CNBC Awaaz announces the winners of Real Estate Awards
MUMBAI: ICICI Bank Home Loans & CNBC Awaaz announced the winners of ‘Real Estate Awards‘ in the presence of Hon. Union Minister for Urban Development, Mr. Jaipal Reddy in Mumbai. Pioneered by ICICI Bank Home Loans, leaders in retail sector, CNBC Awaaz India‘s premier Hindi business consumer channel along with CRISIL, India‘s premier credit rating agency, ‘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.
While the Indian economy is growing at 8-to9%, the real estate sector is seen as one of the fastest growing sector and playing a pivotal role in Indian economy. In the first half of 2007 the industry has accounted for about 2.2bn investments. The growth of the IT, IT enabled services, biotechnology, insurance, banking and retail malls has lead to the increase in real estate demand and prices.
Hundreds of builders sent in their nominations from across India for various categories. Entries were further segregated to retail, commercial and residential sectors from across the country and the best across small, medium and large-scale.
The Real Estate Awards selection procedure was meticulously designed by CRISIL. The objective of the Real Estate Awards is to develop a credible platform which will recognize the contributions from this booming sector and hence serve as the definitive benchmark for the industry & consumers.
While speaking on this occasion 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. But 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."