‘Iscon Platinum’ by JP Iscon Limited
RATED AHMEDABAD 6 STAR BY CARE RATINGS
About the Project
‘Iscon Platinum’ is a residential project in Ahmedabad being developed by JP Iscon Limited (JPIL). Located at Bopal on the 200 ft. Sardar Patel Ring Road, the project comprises of 472 residential units distributed across eight buildings with 12 storied blocks and four buildings with 11 storied blocks. The project is designed to provide a luxurious lifestyle living that comes with a total saleable area of 13.14 lakh sq. ft.
The project has good connectivity to major parts of city and the railway station and airport is at a distance of approximately 16 km and 21 km respectively. The project is in close vicinity of SG Highway, which has many elite localities situated on either side of it. Reputed schools, shopping malls, restaurants, hotels, banks, fuel stations and hospitals are within 5 km radius of the project.
Project construction started in June 2011 and is expected to be completed by September 2014. The project is progressing as per schedule.
Project Star Rating Rationale
Developer Profile
JPIL is the flagship company of the Ahmedabad-based ISCON group, which has a long track record of executing real estate projects across a wide range of segments – residential, commercial and retail – across Gujarat. It is promoted by Pravin Kotak along with Jayesh Kotak, Jateen Gupta and Amit Gupta, who founded the group in the year 2000. Pravin Kotak possesses rich industry experience of more than three decades and other promoters also have more than a decade-long experience in the real estate industry. Since inception, the group has completed 18 projects covering an area development of about 39 lakh sq. ft. Over the years, the group has created the brand ‘ISCON’ which is one of the reputed and trusted brands in the real estate business in Ahmedabad.
Besides Iscon Platinum, JPIL has three ongoing projects with a total developable area of about 12.42 lakh sq. ft. The group’s entire development portfolio is located in Gujarat which gives it an advantage in terms of reasonable business network and understanding of the real estate market in the state.
Construction Quality of the Project
The civil construction work of the project is undertaken by the in-house team of JPIL, which has a satisfactory track record of executing several projects of the group. JPIL has appointed reputed
architect and structural consultants of Ahmedabad for the development of the project. The project proposes to house adequate amenities and recreational facilities including garden, children play area, swimming pool, indoor & outdoor gaming facilities, etc.
Legal Aspects of the Project
The land title of the project is clear and marketable as per the title search carried out Pratik Ramlal Jani. The solicitor opines that the land is free from any charge or encumbrances. The project has also received all clearances required for the execution from the respective government authorities for the construction of 12 towers (A to L) of the project.
Financial Details of the Project
The total project cost is Rs 273.22 crores which was to be funded through a mix of customer advances, bank loan and the balance from the promoters. The project funding risk is low. As on May 31, 2013, the project has already incurred Rs.90.01 crores towards the land cost and Rs.102.38 crores towards the construction cost and other expenses, which is funded through bank debt of Rs.45 crore, customer advances of Rs.140.70 crore and the balance Rs.6.69 crore via sundry creditors. Up to May 31, 2013, the company has received bookings of 422 units out of total 472 units. Also, it has received comfortable payment against booked units which is expected to facilitate the timely completion of the project.
Highlights of the Project
Sports amenities: walking track, tennis court, squash court, basketball court, volleyball court, cricket pitch, skating rink, etc.
24/7 CCTV surveillance and video phone in every flat
Gymnasium and spa
Swimming pool
Library
Garden with children play area
Medical care centre
Garbage room
Two car parking spaces per apartment (one covered parking in basement and one on ground floor)
Construction Status
The project uses column footing foundation in all the blocks, wherein the construction and the excavation work is carried out 7.2 meters into the earth (3.2 meters basement plus 4 meters into the earth from the basement) where it found hard strata. The superstructure has been completed for 10 blocks. The construction of two blocks, ie, block C and D commenced from February 2013, in order to facilitate the efficient movement of man and material and provide adequate space for the storage of project specific raw material.
In case of common amenities, a clubhouse, swimming pool and playing area is under construction.
About the Contractors of the Project
Architects: Placekinesis Associates, based in Ahmedabad, is amongst the renowned architectural consultants in Ahmedabad. The consultants have been associated with many well-known residential as well as commercial projects. They have been associated with JPIL for the last seven years.
Structural consultants: Ducon Consultants and Achal Parikh Structural Engineers have been appointed as the structural consultants for the project. They have been associated with JPIL for more than 10 years and have worked on various projects of JPIL in the past.
Civil Engineers: The civil construction is done by JPIL’s in-house team and the execution is overseen by Nilesh Desai, Chief Civil Engineer for the group.
