Arihant Adita by Arihant Superstructures Ltd
RATED JODHPUR 4-STAR BY CARE RATINGS
About the Project
Arihant Adita is one of the first high-rise residential projects in Jodhpur. The project proposes to provide with all state of the art facilities and amenities. The project consists of 830 units in 14 buildings and is built on an area of 11.63 acres of land. The project has a total saleable area of 10.28 lsf in all three phases. The project site is on, Gangana Jodhpur, the outskirts of Jodhpur. The project belongs to the Arihant Group. Presently, the construction work on eight buildings (Phase I and Phase II) is under progress. Construction for Phase III has not commenced. The scheduled project completion date is December 2016.The project comprises of 14 buildings with 10 floors spread in phases and has received construction approval for all phases.
Project Star Rating Rationale
Developer profile
The Arihant group has strong track record of developing real estate projects in and around Mumbai region with 40 projects completed over the period of more than two decades. Furthermore, the developer has entered into Jodhpur Real Estate market with this project “Arihant Adita”. Arihant Superstructures Ltd (belonging to the Arihant Group) is an established real estate developer in Navi Mumbai. Arihant Superstructures Ltd (ASL) ), the flagship company of the group is listed on BSE (Bombay Stock Exchange) and is also ISO 9001:2008-certified. The developer is also a registered member of MCHI and Builder Association of Navi Mumbai (BANM). The current project (Arihant Adita) is located in Jodhpur (Rajasthan) and is the first project by the developer in the city. Furthermore, the company has launched two other projects in the Jodhpur city. The company is headed by Mr Ashok Chhajer, the Managing Director (MD). Apart from the overall functioning of the project, the MD overlooks architecture related aspects of the project.
Project construction quality and amenities
A.G. Gokhle and associates are the structural consultants to the project. Vinee Architects from Mumbai serve as the architects for the project and the civil construction works is overseen by Balaji superstructures. Dev Architects undertakes the project management activities for the project. Above average track record of project contractors, adequate and innovative project amenities, which includes green building concepts on top terrace for cool temperature and unplasticized polyvinyl chloride (UPVC) sliding windows with tinted glass and project site being comfortably connected; though located in the outskirts of the city.
Legal Aspects of the Project
The developer has received “Patta” from Jodhpur Development Authority (JDA), which states that the land can be used for real estate development. . The FSI available to the developer is about 1.33 (increased from 1.20 as on September 2011) and the developer uses the entire FSI. As a result, a number of flats increased from 826 to 830. The project has received construction approval for all phases and has also received environmental clearance during the review period.
Financial Details of the Project
The total project cost of Rs.168.92 crore is being funded by way of promoter funds of Rs.6.13 crore and through customer advances of Rs.162.79 crore.The company has achieved sale bookings of 230 (2.65 lsf) units in Phase-I and Phase-II. The bookings for Phase-III are yet to commence. As per the current development plans of the company, major construction funding is dependent on customer advances. Given the cyclical nature of industry, the project funding risk is on higher side.
Highlights of the project
o Provision for rain water harvesting
o Gothic elevation design
o Solar Panel
o Club house, gardens and swimming pools as common amenities
o Shuttle bus service
o Green concept at top terraces for cool temperature
Various Contractors of the Project
Structural Consultants: A.G. Gokhle and associates are the structural consultants to the project. The firm is Mumbai based and has developed 350 projects as of current date. Prior to this project, the firm has completed 50 projects, which are of similar size to the project being rated. The firm is associated with the developer since last 16 years.
Architects: Vinee Architects from Mumbai serve as the architects for the project. They have been associated with the developer group since last five years. They have completed 90 projects in total and 15 projects similar to the current project.
Civil Engineers: The civil construction works is overseen by Balaji superstructures. The firm has constructed 100 projects in the past and 12 projects were of similar size to the current project being rated.
Project Management Consultants: Dev Architects undertakes the project management activities for the project. The firm has over 100 project experience and have completed five projects in the past that are of similar nature to the project being rated. The firm has been working with the developer since last two years.
This article is contributed by CARE RATINGS, the second largest credit rating agency in India.
For Further Details on project kindly refer site – CARE RATINGS
