A — Strong ≥ 2.0×GDV comfortably covers all obligations.
B — Adequate 1.5–2.0×Viable but pace-dependent.
C — Marginal 1.2–1.5×Requires strong market conditions.
D — At Risk < 1.2×Capital viability challenged.
FIXED INPUTS: T1–T4 = 568 units (71F × 4 towers × 2/floor) · Avg carpet: Regal 4,703 sqft + Liberty 4,093 sqft → blended 4,398 sqft (model uses 4,400 sqft) · T5 = 48 units × 5,400 sqft carpet, 0 sold ·
Galleria = 1,27,038 sqft BUA × 75% efficiency = 95,279 sqft carpet · Total BUA for cost rates = 30,34,982 sqft (Area Declaration Jan 2026) ·
Oaktree OCD = ₹250 Cr · Related-party unsecured (25 South Realty + Hubtown Ltd) = ₹970 Cr · DLF settlement = ₹700 Cr · RERA escrow period = 7 years (CC May 2024 → OC Dec 2031) COST CATEGORIES (v3): Construction = civil structure + MEP + facades + interiors on BUA. Approvals/FSI = TDR, FSI premium payments to BMC, slum vacating costs, development charges, open space deficiency premium, all govt levies on BUA.
Non-revenue towers = ALL zero-revenue scheme obligations: Sector-V 18F rehab (already handed over/in-progress) + new BMC 63F + new Rehab 48F; these are outside RERA 70% escrow scope and funded from 30% free cash + related-party loans.
OC for sale towers is legally gated on substantially completing all non-revenue towers first (Bipartite/Tripartite 2017/2019 agreements). CAVEATS: Coverage = GDV ÷ total costs. Does not include sales/marketing (~₹500–750 Cr) or further contingency — deducting these reduces coverage by ~0.05–0.10×.
T1–T4 ₹85K/sqft = ~25% premium over last registered AFS (₹67,766/sqft, Oct 2025). T5 price is estimate (no AFS exists). Galleria on carpet at ₹1L/sqft is conservative for the Tardeo/Mahalaxmi location — actual commercial values may be higher.
Sector-V non-revenue cost is a partial estimate; exact BUA of already-delivered buildings not yet in corpus → verify from IOD or SRA records.