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mohammad Project Profile Type of project Residential Location of project Greenways Road, Chennai Type of development Bought out Start date of project January 2014 Possession committed to customer as per allotment letter June 2016 Total saleable area 0.1 million sq ft Percentage of physical completion as on date 0 per cent Sponsor Profile Name of the project Lilac Heights Name & address of the company developing the project ETA Properties and Investments Private Limited. Chennai Citi Centre, 4th Floor No 10 & 11, Dr Radhakrishnan Salai Mylapore, Chennai – 600004. Name of the developer group ETA Track record in years 16 years (Since 1996) Projects developed till date 2 (0.36 million sq ft) Ongoing projects 5 (1.8 million sq ft) Project Rating Drivers • Project construction quality and amenities o Construction quality: The project’s structural quality is backed by the sound track records of the architect and structural engineer. The project has been designed in conformance with seismic zone-III requirements. The developer provides a 12-month defect liability period to the buyers from completion of construction. o Amenities: The proposed amenities in the project include a swimming pool, gymnasium and spa, Laundromat, landscaped garden and power backup for apartments. o Location: The project is located at the junction of the Greenways road and Durgabhai Deshmukh Road in Chennai. Greenways road is a high-end residential location, with official residences of ministers of the Tamil Nadu state government and judges of Madras High Court. Institutions such as The Tamil Nadu Dr. Ambedkar Law University, Tamil Nadu Judicial Academy and Tamil Nadu Human Rights Commission are located on this road. The site is around 9 kilometres (km) from the Chennai railway station, and around 15 km from the Chennai Airport. • Project legal quality – The project’s legal quality is backed by a clear and marketable land title, detailed construction and sale agreement, which mention details such as the fixed possession date, maintenance terms, defect liability period, default implications, cancellation clause and delay compensation. • Project financial quality – The project’s financial quality is high, marked by available credit lines, which cover major part of the construction cost and reduces dependency on the customer advances from project sales. • Project sponsor quality – ETA Properties & Investments has completed two residential project in Chennai and Madurai over the last five years; They have however through their group entities have completed a number of projects, including residential, retail and commercial spaces in Chennai and Bengaluru. The sponsor also draws from the strong international foothold of the ETA group in the Middle East. The sponsor has a strategy of funding developments primarily through internal accruals, customer advances, and bank debt. Lilac Heights Rating assigned: ‘Chennai 5 Star’
