Bella Vista, the flagship project of Adam Realty, one of the renowned real estate developers of Belgaum, has been awarded a Belgaum-5 Star Rating by CRISIL Real Estate Star Ratings (CREST). This award was presented yesterday by Anurag Jhanwar, Director, CRISIL Real Estate Ratings to Raj Bhandari, Managing Director of Adam Realty at a function held at Bella Vista grounds in Belgaum. Many leading figures from Belgaum attended the event.
“CREST is an independent, credible and comprehensive ratings service that seeks to help property buyers and developers benchmark and identify quality real estate projects in their respective cities. Our ratings provide a comprehensive evaluation of all critical project specific parameters. Today, we are pleased to announce the award of “Belgaum – 5 star rating” to Bella Vista-Phase1.” said Anurag Jhanwar.
Mr. Jhanwar further added, “There is a need for enhanced transparency in the real estate sector, which can be achieved through self-regulation by developers. The good news is that we are now seeing developers coming forth and embracing this concept by opening themselves up for third-party evaluation — a positive sign indicating dedication towards customer-centricity and professionalism.”
“It has always been our mission to build some of the finest quality homes. Our people come to work every day with that goal in mind. So we are pleased and honored that an independent and reputed firm like Crisil has acknowledged their hard work. “said Mr Raj Bhandari.
Star rating is assigned on the basis of five key parameters:
- Sponsor quality: Developers’ track record (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 250 projects at various stages of development; across 46 cities.
ADAM Realty is a USA-India based builder whose team members have developed and managed some of world’s finest projects. ADAM’s mission is to provide the best quality homes and home-living experience, from superior design, material, workmanship and state-of-the-art technology, to the well appointed amenities, property maintenance and services. ADAM’s fully integrated, in-house processes, make homes more affordable than one would expect. ADAM is currently developing three projects in Belgaum, including finished flats, bungalows, plots and serviced apartments ranging from INR 15 lacs to 2 crores.
On the occasion of the CRISIL Award Ceremony, where an award certificate was given by CREST MD, Anurag Jhanwar, AAB caught up with Raj Bhandari, MD and Founder of ADAM, the company which develops Bella Vista:
What is your reaction to receiving this rating?
Raj Bhandari ———– > All along, our goal was to build the finest residential development. So we could not be happier that a reputed organization like CRISIL has validated the hard work our people put in.
What is the implication of these ratings for a home buyer?
Raj Bhandari ———– > CRISIL does what a home buyer should look into and know when buying a home, but does not have the time, resources or knowledge to do so. They evaluate the project on various criteria. How is the quality of construction? Not just the exterior beauty, but true quality inside out. Does the developer have the knowledge and experience to deliver what he promised. Are the developer’s finances in order. Are the titles and permits in order. Are the existing home buyers pleased with the project. Higher the rating, more confidence a customer can place in that project.
What were your expectations when you came to Belgaum to develop Bella Vista? Have you met those expectations?
Raj Bhandari ———– > I will first answer the second question. We will not really know until home owners have lived there for many years, and they and their families are better off because of it. Our standard for “quality homes” is more than just the best location, building design, quality, good amenities clean titles, etc. Project should also be built in a way that it can be maintained cost effectively. That is not so easy. Developers in India particularly fail in that respect, because frankly, it is not their responsibility or they do not have that experience. As such, over time the buildings, the amenities do not function well. The project does not look as good as it looked in the brochure or when it opened. If so, then we will not have met our expectations. That is why we commit to manage and stand by the properties we build for a long time.
But there is yet another facet. We also don’t see “Houses” as just a physical place to live. Instead one that adds to home owner’s overall “experience”. That is why at our projects we do several events in the areas of arts, health, personal growth, or community participation, we call “Lifestyle Series”. At Bella Vista, they have included, a children’s art contest, where 1100 children from various area schools participated. An art auction, where painting by a prominent artist and an ex-Belgaumite, was auctioned for charity. A “wine and cheese” event where hundreds savored wines and cheeses from around the world. Annual desk calendars with unique themes, where homeowners get to contribute pictures. Past themes have been “Nature”, and “Birds of Bella Vista”. A blood drive and a Free Medical Camp for construction workers at the KLE campus. Most recently, we held a Diwali Kandeel contest, where we funded several college teams to conceptualize, design and build nearly 10 feet tall Kandeels that are beautiful, have a theme, and will stand the test of time. The winning entries were displayed at Bella Vista for several weeks. Not only the student teams received valuable experience (and cash rewards), Bella Vista homeowners got to share this experience, and the spectacular display. We will continue to do events in areas of health, personal growth, business networking, and so on for Residents as part of our property management plans.
When many hear of quality, amenities, lifestyle events, etc they may wonder if they can afford all this. How does Bella Vista compare with other projects on prices?
Raj Bhandari ———– > This is a misconception. Yes, Bella Vista’s prices are 10 to 20% higher than other projects. In most cities, the best project would earn substantial premium over others, even 50%. It has to be because quality costs money. Each thing adds up. If not for the size of our project, and the timing of our land commitment (when prices were very low), we simply could not afford to provide such quality and such amenities at this price. On the flip side, at projects like Bella Vista where so many amenities are provided, one can buy a smaller house and still live well. There is not only the Gym and playground, but also a business center, a library, a guest room, and so on. The cost of maintenance, or events, is not as high because of the size of project. Of course, it will still be a premium, as is expected at one of the finest projects in the city. Moreover, we now have projects where there are more affordable options.
Bella Vista was first covered by us nearly 2 years ago. For those who do not know, give us a brief description of the project.
Raj Bhandari ———– > Bella Vista is 200 home planned community in Nanawadi on land that is surrounded by greenery on all sides, only 5 minutes from Belgaum Railway Station. We have several floor plans, flats ranging from 850 to 3800 square feet in towers up to 9 story tall, and Row Villas and Bungalows of 2300 square feet to over 5000 square feet. Project has acres of landscaped areas and modern amenities one can find only at the finest projects in Bangalore, Pune or overseas. The project is developed by a team that includes professionals from many places including USA, Mumbai, Bangalore, Pune, and ofcourse Belgaum itself. Several bungalows and row villas are complete where families have already moved in, and nearly 6 apartment buildings will begin completions by year end.
Tell us about the other projects ADAM is planning in Belgaum?
Raj Bhandari ———– > We have 2 additional projects in Belgaum. We recently launched Cosmopolitan, near KLE Medical campus. Cosmopolitan includes 2 towers, one will be a “Serviced Apartment” where owners can stay upto 30 days a year, and earn rental income for the rest of time. This is ideally suited for investors or ex-Belgaumites or those who visit Belgaum occasionally, as they get to stay in a 4-star facility when they want, and earn income when they do not. Owners can also stay in multiple units at a time. Other tower in Cosmopolitan has 1, 2 and 3 BHK unfurnished flats. They however, get to use the Serviced Apartment facilities and Services, so really best of both world. Cosmopolitan is in a quiet block, with open views and breeze, just 5 minutes from KLE. Site work has begun, and completion is expected by 2015 year end.
Our other project is Bella Palms, a 50-acre resort-like development, 10 minutes from City Center on a site that has hundreds of 40 feet tall Sopari Palm Trees and a 2 acre lake. We are currently building a lake house, and the lake will have a gazebo in the center and boating. Bella Palms will have flats and villas of various configuration and affordability, including an area just for Seniors. We have not yet launched Bella Palms. But we plan to sell a few plots to those who commit to build bungalows with our high quality specifications.
Is ADAM planning projects anywhere else besides Belgaum?
Raj Bhandari ———– > Yes. We are planning large projects in several cities and will be announcing a few in coming months. But because our team is fully-integrated, doing in-house design, planning, construction, management, legal, etc, the Belgaum team will only be working on projects within driving distances, such as Hubli, Goa, Karwar and Kolhapur. The homeowners at all our projects get reciprocal use of certain amenities, such as Club House, at our other projects. So this is a big benefit for homeowners in Belgaum who travel to these places for work or pleasure.
What do you think of AllAboutBelgaum ?
Raj Bhandari ———– > It is a fantastic way for people of Belgaum whether they live in Belgaum or outside, to know about current happenings. The best thing about AAB is unbiased and non political way of covering news. We wish you luck and hope AAB becomes even more popular in years to come.