CBRE VALUATION & ADVISORY SERVICES

DRAFT LENDER’S
INDEPENDENT
ENGINEER REPORT

SALCON RAS VILAS

P L O T N O . D - 1 , D I S T R I C T C E N T R E , S A K E T, D E L H I

C B R E S O U T H A S I A P V T. LT D .

CLIENT REFERENCE NO. SF-0001213844

S I T E V I S I T D AT E : J U N E 9 T H , 2 0 2 1

R E P O RT D AT E : N O V E M B E R 2 2 N D , 2 0 2 1

D M I F I N A N C E P V T LT D
DMI FINANCE PVT LTD
PROPOSED COMMERCIAL DEVELOPMENT ~ ‘SALCON RAS VILAS’ LOCATED IN SAKET, DELHI

‘SALCON RAS VILAS’

Located in plot no. D - 1, Saket, Delhi

(The ‘Subject Property’)

© CBRE South Asia Pvt. Ltd. | DRAFT LENDER’S INDEPENDENT ENGINEER REPORT | Page 2
DMI FINANCE PVT LTD
PROPOSED COMMERCIAL DEVELOPMENT ~ ‘SALCON RAS VILAS’ LOCATED IN SAKET, DELHI

Contents
Page
1. Introduction.........................................................................................................................................................................5
1.1 Instruction...............................................................................................................................................................5
1.2 Capability...............................................................................................................................................................5
1.3 Purpose...................................................................................................................................................................5
1.4 Scope of Exercise...................................................................................................................................................5
1.5 Extension of Liability & Confidentiality................................................................................................................5
1.6 Qualifications.........................................................................................................................................................6
2. Project Description.............................................................................................................................................................7
2.1 Brief Description....................................................................................................................................................7
2.2 Property Photographs...........................................................................................................................................11
3. Approval Status Review...................................................................................................................................................13
4. Construction Status..........................................................................................................................................................18
4.1 Activity Wise Construction Progress ~ Percentage Work Completion................................................................18
4.2 Envisaged Construction Timelines.......................................................................................................................18
5. Budgeted Cost Review......................................................................................................................................................20
6. Site Mobilization...............................................................................................................................................................22
6.1 Observations on visual inspection........................................................................................................................22

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DMI FINANCE PVT LTD
PROPOSED COMMERCIAL DEVELOPMENT ~ ‘SALCON RAS VILAS’ LOCATED IN SAKET, DELHI

Assumptions, Disclaimers, Limitations & Qualifications

Premise 1 – The Lender’s Independent Engineer Review exercise is based on the prevailing project dynamics / information
As on date:
provided by the Client / Client’s representative as on the date of the appraisal exercise and does not take into account any
unforeseeable developments which could impact the same in the future
Premise 2 – We are not engaged to carry out all possible investigations in relation to the subject property. Where in our report we
Our Investigations:
identify certain limitations to our investigations, this is to enable the reliant party to instruct further investigations were considered
appropriate or where we recommend as necessary prior to reliance. CBRE is not liable for any loss occasioned by a decision not to
conduct any further investigations
Premise 3 – Assumptions are a necessary part of undertaking Lenders Independent Engineers (LIE) Report. CBRE adopts
Assumptions:
assumptions for the purpose of providing advice because some matters are not capable of accurate calculation or fall outside the
scope of our expertise or our instructions. The reliant party accepts that the LIE report contains certain specific assumptions and
acknowledges and accepts the risk that if any of the assumptions adopted in the LIE report are incorrect, then this may have an
effect on the reported outcomes / inferences / opinions
Premise 4 – This review is based on the information / documents provided by M/s Laxmi Buildtech Private Limited (hereinafter
Information Supplied by
referred as the ‘Developer/Client’s Representative’) and DMI Finance Pvt Ltd (hereinafter referred as the ‘Client’). The same
Others: has been assumed to be correct and has been used for the purpose of this appraisal exercise. CBRE has not validated the
authenticity of the information / documents from any authority / concerned authorities / other sources. Where it is stated in the
report that another party has supplied information to CBRE, this information is believed to be reliable but CBRE can accept no
responsibility if this should prove not to be so
Premise 5 – Any sketch, plan or map in this report is included to assist reader while visualizing the subject property and assume no
Map and Plans:
responsibility in connection with such matters
Premise 6 – Based on the site visit and review of information provided by the developer, we understand that the subject property is
Site Details:
proposed commercial development spread over a land area of approx. 2,500 sqm and built up area of approx. 23,459.9 sqm
(existing + proposed). Please note that no physical measurements were undertaken by CBRE for the purpose of this appraisal
exercise. Further, CBRE has assumed that the subject property is free from any encroachments, claims, lien, etc.
Premise 7 – For the purpose of this appraisal exercise, we have assumed that the subject property has a clear title and is free from
Property Title:
any encumbrances, disputes and claims. CBRE has made no further enquiries with the relevant local authorities in this regard and
does not certify the property as having a clear and marketable title. Further, no legal advice regarding the title and ownership of
the subject property has been obtained for the purpose of this exercise. It has been assumed that the title deeds are clear and
marketable
Environmental Premise 8 – We have assumed that the subject property is not contaminated and is not adversely affected by any existing
Conditions:
or proposed environmental law and any processes which are carried out on the property are regulated by environmental
legislation and are properly licensed by the appropriate authorities
Condition & Repair: Premise 9 – In the absence of any information to the contrary, we have assumed that there are no abnormal ground conditions,
nor archaeological remains present which might adversely affect the current or future occupation, development or value of the
property; the property is free from rot, infestation, structural or latent defect; no currently known deleterious or
hazardous materials or suspect techniques have been / will be used in the construction of or subsequent alterations or additions to
the property and comments made in the property details do not purport to express an opinion about, or advice upon, the
condition of uninspected parts and should not be taken as making an implied representation or statement about such parts
Not a Structural Survey:
Premise 10 – We state that this is a LIE exercise and not a structural survey
Legal Premise 11 – CBRE is not required to give testimony or to appear in court by reason of this LIE report or with reference to
the property in question
Additional Premise 12 – For the purpose of this appraisal exercise, CBRE has assumed that the prevailing construction activity at the subject
site is as per the norms and byelaws (if any) laid by the relevant development authorities
Premise 13 – This exercise is assuming the fact that the developer will comply with various conditions mentioned in the NOCs
issued by various competent authorities
Premise 14 – The cost details provided by the Client / Client’s representative is assumed to be as per the original business plan for
the purpose of this LIE Report. Please note that we have not verified the same from any sources or inspected any documents
pertaining to the same
Premise 15 – This exercise is assuming the fact that the Client’s representative will receive all the required approvals required for
development before applying for occupancy certificate
Premise 16 – CBRE has not undertaken any climatology study such as wind velocity or sun path diagrams etc, not made any Good
for Construction Drawings (structural stability analysis calculations with respect to the services which will be incorporated for
future

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 1. Introduction

1.1 Instruction
CBRE has been instructed by DMI Finance Pvt Ltd (hereinafter referred as the ‘Client’) to act as a
Lender’s Independent Engineer (LIE) for an operational office development and to assist the Client in
monitoring the on-going construction / development activity and appraise them on the project progress on
various fronts such as construction work, cost spending, approvals, etc. As highlighted earlier, the subject
property is an under-construction operational office development project christened ‘Salcon Ras Vilas’ located
at Saket District Centre, Delhi.

1.2 Capability
The CBRE India team comprises of over 250+ dedicated and experienced professionals who provide quality
Advisory services from 10 offices across India. These professionals comprise of Royal Institute of Chartered
Surveyors (RICS) /IOV/IIV certified Valuers, master planners, architects, MBA professionals, civil engineers,
etc.

1.3 Purpose
We understand that the exercise is required of secured lending purposes.

1.4 Scope of Exercise

The LIE exercise has been undertaken to review the project progress on various fronts as highlighted below:

 Approvals Review
 Construction Progress
 Cost Review and cost to completion

In consideration of the same, a detailed assessment of the project has been undertaken with respect to above
mentioned aspects and detailed comments are produced by CBRE for each item in the scope of work.

1.5 Extension of Liability & Confidentiality

This report is confidential in nature and is for the sole usage of DMI Finance Pvt Ltd (the ‘Client’) and no
other party shall have any right to rely on the report provided by CBRE without prior written consent. Our
liability is extended to the Client only and any other parties (affiliates, designates, assignees, rating agencies,
auditors, prospective investors and investors) relying on our report may do so on their own accord. CBRE
would neither be liable nor answerable to them in any manner whatsoever. The Client agrees that any third
party (including the parties as aforesaid) who is in receipt of the report from the Client shall be advised in
writing by the Client that:

 The report is to be read and construed in its entirety and reliance on the report is strictly subject to the
disclaimers and limitations on liability set out herein and in the report; and

 CBRE’s liability is extended to the Client only and any other parties relying on the report may do so on
their own accord without any liability on CBRE to such parties.

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 Neither the whole nor any part of this appraisal and report or any reference to it may be included in any
published document, circular or statement nor published in any way without the consultant’s prior written
approval of the form and context in which it may appear.

The consultant’s responsibility in connection with this report is limited to the Client to whom it is addressed and
to that Client only. The consultant disclaims all responsibility and will accept no liability to any other party.

1.6 Qualifications
The liability of CBRE and its Directors and Employees is limited to the addressee of this report only. No
accountability, obligation or liability to any third parties is accepted. Our maximum aggregate liability to any
involved parties arising from, or in relation to, this appointment (in contract, tort, negligence or otherwise),
howsoever arising shall not in any circumstances exceed the professional fee payable to CBRE for this specific
mandate.

This report is provided subject to the Assumptions, Disclaimers, Limitations and Qualifications detailed
throughout this report and to those included within the Assumptions, Disclaimers, Limitations & Qualifications
section of this report.

1.7

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 2. Project Description

2.1 Brief Description

The subject property is located in Saket District Centre towards the southern part of New Delhi. The subject
micro market is an established hub for residential, commercial and retail activity comprising areas of Saket,
Malviya Nagar, Greater Kailash – I, Greater Kailash – II, Lajpat Nagar, etc. along with various social
infrastructure facilities such as DPS International School, Max Hospital, DDA Sports Complex, etc. The
following map indicates the location of the subject property:
Source: CBRE Research

To wa rds Ha pur

To wa rds Ro htak

Ce ntral Delhi
CBD

N oida

So uth De lhi

NH- 1 9 Gre ater N o ida

Gurgaon

To wa rds Ma thura To wa rds Ma thura

To wa rds Ja ipur
N
Map No t To Scale ; For Re presentation Purpose O nly
Subject Site Ke y Ro ads

- Based on the review of the details provided by the developer, we understand that the subject property is
an operational commercial development which spreads across a land parcel of approx. 2,500 sqm (0.6
acres) with an existing structure of 3 Basement + Ground Floor + 6 Upper floors. As per the information
shared by the developer’s representative, we understand that the developer is proposing 3 additional
floors over & above the existing structure. Furthermore, to undertake construction work for the proposed
extension (3 additional floors), the developer has applied for the additional FAR of approx. 2,608 sqm
and requisite amount of approx. INR 90 Mn is to be paid to the concerned authority on account of
availing of purchasable FAR.

- On further discussion with the developer, we understand that the developer has applied for the
sanctioning of building plan incorporating existing & proposed structure. However, the same is yet to be
be received for the competent authority (Delhi Development Authority)

The area details pertaining to the subject property are as follows

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 Property Description

Project Salcon Ras Vilas

Location Plot No. D1 & P3A, Saket District Centre, Delhi

Owning Entity M/s Laxmi Buildtech Ltd

Land use zone as per masterplan Commercial

Project use Offices

North: 10 m wide Internal District Centre Road

South: Other’s property
Boundaries
East: 10 m wide Internal District Centre Road
West: Other’s property

Primary access road width Accessible through an approx. 10 m wide internal road

Planning authority Delhi Development Authority (DDA)

No. of towers/blocks 1 Block

Existing Configuration: 3 Basements + Ground Floor + 5 upper

floors
Tower configuration
Revised Configuration: 3 Basements + Ground Floor + 8 upper
floors (3 upper floors proposed)

Site area 0.62 acres (2,500 Sqm)

Permissible FAR ~ 5.7 (existing); applied for approx. 2608.3 sqm (~1.04)

Achieved area as
Proposed/sanctioned
All the areas in Sqm Permissible Area per completion
Area
drawings

A Plot area 2,500.00 2,500.00 2,500.00

B FAR area ~ Permissible FAR of 5.79 14,467.15 14,159.19 14,251.7

Total area for services includes service shaft/ducts,

C - 1,798.31 2,539.83
atriums & Mumty/machine room

Total Covered Area: FAR area + Total Area for

D - 15,957.5 16,791.51
services

Total basement area (Parking area + service area +

E - 7,500.0 6,384.5
deduction)

F Total built - up area (D + E) - 23,457.5 20,636.1

Source: Sanctioned Plans/Completion plans shared by the developer

Comments/Observation:

- As highlighted earlier, we understand that the developer is proposing 3 additional floors over & above the
existing structure. Furthermore, to undertake construction work for the proposed extension (3 additional

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 floors), the developer has applied for the additional FAR of approx. 2,608 sqm. The payment to be done on
account of extra FAR is still pending

Following table enlist details of the additional FAR to be availed on the subject property

Area free
Proposed
Existing/achieved from FAR
Proposed built - FAR Total FAR area
S.no. Particulars Description FAR as per (as per
up area (sqm) (additional (sqm)
completion (sqm) UBBL -
block) *
2016/MPD)

1 1st Basement area 1,626.5 1,626.5 0.0 0.0 1,626.5

2 2nd Basement area 2,257.9 2,257.9 0.0 0.0 2,257.9

3 3rd Basement area 2,500.0 2,500.0 0.0 0.0 2,500.0

4 Ground Floor 2,727.0 2,031.4 329.5 0.0 1,701.9

Existing
5 Area 1st Floor 2,727.0 2,355.7 474.8 0.0 1,880.9

6 2nd Floor 2,727.0 2,330.3 415.7 0.0 1,914.7

7 3rd Floor 2,727.0 2,330.3 415.7 0.0 1,914.7

8 4th Floor 2,727.0 2,273.7 309.2 0.0 1,964.5

9 5th Floor 2,727.0 2,273.7 305.2 0.0 1,968.5

10 6th Floor 2,727.0 0.0 1,035.7 1,691.3 1,691.3

Proposed
11 7th Floor 2,727.0 0.0 1,035.7 1,691.3 1,691.3
Area
12 8th Floor 2,727.0 0.0 1,035.7 1,691.3 1,691.3

13 FAR area in basement 656.5 656.5 0.0 0.0 656.5

14 Total FAR area (sqm) 25,199.5 14,251.7 5,357.2 5,074.0 17,075.5

Total Built – up area (sqm)~

15 31,583.9 20,636.1 5,357.2 5,074.0 23,459.9
Total FAR + Basement area
Source: Information sourced from the developer
* Since this land parcel is part of a larger district centre, the computation for such increase in FSI and the specific scheme in which such benefit
is being availed will have to be provided by the developer for our review

Parking Calculations ~ based on the review of the sanctioned and completion plan provided by the client and the
prevailing building bye laws (Unified Building Byelaws 2016), the parking calculations of the subject property is as
follows:

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 Sr. No. Component Description (Number of Car Parks)

Parking required as per local building bye laws (2 ECS is required per 100 sqm
1 289 nos.
of permissible FAR area) *

2 Sanctioned Parking by the Developer 280 nos.

3 Parking achieved by the developer (as per the completion plan) 312 nos.

3a Parking proposed in 1st basement (Plot D – 1 & P3A) 83 nos.

3b Parking proposed in 2nd basement (Plot D – 1 & P3A) 102 nos.

3c Parking proposed in 3rd basement (Plot D – 1) 67 nos.

3d Open parking 60 nos.

Total no of parking provided by the developer is 312 against the parking required of 280 as per Unified Building Byelaws 2016. Hence the
parking provision is appropriate

Comments / Observations:

- As tabulated above, we understand that the total number of parking provided by the developer is 312 no.
against the parking required of 280 as per Unified Building Byelaws 2016. Hence the parking provision is
appropriate.

- As per the information provided by developer’s representative, the developer is proposing 3 additional floors
over & above the existing structure. Furthermore, to undertake construction work for the proposed extension
(3 additional floors), the developer has applied for the additional FAR of approx. 2,608 sqm and
corresponding to the same additional parking of approx. 85 car parks are to be proposed so as to cater the
additional parking requirements, arriving at a total park of 370 and corresponding to the additional
requirements, observation has been enlisted in approval/NOC from Delhi Urban Art Commission (DUAC),
the developer needs to plan suitable space for additional parking area.

- As per the proposed plan shared by the developer’s representative, developer is proposing an additional car
park of 386 car parks (planned in basements of plot D – 1 & P3A).

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 2.2 Property Photographs

Site visit as on 9th June 2021

External View of the subject property Internal view of the subject property

View of terrace area (existing structure) and initial column

Operational cooling tower at the terrace
marking done for establishing additional floors

Internal approach road towards subject property (plot no.

View of adjacent plot (plot no P3A) presently being used as
D – 1 & P3A) from where material mobilization is
parking area
proposed

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 Site visit as on 9th June 2021

View of adjacent plot (plot no P3A) presently being used as View of the rear façade wall from where labour access is
parking area proposed and tentative establishment of material lift

Internal view of lobby area Internal view of passage area

View of the main road along the rear setback of the subject
View of the approach road
property connecting with
Source: CBRE site Visit conducted on 9th June 2021

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 3. Approval Status Review

Based on the review of various documents received from the Client’s representative, the following table highlights the status of various approvals pertaining to
the subject property:

In compliance Revision Required Not approved/Expired/Yet to apply

STATU
STATUS OF
S STATUS
DESCRIPTION OF APPROVING APPROVALS /
VALIDITY COMMENTS AS PER AS PER
APPROVAL AUTHORITY DATE OF
INTIAL NEW
RECEIPT
PLAN
- As per the layout plan provided by the developer’s representative, we
Delhi understand that the subject property i.e., Salcon Ras Vilas falls under
Zoning Development 12th August 2006 - Commercial (district centre) zoning. Further, same has been conformed with
Authority (DDA the prevalent developmental plan i.e., Zonal developmental plan of zone
(division) ‘F’ (South Delhi – I). Therefore, the same stands appropriate
- Based on the review of sanction layout plan shared by the developer, it is
observed that the developer has obtained sanctioned building plans for
developing a commercial development at the subject site admeasuring approx.
2,500 sqm situated in Saket district centre, Delhi on 14 th August 2006.
Following are the details of the plan sanctioned:
 Gross Plot Area: Approx. 0.66 acres (2,500.0 sqm)
 FAR permissible @5.79: 14,467.2 sqm
Delhi
 FAR proposed: 14,159.19 sqm; @5.66
Building Plan Approval Development 14th August 2006 10th August 2011 -
 Proposed blocks/structures: 1 Commercial Block
Authority (DDA)  No. of proposed floors: 3Basements + Ground Floor + 5 upper floors
 Max. height proposed: 26.5 mtrs
- The developer has obtained the sanction plan on 14 th August 2006 for a period
of 5 years till 10th August 2011.
- Furthermore, the developer has applied for the additional FAR of approx. 2,608
sqm and requisite amount of approx. INR 90 Mn is to be paid to the concerned
authority on account of availing of purchasable FAR.
Environmental State 21st May 2021 - - Based on the review of the document provided it is understood that the
Clearance developer i.e., M/s Laxmi Buildtech Ltd has received the Environmental
(EC) Environmental
Clearance from the concerned authority for the commercial development with
Impact
existing and proposed structure (3Basements + Ground Floor + 8 upper floor).
Assessment - Following are the details as per EC for the existing and proposed structure
Authority, Delhi (3Basements + Ground Floor + 8 upper floor):
 Total Plot Area – 2,500 sqm
 Total Permissible FAR Area – 14,467.2 sqm (existing structure);
2,608. 26 sqm (proposed structure)
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 STATU
STATUS OF
S STATUS
DESCRIPTION OF APPROVING APPROVALS /
VALIDITY COMMENTS AS PER AS PER
APPROVAL AUTHORITY DATE OF
INTIAL NEW
RECEIPT
PLAN
 Total Proposed FAR Area – 14,251.4 sqm (existing structure); 2,608.
26 sqm (proposed structure)
 Built-up Area- 27,670.3 Sqm
- As per the sanctioned plan, proposed built – up area for the for the existing
and proposed structure is approx. 23,459.9 sqm and same is in line with the
provided environmental clearance. Therefore, the same stands valid and
appropriate
- As per NOC, the permissible height above ground level is 35.5 m
- As per sanctioned building plan and completion plan, we understand that the
maximum proposed height of the highest tower is 26.5 m.
- As per the revised drawing (to be sanctioned) shared by the developer, the
Airport
Height Clearance maximum proposed height of the tower is 37 m (till mumty machine room top
Authority of 17th August 2006 -
(AAI NOC) level); i.e. (263.3 m achieved AMSL). Furthermore, as per Colour Coded Zoning
India (AAI) Map (CCZM) of AAI, permissible top elevation for the subject region is 270 m
above mean sea level. As the proposed height of the subject development is
less than 270 m above mean sea level. Therefore, the renewal for the same is
not required
- As per the obtained document, we understand that the licensed architect and
structural engineer has shared an assurance undertaking for the proposed
Structural stability structural and architectural scheme and basis which the construction has been
- 10th May 2008 - -
certificate undertaken for the subject property consisting of 3Basements + Ground floors
+ 5 Upper floors (existing structure). However, the developer needs to apply
for the revision of the subject property
- As per review of shared approval, the permissible structural details for
proposed towers are mentioned below:
Delhi Fire 30th September
Fire safety Certificate -  Tower configuration: 3Basements + Ground Floor + 8 Upper Floors;
Services 2020 Height (till terrace floor slab): 33m (as per sanctioned plan: 22.5 m;
as per revised plan: 33 m)
- As per the approval document provided by the developer’s representative, we
understand that the developer has obtained approval for Delhi Urban Art
Commission (DUAC) with regards to the additional proposal pertaining to the
Approval from Delhi extension of 3 additional floors. Following are observations shared:
Delhi Urban Art
Urban Art Commission 1st October 2020 -  Parking provisions shall adhere to applicable norms; Pursuant to
(DUAC) Commission the mentioned observation and with reference to the proposal of
up righting additional floors which spans across an FAR area of
approx. 2,608 sqm, an additional parking of approx. 40 car parks is
to be proposed so as to cater the additional parking requirements.
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 STATU
STATUS OF
S STATUS
DESCRIPTION OF APPROVING APPROVALS /
VALIDITY COMMENTS AS PER AS PER
APPROVAL AUTHORITY DATE OF
INTIAL NEW
RECEIPT
PLAN
Therefore, the developer will have to provide adequate space to
accommodate additional parking
 Sustainability features need to be incorporated
 All service equipment at terrace is to be camouflaged appropriately
- Based on the review of sanction layout plan shared by the developer, it is
observed that the developer has obtained completion certificate building plans
for developing a commercial development at the subject site admeasuring
approx. 2,500 sqm situated in Saket district centre, Delhi on 25 th February
2009. Following are the details of the plan sanctioned:
Delhi
Occupancy cum  Gross Plot Area: Approx. .66 acres (2,500.0 sqm)
Completion Certificate Development 25th February 2009 -
 FAR permissible @5.79: 14,467.2 sqm
-
Authority  FAR proposed: 14,159.19 sqm; @5.66
 FAR achieved: 14,251.68 sqm; @5.67
 Proposed blocks/structures: 1 Commercial Block
 No. of proposed floors: 3Basements + Ground Floor + 5 upper floors
 Max. height proposed: 26.5 mtrs
Source: CBRE Assessment of the approval documents provided by the Developer

The table below highlights the details of the area as per different approvals
Plot area Built-up area
Approval Description FAR area (sqm) Structure Height (m)
(sqm) (sqm)

Sanctioned Building plan 2,500 14,159.19 23,457.50 - 3 Basements + Ground Floor + 5 upper floors 26.5

- Existing Configuration: 3 Basements + Ground Floor +

5 upper floors
Environmental Clearance 2,500 14,251.68 27.670.0 33.0
- Revised Configuration: 3 Basements + Ground Floor +
8 upper floors (3 upper floors proposed)

35.5
Height Clearance 2,500 - - -

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 Plot area Built-up area
Approval Description FAR area (sqm) Structure Height (m)
(sqm) (sqm)

- Existing Configuration: 3 Basements + Ground Floor +

5 upper floors
Fire safety approval 2,500 - - 33m (till terrace floor level)
- Revised Configuration: 3 Basements + Ground Floor +
8 upper floors (3 upper floors proposed)-

- Existing Configuration: 3 Basements + Ground Floor +

Completion Plan 2,500 14,251.68 - 26.5
5 upper floors

Source: CBRE’s assessment based on the documents provided by the developer

List of balance approvals for construction/completion and associated timelines and risk are mentioned below:
Risk Level Risk Level
w.r.t. to w.r.t. to
Description of Approval Approving Authority Expected Date for application
existing proposed
proposal proposal

Sanctioned Plans Delhi Development Authority To be applied commencement of construction Nil Low

To be applied prior to the commencement of construction/prior to

Consent to establish Delhi Pollution Control Committee (DPCC) Low Low
the receipt of Occupation Certificate (OC)

To be applied prior to the commencement of operations/post

Consent to operate Delhi Pollution Control Committee (DPCC) Medium Low
the receipt of Occupation Certificate (OC)

To be applied prior to the commencement of operations/post

Water Supply approval Office of executive engineer, Delhi Jal Board Medium Low
the receipt of Occupation Certificate (OC)

Sewerage Scheme Approval Municipal Corporation of Gurgaon To be applied with / before applying for Occupation Certificate Low Low

Lift approval Lift inspector Prior to the receipt of Occupation Certificate (OC) Low Low

RERA certificate RERA, Delhi Prior to the commencement of marketing of project high Low

Source: CBRE’s assessment based on the documents provided by the developer

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 4. Construction Status

4.1 Activity Wise Construction Progress ~ Percentage Work Completion

As highlighted earlier, the construction work proposed for the additional floors is yet to start. However, initial
preparation works such column marking have already been done on the terrace. As per the information shared by the
developer’s representative, we understand that the specifications pertaining to finishing activities are yet to be
finalised.
Following are activity - wise construction progress details highlighting all the proposed activities:

Description of Activities Status

Civil Construction Construction is yet to commence

Finishing Construction is yet to commence

Mechanical, Electrical and Plumbing Construction is yet to commence

Source: CBRE’s assessment based on site visit dated 9th June 2021

4.2 Envisaged Construction Timelines

Estimated Time of Completion ~ As

Estimated Time of Completion ~ per CBRE's Assessment
Activity
As per Developer
Start Finish
Shifting Works Jan 2022 - Feb 2022 Q-I'2022 Q-I'2022
Civil Work & Finishing March'22 - Sep'23 Q-II'2022 Q-IV'2022
MEP Services Oct'22 - March'23 Q-IV’2022 Q-II'2023
Commissioning & Final Finishing Apr'23 - Sep'24 Q-II'2023 Q-IV'2024

Source: Developer’s input/ CBRE Assessment basis site visit

Comments / Observations:

Basis the CBRE’s site visit, it was observed that the construction work for 3 additional floors proposed over and above
the subject commercial development is yet to commence. On discussion with the developer, we understand that the
developer neither initiated any material & labour mobilization for the subject development and is not in the process of
floating Work orders/Purchase orders for carrying out different activities that are scheduled at site such as RCC works,
finishing works, façade treatment works, etc. Opinion for the activity – wise construction completion timelines area as
follows:

 Civil Structure Works

- Basis the discussion with developer’s representative, we understand that the developer is proposing to execute
RCC civil work through precast construction technique. For undertaking the RCC works for 6 th floor slab, 7th
floor slab & 8th floor slab developer is proposing a total slab cycle of 90 days, 60 days & 58 days.
Additionally, developer shall be introducing another lift core along the rear side of the existing structure and
would also be undertaking structural strengthening works for the existing configuration. Considering the
present site condition and total span to be proposed i.e., 2,727 sqm, the timelines proposed by the developer
are valid and appropriate.

 Services Works

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 - As per the discussion with the developer’s representative, developer would be enhancing the services
requirements so as to cater to the additional floors. To execute the same, developer is proposing to change and
enhance the operating high side and low side service units such as Diesel Generators, transformers, Cooling
towers, firefighting systems, etc. Additionally, all the wiring systems and line would be extended for
additional floors and an additional lift will be introduced in the development which shall be traveling from 3
basement to 8th floor. Developer is proposing an approx. timeline for 2 quarters and considering the job to be
undertaken, we understand that the scheduled work would be completed in 2 – 3 quarters.

 Finishing Works
- Basis the information shared; we understand that the developer has not finalized the specifications pertaining
to the finishing works. However, we understand that the developer is positioning the subject property in high
end segment. Developer is proposing completion timeline of approx. 1 – 1.5 quarters and CBRE is of the
opinion that it would take approx. 1.5 – 2 quarters and furthermore, it would require additional 30 – 45 days
for De – snagging and final building flush out works.

Please Note:

 It is considered based on the current pace of development activity at the site and any change in this
assumption will have an impact on the abovementioned timelines

 Project schedule is not affected by slow pace of sales or lack of finance during the construction period

 It is assumed that handover will be done in the same month of completion of construction works

 Work does not stop due to non-payment of contractors

 There are no significant design/ specification changes during construction

 The abovementioned timelines do not take into consideration any delay due to unforeseen events such as
natural calamity, labour shortage, etc.

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 5. Budgeted Cost Review

The section highlights that the proposed construction cost (Hard Cost) details as shared by the developer vis-à-vis CBRE’s opinion basis the
prevalent market benchmarks

As per developer As per CBRE

Proposed Activities CBRE Observations/ Recommendations
Rate per sft Budget Rate per sft on Budget
on BUA (INR Mn) BUA (INR Mn)

- As per the information shared by the developer’s representative, developer

is proposing pre – cast construction technique for civil works to be
undertaken for the additional 3 floors to constructed. Considering the
same, CBRE has adopted concrete co-efficient of 0.06 cum/sft and steel
co-efficient of 5 - 6 kg/sft. For shuttering works, we have adopted
conventional shuttering for cost assessment. Considering the above –
Retro fitting works + mentioned coefficients, proposed structure and DSR rates applicable in
1,646 145.0 1,504 – 1,544 132 – 136
Civil works + brick works NCT region, CBRE is of the opinion that the budgeted cost of approx.
(INR 1,504 – 1,544) per sft
- Furthermore, developer is proposing an approx. budget of INR 40 Mn for
retrofitting and structural strengthening, however the developer has not
undertaken any structural load calculation pertaining to the additional
floors to constructed. Therefore, we have relied on the same budget
allocated for retrofitting in our assessment

- As discussed with the developer, we understand that specification

pertaining to finishing activities has not been finalized till now and none of
contract/work orders have been awarded to the contractors for any of the
proposed finishing activities such as waterproofing, Water proofing,
Flooring, Plastering & Painting, Railing, Doors & Windows, False ceiling
works and façade works, etc. However, on further discussion with the
Finishing works 1,305.9 115 962 – 1,042 85 – 92 developer/developer’s representative, specification for said milestone shall
be on a higher side. The developer is proposing cost of approx. 1,306 per
sft which would be attributing towards aforementioned finishing activities
and miscellaneous activities (for which bifurcation has not been shared).
CBRE is of the opinion that cost for finishing would tune to approx. INR
962 – 1,042 per sft (cost is inclusive of miscellaneous cost of approx.
INR 100 per sft)

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 As per developer As per CBRE
Proposed Activities CBRE Observations/ Recommendations
Rate per sft Budget Rate per sft on Budget
on BUA (INR Mn) BUA (INR Mn)

- The developer has already installed high side/low side service

components/equipment such Air Handling Unit, underground water tank,
overhead water tank, 3 diesel generators, chillers & cooling towers to cater
the service requirement for 5 upper floors. However, as per the information
shared and discussion with the developer, we understand that the
additional services components such DG’, transformers. Further, all the
Services Works 1,476 130 721 – 761 63 – 67
capacities pertaining to the service components (already installed) shall be
increased and the developer shall be undertaking core cutting to introduce
an additional lift core along the rear perimeter of the subject property.
- Considering all the above-mentioned factors, developer is proposing a cost
of approx. of INR 1,476 per sft. However as per CBRE, the approx. cost
would tune to INR 721 – 761 per sft.

Total Hard cost 4,428.8* 390* 3,187 - 3,347 281 – 295 The budgeted cost opined above is basis CBRE’s market understandings and
considering DSR rates which are applicable in prevalent NCT market.
Additionally, as per the inputs by the developer specifications and capacities
Contingencies @ 3% of
have not been finalized and contract orders for the major work packages have
the budgeted construction 113.6 10 163^ 14.4^
not been awarded till now. Therefore, CBRE, is of the opinion there can be
cost
differential in the opined budgeted cost in forthcoming time and as the
Subtotal ~Total Hard cost construction gets initiated at site.
4,542.3 400 3,350 - 3,510 295 – 309
+ Contingencies
(^) The developer has proposed a budgeted cost of approx. 10 Mn. However,
Grand total ~ Subtotal + as per the CBRE is of the opinion that the proposed contingency shall be
- - 3,953 – 4,142 348 – 368 @5%
GST (@18%)

Total 4,542 400 3,953 – 4,142 348 – 368  

Source: Developer Inputs/ CBRE research
* Cost details share by the developer are inclusive of GST
Rate per sft is provided on the total built- up area of 88,060.28 sft and budget is also assessed on the same

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 6. Site Mobilization

6.1 Observations on visual inspection

- Subject property forms a part of commercial district centre located in Saket which has been developed on a
land parcel admeasuring approx. 2,500 sqm. Moreover, the property can be approached through an approx. 10
m wide internal district road.

- During site visit CBRE observed that services and other high side equipment (e.g., chillers, water tank etc) are
even now present at terrace level. With the purpose of starting the construction of upper floors, developers
may have to remove or dislocate the services to carry out construction activities on subsequent floors.
Therefor there is low risk to relocate the services from terrace to carry out construction activities on
subsequent floors. However, as per developer there shall not have disruption of services since the developer is
planning to execute with a precast construction design & technology to minimize the disturbance of building
operations.

- On assessment of positioning of subject property and discussion with developer’s representative during site
visit, we understand that the material lot scheduled to be used for construction of additional structure would
enter the site via secondary approach road along the rear set back of subject property and would be stacked up
on adjacent plot i.e., plot P3A which is presently being used for open parking by developer. Furthermore,
labour movement shall also be directed along the building access proposed along the rear wall and material
transportation would be carried out via lift to be proposed along the rear wall on the existing structure.

- As highlighted earlier, the developer shall be undertaking core cutting to introduce an additional lift core
along the rear perimeter of the subject property and due to the same, there shall be inconvenience for the
existing customers. However, as per our discussion with developer, we understand that the developer has
taken approval/consent upfront from the present occupiers with regards to the forthcoming proposed
construction in the subject property. Furthermore, from structural integrity and safety framework, developer is
yet to execute various test for establishing whether the bearing capacity of existing structural frame is
sufficient to withstand the additional load of proposed structure.

CBRE’s recommendations

- The developer needs to furnish structural drawings for the additional structure to be incorporated structural
stability certificate in concurrence with National Building Code (NBC) and other prevalent BIS codes.

- The developer needs to carry out retro fitting and structural strengthening and exercises for the subject
property.

- While working at height, developer must provide suitable measures to ensure that no material falls from the
working area. Edge protection shall be provided at all leading edges or openings from where workers or
material can fall.

- Adequate measures for scaffolding use should be executed with regards to correct use, fixation and
dismantling procedures.

- All the scaffolding material being used at site shall be Additionally, all the scaffolds should be inspected by a
competent person at least every 3 days after up righting.

- The structural member should be kept in orderly manner on the ground so that they do not roll down or slide
while being handled. The structural member should be able to be take out as per sequence of erection without

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 disturbing the stack. Simultaneously, light structure should not be stacked below heavy structural members
where they are likely to be damaged

- The developer shall formulate an Emergency Preparedness plan for the site that shall address foreseeable
emergencies that may arise during construction.

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