Eldeco Saubhagyam
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
Group Housing Scheme
Vrindavan Yojna, Rae Bareilly Road, Lucknow
Bought Out
December 2010
3.5 years from date of approval of map
1.2 million sq ft
Percentage of physical completion as
30 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 Saubhagyam
Eldeco Housing and Industries Limited
nd
2 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, the structural engineer, and the civil contractor. The project has been designed in
conformance with the seismic zone III requirements.
o Amenities: The project will be equipped with a gymnasium, wellness centre, swimming pool,
lawn tennis court, badminton court, basketball half court, children’s play area, kids’ room,
banquet hall, and guest rooms. The project will also have a shopping centre, large play area,
and a landscaped green belt.
o Location: The project is located off the Lucknow-Rae Bareilly road and is 10 kilometres (km)
from Amausi airport and 11 km from Hazratganj. The project has moderate road connectivity.
The project targets the service class in the region.
Project legal quality – The project’s legal quality is backed by a clear and marketable land title
(procured from Uttar Pradesh Housing Board), a detailed allotment letter that mentions details such
as apartment specifications, built-up area, maintenance terms, default implications, and cancellation
terms; however, the developer has the right to accept or reject booking cancellation. Except for
environment clearance (applied for in June 2012), the project has received all the requisite preconstruction approvals.
Project financial quality – The project has a sound financial quality, backed by limited upfront
payment towards land and robust sales progress. The project is mainly funded through customer
advances.
Project sponsor quality – The sponsor quality is high backed by the sponsor’s sound execution
capabilities and proven track record of executing projects in Uttar Pradesh (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)