Eldeco City
Current Rating: Lucknow 5 Star (Reaffirmed in July 2013)
mohammad
Earlier Rating: Lucknow 5 Star (Assigned in April 2011)
Project Profile
Type of project
Location of project
Type of development
Start date of project
Possession committed to customer as
per allotment letter
Total saleable area
Integrated township
IIM Road, Lucknow
Bought out
January 2010
September 2012 onwards (villas)
2.75 million sq ft
Percentage of physical completion as
56 per cent
on July 2013
Sponsor Profile
Name of the project
Name & address of the company
developing the project
Name of the developer group
Track record in years
Projects developed till date
Ongoing projects
Eldeco City
Eldeco Housing and Industries Ltd
2nd Floor, Eldeco Corporate Chamber I, (opp Mandi
Parishad), Vibhuti Khand, Gomti Nagar, Lucknow 226 010.
Eldeco Group
26
5 (1.4 million square feet [sq ft])
5 (5.5 million sq ft)
Project Rating Drivers
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Project construction quality and amenities
o Construction quality: The project’s structural quality is backed by the track records of the
architect/structural consultant and the developer. The project has been designed in
conformance with the seismic zone III requirements.
o Amenities: Proposed amenities include club with swimming pool, children’s play area, shopping
centre, sewage treatment plant, and rain water harvesting. Apartment specifications include
weather proof paint/texture finish for the exteriors, oil-bound distemper for internal walls and
ceiling, vitrified titles for flooring, superior quality CP fittings, and anti-skid ceramic tiles for toilets
and balconies.
o Location: The project is located near Sitapur National Highway on IIM Road in Lucknow (Uttar
Pradesh [UP]). It is 27 kilometres (km) away from Amausi airport and 15 km from Hazratganj.
The project has strong road connectivity but limited public transport.
Project legal quality – The project’s legal quality is strong, backed by the fact that the project is
covered by the state government’s Integrated Township Policy and an allotment letter that mentions
details such as apartment specifications, maintenance terms, default implications, and cancellation
terms; however, the developer has the right to accept or reject booking cancellations. The project has
received all the requisite pre-construction approvals, and the developer has acquired 105.71 acres of
the total land requirement of 113 acres for the project.
Project financial quality – The project’s financial quality is sound, with presence of a private equity
partner and robust progress on sales. The project is mainly funded through customer advances.
Project sponsor quality – The project’s sponsor quality is high, backed by the sponsor’s sound
execution capabilities and proven track record of executing projects in UP (through Eldeco Housing
and Industries Ltd [EHIL]) and the National Capital Region (through Eldeco Infrastructure and
Properties Ltd). EHIL has strong financials, with limited debt on its balance sheet and sound debt
protection metrics.
Project photographs (As on July 2013)