Asset Homes completes 500 homes as targeted in 2020, retains DA2+ rating

Sunil Kumar V, Managing Director, Asset Homes, one of the leading builders of Kerala, has said that despite the unexpected outbreak of COVID-19 in an already sluggish market, Asset Homes could deliver on the promises it made to its customers in 2020. In 2020, the company completed seven residential projects and two commercial projects with a total of 11 lakh sq ft which includes over 500 apartments, few villas, showrooms and office space.

Asset Homes also retained DA2+, the highest CRISIL rating ever-received by a Kerala builder. Binaifer Jehani, Business Head, SME Solutions Head, CRISIL, said CRISIL’s DA2+ rating indicates the developer’s ability to execute real estate projects as per the specified quality level within the stipulated time schedule and to transfer a clean title with 100% legal ownership. The agency has also considered the strong experience of the promoter, the company’s strong marketing and development strategies, standardised work flow processes and systems, and good second-line management team and advisory board.

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Speaking on 2021 plans, Sunil Kumar said the company will complete four more projects in the New Year in Kochi, Thiruvananthapuram, Kollam and Thrissur. In addition to these, 12 new projects will also be launched in 2021.

He also said Asset Homes is entering into three new verticals in the New Year, including student living, senior living and affordable housing. The company’s first affordable housing project named Down to Earth will be in Kakkanad, Kochi. Its project for senior citizens will be in association with Season Two Living, a company in which Sajan Pillai, founder of IT major UST and Managing Partner of a US$100 million venture capital fund, has investments. The project, Young at Heart, with 350 apartments, including specialised facilities for senior citizens, will be coming up near Rajagiri Hospital in Aluva. Asset Homes’ student living project, Asset Identity, on the other hand, will be built as part of Taurus Downtown, which is being set up by the Boston-based Taurus Developers in the phase III of Technopark, Thiruvananthapuram.

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Considering the growth prospects of the company, C.V. Rappai, a Qatar-based NRI businessman, has taken equity in the company and has joined the board of directors. Director and CEO of Doha’s Ahmed Bin Saif Al Thani & Partners Group, Mr. Rappai is also a director of INKEL and a member of NORKA Roots and Loka Kerala Sabha.

Speaking via Zoom, Sajan Pillai, investor in Season Two Living, Asset Homes’ partner in the senior living project, said Young at Heart coming up in Aluva will be the first of its kind project in India with primary healthcare facilities, physiotherapy, hydrotherapy, ayurveda clinic, walk way, yoga centre, fitness centre and recreation facilities aimed at senior citizens.

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Ajay Prasad, Country Manager – India, Taurus Investment Holding, said, Taurus Downtown will be the largest of its kind integrated IT park facility in the state with residential towers and recreation facilities among others. He also said Taurus is glad to have a seasoned builder like Asset Homes onboard for the residential projects inside Taurus Downtown.

Dr. M P Hassan Kunhi, director, Asset Homes, said the year 2021 is a year of hope with the advent of Covid vaccine. For Kerala’s economy, which is uniquely impacted further by NRIs, the improved relations among the GCC countries will be an added impetus for growth.

Asset Homes has so far completed and handed over 66 projects and currently has got 19 residential projects under various stages of completion in Thiruvananthapuram, Kollam, Patthanamthitta, Kottayam, Ernakulam, Kozhikode and Kannur.