‘Red Fort Parsvnath Tower’ by Parsvnath Group
RATED NCR 6-STAR BY CARE RATINGS
About the Project
‘Red Fort Parsvnath Tower’ is a commercial real estate project situated on Bhai Veer Singh Marg in New Delhi, about 2 km from Cannaught Place. It is one of the largest commercial projects of the developer with a total leasable area of 2.84 Lakh sq. ft. Besides basic facilities like water provision, power back-up, car parking, the project will have various amenities including attractive landscape with terrace garden, modern security and access control for offices.
PDL has obtained the project from DMRC based on the competitive bidding process. The project involved the construction and management of an office tower for a period of 30 years. The ground floor and one level parking in the building are to be handed over to shopkeepers affected by DMRC Metro project at Panchkuia Road, Delhi.
Project Star Rating Rationale
Developer Profile
The Parsvnath Group, has 29 years of experience in developing real estate projects and has a pan-India presence. As on June 2013, Parsvnath Developers Limited (PDL) had 49 ongoing projects spread over a total area of 76 million sq. ft. comprising 16 residential projects, 13 integrated townships, 9 commercial complexes including malls and 5 Delhi Metro Rail Corporation (DMRC) Build-Own-Transfer (BOT) projects, 5 hotels and an Information Technology (IT) park.
Construction Quality of the Project
The entire construction and the civil works were assigned to Larsen and Toubro Limited (L&T). The company had hired Mumbai-based project management consultants Masters Management Consultants India Private Ltd (Masters) for the project management and development. Apart from SGA, Thareja Designers and Architects Pvt Ltd, New Delhi is the Facade Consultant and S Bose Landscape Architects is the landscape architect.
Legal Aspects of the Project
The title of the land is clear, as it has been acquired by DMRC from the Ministry of Urban Development (MoUD), Government of India, on a leasehold basis (99 years). The MoUD has authorized DMRC to use the land for lease/sub-lease/license/concession for raising revenue from property development. The land has been provided by DMRC to PDL for a lease period of 30 years (period of concession). The project has received all requisite approvals except for clearances from the Fire Department and Occupancy Certificate (OC) which are pending as of August 2013.
Financial Details of the Project
The project has been funded through a mix of debt and equity. The construction of office complex has been completed at a total cost of Rs.309 crore against the initially envisaged cost of Rs.265 crore. The escalation in cost was on account of the increase in interest cost and legal/administrative expenses. As per the management, PEDPL shall be incurring some additional work for landscaping, security systems and lighting arrangements at a cost of Rs.36 crore on the office complex. For meeting the cost overrun and additional cost for increase in scope of work, the company is in the process of availing new debt of Rs.60 crore.
Other Key Highlights of the Project
100% Power back up
24/7 security service
CCTV surveillance
Open and underground parking space
LEED Green Building Certification
Large open spaces and landscaping
Construction Status
The physical development of the commercial tower was completed in March 2013 against the envisaged completion date of January 2013. The civil structure and internal finishing of all the eight floors is complete. The company has applied for the OC from NDMC which is pending due to clearance from the Fire Department.
About the Contractors of the Project
Architects:The principal architect of the project is Mumbai-based firm, Sandeep and Suresh Goel and Associates (SGA). The firm was established in 1967 and has worked on large and reputed projects like Common Wealth Games Village (Delhi), Integrated Freight Complex (Dwarka, Delhi), several airports, etc.
Structural Consultants and Civil Engineers: Pioneer Consulting Engineers Pvt Ltd (PCEPL) was established in the year 1995 and is engaged in providing architectural, civil, structural and sanitary & plumbing consultancy in the field of power plant, transmission project, other industrial projects, commercial complex, bridge, hotel, hospital, etc. The major projects include Software Park for GE Capital (Hyderabad), World Trade Centre (Gurgaon), DLF Cyber Green Complex at Cyber City (Gurgaon), Jindal Hospital Hissar and Ansal Plaza (Greater Noida). The civil construction work is overseen by PDL and Larsen and Toubro Limited (L&T). L&T, established in 1938, is one of the leading infrastructure development, construction and project management companies in India with pan-India operations.
Project Management Consultants: Masters Management Consultants India Private Ltd is the project management consultant for the project. It is associated with the developer since August 2011 and is also involved in other projects of the developer. Over the years, Masters has developed experience in the field of project management and has executed commercial, residential and industrial projects in Bangalore, Goa, Jaipur, Jamshedpur, and is executing various projects in Delhi, Mumbai, Pune, Hyderabad and Kolkata.
Civil Works: The civil construction works were undertaken by Larsen and Toubro Limited (L&T). L&T, established in 1938, which is one of the leading infrastructure development, construction and project management companies in India with pan-India operations.
