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Our Bureau

Hyderabad , Aug. 8

SREEMITRA Developers Pvt Ltd, Hyderabad-based real estate developer, has received Crisil (Credit Rating and Information Services of India Ltd) rating, which supports the company's claim in handling land transactions.

It is the first realtor in the State to receive a rating from Crisil. Addressing newspersons here on Monday, the Executive Director, Sreemitra Developers, Dr Y. Kiron, said the country's leading rating agency awarded the DA Three (DA3) rating to the company.

"The rating indicates good track record in executing real estate projects as per specified quality levels and transferring a clean title within the stipulated time schedule," Dr Kiron said.

The Crisil rating factors in the company's various strengths including approval of land layouts from the Directorate of Town and Country Planning or the Gram Panchayat for ongoing projects, well-documented processes and structured development of land. According to Dr Kiron, the company has not only put in place a proper risk mitigation process but also developed a team that would carefully evaluate all the potential risks, including legal and procedural.

Having developed 10.2 lakh square yards of land during the last fiscal, with a turnover of around Rs 20 crore, Sreemitra Developers aims to develop 19 lakh square yards of land during the current fiscal with a business size of Rs 40 crore, Dr Kiron said.

Buoyed by the Crisil rating, Sreemitra Developers has embarked upon an expansion programme. It plans to foray into the construction segment. Three locations in Hyderabad have already been finalised for developing projects of independent houses at an investment of Rs 15 crore.

The company is also developing a major recreation centre - Darling Cave - at a cost of Rs 5 crore, to be ready by September.

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