Rated Coimbatore 4-Star By CARE Ratings

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1 Coimbatore Flushing Meadows By: Elysium Real Properties Pvt Ltd April 2015 Flushing Meadows by Elysium Real Properties Pvt. Ltd. Rated Coimbatore 4-Star By CARE Ratings

2 Project Star Rating Rationale Project developer quality The developer has eight years of experience in developing real estate projects in Coimbatore city. As on December 31, 2014, the developer has completed four projects aggregating 1.45 lakh square feet (lsf) of saleable area both in residential as well as commercial segments in Coimbatore. Besides, the developer has six ongoing projects, including Flushing Meadows. Project construction quality and amenities Reasonable quality of project contractors, adequate project amenities and recreational facilities which include club house, super market and lawn areas. The project is in advanced stage of construction with 115 villas already handed over. Besides, finishing work is in progress in case of the remaining 10 villas. Project legal quality The project s land title is clear and marketable (Title search done by Ramani and Shankar advocates). The title search for the property is done for 30 years as against minimum 13 years required as per Directorate of Town and Country Planning (DTCP). Besides, the project has received all clearances required for the project from DTCP. Project financial quality Low funding risk owing to high booking status providing adequate cash flow visibility for the construction cost. Besides, the developer has not resorted for debt funding for the project. However, the project has been delayed due to delay in obtaining Electricity connections from the local electricity board and delay in obtaining water connections from Gram Panchayat for the project. The developer has, therefore, revised the project completion date to April 2015 from earlier envisaged August Project Profile Project Name Flushing Meadows Project Type Residential Villas Project Location Velanaipatti, Avinashi Road, Coimbatore Development Type Bought out land Project Start Date June 2010 Scheduled Project Completion Date April 2015 Agreed upon Possession to the customer Within 24 months from the date of booking Total Saleable Area 2.48 lsf having 126 (G+1) residential Villas Construction Status As on February 2015, the project is in advanced stage of construction with 115 villas already handed over. Besides, for the remaining 10 villas, finishing work is in progress. Project Developer Profile Name of the company developing the project Elysium Real Properties Pvt. Ltd. Project developer group Elysium Real Properties Pvt. Ltd. Development Experience of the developer group 8 years No of years in the industry 8 years No of projects developed till date 4 Total Area developed till date 1.45 lsf of saleable area No of projects ongoing 6 (4.56 lsf of saleable area) 2

3 Project Developer The developers have been in the real estate industry since February 2006 and have worked primarily in residential and commercial real estate development in Coimbatore. As on December 31, 2014, the developer has completed four projects since inception and all the projects are in Coimbatore. These projects aggregated 1.45 lsf of saleable area. The developer has its own technical team monitoring the project s progress on a daily basis. An excel-based MIS system is used to record and keep a track of project activities. Project Details The project is situated in Vellanaipatti, an upcoming residential region on Avinashi Road (NH-47), a major commuting route in Coimbatore. The project is located at about kms from Coimbatore Airport and has good road connectivity. The company has outsourced its construction work of Flushing Meadows to Integrated Design Team (IDT) which is a newly formed construction company in Bangalore. Flushing Meadows consists of 126 residential units out of which company plans to construct 125 villas with one plot being used as landscaped garden. This entire project stands over a land bank of 5.74 lsf having total saleable area of 2.48 lsf. The project uses an FSI of 0.80x. Highlights of the Project Rainwater harvesting plant Water softening plant Over head tanks for each villa. Lawn areas and club house Children play area Individual septic tank for each villa Power back up - partial (generators) The project uses column footing foundation in which construction and the excavation work is carried out 6-8 ft into the earth till hard strata is found. The development of the project is in advanced stage. As on December 31, 2014, the company has incurred 85% of total cost. Construction work is in finishing stage and out of total 125 villas, 115 villas have been handed over till February-2015 and remaining 10 villas are in finishing stage, planned to be completed by April Brief particulars about various contractors are as follows 1. Architects, structural consultants and Civil Engineers The company has outsourced architectural work, structural consulting and civil engineering works to Integrated Design Team (IDT). IDT is a newly established contractor in Bengaluru, which has expertise in constructing real estate assets across various categories. The firm has five years of working experience in handling real estate projects. IDT was also a contractor for one of the ERPPL s project in the past, which is now completed. Project legal status The title search for the entire land is done for 30 years as against minimum 13 years required as per DTCP. Environmental clearance is not needed since the company takes approvals for individual villas instead of taking approval for the entire project. Since all the buildings are G+1 stories high, no high rise clearance is required. Furthermore, the project does not require CRZ or aviation clearance since it is neither near coastal region nor in the vicinity of aerodromes. 3

4 The draft sale agreement, though is adequately detailed, does not mention the details of conveyance deed and details on society formation. The possession date in sales agreement is linked to booking date. Project financial status The total project cost of Rs crore is being funded by way of promoter funds of Rs.13 crore and Rs crore through customer advances. As on February 28, 2015, Rs crore has already been incurred towards the project, which was totally funded through customer advances. The company has received bookings of all the 100% units of the project, with customer advances received of Rs crore till February Analyst Contact Ms. Sharmila Jain Tel.: Mobile: Disclaimer CARE s star rating of real estate projects is an opinion on the developer s ability to execute the real estate project in timely manner and with the agreed upon quality standards. Besides, it is an opinion of the legal quality of the project. The analysis draws heavily from the information provided by the developer and information obtained from sources believed by CARE to be accurate. However, CARE does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Also, CARE does not guarantee the adequacy of title search done to arrive at the legal quality of the project. CARE s Real Estate Star rating is also not a recommendation to buy, sell or hold the rated real estate property. CARE shall also not be liable for any losses incurred by users from any use of such rating. Most of the developers whose real estate projects are star rated by CARE have paid a rating fee. 4

5 Latest Site Photographs (as on February-2015) 5

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