Elysium Villa Park by Elysium Real Properties
RATED COIMBATORE 5-STAR BY CARE RATINGS
About the Project
The project is situated in Kalapatti, an upcoming residential region on Avinashi Road (NH-47), a major commuting route in Coimbatore. The project is 5.6 kms from Coimbatore Airport and is very well connected through the road. The company has outsourced the architectural design works, structural consulting and the civil construction works to Khan Global Design (KGD). Villa Park consists of 50 residential units. This entire project stands over a land bank of 2.05 lsf and has a total saleable area of 1.08 lsf. The project uses an FSI of 0.80x.
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.
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 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 and debt-free nature of the project. Out of the total project cost, customer advances comprise 88.88% and balance is promoter’s contribution. The company has received bookings of 86.00% from the project (43 units out of total of 50 units). The entire project cost can be covered with the existing bookings of the project, thus, the project funding risk is minimal.
Highlights of the project
• Rainwater harvesting plant
• Water softening plant
• Over head tanks for each villa.
• Lawn areas and club house
• Individual septic tank for each villa
• Partial Power back up (generators)
Contractors of the Project
Architects, structural consultants and Civil Engineers: The company has outsourced architectural work, structural consulting and civil engineering works to Khan Global Design (KGD). KGD is an experienced contractor in south India, whose expertise is in constructing real estate assets across various categories. KGD has successfully completed many projects in south India and at present is associated with ongoing 28 residential projects and 11 commercial projects. KGD is also a contractor to a residential high rise tower in Dubai “Dubai Towers”.
