Area Statement

Particular # Unit
Land Size 10 acres
Ground Coverage 60% %
Sft per acre 43,560 sft
FSI 2 #
Potential BUA 871,200 sft
Permissible Ground Coverage 261,360 sft
Loading Factor on BUA 15% %
Gross Leasable Area (GLA) 1,001,880 sft

Building Configuration G+5

Floor GLA Unit

Ground 250,000 sft
1st Floor 150,376 sft
2nd Floor 150,376 sft
3rd Floor 150,376 sft
4th Floor 150,376 sft
5th Floor 150,376 sft
Total 1,001,880 sft

Parking Area Statement

Parking Area per Bay 300 sft

Parking bays per 1000 sft of GLA 5 #
Total Parking Bays 5,000 #
% Saleable Bays 90% %
Saleable Bays 4,500 #
Lease Rental Assumptions

Particular # Unit
Monthly Lease rental-Ground Floo 100 Rs
Monthly Lease rental-Upper Floors 85 Rs
Avg Absorption 85% %
Total Montly Rental 8 Rs cr
Rent Free period 3 months
Annual rental escalation 5% %

CAM Charges

Particular # Unit
Monthly CAM charges 25 Rs psft
Total Monthly CAM charges 3 Rs cr
Annual escalation 2% %

Parking Income

Particular # Unit
Saleable Bay 4,500 #
Tariff on weekdays 35 Rs per bay
Avg Rotation per weekday 5 #
Tariff on weekends 45 Rs per bay
Avg Rotation on weekend day 10 #
Annual escalation 2% %
Total Monthly Collection 3 Rs cr
Operating Cost Before project completion

Particular Rs psft Total Cost Unit

Land Cost 200 Rs cr
Approval cost 250 22 Rs cr
Construction Cost 3,000 261 Rs cr
Brokerage Cost 1 Months of Rental
Admin and other costs 4% % of Construction cost
Contingency Cost 2% % of Construction cost

Operating Cost post project completion

Particular # Unit
Monthly CAM cost 23 Rs psft
Total Monthly CAM charges 2 Rs cr
Annual escalation 2% %
Annual Insurance cost 0.2 Rs cr

Statutory Expenses

TDS 10%
Corporate Tax Rate
Tax Rate Surcharge Health & Education Cess
if Annual Turnover < 250 cr 25% 12% 4%
if Annual Turnover >250 cr 30% 12% 4%
Effective Tax
29%
35%
Leasing Schedule
Timeline Y0 Y1 Y2 Y3
Area Leased-Ground Floor sft 85% 0% 0% 0% 0%
Area Leased-Upper floors sft 85% 0% 0% 0% 0%

Parking occupancy 0% 0% 0% 0%
 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13
20% 50% 15%
20% 50% 15%

20% 70% 85% 85% 85% 85% 85% 85% 85% 85%
Y14 Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23

85% 85% 85% 85% 85% 85% 85% 85% 85% 85%
Y24

85%
Construction Schedule
Timeline Y0 Y1 Y2 Y3 Y4
Land cost % 0% 100%
Approval cost % 100% 80% 5% 5% 10%
Construction Cost % 100% 10% 30% 30% 30%
Admin and other costs % 4% 4% 4% 4%
Contingency Cost % 2% 2% 2% 2%
Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14

4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24

4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
CF Facility

Particular # Unit
Amount - Rs cr
Processing Fee 1% %
ROI 12% %
Tenure 48 months

Debt Schedule

Year Y0 Y1 Y2 Y3 Y4
Opening Balance - - - -
Addition - - - - -
Repayment -
Closing Balance - - - - -

Accrued Interest - - - -
Interest payment -
LRD Facility

Particular # Unit
Amount Rs cr
Processing Fee 1% %
ROI 10% %
Tenure 240 months
EMI - Rs cr

Year Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7
Opening Balance - - -
EMI - - -
Interest - - -
Repayment - - -
Closing Balance - - - -
Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
Y18 Y19 Y20 Y21 Y22 Y23 Y24
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
 Unit Total Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24
Cash Inflow Schedule

Area Leased-Ground Floor sft 212,500 - - - - 50,000 125,000 37,500 - - - - - - - - - - - - - - - - - -

Area Leased-Upper floors sft 639,098 - - - - 150,376 375,940 112,782 - - - - - - - - - - - - - - - - - -
Cumulative Area Leased-GF sft 212,500 - - - - 50,000 175,000 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500 212,500
Cumulative Area Leased-UP sft 639,098 - - - - 150,376 526,316 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098 639,098
Cumulative Area Leased sft 851,598 - - - - 200,376 701,316 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598 851,598
Annual Rent-Ground Floor Rs psft 1,200 1,260 1,323 1,389 1,459 1,532 1,608 1,689 1,773 1,862 1,955 2,052 2,155 2,263 2,376 2,495 2,619 2,750 2,888 3,032 3,184
Annual Rent-Upper Floors Rs psft 1,020 1,071 1,125 1,181 1,240 1,302 1,367 1,435 1,507 1,582 1,661 1,745 1,832 1,923 2,020 2,121 2,227 2,338 2,455 2,577 2,706
Less: Amount for Rent free period Rs cr 24 - - - - 5 14 4 - - - - - - - - - - - - - - - - - -
Gross Rental Income Rs cr 3,129 - - - - 16 64 96 105 110 116 122 128 134 141 148 155 163 171 180 189 198 208 218 229 241
Less: Brokerage Rs cr 8 - - - - 2 5 1 - - - - - - - - - - - - - - - - - -
Net Rental Income 3,121 - - - - 14 60 94 105 110 116 122 128 134 141 148 155 163 171 180 189 198 208 218 229 241
Annual CAM Charges Rs psft 300 306 312 318 325 331 338 345 351 359 366 373 380 388 396 404 412 420 428 437 446 455 464 473 483
Total CAM Charges Rs cr 687 - - - - 7 23 29 29 30 31 31 32 32 33 34 34 35 36 36 37 38 39 39 40 41
Potential Parking Income Rs cr 40 41 42 43 44 44 45 46 47 48 49 50 51 52 53 54 55 56 57 59 60 61 62 63 65
Actual Parking Income Rs cr 919 - - - - 9 31 39 39 40 41 42 43 43 44 45 46 47 48 49 50 51 52 53 54 55

Cash Inflow Rs cr 4,728 - - - - 29 114 161 174 180 187 194 202 210 218 227 236 245 255 265 276 287 298 311 323 337

Cash Outflow Schedule

Land cost % 100% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Approval cost % 100% 0% 80% 5% 5% 10% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Construction Cost % 100% 0% 10% 30% 30% 30% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Admin and other costs % 0% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Contingency Cost % 0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Land cost Rs cr 200 200 - - - - - - - - - - - - - - - - - - - - - - - -

Approval cost Rs cr 22 - 17 1 1 2 - - - - - - - - - - - - - - - - - - - -
Construction Cost Rs cr 261 - 26 78 78 78 - - - - - - - - - - - - - - - - - - - -
Admin and other costs Rs cr 10 - 1 3 3 3 - - - - - - - - - - - - - - - - - - - -
Contingency Cost Rs cr 5 - 1 2 2 2 - - - - - - - - - - - - - - - - - - - -

Annual CAM Cost Rs psft 276 282 287 293 299 305 311 317 323 330 336 343 350 357 364 371 379 386 394 402 410 418 427 435 444
Total CAM Cost Rs cr 632 - - - - 6 21 26 27 28 28 29 29 30 30 31 32 32 33 34 34 35 36 36 37 38
Insurance Cost Rs cr 4 - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cash Outflow Rs cr 1,135 200 45 84 84 91 22 27 27 28 28 29 29 30 31 31 32 32 33 34 34 35 36 37 37 38

Operating Cashflow Rs cr 3,593 (200) (45) (84) (84) (62) 93 135 146 153 159 166 172 180 187 195 204 212 222 231 241 252 263 274 286 299

Less: Processing Fee Rs cr - - -

Less: Interest on CF Rs cr - - - - - - - - - - - - - - - - - - - - - - - - -
Less: Interest on LRD - - - - - - - - - - - - - - - - - - - - - - - -
EBT Rs cr 3,593 (200) (45) (84) (84) (62) 93 135 146 153 159 166 172 180 187 195 204 212 222 231 241 252 263 274 286 299
Less: Tax Rs cr 1,255 - - - - - - - 15 46 48 50 52 55 57 59 62 166 81 84 88 92 96 100 104

Net Operating Cashflow Rs cr 2,337 (200) (45) (84) (84) (62) 93 135 146 138 113 117 122 127 133 138 144 151 55 150 157 164 171 178 186 194

Add: CF Rs cr - -
Add: Term Loan (LRD) Rs cr - -
Less: CF Repayment Rs cr - - - - - - - - - - - - - - - - - - - - - - - - - -
Less: Repayment Term Loan (LRD) Rs cr - - - - - - - - - - - - - - - - - - - - - - - - - -

Closing Balance Rs cr 2,337 (200) (45) (84) (84) (62) 93 135 146 138 113 117 122 127 133 138 144 151 55 150 157 164 171 178 186 194
Cumm Closing Balance Rs cr 2,337 (200) (245) (330) (414) (476) (384) (249) (102) 36 148 265 388 515 648 786 931 1,081 1,137 1,287 1,444 1,608 1,778 1,957 2,143 2,337
Equity Contributions % Amount
Sponsor 10% 51
LP Investors 90% 462
Total Equity 100% 513

Distribution as %
Sponsor % LP %
Hurdle (IRR) 10% 10% 90%
Catch Up (Cumu Profit) 20% 50% 50%
Sponsor Promote 20% 28% 72%

Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24

Summary of Returns
Limited Partner (LP) Returns
Total LP Distributions 2,032 - - - - - 75 113 123 116 93 97 102 106 103 65 85 102 33 102 106 111 116 122 127 133
Total LP Contributions 462 180 49 84 84 64 - - - - - - - - - - - - - - - - - - - -
Total LP Profit 1,570 (180) (49) (84) (84) (64) 75 113 123 116 93 97 102 106 103 65 85 102 33 102 106 111 116 122 127 133
LP IRR 14%
LP Equity Multiple 4x

Sponsor Returns
Total Sponsor Distributions 597 - - - - - 8 13 14 13 10 11 11 12 20 65 50 40 13 40 41 43 45 47 50 52
Total Sponsor Fees 222 - 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
Total Sponsor Contributions 51 20 5 9 9 7 - - - - - - - - - - - - - - - - - - - -
Total Sponsor Profit 767 (20) 4 (0) (0) 2 18 22 23 22 20 20 21 21 29 74 59 49 22 49 51 52 54 57 59 61
Sponsor IRR 38%
Sponsor Equity Multiple 16x

Net Cashflow for Distribution

Net Cashflow (200) (45) (84) (84) (62) 93 135 146 138 113 117 122 127 133 138 144 151 55 150 157 164 171 178 186 194
Sponsor IM Fee 2% 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
Adjusted Net Cashflow (200) (55) (94) (94) (71) 83 125 137 129 103 108 113 118 124 129 135 141 46 141 148 154 162 169 177 185

Equity Multiple 5.12X

Return of Capital and Hurdle

Hurdle Rate 10%
Beginning Balance (LP Capital Account) - 180 247 356 476 588 571 516 444 372 316 251 174 85 - - - - - - - - - - -
Req'd Return by LP to hit Hurdle - 18 25 36 48 59 57 52 44 37 32 25 17 9 - - - - - - - - - - -
Contributions from LP 180 49 84 84 64 - - - - - - - - - - - - - - - - - - - -
Distributions to LP (Hurdle) - - - - - 75 113 123 116 93 97 102 106 94 - - - - - - - - - - -
Ending Balance (LP Capital Account) 180 247 356 476 588 571 516 444 372 316 251 174 85 - - - - - - - - - - - -
IRR Error Check 10% (180) (49) (84) (84) (64) 75 113 123 116 93 97 102 106 94 - - - - - - - - - - -
Distribution to LP - - - - - 75 113 123 116 93 97 102 106 94 - - - - - - - - - - -

Contributions from Sponsor 20 5 9 9 7 - - - - - - - - - - - - - - - - - - - -

Distribution to Sponsor - - - - - 8 13 14 13 10 11 11 12 10 - - - - - - - - - - -

Total Distributions - - - - - 83 125 137 129 103 108 113 118 104 - - - - - - - - - - -
Cash Flow Remaining - - - - - - - - - - - - - 19 129 135 141 46 141 148 154 162 169 177 185

Req'd Return by Sponsor For Catch up - - - - - 17 33 48 60 68 79 91 104 113 92 28 - - - - - - - - -

Prior Distributions to Sponsor - - - - - 8 13 14 13 10 11 11 12 10 - - - - - - - - - - -
Distribution to Sponsor - - - - - - - - - - - - - 10 65 28 - - - - - - - - -
Distributions to LP - - - - - - - - - - - - - 10 65 28 - - - - - - - - -
Total Distributions - - - - - - - - - - - - - 19 129 56 - - - - - - - - -
.
Cash Flow Remaining - - - - - - - - - - - - - - - 79 141 46 141 148 154 162 169 177 185

Sponsor Promote
Distribution to LP - - - - - - - - - - - - - - - 57 102 33 102 106 111 116 122 127 133
Distribution to Sponsor - - - - - - - - - - - - - - - 22 40 13 40 41 43 45 47 50 52
Total Distributions - - - - - - - - - - - - - - - 79 141 46 141 148 154 162 169 177 185
Cash Flow Remaining - - - - - - - - - - - - - - - - - - - - - - - - -