Tritvam by TRIF Kochi Projects Private Limited
RATED KOCHI 7-STAR By CARE RATINGS
About the Project
Tritvam is a residential project located close to the Central Business District of Kochi, Marine Drive, which is one of the most populous and prime locations of Kochi Kerala. It is well connected to the Airport and Railway Station via the 4-Lane Marine Drive Road. TRIF Kochi Projects Pvt Ltd (TKPPL), a Special Purpose Vehicle created by Tata Realty and Infrastructure Ltd (TRIL), is the project Developer of Tritvam project. The project is spread over 8.44 acres of land, uses a FSI of 2.75x and has a total saleable area of 1.06 msf with 504 residential units ( mix of 3 BHK, 4BHK and duplex apartments). The project comprises 7 residential towers, one convenience retail (3000 sq. feet), and one multilevel car parking (MLCP). The project has obtained all the approvals required for the construction.
Project Star Rating Rationale
Developer profile
TRIF Kochi Projects Pvt. Ltd. (TKPPL) is a Special Purpose Vehicle created by Tata Realty and Infrastructure Ltd (TRIL) of TATA Group, a 100% subsidiary of Tata Sons. TRIL has been in the real estate industry since March 2007 and have worked in mixed use development (commercial/retail/residential/hospitality) and other infrastructure projects. TRIL is managing 4 ongoing real estate projects (excluding Tritvam) through various SPVs having a consolidated saleable area of over 7 million square feet (msf). TKPPL is managed by TRIL and is a fully owned subsidiary of Tata Realty Initiative Fund (TRIF), in which TRIL is also a share holder.
Construction Quality of the Project
The company has hired award winning (American Institute of Architects [AIA] Harry Seidler award-2009) Australian architect firm Woods Bagot (WB). Further, TKPPL has outsourced its civil construction works to Leighton Welspun group, which is a leading multinational company dealing in constructions, mining and project development. Besides, the company has hired Sterling Engineering Consultancy and Made Wijaya as its structural and landscaping consultants, respectively. The company has also hired Edifice Group of Mumbai and CBM Engineers, USA to work as the peer consultants to Woods Bagot and Sterling Group, respectively. Association with above entities specializing in their respective domain is likely to enable TKPPL to deliver quality residential project.The internal project team of TRIL verifies and monitors the works of the aforementioned specialized entities. A weekly report is generated from the project site and is delivered to TRIL project team to evaluate the quality of work done by these consultants.
Legal Aspects of the Project
The project‟s land title is clear and marketable and the title search (done by Wadia Ghandy and Co.) for the entire property is done for 18 years. All pre-construction approvals have been obtained for the project. The project layout is approved by Corporation of Cochin (COC) and commencement certificate has been obtained for the same.
Financial Details of the Project
Promoter funds required are already infused and the budgeted debt is tied up but the project has high dependence on customer advances. Nevertheless, the company has already sold adequate inventory against which funds from customers are to be mobilized (linked to construction). As a result, almost entire funding requirement for the project is highly certain. Moreover, the project belongs to TRIF, which is a mid-sized private equity fund enabling adequate financial flexibility during stressed scenarios.
Highlights of the project
o Rainwater harvesting plant
o Water softening plant
o Sewerage treatment Plant
o Infinity Swimming Pool
o Over head tanks for each building. Underground sumps also available.
o Multi Level Car Parking
o Lawn areas and club house
o Partial Power back up (generators)
o CCTV, Video Doorbell System and 24/7 Security guard
Various Contractors of the Project
Structural Consultants: The company has hired Sterling Engineering Consultancy Services Private Limited
(SECPL) as it‟s structural consultants. SECPL has completed projects not only in India, but also in The United Arab Emirates, Saudi Arabia, Mauritius, Iraq and Sri Lanka.
Architects: The company has hired Woods Bagot which is a global design studio specializing in the design and planning of iconic buildings.
Civil Engineers: The company has hired Leighton Welspun to work as civil engineering contractor. Leighton Welspun is part of the Leighton Holdings Group – Australia‟s leading corporation in constructions, mining and project development.
Landscape Consultants: The company has hired renowned landscape consultants Made Wijaya, also known by his Australian name of Michael White, to design the spacious landscapes of “Tritvam”. Over 20 years, Made Wijaya has built a reputation for landscapes that are not only magnificent in design, but also crafted to the smallest detail, with terraces, courtyards, pools and garden decorations enhancing their impact and appeal.
Other Contractors: The company has also hired Edifice Group of Mumbai and CBM Engineers, USA to work as the peer consultants to Woods Bagot and Sterling Engineering Consultancy respectively.
