The Prestige Group has emerged as the only developer in India to receive the coveted ‘Crisil DA1 Excellent’ rating.
Bangalore, India, Thursday – May 24, 2012 — The Prestige Group ( http://www.prestigeconstructions.com ) has emerged as the only developer in India to receive the coveted ‘Crisil DA1 Excellent’ rating. While the Crisil DA1rating, which is the highest form of certification among developers, is sought by all in the sector, it is only the Prestige Group which has managed to walk away with the ‘Excellent’ rating from them, within India, thus reinforcing their position as one of the foremost developers in the country today.
Mr. Irfan Razack – CMD, Prestige Group said, “While the Prestige Group has always attempted to create benchmarks and raise the bar through their innovation, creativity and determination to provide international standards of quality and design in their various developments, a certification of the highest level from an authority such as Crisil will surely reinforce the faith that thousands of loyal Prestige patrons have in the company.”
About Crisil Real Estate Developer Ratings:
CRISIL is India’s largest credit rating agency and is today the undisputed business leader, with the largest number of rated entities and rating products. Crisil Real Estate Developer Ratings are opinions based on a developer’s past track record in executing real estate projects and are indicative of their ability to do so in future. Factors such as legal & construction track record of the developer; organizational systems, structure & processes; financial profile; are assessed while assigning the rating. Developers with higher ratings will have properties that are legally sound and that are completed and delivered on schedule.
Rating scale and definition:
The rating symbols of the real estate developers’ rating use the letter ‘DA’, indicating the Developer’s Ability to execute projects, as suggested by his track record.
Symbol: DA1
Interpretation: EXCELLENT
Definition: The developer’s ability to execute real estate projects as per specified quality levels within the stipulated time schedule, and to transfer clean title, is excellent.
Symbol: DA2
Interpretation: VERY GOOD
Definition: The developer’s ability to execute real estate projects as per specified quality levels within the stipulated time schedule, and to transfer clean title, is very good.
Symbol: DA3
Interpretation: GOOD
Definition: The developer’s ability to execute real estate projects as per specified quality levels within the stipulated time schedule, and to transfer clean title, is good.
Symbol: DA4
Interpretation: BELOW AVERAGE
Definition: The developer’s ability to execute real estate projects as per specified quality levels within the stipulated time schedule, and to transfer clean title, is below average.
Symbol: DA5
Interpretation: POOR
Definition: The developer’s ability to execute real estate projects as per specified quality levels within the stipulated time schedule, and to transfer clean title, is poor.
About Prestige Group:
Synonymous with innovation, the Prestige Group has in recent years expanded its presence across several cities in South India including Chennai, Kochi, Mangalore, Mysore, Hyderabad and Goa, apart from Bangalore.
The company already has several successful completed and ongoing projects in Chennai to its credit, spanning the commercial and retail segments. Prestige Cyber Towers and Prestige Palladium are two recently completed commercial developments, which have received an overwhelming response. Among other projects, Prestige Polygon, another commercial development, is currently under construction while the Forum Vijaya Mall, slated to be Chennai’s largest mall, is also scheduled to be unveiled later this year.
Over the last decade, the Prestige Group ( http://www.prestigeconstructions.com ) has firmly established itself as one of the leading and most successful developers of real estate in South India by imprinting its indelible mark across all asset classes. Founded in 1986, the group’s turnover has today crossed Rs. 1,600 crores. A leap that has been inspired by CMD Irfan Razack and marshaled by his brothers Rezwan Razack and Noaman Razack. Having completed more than 161 projects covering over 45.82 million sqft, the group has over 61.33 million sqft of under development & planned projects. In October 2010, the Prestige Group also successfully entered the Capital Market with an Initial Public Offering of Rs 1,200 crore.
Aggressive growth plans in the residential, commercial, retail, and hospitality domains will be visible in the skylines of Bangalore, Chennai, Hyderabad, Cochin, Mangalore, Mysore and Goa in the coming years, giving each city an unparalleled experience with landmark malls on the lines of The Forum, Large Townships, Tech Parks, Hotels, Luxury Villas and SEZs.
The Prestige Group is the only developer from Bangalore to receive the reputed FIABCI award for their software and residential facilities. The Prestige Group has been on a winning spree for the last two years and has received several international and national awards for their various developments.
Press & Media Contact:
Urmila Biswas / Lakshman Babu
Ogilvy Public Relations Worldwide
Bangalore, India
Ph: 98860 99736 / 98457 06155
urmila.biswas@ogilvy.com
http://www.prestigeconstructions.com
