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ARK Homes
Current Rating: Hyderabad 5-Star (Reaffirmed in May 2012) mohammad Earlier Rating: Hyderabad 5-Star (Assigned in December 2010)
Project Profile
Type of project Location of project Type of development Residential Near MMTS railway station, Bolaram, Secunderabad, Hyderabad Joint development (developer’s share is 87 per cent) Phase 1– Carnation block – Sep’09, Daffodil block – Nov’09, Iris block– Jan’10 Phase 2– Lotus block – Oct’10, Jasmine block – Aug’10 Phase 3– Marigold block – Jan’12, Tulip, Orchid & Aster blocks – Not yet launched There is a grace period of 6 months on the committed possession date. Phase 1– Carnation block – Mar’11, Daffodil block – May’11, Iris block – May’11 Phase 2– Lotus block – Oct’11, Jasmine block – Apr’12 Phase 3– Marigold block – Jun’13, Tulip, Orchid & Aster blocks – Not yet launched 0.61 million sq ft (developer’s share) Phase 1– Carnation block – 100 per cent, Daffodil block – 100 per cent, Iris block – 100 per cent Phase 2– Lotus block – 90 per cent, Jasmine block – 95 per cent Phase 3– Marigold block – 10 per cent; Tulip, Orchid & Aster blocks – Not yet launched
Start date of project
Possession committed to customer as per sale agreement
Total saleable area Percentage of physical completion as on April 2012
Sponsor Profile
Name of the project Name & address of the company developing the project Name of the developer group Track record in years Projects developed till date Ongoing projects ARK Homes ARK Builders 6-3-666/A, 2nd floor, Lumbini Towers, Opp: NIMS, Punjagutta, Hyderabad – 500 082 ARK Builders 6 3 (Residential) 2 (Residential)
Project Rating Drivers
Project construction quality and amenities o Construction quality: The structural quality of the project is backed by the established track record of the architect and structural consultant. Civil construction is managed by the developer, who has adequate capabilities. The structure is being constructed with concrete blocks, which are superior to red bricks; the blocks are manufactured and tested onsite. However, as the project sponsor does not propose to install a batching plant onsite, there may be difficulties in expediting the slab casting process. Onsite testing facilities for sand and concrete are available. Current phases of the project are running behind schedule and are likely to use the grace period. o Amenities: Club house with a gymnasium, yoga and meditation hall, a library, internet cafe, coffee shop and snack bar, supermarket, beauty parlour, and indoor gaming facilities. The project also includes a swimming pool, jogging track, landscaped gardens, and children’s play area. Diesel generator sets will ensure continuous power supply in common areas and lifts. o Location: The project is located in Bolaram, Secunderabad, Hyderabad (Andhra Pradesh); it is around 300 meters from Bolaram Multi-Modal Transport System (MMTS) railway station. It is surrounded by railway tracks on one side, and railway employees’ colony and defense colony on the other sides. It is well connected to Secunderabad by MMTS Rail. It is on the road that connects Karimnagar highway with Nizamabad highway. The project is targeted at Central government employees working in the railways and defense, and also at people from nearby areas such as Karimnagar, Nizamabad, Alwal, Trimulgerry and Secunderabad. Project legal quality – The project has a clear and marketable land title; the land title search has been done for the past 50 years. The sale agreement has a construction-linked payment schedule. It does not mention the defect liability period for any construction defects. The developer will pay compensation on delays for only six months after the six-month grace period. The developer applied for occupancy certificate for the Carnation block in May 2011, Daffodil block in August 2011, and Iris block in November 2011. Project financial quality – The project has moderate financial quality, backed by low initial investment in land, as the project is in joint development. The project is to be funded by customer advances and sanctioned bank lines of Rs.150 million. The project is expected to have a moderate operating margin. Project sponsor quality – The developer has been engaged in civil construction work, as a government and private contractor, for the past 22 years. Since 2006, the developer has developed three residential projects in Hyderabad and Bengaluru (Karnataka), with total saleable area of 100,000 square feet; the developer has not applied for occupancy certificate for these projects. The developer is focused on residential projects in Hyderabad and Bengaluru.
Project photographs (As on May, 2012)
Current Rating: Hyderabad 5-Star (Reaffirmed in May 2012) mohammad Earlier Rating: Hyderabad 5-Star (Assigned in December 2010)
Project Profile
Type of project Location of project Type of development Residential Near MMTS railway station, Bolaram, Secunderabad, Hyderabad Joint development (developer’s share is 87 per cent) Phase 1– Carnation block – Sep’09, Daffodil block – Nov’09, Iris block– Jan’10 Phase 2– Lotus block – Oct’10, Jasmine block – Aug’10 Phase 3– Marigold block – Jan’12, Tulip, Orchid & Aster blocks – Not yet launched There is a grace period of 6 months on the committed possession date. Phase 1– Carnation block – Mar’11, Daffodil block – May’11, Iris block – May’11 Phase 2– Lotus block – Oct’11, Jasmine block – Apr’12 Phase 3– Marigold block – Jun’13, Tulip, Orchid & Aster blocks – Not yet launched 0.61 million sq ft (developer’s share) Phase 1– Carnation block – 100 per cent, Daffodil block – 100 per cent, Iris block – 100 per cent Phase 2– Lotus block – 90 per cent, Jasmine block – 95 per cent Phase 3– Marigold block – 10 per cent; Tulip, Orchid & Aster blocks – Not yet launched
Start date of project
Possession committed to customer as per sale agreement
Total saleable area Percentage of physical completion as on April 2012
Sponsor Profile
Name of the project Name & address of the company developing the project Name of the developer group Track record in years Projects developed till date Ongoing projects ARK Homes ARK Builders 6-3-666/A, 2nd floor, Lumbini Towers, Opp: NIMS, Punjagutta, Hyderabad – 500 082 ARK Builders 6 3 (Residential) 2 (Residential)
Project Rating Drivers
Project construction quality and amenities o Construction quality: The structural quality of the project is backed by the established track record of the architect and structural consultant. Civil construction is managed by the developer, who has adequate capabilities. The structure is being constructed with concrete blocks, which are superior to red bricks; the blocks are manufactured and tested onsite. However, as the project sponsor does not propose to install a batching plant onsite, there may be difficulties in expediting the slab casting process. Onsite testing facilities for sand and concrete are available. Current phases of the project are running behind schedule and are likely to use the grace period. o Amenities: Club house with a gymnasium, yoga and meditation hall, a library, internet cafe, coffee shop and snack bar, supermarket, beauty parlour, and indoor gaming facilities. The project also includes a swimming pool, jogging track, landscaped gardens, and children’s play area. Diesel generator sets will ensure continuous power supply in common areas and lifts. o Location: The project is located in Bolaram, Secunderabad, Hyderabad (Andhra Pradesh); it is around 300 meters from Bolaram Multi-Modal Transport System (MMTS) railway station. It is surrounded by railway tracks on one side, and railway employees’ colony and defense colony on the other sides. It is well connected to Secunderabad by MMTS Rail. It is on the road that connects Karimnagar highway with Nizamabad highway. The project is targeted at Central government employees working in the railways and defense, and also at people from nearby areas such as Karimnagar, Nizamabad, Alwal, Trimulgerry and Secunderabad. Project legal quality – The project has a clear and marketable land title; the land title search has been done for the past 50 years. The sale agreement has a construction-linked payment schedule. It does not mention the defect liability period for any construction defects. The developer will pay compensation on delays for only six months after the six-month grace period. The developer applied for occupancy certificate for the Carnation block in May 2011, Daffodil block in August 2011, and Iris block in November 2011. Project financial quality – The project has moderate financial quality, backed by low initial investment in land, as the project is in joint development. The project is to be funded by customer advances and sanctioned bank lines of Rs.150 million. The project is expected to have a moderate operating margin. Project sponsor quality – The developer has been engaged in civil construction work, as a government and private contractor, for the past 22 years. Since 2006, the developer has developed three residential projects in Hyderabad and Bengaluru (Karnataka), with total saleable area of 100,000 square feet; the developer has not applied for occupancy certificate for these projects. The developer is focused on residential projects in Hyderabad and Bengaluru.
Project photographs (As on May, 2012)
Sponsor Documents
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