Elysium Flushing Meadows by Elysium Real Properties
RATED COIMBATORE 5-STAR BY CARE RATINGS
About the Project
Flushing Meadows consists of 123 residential units. This entire project stands over a land bank of 5.74 lsf having total saleable area of 2.50 lsf. The project uses an FSI of 0.80x. 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 5.5-6 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.
Project Star Rating Rationale
Developer profile
Elysium Real Properties Pvt Ltd 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 May 31, 2012, the developer has completed 4 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. Elysium Villa Park by Elysium Real Properties also rated COIMBATORE 5-STAR BY CARE RATINGS.
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 about 90 villas (out of 123 villas) nearing completion. Besides, the construction work for superstructure of remaining few villas, club house, and super market is under construction. In view of the ongoing monsoon season, the construction might have to be expedited if the project is to be finished before December 2012 (the planned completion date of project).
Legal Aspects of the Project
The project’s land title is clear and marketable (Title search done by Ramani and Shankar advocates). The title search for the property (13.20 acres) 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 the DTCP.
Financial Details of the Project
Low funding risk owing to high bookings status providing adequate cash flow visibility for the construction cost. Besides, the developer has not resorted for the debt funding for the project. Out of the total project cost, customer advances comprise 87.50% and balance is promoter’s contribution. The company has received bookings of 58.53% for the project (72 units out of total of 123 units are sold). Over 90% of the project cost can be covered from the existing bookings, thus, the project funding risk of Flushing Meadows is on the lower side.
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)
Contractors of the Project
The company has outsourced its architectural work, structural consulting and civil engineering works to Integrated Design Team (IDT) which is a newly formed construction company in Bangalore. The firm has 3 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.
