mohammad. Project Profile. Type of project. Residential. Location of project. Gothapatna, Bhubaneswar. Type of developme
Acropolis Current Rating: Bhubaneswar 5 Star (Reaffirmed in September 2015) mohammad Earlier Rating: Bhubaneswar 5 Star (Assigned in June 2013, Reaffirmed in June 2014)
Project Profile Type of project Location of project Type of development Start date of project Possession committed to customer as per sale agreement
Total saleable area
Percentage of physical completion as on September 2015
Residential Gothapatna, Bhubaneswar Bought out Phase I - January 2011 Phase II – June 2011 Phase III – August 2013 Phase I – August 2014 Phase II – October 2015 Phase III – June 2016 Total - 1.03 million sq ft Phase I – 0.45 million sq ft Phase II – 0.36 million sq ft Phase III – 0.22 million sq ft Phase I - 100% Phase II – 95% Phase III – 55%
Sponsor Profile Name of the project Name & address of the company developing the project Name of the developer group
Acropolis N-2/60, IRC Village, Bhubaneswar-751015, Odisha
Track record in years Projects developed till date On-going projects
10 7 (0.72 million square feet) 4 (1.0 million square feet)
Acrux Group
Project Rating Drivers
Project construction quality and amenities o Construction quality: The structural quality of the project is backed by established track record of the architect (M/s Creative Architects Combine Pvt Ltd), structural consultant (Mr. L N Barik), and civil contractor (Mr. Ramakant Swain). Onsite testing facilities for sand and concrete are also available. o Amenities: The amenities include a club house with gymnasium, card room, swimming pool, landscaped gardens, children’s play area, senior citizen and ladies parks, jogging track, and power back-up in common areas and lifts for 24 hours; through DG sets. o Location: The project is located at Gothapatna in Bhubaneswar which is witnessing development of several educational and research institutes. The micro market is located near Khandgiri Caves (6 kilometers [km]), a tourist destination, and is an upcoming development area. The project is located in proximity to schools and hospitals and is located at a distance of around 13 km from the city centre and airport and 14 km from the railway station. Project legal quality – The legal quality of the project is backed by a clear and marketable land title. The title search for the land has been done for 25 years by advocate Bijaya Kumar Jena. The sale agreement mentions the possession date, construction-linked payment schedule, super built-up area, cancellation terms, and has a declaration from the company for clear title of land. However, delay compensation and defect liability period are not mentioned in the agreement. Project financial quality – The project has moderate financial quality, backed by good bookings and fully paid bank credit line. The project is funded mainly through customer advances and is expected to have a moderate operating margin. Project sponsor quality – o Promoters of the company, Mr. Ramesh Swain and Mr. Rahul Swain, are architects with established track record of over 30 years. They are also promoters of Creative Architects Combine Pvt Ltd (architect for the project), which has been providing architectural services in the residential and commercial segments for 30 years. As architects, they have completed more than 200 projects with area of around 6 million square feet, with developers and government agencies in Bhubaneswar. o The real estate company was incorporated in August 2002 and has been developing residential projects in Bhubaneswar over last 10 years. The promoters play a very active role in overall planning and execution of projects along with other affairs of company. The company has, so far, executed projects in Bhubaneswar focused on residential segment
Project photographs (As on September 2015)
