Udgam
Green Shapes Developers (India) Pvt. Ltd.
Over a period of two and half decades GK Green
Green Shapes Developers (India) Pvt. Ltd.
Shapes is a company promoted by Alok Kumar [An alumnus of IIT Kharagpur (B-Tech in E & ECE, 1995) and an ex-Microsoft veteran, behind over 2.5 million Sft of residential spaces under construction and another 2.5 million Sft in pipeline spread across Hyderabad and Bangalore]
Managed by a professional team Built around customers, customers and customers. Specializes in green and innovative residential products
| Project Name | : | Udgam | ||||||||||||||||||||
| SPV Name | : | Skylark Realty Private Limited & GS Megha Constructions Pvt. Ltd. | ||||||||||||||||||||
| Developer Name | : | Green Shapes Developers (India) Pvt. Ltd. | ||||||||||||||||||||
| City | : | Bangalore | ||||||||||||||||||||
| Location | : | Sy. No.109/1 & 109, Sinagsandra village, Begur Hobli, Hosur Main Road, Bangalore – 560 068 | ||||||||||||||||||||
| Land Acquired | : | Yes | ||||||||||||||||||||
| Approval Received | : | Yes (Approval received on 09/12/2015) | ||||||||||||||||||||
| Principle Amount Outstanding (INR) | : | 26.5 Cr.(includes 2.50 Cr in GS Megha Construction Pvt. Ltd.) | ||||||||||||||||||||
| Type of Project | : | Residential | ||||||||||||||||||||
| Construction Updates | : |
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| Status update | : | Negotiations under way but there are legal cases for advance received from customer by developer which have slowed down the progress of recovery from the project. The investment manager is also exploring options to bring in another investor to take over the stake of STAR Fund for getting exit from the project. | ||||||||||||||||||||
| Percentage of Share holding of STAR Fund in SPV | : | 51% | ||||||||||||||||||||
| Investment held in form of | : | Equity Shares Rs 51,000/- Cr & OFCD Rs 23,98,94,000/- Cr in Skylark and 2.50 Cr in GS Megha Constructions Pvt. Ltd. as OFCD | ||||||||||||||||||||
| Latest Valuation done as of | : | 31st March 2020 by M/s Meraki Consultants, Mumbai | ||||||||||||||||||||
| Statutory auditors for FY March 2019 | : | Saraf Associates; Mumbai |
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