Pranav Navratna


Smt. Sreelakshmi Ranganathan, along with two directors, set up Pranav Foundations in the year 1996. The company is an independent enterprise and is ISO 9001:2000 certified since 2006. They have a pipeline of projects and take pride in delivering flats well in advance and therefore enjoy a good reputation amongst their clients. Till date Pranav Foundations has executed about 23 projects in Chennai with a saleable area of approx. 2 lac Sq ft in Chennai. They also have an ongoing relationship with DHFL for the last many years.
Project Name : Pranav Navratna
SPV Name : Arthveda (Vizag) Realty Private Limited
Developer Name : Pranav Foundation
City : Chennai
Location : S.No.90/3, Situated in No.23, Pammal Village,Alandur Taluk, Kanchipuram District,Pammal Municipality Limit, Chennai
Land Acquired : Yes
Approval Received : Yes
Principle Amount Outstanding (INR) : 7.05 Cr.
Type of Project : Residential cum Commercial
Construction update :
ACTIVITY PRESENT COMPLETION (%)
FOUNDATION 10.00%
PLINTH 10.00%
BRICKWORK 10.00%
RCC / SLAB COMPLETION 20.00%
INTERNAL PLASTER 0.00%
EXTERNAL PLASTER 0.00%
FLOORING 0.00%
FIXTURES & FINISHING 0.00%
TOTAL COMPLETION (%) 50.00%
Status update : Construction is in progress and We are negotiating with the developer 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. Currently the proceeds from the company are expected in three manners each to be negotiated separately. 1) Receipt of deposit given to landlord. 2) Sale of flats from another project (HAMSINI Foundation). 3) Balance receivable from project.
Percentage of Share holding of STAR Fund in SPV : 51%
Investment held in form of : Equity Shares Rs 50,990/- Cr & OFCD Rs 7,04,29,000/- Cr
 Latest Valuation done as of              : 31st March 2020 by M/s Meraki Consultants, Mumbai
Statutory auditors for FY March 2019 : P.M. Bhoot & Co; Chennai


Address

S.No.90/3, Situated in No.23, Pammal Village,
Alandur Taluk, Kanchipuram District,
Pammal Municipality Limit, Chennai

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