Information and Credit Rating Agency (ICRA) has added another
service to its portfolio grading of real-estate entities. The
innovative service by ICRA took off with the grading Hiland Park,
Phase-I in Kolkata.
ICRA assigned a grading
of RT2 to the project, indicating a strong project and the
project risk factors are low. The grading methodology developed by
ICRA, along with the National Real Estate Development Council,
will encompass both real-estate developers and projects.
The project is part of the Calcutta Metropolitan Group (CMG), a
joint sector entity, promoted by the Calcutta Metropolitan
Development Authority a statutory body set up under the West
Bengal Town and Country Planning Act and the United Credit
grading takes into account the availability of adequate funds with
CMG, and its ability to transfer clear titles to buyers of
property at Hiland Park, Phase-I. This, along with the fact that
CMG has deployed professional entities for project execution and
has achieved a good physical progress in construction, mitigates
the execution and transfer risks associated with the project.