Professional Documents
Culture Documents
INDEX
Section 1 : Background
Section 4 : Conclusion
Page 1 of 13 QIPMPL/PF/SM02/150216
Technical Audit Report – Spectrum Mall by SJR
SECTION 1: Background:
· Piramal Fund Management Private Limited (Piramal Fund) Invested in Spectrum Mall
Project being developed by SJR Prime Spectrum Private Limited and Primeco Realty
Limited (Developer).
· Piramal Fund appointed Quansys as Technical Auditor for Conducting Detail Technical
Review and Audit for the Project in the month of Aug’15.
· Quansys conducted a detailed Technical Audit during Aug’15 and submitted a Detailed
Audit Report to Piramal Fund.
· Further to this Piramal informed Quansys to conduct a detailed review on the Status of
the Project as on 31st Dec 2015 and to make a comparison in the progress with respect to
the earlier Audit conducted as on Aug’15.
· Quansys visited the Site, Observed the site condition and assessed the status of the Project
in detail. Further Draft report is being submitted to Piramal fund on 15th Feb 2016 for
Approval.
· Final Report shall be shared to Piramal Fund and Developer after the receipt of Approval
from Piramal Fund.
Detailed Scope of Works agreed between Piramal Fund and Quansys as enlisted below
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Technical Audit Report – Spectrum Mall by SJR
This Section deals with the total outcome of Technical Audit Review carried out for
Mixed Commercial Development “Spectrum Mall and Office” by SJR Group in
Bangalore. Project is evaluated with respect to Approvals, Buildability Analysis,
Construction Timelines and Project Budget as per the scope and findings are
presented below:
Project being done on Joint Development between SJR and Landowner @ 57%:43%
where 57% belongs to SJR & 43% belongs to Landowners.
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Technical Audit Report – Spectrum Mall by SJR
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Technical Audit Report – Spectrum Mall by SJR
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Technical Audit Report – Spectrum Mall by SJR
Block A:
1. Terrace Floor Structural Roofing 65% of the works are completed, whereas 35% works
were completed as on Aug’15. Developer has Projected Completion date of Terrace
Structural Works including Roofing by 15th Mar 16. Considering the Site Condition
and Work progress 300 Mton of Structural Steel needs to be erected within 75 days to
fulfil the commitment from developer, which is not realistic considering the ground
reality and the projected completion date shall be 30th Apr ’16 instead of 15th Mar’16.
2. 80% of Masonry Works are completed as on date, whereas 50% of Works were
completed as on Aug’15. Balance 20% work of 3rd Floor and Retail Area masonry needs
to Completed on or Before Feb’16.
3. Common Area Finishes 30% of Works are completed as on Dec’15, whereas 20%
Works were completed as on Aug’15.
4. External Plastering Work 90% Completed as on Date. Whereas 50% of Works were
completed as on Aug’16. Balance works are projected to Complete by the end of
Feb’16.
5. Finishes Works, Structural Roofing Works and Glazing Works are delayed by 90 days
as on 31st Dec 2015 , Initial Projected Completion date for Block A was Mar’16 as per
developer’s note, but as per Site condition and ground reality the projected revised
Completion and Handing over date shall be Aug’16.
6. HVAC Chiller Works are awarded to M/s. Vyucon, Chiller Supply and Installation
work needs to be started on or before Mar’16.
7. Plumbing Works - Overall 30% of works are Completed, Balance 70% of Works are
planned to be completed by the end of Mar’16.
Block B:
1. Earthwork Excavation including Mass excavation and Hard Rock Excavation 100%
work Completed as on date, Whereas Non Tower Area Excavation 30% of Works are
incomplete.
2. Block B RCC works are divided into 3 Pours, Enclosed Image Showing Pour Details.
Pour 1 – 9 Slabs are completed out of 12 Slabs, Remaining 3 Slabs are planned to be
completed by Mar’16.
3. Pour 2 -6 Slabs are Completed out of 12 Slabs, Remaining 6 Slabs are planned to be
completed by the end of Apr’16
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Technical Audit Report – Spectrum Mall by SJR
4. Pour 3 -2 Slabs are completed out of 12 Slabs, Balance 10 Slabs are planned to be
completed by end of May’16.
Table listed below shows the total estimated cost of the project under various heads and the
Cost of expenditures incurred till date and as on Aug ’15.
As per Quansys Assessment till date the Construction cost expenditures incurred on the
Project shall be INR 60 Crores. Considering the Status of Block A – RCC Works are completed,
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Technical Audit Report – Spectrum Mall by SJR
Terrace Floor 600 Mton of Structural Steel Fabrication and Erection works are completed, and
balance 300 Mton fabrication works are done which is yet to be erected. Total for Block A till
date expenditures incurred shall be 30 Crs which includes Advances paid to Lift Vendor.
Whereas Block B, Hard rock excavation 6000 Cum, Total Concrete Consumed till date is 12,000
Cum and Steel Consumed as on date is 1550 Mton, Considering the Volume of works the Cost
Incurred till date shall be INR 30 Crores. Mobilization Advance paid to M/s JMC for Block B
shall be INR 10 Crores as confirmed by developer. After the part recovery of mobilisation
advance in running account bills, INR 8 Crores are balance to be recovered from JMC.
Till Date JMC has Submitted Five running account Bill valued to INR 21 Crores + Taxes
As on Dec’15 percentage of cost incurred on overall estimated cost shall be 42.9% whereas
33.5% of cost was incurred as on Aug’15.
Stock Site Value As on Dec’15 is INR 1.5Crores which includes Steel, Structural Steel, Other
Materials.
Block A:
1. External Facade Vendor needs to be finalized which shall be the critical activity and it
will influence on-time project completion. Whereas developer has informed that the
Quotes are received from vendors and the work will be awarded on or before 28th
Feb’16. Would like to highlight here that any further delay in the Award of External
facade work shall be resulting a considerable delay in the Project.
3. As the Developer has planned to hand over the Project to customers on Mar’16,
Developer has to initiate the Power Sanctioning work by Dec’15 onwards. Upon Power
Sanction from BESCOM, External Electrical vendor needs to be awarded for Carrying
out the External Electrical Works. This activity is much crucial as the initiation to get
power sanctioning is not taken place still which may result in considerable project
delay.
5. Lift Materials are received at site as on Aug’15, Vendor needs to start erection of Lifts
whereas the civil clearance are awaited. Civil Agency needs to provide the required
clearances to lift vendor to start the Erection works. Minimum 60 days’ time required
to complete the Erection, Testing and Commissioning. Delay in giving clearances to
lift vendor will result the subsequent delay in project handing over.
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Technical Audit Report – Spectrum Mall by SJR
Block B:
1. Developer has submitted the Modified Plan Sanction to BDA for Approval,
Incorporating the additional FAR by using TDR. As per Modified Plan Sanction
number of Floors being increased from 9 to 12 Floors.
2. Pour 1 segment Construction has already reached to 6th Floor level, By Mar’16 the
Structural works till 9th Floor level are planned to be Completed, Hence the Modified
Plan Sanction needs to be obtained on or before Mar’16. Delay in obtaining the
modified plan sanction result in overall delay of project.
3. Developer needs to start Tendering for MEP Works, Vendors needs to be on board on
or before Mar’16.
4. Vendor for glazing works to be finalized on or before Mar’16. As the Pour 1 RCC
Works shall be completed by End of Mar’16.
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Technical Audit Report – Spectrum Mall by SJR
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Technical Audit Report – Spectrum Mall by SJR
FLOOR PLAN
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Technical Audit Report – Spectrum Mall by SJR
SECTION 4 : Conclusion:
Quansys had a detailed audit for the scope of services agreed and listed in section 2.0,
Observations and audit findings are listed below
Approvals:
Construction Timelines:
1. Block A Structural Fabrication Works, Façade Works, Electrical Activities are Critical
in handing over the Project.
3. Block B RCC Work Progress are as per Schedule and no delay observed in planned
Timelines.
4. Block A Handing over date Projected Mar’16, as per Site Conditions handing over date
shall be Aug’16. Considering All the Vendors shall be on board before Mar’16.
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Technical Audit Report – Spectrum Mall by SJR
Project Budgets:
1. Overall Budget projected is INR 252 Crores, Budget shall be revised if the Modified
Plan Sanction is approved.
2. Till Date Project Cost incurred is INR 108 Crores, whereas INR 84 Crores incurred as
on Aug’15
3. Block A – Till Date Expenditures observed is INR 30 Crores, Block B – Till Date
Expenditures observed is INR 30 Crores only Towards Construction.
4. As on date Project Cost incurred is 42.9% on Overall Estimate of INR 252 Crores.
Disclaimer:
The Technical Audit Report (referred as “Report”) prepared for SJR Prime Spectrum Private
Limited & Primeco realty Private Limited (“Developer”) by Quansys has relied on the
information shared and provided by the Developer. No responsibility is assumed for the
technical information furnished by developer and this is absolutely believed to be reliable.
This report is solely based on the information supplied to Quansys by Piramal Fund and the
developer and not based on the detailed assessment of the project site. Quansys shall not be
liable for any economic/profit/business loss, depletion of good will direct or indirect or any
other claims for consequential loss or compensation whatsoever which arise out of or in
connection with the services provided by Quansys under this scope. Quansys provided its
services to best of its ability and the same shall be only for the use of Piramal fund and the
developer. If Piramal fund or developer allows any third part to use/rely on the report of
Quansys it shall at their own risk. There is no liability on Quansys for any kind of loss or
damage caused due to the use of this report. Piramal fund and the developer shall indemnify
Quansys from any third party claims, any court of law and the cost of any such proceedings.
Any dispute arising out of or in connection with this report/work shall be submitted to the
exclusive jurisdictions of courts in Bangalore only.
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