‘Viverra (Phase I)’ by Pawan Edifice Private Limited
RATED VADODARA 5-STAR BY CARE RATINGS
About the Project
Viverra is a lifestyle weekend-home project away from the busy and exhausting city life. The project is planned to be executed in two phases with five sectors in each phase. The first phase is spread over land measuring 15.07 lakh sq. ft. and consists of 346 residential units. The project is located at Thuvavi, Vadodara – Dabhoi Main road which is about 25 km away from the city.
Famous tourist destinations such as Dabhoi Fort, Vadhvana Bird Sanctuary, Rajpipla Fort, Statue of Unity, Sardar Sarovar Dam, Harsiddhi Temple, Zarvani Water Fall etc. are within 10 km radius of the project which is appropriate for the theme of the project. In addition to the six club houses which provide various amenities, the project proposes to provide facilities such as provision of 24/7 professional security service, power back-up in common areas, 300 ft imperial entrance gate, a temple with a hall having 500 person seating capacity, Six club houses each serving a specific purpose with facilities like Indoor games, gymnasium, swimming pool, volleyball court, basketball court, tennis courts, rock climbing wall, tree house, yoga centre, musical fountain, library, theatre, party lawn, banquet, cafeteria, discotheque, cricket pitch, children’s play area, aroma garden etc., Backup generator for all common services
Project Star Rating Rationale
Developer Quality
‘Viverra’ is being developed by Pawan Edifice Pvt. Ltd. (PEPL). PEPL is the flagship company of the Vadodara-based Pawan Group, which was founded by Chetan Shah, the key promoter, in the year 1981. The first major project of the group was completed in 1986 in Vadodara. PEPL has been in the real estate industry for more than 26 years and has developed various residential and commercial projects. The group has completed nearly 50 projects since 1986, aggregating a total of 36.31 lakh sq. ft. developed space in and around the city of Vadodara. Currently the company has 2 other ongoing projects in the city aggregating a total developable space of 4.74 lakh sq. ft. Over the years, the group has created the brand ‘Pawan’ which is considered to be one of the reputed and trusted brands in the real estate development business in Vadodara.
The group is promoting the brand ‘Vicenza’ for its high end projects and the brand ‘Viram’ for its affordable segment projects.
Construction Quality of the Project
The civil construction work of the project is undertaken by in-house team of PEPL, which has satisfactory track record of executing several projects of the group. PEPL has appointed reputed architect and structural consultants of Vadodara for development. The project proposes to house adequate amenities and recreational facilities spread across six club houses.
Legal Aspects of the Project
The land title of the project is clear and marketable as per the title search carried out for 30 years (title search was done by Haresh Chandrasinh J. Zala). The project has received all critical clearances required for the execution from the respective government authorities.
Financial Details of the Project
The project has moderate funding risk owing to average booking status and high dependence on customer advances. Viverra (Phase-I) has a total envisaged cost of Rs.63.30 crore, of which construction, administration and other expenses constitute the major component aggregating to Rs.58.05 crore. PEPL has envisaged executing the project with more than 50% of the cost to be funded through customer advances.
As on 31 July, 2013, the project has incurred Rs.0.75 crore towards the land cost and Rs.19.01 crore towards the construction cost and other expenses, which is funded through customer advances (Rs.10.29 crore) and the balance (Rs.9.47 crore) through promoter’s funds. The company has received bookings of 123 units out of total 346 units as on 31 July, 2013; this exhibits a moderate unit booking status. Also, PEPL has received approximately 28% of the total envisaged customer advances largely in line with the construction status of the project.
Other Key Highlights of the Project
Construction Status
The Phase-I of the project consists of five sectors, club houses and the temple. By July 31, 2013 construction work for three sectors is at a mid-stage of development, the temple has been fully constructed; work for two club houses, common infrastructure & roads is at an advanced stage. As on July 31, 2013, PEPL has incurred approximately 33% of the total envisaged construction cost for the project.
Various Contractors of the Project
Architects: The architect of the project is renowned firm, M/s. Talib Patel and Associates based in Vadodara. Talib Patel is a well known architect in the city and has been associated with PEPL for the last 8 years. Patel has an experience of more than 40 years in the field of architecture.
Structural consultants: M/s. R V Patel & Associates is the structural consultant for the project. They are associated with PEPL for the last 10 years and have served them in many successful real estate projects. It has around 40 years of experience in the Vadodara real estate sector and has been associated with a variety of residential and commercial projects.
Others: The civil construction work is overseen by a team of five engineers, including one quality control engineer, exclusively engaged for the project. In addition to these, four project supervisors and one project co-ordinator have also been appointed exclusively for the project. Dedicated consultants for plumbing, electrical, land scalping, soil test etc. are engaged with the project. These consultants have industry experience of more than 15 years and have been associated with PEPL for around last 10 years.
