Mangalore: CRISIL rates Aristaa Enclave as Mangalore- 5 star residential project

Daijiworld Media Network – Mangalore

Mangalore, Aug 21: Aristaa enclave, the flagship project of Allegro Builders and Developers, are one of the renowned real estate developers of Mangalore, and have been awarded as the Mangalore-5 Star residential project by CRISIL Real Estate Star Ratings (CREST) here on Tuesday August 21.

‘CREST’ is an independent, credible and comprehensive ratings service that seeks to help property buyers and developers benchmark and identify quality in real estate projects in their respective cities.

Anurag Jhanwar, director of CRISIL Real Estate Ratings in India said, “Our ratings provide a comprehensive evaluation of all critical project under specific parameters and we are pleased to announce the award of “Mangalore – 5 star rating” to Aristaa enclave.”

Jhanwar further added, “There is a need for enhanced transparency in the real estate sector, which can be achieved through self-regulation by developers.”

He also clarified, “That the good news is that many developers are coming forth and embracing this concept by opening themselves up for third-party evaluation through which a positive sign indicated as well as there is dedication towards customer centricity and professionalism.”

D B Mehta, chairman of Allegro ventures India said, “Keeping in mind the interest of our clients we decided to get the residential project Aristaa enclave rated by a rating agency and CRISIL being India’s prominent rating agency was our natural choice.”

“They carried out an exhaustive exercise by visiting the Aristaa enclave site, builders, architects, structural engineers, legal consultants, contractors, and officers to collect all the technical details about the project,” he added.

He also mentioned, “That for any prospective customer a 5 star rating by CRISIL ensures the project quality and the builder’s capacity to deliver. Thus we are extremely satisfied with the analysis on technical, financial and the legal aspects carried out by the team of CRISIL and accordingly rating Aristaa enclave as a 5 Star residential project.”

The star ratings is based on an eight-point scale from ‘city 7-star’, the highest, to ‘city 1-star’, the lowest being 'non-deliverable project'. This rating is assigned on the basis of five key parameters, on which the project is evaluated. The parameters are:

• Sponsor quality: Developer’s track record, with focus on construction, financial strength and ability to complete the project.
• Legal documentation: Land title, sales agreement, other statutory approvals and clearances.
• Financial quality: Viability of the project, developer’s financial strength, accounting quality.
• Construction quality: Structural quality, project consultants track record, execution capability and after-sales services.
• Innovation: Project concept, process innovation, building design and construction technology

Launched in 2010 by CRISIL, India’s leading ratings firm, CREST is the undisputed leader in third-party property ratings in India and currently covers over 220 projects at various stages of development; across 40 cities.

About Allegro ventures & the project- Aristaa enclave, Mangalore

Allegro builders and developers are reputed market leaders of real estate development in Mangalore, driven under the leadership of D B Mehta who has also served as erstwhile president of the Kanara builders association and presently vice president of Credai in Mangalore.

The group has a proven record of accomplishments since they have venture into the Mangalore reality sector and have been making a steady progress over the years by completing apartments & commercial spaces with excellence for design, architecture, construction that ensures value for money.

Their commercial projects have become the epicenter of Mangalore as their Maximus commercial complex houses the global financial institutions present in the city. They co-promoted City centre mall, the third largest mall in Karnataka, ushering Mangalore and its environs into global retailing and lifestyles.

They have completed apartment complexes, Acropolis- ‘Meeting ground of the upper crest’ and Adelphia- ‘A Space for Grace’ which are prominent city landmarks in elite locations of Light house hill and Falnir.

Aristaa enclave and their ongoing residential projects symbolize ‘The art of fine living’. It comprises 84 upscale apartments on a 4 lane concrete road in Pandeshwar, an elite location brimming with residential and retail development.

The project also incorporates prudent features for rainwater harvesting, common solar lighting and solar water heating, better natural cooling and use of eco- friendly building materials. In keeping with the commitment of 21st century, the group has diversified interests that also include wind power generation at different locations in the country.

For any other information or further details you may contact D B Mehta, Mobile: 9972385189