SSPDL Ltd Company Summary

SSPDL Ltd Summary

SSPDL Limited was incorporated in October 17, 1994. The Company is engaged in construction and development of Commercial, residential properties in metropolitan and Tier II cities and infrastructure projects.In FY 2015, the Company had originally entered into a Joint Venture Agreement with landowners for developing 8.11 acres of land into residential apartments aggregating to 1.2 million sq. ft. The land is situated at Kazhipattur Village in Old Mahabalipuram Road (IT Highway), Kancheepuram District. Considering the market scenario the Company has renegotiated with the Land Owners for enhanced sharing ratio for us. Also, Company identified an investor for doing the project jointly. For this purpose, Company incorporated a new SPV on 10 June 2011 in the name of SSPDL Green Acres LLP with sharing of 36:64 respectively by the Company and the investor.In FY2014-15, the Company entered into a letter of Intent with one of the employees union of BHEL for developing 1262 homes in about 90+ acres. It had entered into MOU with BHEL Employees Model Mutually Aided Co-operative House Building Society Ltd on 5th September 2012 for total sale value of Rs 317 crores. The Company got sanction for construction of 1265 homes and apartments under EWS and LIG scheme to the extent of 1.25 lakhs sq. feet, besides commercial and common amenities. It received sanctions from the Village Panchayats of Kollur and Osman Nagar Villages. The Company finally concluded sale of 1155 plots to BHEL Employees Model Mutually Aided Co-operative House Building Society Ltd at a sale consideration of Rs 139.47 crores. And, the Company entered into construction agreement with BHEL Employees Model Mutually Aided Co-operative House Building Society Ltd for construction of 1155 homes for a consideration of Rs 12.95 lakhs per house. SSPDL Ltd and Indiareit Fund Advisors Pvt. Ltd. through their SPVs have acquired 42 acres in Gundla Pochampally village, Hyderabad to develop a gated residential villa community SSPDL Northwoods. Land conversion process is completed. The Honble High Court sanctioned the scheme of amalgamation, for merging 9 SPVs incorporated for Northwood Project into one operating company, from the appointed date i.e., 01 April 2013; vide its order dated 09 July 2014.The Company acquired about 300 acres through itself and its subsidiaries, a Cardamom plantation land at Kallar Valley, Idukki District, Kerala in FY 2014-15.During the year 2015, M/s. SSPDL Infratech Private Limited became a wholly owned subsidiary of the company with effect from 16 May 2015.During the year 2014-15, the Company had given loan of Rs 2.80 crore bearing 18% interest per annum to M/s. BHEL Employees Model Mutually Aided Co-operative House Building Society Limited for meeting the shortfall of amount in paying stamp duty for registering plots in societys name.During the year 2015-16, the Company received retention money from M/s. SAMHI with regard to Fairfield & Marriot Hotel project.SSPDL Green Acres LLP has entered into partnership with M/s. Godrej Properties Limited to develop a residential project in Padur, OMR, Chennai on profit sharing model on 27 March 2014. The name of SSPDL Green Acres LLP has been changed to Godrej SSPDL Green Acres LLP. Final approval has been obtained and launched in July 2015. Phase 1 is under construction and 1.96-lakh sq. ft. out of the total 2.63 lakh sq. ft. have been sold till date. A total of Rs83.87 crores booking value was generated.In FY 2017-18, a Residential Villa/Apartment project on a 3.89 Ac plot of land situated at Thalambur Village of Old Mahabalipuram, (IT Express Highway), Chennai is being done in phases. 1st Phase consists of 32 Villas and 2nd phase is 76 apartments i.e., Mayfair Apartments. Layout sanction and planning permissions are received. Both the buildings have been pre-certified GOLD by Indian Green Building Council (IGBS) and they are developing Lakewood/Mayfair as Gold rated Green Building. During the year 2017-18, the company already sold 13 Villas and 38 apartments from its share of 18 villas and 42 apartments respectively in the two projects. The Mayfair project is completed and handing over is taking place and have unsold area of 4,199 sq. ft. Construction of Villas in Lakewood is in progress and have unsold area of 12,068 sq. ft.During FY 2017-18, the Company signed a Joint Development Agreement for the development of premium residential apartments in Prithvi Avenue, Chennai. The total area of development is about 14,500 sq. ft., wherein SSPDLs share is 25%. SSPDLs share is equal to approximate sale value of Rs 8 crores and profit margin of SSPDL is about Rs 1.86 crores.During FY 2018-19, the construction of Matrix Towers project of 1,43,000 sq. ft. IT Park in Chennai is completed and the building has been sold. During the year under review, the registration is completed in the name of the buyer.Company incorporated a Subsidiary Company i.e., SSPDL Infratech Private Limited (SIPL) for carrying on the Construction Business in 2017-18. The Company and Indiareit Fund Advisors Pvt. Ltd. through their SPVs acquired 42 acres in Gundla Pochampally village, Hyderabad in 2019. The Company further acquired about 300 acres through itself and its subsidiaries, a Cardamom plantation land at Kallar Valley, Idukki District, Kerala in 2020.The largest residential project for the Company, The Retreat, Hyderabad (BHEL Employees Cyber Colony) was completed in 2023. In 2023, the Company sold its shares in 4 wholly owned Subsidiaries i.e. SSPDL Realty India Private Limited., SSPDL Infra Projects India Private Limited., SSPDL Resorts Private Limited and SSPDL Real Estates India Private Limited, and the said subsidiary companies ceased to be subsidiaries to the Company from 16.12.2022 onwards.