherjee observed: “Hiland Park clearly demonstrates how much the housing sector needs private players.”
Minister of state for municipal affairs Anju Kar congratulated the developers for “keeping to the delivery schedule”.
Apart from a well-equipped gym and a 4,170-sq-ft community hall, The County also includes basketball and squash arenas, a rooftop swimming pool, restaurant, Montessori house, library and spa.
“The County will provide our customers the facility to unwind and relieve the stress of a contemporary lifestyle through sport and recreation once they get home,” said Dabriwala.
Hiland Park has organised an art camp at The County, in association with Spandan Art Gallery, to mark the launch. Part of the proceeds from the sale of the paintings will go to the chief minister’s relief fund.