CREDAI instrumental in liberalization of FDI and opening other investment regimes for the real estate sector
CREDAI-a strong body of over 11500 private developers spread across 23 State Chapters and 166 City Chapters. It has been now working hard for the development of real estate sector in the country. It has also been instrumental in liberalization of FDI and opening other investment regimes for the real estate sector. I would like to thank Mr. Nandu Belani, President of CREDAI Bengal for inviting me for this event. (CREDAI CRISIL)
Over the last 3 years, CRISIL has an association with CREDAI Bengal for this award. And CRISIL have also been working with them as Knowledge (Intellectual and Analytical) Partner. CRISIL is a global analytical company. It provides ratings, research and risk and policy advisory services. It has also leverage its deep experience of rating about 475 projects across 66 cities in the country and 60 projects in West Bengal. CRISIL has shortlisted the nominations and developed criteria for selection of the winners. (CREDAI CRISIL)
This award is spread across 19 categories for the developer, their complete and ongoing projects. The underlying objective behind the awards has been to strengthen the long-term prospects of the real estate sector by adoption of best practices in systems and processes, good quality, timeliness and clear legal titles.
The process for short listing projects for the jury round was rigorous and multi-level. A 3-member analytical team of CRISIL have collectively invested about 300 hours for analyzing and evaluating total 75 applications received for the award and then shortlisted 40 projects. The initial screening identified projects completed between January 2015 and November 2016. Project short-lists are on the basis of a close scrutiny of applications and using date from application forms in the CRISIL model. CRISIL model covers assessment and scoring of each projects across 8 broad parameters which includes track record, transparency in customer agreement contents, legal systems and processes, organizational set-up, legal documentations, financial quality, construction quality and after-sales service. Each project was scored across 50 sub-parameters before arriving at the final score indicating the rankings in each category. The projects were further shortlisted based on the identified best practices. For instance, in the best brochure category, the best practices considered were the extent of disclosures in the brochure; in the environment category, the considerations included design, and construction materials and techniques adopted to conserve environment. The projects with top scores in each category finally got invitation by the Jury round. (CREDAI CRISIL)
The shortlisted nominees were then invited to make a brief presentation to the jury, covering the project and financial profiles, and justify their candidature based on qualitative aspects as per guidelines provided by CRISIL. The jury members then had to score each project on the given criteria in the scoring sheets provided by CRISIL. The winners are projects that won the highest aggregate score in each category.
CREDAI Bengal is among the forerunner for hosting these kinds of state level awards, CRISIL & CREDAI Bengal Realty Awards 2017 is yet another initiative to recognize the trend-setters who have adopted these best practices in real estate development. (CREDAI CRISIL)
Not only this, but also the following……….