Coimbatore
Villa Park
By: Elysium Real Properties Pvt Ltd
Villa Park
by Elysium Real Properties Pvt. Ltd.
Rated Coimbatore 4-Star By CARE Ratings
April 2015
Project Star Rating Rationale
• Project developer quality
The developer has eight years of experience in developing real estate projects in Coimbatore city.The developer
has completed four projects aggregating 1.45 lakh square feet (lsf) of saleable area both in residential as well as
commercial segments in Coimbatore till date. Besides, the developer has six ongoing projects, including Villa Park.
• Project construction quality and amenities
Adequate track record of project contractors, adequate project amenities and recreational facilities which include
Club house and lawn areas.The project primarily constitutes of 50 residential G+1 villas.The project is in advance
stage of construction with construction completed for 45 Villas. Besides, finishing work is going on in case of
remaining 5 villas which is expected to be completed in April-2015.
• Project legal quality
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
DTCP.
• Project financial quality
Low funding risk owing to high booking status and debt-free nature of the project.
However, the project has been delayed due to non availability of certain materials (such as Roof tiles & Elevation
tiles) and also due to internal issues with civil contractor for the project. The developer has, therefore, revised
the project completion date to April 2015 from earlier envisaged date of August 2014.
Project Profile
Project Name
Project Type
Project Location
Development Type
Project Start Date
Scheduled Project Completion Date
Agreed upon Possession to the customer
Total Saleable Area
Construction Status
Villa Park
Residential Villas
Kalapatti, Avinashi Road, Coimbatore
Bought out land
August 2011
April 2015
Within 24 months from the date of booking
1.05 lsf having 50 (G+1) residential Villas
As on February, 2015, project is in advance stage of construction with
construction completed for 45 Villas. Besides, finishing work is going on in
case of remaining 5 villas and is expected to be completed in April-2015.
Project Developer Profile
Name of the company developing the project
Project developer group
Development Experience of the developer group
No. of years in the industry
No. of projects developed till date
Elysium Real Properties Pvt. Ltd.
Elysium Real Properties Pvt. Ltd.
8 years
8 years
4
2
Total Area developed till date
No of projects ongoing
1.45 lsf of saleable area
6 (4.56 lsf of saleable area)
Project Developer
The developers 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 December 31, 2013, the developer has completed four 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.
Project Details
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
1.05 lsf. The project uses an FSI of 0.80x.
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)
The project uses column footing foundation in which construction and the excavation work is carried out 6-8 ft into the earth
till hard strata is found.
• The development of project is in advanced stage. As on February, 2015, the company has incurred 95% of total cost.
• As on February, 2015, project is in advance stage of construction with construction completed for 45 Villas. Besides, finishing
work is going on in case of remaining 5 villas, expected to be completed in April-2015
Brief particulars about various contractors is as follows –
1. Architects, structural consultants and Civil Engineers
The company has outsourced architectural work, structural consulting and civil engineering works to 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”.
Project legal status
• The title search for the entire land is done for 30 years as against minimum 13 years required as per DTCP.
• Environmental clearance is not needed since the company takes approvals for individual villas instead of taking approval for
entire project.
• Since all the buildings are G+1 storey, no high rise clearance is required. Furthermore, the project doesn’t require CRZ or
aviation clearance since it is neither near coastal region nor in the vicinity of aerodromes.
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• The draft sale agreement, though is adequately detailed, does not mention the details of conveyance deed and details on
society formation.
• The possession date in sales agreement is linked to booking date.
Project financial status
• The total project cost of Rs.34.20 crore is being funded majorly by customer advances.
• As on February, 2015, Rs.32.53 crore has already been incurred, which was funded completely by customer advances.
• The company has received bookings of 100% from the project (all 50 units).The entire project cost can be covered with the
existing bookings of the project. Thus, project funding risk is minimal.
Analyst Contact
Ms. Sharmila Jain
Tel.: 91-22-67543638
Mobile: +91-9920369405
Email: sharmila.jain@careratings.com
Disclaimer
CARE’s star rating of real estate projects is an opinion on the developer’s ability to execute the real estate project in timely
manner and with the agreed upon quality standards. Besides, it is an opinion of the legal quality of the project. The analysis
draws heavily from the information provided by the developer and information obtained from sources believed by CARE
to be accurate. However, CARE does not guarantee the accuracy, adequacy or completeness of any information and is not
responsible for any errors or omissions or for the results obtained from the use of such information. Also, CARE does not
guarantee the adequacy of title search done to arrive at the legal quality of the project. CARE’s Real Estate Star rating is
also not a recommendation to buy, sell or hold the rated real estate property. CARE shall also not be liable for any losses
incurred by users from any use of such rating. Most of the developers whose real estate projects are star rated by CARE
have paid a rating fee.
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Latest Site Photographs (as on February 28, 2015)
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