mohammad
Project Profile
Type of project Residential
Location of project Off. EM Bypass, Tangra, Kolkata Type of development Joint Venture
Start date of project January 2013
Possession committed to customer as
per sale agreement 40 months from start + grace period of 6 months Total saleable area 1,40,000 sq ft
Percentage of physical completion as
on June 2016 80 per cent
Sponsor Profile
Name of the project Luxuria Heights
Name & address of the company developing the project
Salarpuria Simplex Buildcon LLP
Premises No 7, C.R. Avenue, Third Floor, Kolkata 700 072.
Name of the developer group Salarpuria group and Simplex group
Track record in years 31
Projects developed in last 5 years 75 (8.2 million sq ft) Ongoing projects 15 (9.3 million sq ft)
Project Rating Drivers
Project construction quality and amenities
o Construction quality: The structural quality of the project is backed by sound track records of the architect (M/s Kabir Hira Architects, Bengaluru) structural consultant (M/s Pragathi Consultants, Bengaluru) and civil contractors (M/s J.G. Engineering).
o Amenities: The developer will provide a club house, gymnasium, swimming pool, community hall, sky lounge on the roof, and centralised air-conditioned apartments.
o Location: The project is located at Tangra (also known as China town) in central part of the Kolkata city. It is in proximity to Sealdah Railway Station and number of retail outlets, hospitality spaces, medical facilities and schools. The site is also close to some of the fastest growing pockets of Kolkata – EM Bypass, Rajarhat, and Salt Lake on the one side and the Park Street on the other. The project targets businessmen and top class executives from the city.
Project legal quality – The project has a clear and marketable land title, free from encumbrances.
The title search for the land has been done for 45 years by Advocate C. K. Deora & Company, Kolkata. The draft customer agreements provide adequate disclosures with respect to possession date, default implication and delay compensation.
Project financial quality – The financial quality of the project is backed by group support; the construction cost is being funded through customer advances and internal accruals; the developer also has the support of sanctioned bank lines.
Project sponsor quality –
o The Salarpuria group has a strong track record of 31 years in developing commercial and residential projects, mainly in Bengaluru. The group has also entered the Kolkata, Hyderabad, Pune, Visakhapatnam, Mysore, and Goa real estate markets.
o The Simplex Infrastructure group has been in the construction and infrastructure business since 1924. The group is also involved in other businesses segments such as ground engineering;
industrial building and housing; power; marine; roads; railways and bridges; and urban infrastructure.
