CRISIL, the best Real Estate rating agency in India, assigned 5 Star, the highest grade for a property, to Lilac Heights, the single/duplex apartments in Chennai, constructed by ETA Star.

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Project Profile
Type of project Residential
Location of project Greenways Road, Chennai
Type of development Bought out
Start date of project January 2014
Possession committed to customer as
per allotment letter
June 2016
Total saleable area 0.1 million sq ft
Percentage of physical completion as
on date
0 per cent
Sponsor Profile
Name of the project Lilac Heights
Name & address of the company
developing the project
ETA Properties and Investments Private Limited.
Chennai Citi Centre, 4th Floor No 10 & 11,
Dr Radhakrishnan Salai Mylapore, Chennai – 600004.
Name of the developer group ETA
Track record in years 16 years (Since 1996)
Projects developed till date 2 (0.36 million sq ft)
Ongoing projects 5 (1.8 million sq ft)
Project Rating Drivers
• Project construction quality and amenities
o Construction quality: The project’s structural quality is backed by the sound track records of the
architect and structural engineer. The project has been designed in conformance with seismic
zone-III requirements. The developer provides a 12-month defect liability period to the buyers
from completion of construction.
o Amenities: The proposed amenities in the project include a swimming pool, gymnasium and
spa, Laundromat, landscaped garden and power backup for apartments.
o Location: The project is located at the junction of the Greenways road and Durgabhai
Deshmukh Road in Chennai. Greenways road is a high-end residential location, with official
residences of ministers of the Tamil Nadu state government and judges of Madras High Court.
Institutions such as The Tamil Nadu Dr. Ambedkar Law University, Tamil Nadu Judicial
Academy and Tamil Nadu Human Rights Commission are located on this road. The site is
around 9 kilometres (km) from the Chennai railway station, and around 15 km from the Chennai
Airport.
• Project legal quality – The project’s legal quality is backed by a clear and marketable land title,
detailed construction and sale agreement, which mention details such as the fixed possession date,
maintenance terms, defect liability period, default implications, cancellation clause and delay
compensation.
• Project financial quality – The project’s financial quality is high, marked by available credit lines,
which cover major part of the construction cost and reduces dependency on the customer advances
from project sales.
• Project sponsor quality – ETA Properties & Investments has completed two residential project in
Chennai and Madurai over the last five years; They have however through their group entities have
completed a number of projects, including residential, retail and commercial spaces in Chennai and
Bengaluru. The sponsor also draws from the strong international foothold of the ETA group in the
Middle East. The sponsor has a strategy of funding developments primarily through internal accruals,
customer advances, and bank debt.
Lilac Heights
Rating assigned: ‘Chennai 5 Star’

2. Project Photographs (As on January 2014)