50 Flats Housing Project in Gurgaon, Haryana (India)

Project Cost (CapEx)

Rate (Rs./sq.ft) 3000 % of Project Cost
Flat 2500 7,500,000 73.7%
Interior Decoration 125 375,000 3.7%
Furniture 250 750,000 7.4%
Fixtures 10 30,000 0.3%
Building Registration 10 30,000 0.3%

Broker Fee 75 225,000 2.2%

Stamp Duty 250 750,000 7.4%
Fund Raising Fee 25 75,000 0.7%
Tranfer of Deed Fee 50 150,000 1.5%

Interest During Moratorium 60 180,000 1.8%

Loan and Documentation Fee 25 75,000 0.7%

CSR, HSE, Training 10 30,000 0.3%

Total Project Cost 10,170,000

O & M Cost (Monthly Breakdown) (OpEx)

Building Maintainence 15 45,000
Utilities (Electric + Water + Internet) 4 12,000
Salary (Maid + Acountant) 4 12,000
Plumber + Electrician + Misc etc 3 9,000
Insurance (0.35 %) 10 30,000

Total O&M Cost (per year) 966,000

Revenue Parameters
City Mumbai
Size (Sq. ft) 3,000.00
Avg. Occupancy (Months) 10.00
Rent (Rs./Month) 250,000.00
Deposit (Months) 4.00 (OR One-Third of Annual Rent)
Rent Appreciation 5%
Interest on Rental Deposit 8%

Year---> 1 2 3 4 5 6 7
Rent 2.500 2.625 2.756 2.894 3.039 3.191 3.350
Interest on Deposit 0.067 0.070 0.074 0.077 0.081 0.085 0.089
Revenue (million INR) 2.567 2.695 2.830 2.971 3.120 3.276 3.440
 8 9 10 11 12 13 14 15 16 17 18
3.518 3.694 3.878 4.072 4.276 4.490 4.714 4.950 5.197 5.457 5.730
0.094 0.098 0.103 0.109 0.114 0.120 0.126 0.132 0.139 0.146 0.153
3.612 3.792 3.982 4.181 4.390 4.609 4.840 5.082 5.336 5.603 5.883
 19 20 21 22 23 24 25
6.017 6.317 6.633 6.965 7.313 7.679 8.063
0.160 0.168 0.177 0.186 0.195 0.205 0.215
6.177 6.486 6.810 7.151 7.508 7.884 8.278
 PROJECT DETAILS ASSUMPTIONS
Size in Sq. Ft 3000 10.17 Inflation 7.00% Debt rate
Equity 30% 3.05 DDT 0.00% Moratorium
Debt 70% 7.12 Tax Holiday 0 yrs Debt tenure
Debt Service Resv (DSR) 0.25 yrs Tax rate 25.00% Depreciation

Year ------> Today COD 1 2

Date ---> 26-May-2020 25-Aug-2020 31-Aug-2021 31-Aug-2022
Revenue Collection
Rent 2.500 2.625
Interest on Deposit 0.067 0.070
Other Sources 0.000 0.000
Total Revenue (million INR) 2.567 2.695
Operating expenses
Building Maintainence 0.540 0.578
Utilities (Electric + Water + Internet) 0.144 0.154
Salary (Maid + Acountant) 0.144 0.154
Plumber + Electrician + Misc etc 0.108 0.116
Insurance (0.35 %) 0.030 0.032
Total Operating Expenses 0.966 1.034

EBITDA 1.601 1.661

Non Operating Expenses
Interest payment -0.696 -0.650
Depreciation -0.525 -0.488
Total Non-Operating Expenses -1.221 -1.139
Income before taxes 0.380 0.523
Tax -0.095 -0.131
Net Income 0.285 0.392
Cash Flow
Equity -3.05 0.000 0.000
Net Income 0.285 0.392
Add back depreciation 0.525 0.488
Principal Payment (-) -0.439 -0.484
CSR (0.50 % of Net Income) (-) -0.004 -0.004
Final Project Cashflow (Equity) -3.05 0.0 0.367 0.392

DSCR ---> 1.33 1.35

Final Project Cashflow -10.17 0.0 0.367 0.392

ASSUMPTIONS RESULTS
10.0% USD/INR 70.00 Equity IRR 20.62%
0.25 yrs Discount 10% Min DSCR 1.33
10.0 yrs Construction 0.25 yrs Avg DSCR 1.43
7.00% MAT 18.5% Project IRR 8.69%

3 4 5 6 7 8 9
31-Aug-2023 31-Aug-2024 31-Aug-2025 31-Aug-2026 31-Aug-2027 31-Aug-2028 31-Aug-2029

2.756 2.894 3.039 3.191 3.350 3.518 3.694

0.074 0.077 0.081 0.085 0.089 0.094 0.098
0.000 0.000 0.000 0.000 0.000 0.000 0.000
2.830 2.971 3.120 3.276 3.440 3.612 3.792

0.618 0.662 0.708 0.757 0.810 0.867 0.928

0.165 0.176 0.189 0.202 0.216 0.231 0.247
0.165 0.176 0.189 0.202 0.216 0.231 0.247
0.124 0.132 0.142 0.151 0.162 0.173 0.186
0.034 0.037 0.039 0.042 0.045 0.048 0.052
1.106 1.183 1.266 1.355 1.450 1.551 1.660

1.724 1.788 1.854 1.921 1.990 2.060 2.132

-0.600 -0.545 -0.483 -0.416 -0.341 -0.259 -0.168

-0.454 -0.422 -0.393 -0.365 -0.340 -0.316 -0.294
-1.054 -0.967 -0.876 -0.781 -0.681 -0.575 -0.462
0.670 0.821 0.978 1.140 1.309 1.486 1.671
-0.167 -0.205 -0.244 -0.285 -0.327 -0.371 -0.418
0.502 0.616 0.733 0.855 0.982 1.114 1.253

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.502 0.616 0.733 0.855 0.982 1.114 1.253
0.454 0.422 0.393 0.365 0.340 0.316 0.294
-0.534 -0.590 -0.651 -0.719 -0.793 -0.876 -0.967
-0.005 -0.005 -0.006 -0.006 -0.007 -0.007 -0.008
0.417 0.443 0.469 0.495 0.522 0.547 0.573

1.37 1.40 1.42 1.44 1.47 1.49 1.51

0.417 0.443 0.469 0.495 0.522 0.547 0.573

Numbers in mill INR
Blue coloured cells are inputs

10 11 12 13 14 15 16
31-Aug-2030 31-Aug-2031 31-Aug-2032 31-Aug-2033 31-Aug-2034 31-Aug-2035 31-Aug-2036

3.878 4.072 4.276 4.490 4.714 4.950 5.197

0.103 0.109 0.114 0.120 0.126 0.132 0.139
0.000 0.000 0.000 0.000 0.000 0.000 0.000
3.982 4.181 4.390 4.609 4.840 5.082 5.336

0.993 1.062 1.137 1.216 1.301 1.392 1.490

0.265 0.283 0.303 0.324 0.347 0.371 0.397
0.265 0.283 0.303 0.324 0.347 0.371 0.397
0.199 0.212 0.227 0.243 0.260 0.278 0.298
0.055 0.059 0.063 0.068 0.072 0.077 0.083
1.776 1.900 2.033 2.176 2.328 2.491 2.665

2.206 2.281 2.357 2.434 2.512 2.591 2.671

-0.068 0.000 0.000 0.000 0.000 0.000 0.000

-0.273 -0.254 -0.236 -0.220 -0.204 -0.190 -0.177
-0.341 -0.254 -0.236 -0.220 -0.204 -0.190 -0.177
1.865 2.026 2.120 2.214 2.308 2.401 2.494
-0.466 -0.507 -0.530 -0.553 -0.577 -0.600 -0.623
1.399 1.520 1.590 1.660 1.731 1.801 1.870

0.000 0.000 0.000 0.000 0.000 0.000 0.000

1.399 1.520 1.590 1.660 1.731 1.801 1.870
0.273 0.254 0.236 0.220 0.204 0.190 0.177
-1.067 0.000 0.000 0.000 0.000 0.000 0.000
-0.008 -0.009 -0.009 -0.009 -0.010 -0.010 -0.010
0.597 1.765 1.817 1.871 1.925 1.981 2.037

1.53

0.597 1.765 1.817 1.871 1.925 1.981 2.037

 17 18 19 20 21 22 23
31-Aug-2037 31-Aug-2038 31-Aug-2039 31-Aug-2040 31-Aug-2041 31-Aug-2042 31-Aug-2043

5.457 5.730 6.017 6.317 6.633 6.965 7.313

0.146 0.153 0.160 0.168 0.177 0.186 0.195
0.000 0.000 0.000 0.000 0.000 0.000 0.000
5.603 5.883 6.177 6.486 6.810 7.151 7.508

1.594 1.706 1.825 1.953 2.090 2.236 2.392

0.425 0.455 0.487 0.521 0.557 0.596 0.638
0.425 0.455 0.487 0.521 0.557 0.596 0.638
0.319 0.341 0.365 0.391 0.418 0.447 0.478
0.089 0.095 0.101 0.108 0.116 0.124 0.133
2.852 3.051 3.265 3.494 3.738 4.000 4.280

2.751 2.831 2.912 2.992 3.072 3.151 3.228

0.000 0.000 0.000 0.000 0.000 0.000 0.000

-0.164 -0.153 -0.142 -0.132 -0.123 -0.114 -0.106
-0.164 -0.153 -0.142 -0.132 -0.123 -0.114 -0.106
2.587 2.679 2.770 2.860 2.949 3.036 3.122
-0.647 -0.670 -0.692 -0.715 -0.737 -0.759 -0.781
1.940 2.009 2.077 2.145 2.212 2.277 2.342

0.000 0.000 0.000 0.000 0.000 0.000 0.000

1.940 2.009 2.077 2.145 2.212 2.277 2.342
0.164 0.153 0.142 0.132 0.123 0.114 0.106
0.000 0.000 0.000 0.000 0.000 0.000 0.000
-0.011 -0.011 -0.011 -0.011 -0.012 -0.012 -0.012
2.094 2.151 2.208 2.266 2.323 2.380 2.436

2.094 2.151 2.208 2.266 2.323 2.380 2.436

 24 25
31-Aug-2044 31-Aug-2045

7.679 8.063
0.205 0.215
0.000 0.000
7.884 8.278

2.560 2.739
0.683 0.730
0.683 0.730
0.512 0.548
0.142 0.152
4.579 4.900

3.304 3.378

0.000 0.000
-0.099 -0.092
-0.099 -0.092
3.205 3.286
-0.801 -0.821
2.404 2.464

0.000 0.000
2.404 2.464
0.099 0.092
0.000 0.000
-0.013 -0.013
2.490 2.544

2.490 2.544
 Debt /Loan Repayment Schedule

Debt Amount 7.12 Period No. Date (EoQ) Int. Pmt. Prin. Pmt. Total Pmt. Prin. Balance
Debt rate 10.00% 0 25-Aug-2020 0.18 0 0.18 7.25
Moratorium 0.25 yrs 1 23-Nov-2020 0.18 0.11 0.28 7.14
Term 10.0 yrs 2 21-Feb-2021 0.18 0.11 0.28 7.04
Payment Periods 40 3 22-May-2021 0.17 0.11 0.28 6.93
One period is one quarter 4 20-Aug-2021 0.17 0.11 0.28 6.81
COD 25-Aug-2020 5 18-Nov-2021 0.17 0.12 0.28 6.69
First Quarter End 23-Nov-2020 6 16-Feb-2022 0.16 0.12 0.28 6.58
7 17-May-2022 0.16 0.12 0.28 6.45
8 15-Aug-2022 0.16 0.13 0.28 6.33
9 13-Nov-2022 0.15 0.13 0.28 6.20
10 11-Feb-2023 0.15 0.13 0.28 6.07
11 12-May-2023 0.15 0.14 0.28 5.93
12 10-Aug-2023 0.15 0.14 0.28 5.79
13 8-Nov-2023 0.14 0.14 0.28 5.65
14 6-Feb-2024 0.14 0.15 0.28 5.51
15 6-May-2024 0.13 0.15 0.28 5.36
16 4-Aug-2024 0.13 0.15 0.28 5.20
17 2-Nov-2024 0.13 0.16 0.28 5.05
18 31-Jan-2025 0.12 0.16 0.28 4.89
19 1-May-2025 0.12 0.16 0.28 4.72
20 30-Jul-2025 0.11 0.17 0.28 4.55
21 28-Oct-2025 0.11 0.17 0.28 4.38
22 26-Jan-2026 0.11 0.18 0.28 4.20
23 26-Apr-2026 0.10 0.18 0.28 4.02
24 25-Jul-2026 0.10 0.19 0.28 3.83
25 23-Oct-2026 0.09 0.19 0.28 3.64
26 21-Jan-2027 0.09 0.20 0.28 3.45
27 21-Apr-2027 0.08 0.20 0.28 3.25
28 20-Jul-2027 0.08 0.21 0.28 3.04
29 18-Oct-2027 0.07 0.21 0.28 2.83
30 16-Jan-2028 0.07 0.22 0.28 2.61
31 15-Apr-2028 0.06 0.22 0.28 2.39
32 14-Jul-2028 0.06 0.23 0.28 2.16
33 12-Oct-2028 0.05 0.23 0.28 1.93
34 10-Jan-2029 0.05 0.24 0.28 1.69
35 10-Apr-2029 0.04 0.24 0.28 1.45
36 9-Jul-2029 0.03 0.25 0.28 1.20
37 7-Oct-2029 0.03 0.26 0.28 0.94
38 5-Jan-2030 0.02 0.26 0.28 0.68
39 5-Apr-2030 0.01 0.27 0.28 0.41
40 4-Jul-2030 0.01 0.28 0.28 0.13
 Date (EoQ) Int. Pmt. Prin. Pmt. Total Pmt.
31-Aug-2021 0.696 0.44 1.134
31-Aug-2022 0.650 0.48 1.134
31-Aug-2023 0.600 0.53 1.134
30-Aug-2024 0.545 0.59 1.134
30-Aug-2025 0.483 0.65 1.134
30-Aug-2026 0.416 0.72 1.134
30-Aug-2027 0.341 0.79 1.134
29-Aug-2028 0.259 0.88 1.134
29-Aug-2029 0.168 0.97 1.134
29-Aug-2030 0.068 1.07 1.134
Total 4.225 7.12 11.344