Revised Project, technically termed as FSI2.07 is based on two vital Documents
1. Feasibility Report dated 05.11.2018 &
2. Draft DIB (in fact PIB) Memorandum dated 08.11.2018
The feasibility report and consequent DPR is informed to have been made keeping in view the DP/DCPR-2034 applicable for all new building projects with effect from 01.09.2018 i.e. the date of said DCPR coming into effect. The cost estimate has been worked out on the guiding principle of CPWD plinth area rate PAR-2012 added with a cost index of 32% applicable as on 01.04.2015 for works following under Mumbai region. Further, an anticipatory cost index @ 6.50% as per CPWD office memorandum dated 14.05.2009 no. DGW/TAS/Anticipatory Cost Index/May-2009/128 has been accounted for.
The salient features of the revised project as seen from the feasibility report and DPR are as follows:
(i) The total cost of construction of the project has been assessed to Rs. 2767.64 Cr. while, the total sale proceeds expected, have been assessed to Rs. 2778.68 Cr. Essentially, the project has been recommended by NBCC, the Project Management Consultant to be viable both technically and economically. As per the cost summary sheet, the project will yield a surplus of Rs 11.04 Cr.
(ii) The construction area has been pegged at 3,25,622 Sqm which is equivalent to FSI 2.07. This takes into account the free basic Zonal FSI of 1.33 and the setback compensation eligible in lieu of land lost towards DP roads and Eastern Freeway.
(iii) The total available FSI of 3,25,622 SQM under FSI 2.07 scheme has been segmented into 164,021 SQM, 53,588 SQM and 1,08,012 SQM meant for staff residences, office tower and saleable residences respectively. (iv) The Project provides for 1195 staff residence units as against a requirement of 2059 units for CBIC employees. The total covered area for Staff residences works out to 1,64,021 SQM which also includes social infrastructure of 2,275 SQM reduced from earlier 5750 SQM.
(v) With regard to office space, the project provides for 53,588 SQM of total covered area which translates into approx 18,000 SQM of actual sitting office space. As per the requirements communicated by GST, CBIC Directorates and Customs itself, the required sitting spaces are 35,827 SQM, 13,106 SQM and 5,181SQM respectively. Thus, construction of office building under current proposal can suffice the needs of Customs wing and Directorates of CBIC based at Mumbai only.
(vi) Sale component will be having 792 residential units distributed over 3 towers spanning to 1,08,012 SQM which includes 5800 SQM of amenities area as well.
(vii) FSI used for podium meant for parking and services is 1,10,523 SQM which is free of premium/charges but incurs cost of construction and makes the total built up area as 4,36,144 SQM.
(viii) School and Polyclinic are using FSI of 8,954 SQM which is separate from 325,622 SQM of FSI. Separate provisions of these amenities are proposed to be compensated against AOS obligation laid down by DCPR-2034.
(ix) Height of office tower has been proposed at 25 stories which is informed to be restricted on account of technical reasons. However, office will pursue NBCC for revisiting the heights so that maximum permissible height and least ground coverage is ensured.
(x) The DPR and feasibility both come with disclaimer that changes during approval and clearances from concerned authorities cannot be ruled out.
(xi) PMC fees of 8% inclusive of GST working out to Rs. 205 cr. remains part of current proposal also. As per past communications from NBCC, concerns have to be resolved through meeting of competent authority of CBIC with that of NBCC at NBCC headquarters. Upon scaling down the PMC fee, better feasibility could be ensured.
(xii) NBCC is charging a marketing fee of 1% of sale value which again works out to additional Rs.28 cr. This is apart from the interest on seed money payable which NBCC will be investing upfront.
Apart from the above NBCC is going to invest 5% of basic construction cost i.e, 1983×5% = 99 cr.
The issue is that this is not going to meet the cost of Commencement 119cr. … to be deliberated with NBCC