| |
|
|
   Development Project 2
– RUSTOMJEES TOWNSHIP
|
| |
Spanning an area of about 147 sq. km., Thane houses over one million people and contains over 200km of roadway. Thane’s large industrial area supports a mixture of large and small industries across the chemical, engineering, textile and electrical industries. Due to the industrialisation, Thane has also become a natural residence for white-collar labour.
Located only 40km from Mumbai’s business centre, and adjacent to the major highway that connects Mumbai and Delhi, Trikona TC’s project offers excellent access across Mumbai and its surrounding areas.
Trikona TC’s investment in Rustomjee‘s Township, the integrated township to be built over 127 acres in four phases over a period of seven years, will feature over 7.2m sq. ft. with a mix of residential commercial and retail space, with a development focus committed to creating a total lifestyle environment.
|
 |
|
| |
 |
|  |
|
| |
| Highlights |
| |
- Phase I is comprised of residential for-sale apartments with excavation work completed and piling in progress.
- Pre-sales for Phase I were launched in October 2006 at a base rate of INR 2,925 per sq. ft. The apartments are currently being sold at a base rate of INR 4,770 to INR 4,950 per sq. ft., representing an appreciation of 69% from the launch date.
- 95% of the available inventory in Phase I has been pre-sold.
- Average sales realisation for the total pre-sold area is over INR 4,000 per sq. ft. which is 20% higher than assumed in the original business plan.
- The effort to increase FSI beyond the business plan via a town centre has been delayed by several months, but the project expects to deploy additional resources to make up for the lost time.
- Increased sale price and improved building specifications will offset the estimated increase in construction costs due to higher cement and steel prices.
- In November 2007 Urban Land Ceiling & Regulation Act (ULCRA) was repealed in the state of Maharashtra leading to a potential for increased saleable area for the project.
|
|
| |
| View Project Details |
|
|
|
|
| £23.4 million * |
| 7.2 M sq. ft. |
16% owned** |
| Asset Class |
Residential Commercial
Retail
Hospitality |
| Project Name |
Rustomjee’s Township |
| Partner |
Kapstone Constructions Private Ltd |
Location
|
Thane, Maharashtra |
| Type |
Mixed Use |
| Saleable Area |
7.2 m sq. ft. on 127 acres |
| Capital Invested |
£10.6 M |
| *NAV as of 31 March 2008 |
£23.4 M |
| IRR at Date |
54% |
Multiple at Date
|
1.63 |
** Trikona TC’s ownership in the Mauritian SPV is 100%.The Mauritian SPV’s ownership in DP-2 is 16%.
|
