Ingai


M/s Vasavi Builders is a partnership firm of Mr. Badrinath and his two sons, Mr. P. B Prasad & Mr. P Ravindranath which commenced its activities on 1.4.2000. Earlier since 1991,they were in this line, operating under the brand name of Sri Vasavi Constructions. The firm has successfully executed about 50 projects so far.

Project Name : Ingai
SPV Name : Vasavi Meppur Constructions Pvt.Ltd.
Developer Name : Vasavi Builders
City : Chennai
Location : Near Motel Highway, Meppur Thangal Road, Poonamalee Taluk, Meppur, Chennai
Land Acquired : Yes
Approval Received : Yes
Principle Amount Outstanding (INR) : 4.5 Cr.
Type of Project : Residential
Status update :

We are negotiating with the developer / Land owner to give exit to STAR Fund. We however believe it will take some further time. A natural exit by sale of units seems unlikely. The investment manager is also exploring options to bring in another investor in place of STAR Fund for getting exit for Arthveda STAR Fund.

It is a JV Property of involving the Trio – 1) Landlord Mr. Thangaraj, 2) Arthveda and 3)Vasavi. Now M/s. Vasavi Meppur is not operational, as there are quite a few registrations by the developer. The market price of the this project is estimated around 85 Crores of rupees (apx). MEDIA ONE has an attachment over this site from the High Court of Madras, towards a failed payment from Vasavi Meppur. Arthveda is planning to work with a new developer in coordination with MEDIA ONE by reviving terms with the Landlord, after an operational takeover of the company.
Percentage of Share holding of STAR Fund in SPV : 50%
Investment held in form of : Equity Shares Rs 35,000/- Cr & OFCD Rs 1,03,50,000/- Cr

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