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ICICI Bank Home Loans & CNBC Awaaz announce winners of Real Estate Awards

22-August-2007
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ICICI Bank Home Loans & CNBC Awaaz announce winners of Real Estate Awards

ICICI Bank Home Loans and CNBC Awaaz have announced the winners of ‘Real Estate Awards’. Pioneered by ICICI Bank Home Loans, CNBC Awaaz along with credit rating agency CRISIL, ‘Real Estate Awards’ honours India’s leading developers and builders who have the potential to raise the bar and set new benchmarks for newer entrants.

Jawaharlal Nehru Urban Renewal Mission bagged the award for ‘Outstanding Contribution to Real Estate Sector,’ while DLF Developers were named the ‘Most Diversified Real Estate Developers’. Best Project Execution was awarded to Malachite 3- Sobha Developers, while Sintex Best Architect Award for Residential Buildings went to C P Kukreja.

Hundreds of builders had sent in their nominations from across India for various categories. Entries were further segregated into retail, commercial and residential sectors.

The selection procedure for Real Estate Awards was meticulously designed by CRISIL. The objective of the Awards is to develop a credible platform to recognise the contributions from this booming sector and hence, serve as a definitive benchmark for the industry and consumers.

The Awards were divided into four categories – Theme, Category, Achievement and Special Awards. While the Theme and Category Awards were evaluated by CRISIL on certain set parameters, the nominees were shortlisted in each category depending on the architectural design, execution and facilities apart from the other considerations like compliance to environment and safety norms.

The Special Awards for Best Architecture, Interior Designers and Malls were nominated by Jones Lang Lasalle Meghraj depending on the venture’s performance and contribution towards the real estate sector. A jury of well-known industry leaders in the real estate space shortlisted the winners for the same.

A CNBC Awaaz spokesperson said “CNBC Awaaz, along with ICICI Bank Home Loans and CRISIL takes great pride in the growth achieved by the real estate sector. However, unless the sector embraces transparency and institutionalisation, there is a serious inherent risk that can affect its long term visibility. ‘Real Estate Award’ is one such attempt which will bring to light some of the best practices from this upcoming industry, setting standards based on which the industry can take cues to grow.”

While the Indian economy is growing at 8-9 per cent, the real estate sector is seen as one of the fastest growing sectors and playing a pivotal role in the Indian economy. The growth of IT, IT-enabled services, biotechnology, insurance, banking and retail malls has lead to the increase in real estate demand and prices.

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