Mangalore: Three projects of Land Trades get Crisil Star Ratings
Pics: Brijesh Garodi
Daijiworld Media Network - Business
Mangalore, Apr 22: In the landscape of Mangalore, Land Trades Builders and Developers has emerged as a leading name with a reputation for coming up with appealing projects and timely completion, which is most often earlier than the promised delivery date.
The firm has many completed projects to its credit, like ‘Sai Grandeur’ with 120 flats situated on Jail Road and ‘Danube’ with 45 flats situated on Balmatta Road.
Land Trades biggest project, namely ‘Maurishka Palace’ with 333 flats situated at Kadri Kambla was launched in January last year and is presently under construction.
The firm is now once again in a very jubilant mood as it has become the first real estate promoter in Mangalore to receive the prestigious Star Ratings by CRISIL, the reputed international ratings agency, for three of its projects.
Land Trades is also poised to launch ‘Atlantis’, an ambitious project of super luxury apartments and duplexes on 24th April 2013. On the eve of this exciting occasion for the company, Shrinath Hebbar, proprietor of Land Trades spoke to Daijiworld in an exclusive interview.
Congratulations on receiving the coveted Real Estate Star Ratings from CRISIL and also on coming up with your new project, ‘Atlantis’.
Hebbar: Thank you, we are indeed most fortunate and proud that CRISIL has given a very good evaluation for three of our projects – Sai Grandeur, Ourania and Maurishka Palace. I am thankful to all our customer, business associates and well wishers who have made this achievement possible. Regarding ‘Atlantis’, I am very excited because this is a very unique concept where we have tried to integrate the best features of an independent bungalow with the obvious advantages of a flat. This is an upmarket project aimed at the super premium segment of the market. Atlantis is situated adjacent to Colaco Hospital, Bendoorwell, which is an elite residential locality of Mangalore. We are offering 40 apartments and duplexes here.
Can you tell us more about this concept? How did you develop it and what are the factors that inspired it?
Hebbar: I am glad to tell you that ‘Atlantis’ concept was developed after extensive market research. Mangalore is famous for its old mansions and bungalows. At heart, we Mangaloreans love the idea of living in an independent house. But due to the fact that there is very limited open space available in the city, real estate market has been pushed towards promoting apartments as it is both practical and affordable. Hence, speaking to people while promoting our other apartment projects, we realized that there was a dormant need for homes that offered more than what a normal flat would do. That is when we decided to come up with an integrated concept – an apartment that feels like a bungalow. And Atlantis was born.
How does this concept look like in reality?
Hebbar: Well the most obvious features of an independent house are privacy, exclusivity and personal space. In ‘Atlantis’, this manifests in the form of three independent blocks fused at the centre in such way that each apartment view is completely blocked off from its neighbours and it is impossible for the apartment residents to peep into each other’s homes; so each feels that his house is the only house in the vicinity.
There are also features like personalized lifts which open directly into your flat. The security of this facility is ensured with access control cards. The apartments and duplexes are also larger than normal apartments. The three-bedroom apartments have an area of 2955 SFT and 3030SFT while 5-bedroom duplexes are of 5400 SFT, which includes exclusive space suitable for having a home theatre, a bar or a study room as per customer choice.
Attached bathrooms for all bedrooms with separate powder room for guests, sky terrace garden for all duplexes, occupancy sensors for bathrooms, electronic surveillance for entire complex, multi apartment video door phone for all apartments and fully equipped air-conditioned gym with health club and spa are some of the other luxuries the residents can enjoy.
So, you see ‘Atlantis’ offers apartments that feel like a bungalow in every way.
How has the market responded to this concept?
Hebbar: As I said earlier Atlantis is aimed at a niche market. We have received very good response from affluent people who have always been looking for something like this and Atlantis met their idea of a dream home perfectly. Atlantis will be formally launched on 24th April in the presence of dignitaries like Jayarama Bhat, Managing Director and CEO of Karnataka Bank Ltd., M.A. Rasheed, Deputy General Manager, Corporation Bank and Naveen D’souza, Corporator of Bendore Ward.
How did you come up with the name ‘Atlantis’?
Hebbar: As you may be aware, Atlantis was a legendary Greek island whose glory is celebrated in literature and history. Atlantis is also the name of an American Space Shuttle, which is a marvel of science and technology. One of the world’s most luxurious hotels situated at the Palm Jumeirah in Dubai is named ‘Atlantis’. Hence we thought ‘Atlantis’ is the best name to give to a project that epitomizes luxury, exclusivity and grandeur.
Ok. Now can you enlighten us regarding the CRISIL Star Ratings?
Hebbar: CRISIL is an internationally renowned ratings and research agency and they are well known for evaluating international banks, institutions and corporates. They also provide Real Estate Star Ratings on a city specific and project specific basis. As Land Trades has been obsessed with quality all these years, I felt that going in for a CRISIL evaluation would be the best step forward to further assure ourselves that we are on the right track. Though we are already an ISO:9001:2000 certified firm, we felt that being evaluated by an independent agency would give us the required feedback to further improve our quality and reinforce our commitment to give our best to our customers.
How did this come about?
Hebbar: When we decided to go in for an independent evaluation, we approached CRISIL with a portfolio of three projects, namely Sai Grandeur and Ourania which we have already delivered and Maurishka Palace which is presently under construction. Once CRISIL accepted our portfolio, their evaluation team visited Mangalore and undertook extensive quality audit of the concerned projects. They visited the respective project sites, met our customers and associates and did their own research using various survey, study and investigation tools. At the end of this process they allotted our two completed projects - Sai Grandeur and Ourania – ‘Mangalore 7 Stars’ rating and Maurishka Palace, which is a project in progress with ‘Mangalore 5 Stars’ rating. I am hoping that we will be able to upgrade this rating once the project is complete and we have fulfilled the ratings criteria in its entirety.
Can you tell us something about the parameters on which the star ratings are based?
Hebbar: CRISIL Star Ratings is based on an eight-point scale that is specific to the city— from ‘City 7-Star’, the highest, to ‘City 1-Star’, the lowest being 'Non-Deliverable Project'. The evaluation parameters span various issues like promoter’s background and track record, construction quality, documentation and legal issues, financial management and transparency, innovation in project design, management, technology and execution etc.
Land Trades Atlantis to launch on April 24
Land Trades Builders and Developers will launch its new project ‘Atlantis’ super luxury apartments on April 24.
Jayarama Bhat, Managing Director and CEO of Karnataka Bank Ltd., has graciously consented to lay the foundation and preside over the function. M A Rasheed, Deputy General Manager, Corporation Bank and Naveen D’souza, Corporator of Bendore Ward will be the Guests of Honour. The formal function will take place at 9 am at the project site adjacent to Colaco Hospital, Bendoorwell, Mangalore.
Atlantis – Epitomizing the best of Both Worlds.
Mangalore is famous for its charming mansions and palatial bungalows. These were symbols of luxury and comfort. By nature Mangaloreans love living in independent homes as it gives privacy and personal space. However with the shortage of vacant land, apartments have become popular, as they give the advantage of economical and secure life.
With this project ‘Atlantis’, Land Trades has tried to combine the merits of both these modes of living – the exclusivity and privacy of an independent villa and the convenience and security of an apartment. Situated in the elite neighborhood of Bendoorwell, Atlantis is the most ambitious project of Land Trades so far. Atlantis will feature 40 super luxury apartments spread over 14 floors. These include three-bedroom apartments of 2955 SFT and 3030SFT and 5-bedroom duplexes of 5400 SFT with provision for adding a home theatre / bar / study room.
Atlantis will feature many innovations and attractions such as –
Personalized high-speed lifts to each apartment with access control card
Attached bathrooms for all bedrooms with separate powder room for guests
Sky terrace garden for all duplexes
Occupancy sensors for bathrooms
Electronic surveillance for entire complex
Multi apartment video door phone for all apartments.
Surge and lightening protection
Fully equipped air-conditioned gym with health club and spa.
Two cark parks plus ample visitor car parking space
“Atlantis is aimed for the super premium segment of the market where there is big vacuum. The project was conceived after conducting extensive market research during which we realized that there was a dormant demand for super luxury apartments and we have strived to address this need through our project,” says K Shrinath Hebbar, proprietor of Land Trades.
CRISIL Star Rating for Three Projects
The following three projects of Land Trades have been allotted star ratings by CRISIL:
Sai Grandeur (Completed Project) – Mangalore 7 Stars
Ourania (Completed Project) – Mangalore 7 Stars
Maurishka Palace (Project in Progress) – Mangalore 5 Stars
CRISIL Real Estate Star Ratings Criteria
Star Ratings is based on an eight-point scale that is specific to the city— from ‘City 7-Star’, the highest, to ‘City 1-Star’, the lowest being 'Non-Deliverable Project'.
The ratings are based on independent audit and evaluation of the following criteria.
Project Sponsor Quality - This parameter focuses on the developers' construction and legal track record, and comments on their financial strength and ability to complete the rated project.
Project Construction Quality - By providing an independent assessment of aspects such as structural quality, amenities, likelihood of time and cost overruns, and after-sales services, this parameter assumes critical importance.
Project Legal Quality - This parameter examines the land title, sales agreement and various other statutory approvals and clearances of the project.
Project Financial Quality - This parameter assesses the viability of the project, and financial flexibility and accounting quality of the developer.
Project Innovation Quality - This parameter examines the innovation in the project, and covers aspects such as construction technology and building design, among various aspects.
Today Land Trades has achieved a new milestone by getting themselves rated by an independent rating agency. This just shows how robust the company is in meeting their commitments to the end user.
Contact - Land Trades:
1st Floor, New Milagres Mansion,
Falnir Road, Mangalore - 575001.
Phone : 91 824 2425424 / 2423866.
Mobile : 91 9880742159 / 7829904069 / 7829913069
Email : firstname.lastname@example.org