Eden City Maheshtala

Eden City Maheshtala Current Rating: Kolkata 4 Star (Downgraded in June 2016) Earlier Rating: Kolkata 6 Star (Assigned in July 2013) Kolkata 6 Star (Re-affirmed in January 2015) Project Profile Type of project Residential Location of project Budge-Budge Trunk Road, Maheshtala, Kolkata, West Bengal Type of development Bought Out Start date of project November 2007 Possession committed to customer as per 40 months from start + grace period of 6 months sale agreement Total saleable area 27.6 million sq ft Percentage of physical completion as on 98% (34 Blocks), 2.5% (4 Blocks) June 2016 Sponsor Profile Name of the project Eden City Maheshtala Name & address of the company Eden City Group developing the project Metropolitan Building, 7, Jawaharlal Nehru Road, Kolkata – 700013. Name of the developer group Eden City Group Track record in years 10 No. of Projects developed in last 5 years Nil Ongoing projects One Reasons for downgrade in rating The downgrade in rating is primarily driven by more than expected delay in physical completion of the project. Project Rating Drivers Project construction quality and amenities o Construction quality: The structural quality of the project is backed by the sound track record of the architect M/s. Espace Planning Services Private Limited and structural consultant M/s. KSG Engineering Consultants both the consultants have established track records in the city. The civil work for the project is being undertaken M/s. Skyscrapper Projects Pvt Ltd. o Amenities: Major amenities in the project include clubhouse, swimming pool, community halls, children’s park, and landscaped garden. The developer will also build an indoor sports centre, which is in association with the Maheshtala Municipality. o Location: The project is located at Maheshtala, Kolkata. The project has good road connectivity and is a kilometre away from Nungi railway station. Brace Bridge to Bata nagar, which will improve the road connectivity to the city in coming years and the distance to city centre will be covered within 30 minutes. The project is targeted at working class from nearby region (Companies in nearby region include Britannia, Eveready, BOC India, Orpat, Coca Cola) as well as working in the city. Project legal quality – The project’s legal quality is strong, marked by a clear and marketable land title. The legal consultant has conducted a title search for the land for a minimum of 16 years. The allotment letter states details such as possession date, maintenance terms, default implications, cancellation clause, transfer clause, and delay compensation. Project financial quality – The project’s financial quality is backed by limited upfront payment towards land cost and funding through foreign direct investment from F&C REIT Asset Management, UK, available credit lines, and customer advances. Project sponsor quality – Before entering the real estate business, the project’s sponsor had presence in the e-learning and business process outsourcing verticals. Eden City Maheshtala is the sponsor’s maiden project; so far, 31 of the 34 blocks in Eden City Maheshtala have been completed and possession handed over. Classification: EXTERNAL Project photographs (As on June 2016) Classification: EXTERNAL .

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