PIM Tirupati PDF

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August 2008
Project Advisor
SHILPARAMAM ARTS CRAFTS AND CULTURAL SOCIETY

SHILPARAMAM, MADHAPUR, HYDERABAD-500081
Phone:040-23100455, www.shilparamamhyd.org
Development of Hotel & Convention Facility at Shilparamam, Tirupati (AP) August 2008
Project Information Memorandum
TABLE OF CONTENTS
1. INTRODUCTION ................................................................................................... 2
1.1 PROJECT BACKGROUND ....................................................................................... 2
1.2 PROJECT ADVISORS AND CONSULTANTS .............................................................. 2
1.3 OBJECTIVES AND STRUCTURE OF THE PIM .......................................................... 2
2. PROJECT LOCATION ........................................................................................... 4
2.1 LOCATION............................................................................................................ 4
2.2 SITE CONNECTIVITY ............................................................................................ 5
2.3 SITE AND ITS SURROUNDINGS ............................................................................. 5
2.4 SITE LANDUSE & EXISTING FEATURES ................................................................ 6
3. PROJECT CONFIGURATION.............................................................................. 7
3.1 PROJECT COMPONENTS........................................................................................ 7
3.2 APPLICABLE DEVELOPMENT REGULATIONS ........................................................ 8
3.3 RECOMMENDED OPTION ..................................................................................... 8
4. MARKET POTENTIAL ASSESSMENT FOR DEVELOPMENT OF HOTEL
& CONVENTION FACILITY ....................................................................................... 9
4.1. BACKGROUND...................................................................................................... 9
4.2. DEMAND & SUPPLY ............................................................................................. 9
4.3. EXISTING HOSPITALITY SCENARIO .................................................................... 10
4.4. FUTURE SCENARIO ............................................................................................. 11
5. FINANCIAL ASSESSMENT ................................................................................ 12
5.1 GENERAL ........................................................................................................... 12
5.2 FINANCIAL ASSUMPTIONS FOR THE BASE CASE .................................................... 12
5.3 CONSTRUCTION COST ASSUMPTIONS:................................................................. 12
5.4 PROJECT COST ................................................................................................... 12
5.5 REVENUE STREAMS TO DEVELOPER .................................................................. 13
5.6 KEY FINANCIAL PARAMETERS............................................................................ 13
6. CLEARANCES AND SANCTIONS..................................................................... 15
6.1 BACKGROUND.................................................................................................... 15
6.2 LAND LEASE REGISTRATION .............................................................................. 15
6.3 OFFSITE INFRASTRUCTURE ................................................................................. 15
6.4 OTHER CLEARANCES & SANCTIONS REQUIRED ................................................. 15
6.5 FIRE FIGHTING .................................................................................................. 16
Shilparamam Arts, Crafts and Cultural Society 1

1. INTRODUCTION
1.1 PROJECT BACKGROUND
Shilparamam Arts, Crafts and Cultural Society (SACCS) is a Society registered in

the Year 2001, under the Andhra Pradesh (Telangana Area) Public Societies Act,
1350. Subsequently, vide Government Order, G.O. Rt. No.522 dated 16-04-2004,
the Society has been notified as a Government Society. The Governing Body and
the Executive Body of the Society are the two bodies of the Society with the Honble
Chief Minister of Andhra Pradesh as the Chairman of the Governing Body.
SACCS has developed Craft Villages in Hyderabad, Visakhapatnam, Tirupati &

Kadapa in Andhra Pradesh. All these Craft Villages are known as Shilparamam
SACCS envisages developing Hotel & Convention Facility at Shilparamam, Tirupati

with Private Sector Participation. SACCS owns 17.5 acres of prime land at
Shilparamam, Tirupati along the National Highway No. 205 on Tiruchanoor Road in
the outskirts of the city. SACCS envisages development of 3 Star or higher category
Hotel & Convention Facility in 2 Acres of the site carved out from total 17.5 acres.
These developments shall be at par in visual characteristics to the existing or
complimenting the existing configuration of Shilparamam. The project will be
developed and established under pre-specified performance standards.
The present project is proposed to be implemented on Build Operate & Transfer

(BOT) basis. Under this format, the private sector shall be responsible for financing,
executing, operating and transferring the facility to SACCS after authorization
period. SACCS shall facilitate the development by providing timely clearances and
approvals. SACCS shall define minimum development obligations for the private
sector, yet leave adequate flexibility for the developer to build the project in response
to market demand and hence optimise collective returns.
1.2 PROJECT ADVISORS AND CONSULTANTS
IL&FS Infrastructure Development Company (IL&FS IDC) is advising SACCS on

Project Development including Pre-Qualification and Bid Process Management.
Market Assessment & Feasibility Study for the Project has been undertaken by
IL&FS IDC. Further commercial viability assessment etc. has also been conducted
by IL&FS IDC to supplement the studies done and based on which the Project has
been configured and structured.
1.3 OBJECTIVES AND STRUCTURE OF THE PIM
The objective of the present document is to provide the broad market assessment,

project feasibility and the suggested project components. Accordingly, the PIM is
structured in the following sequence:
(i) Project Location and General Site Profile

(ii) Project Components
(iii) Market Potential Assessment
(iv) Financial Assessment
(v) Implementation Structure
(vi) Sanctions and Approvals

2. PROJECT LOCATION
2.1 LOCATION
The proposed Shilparamam site is located along the Tiruchanoor Main Road
connecting to National Highway No. 205 at Tiruchanoor in the outskirts of the city,
in the vicinity of famous Sri Padmavati Devi temple (temple of Goddess
Alamelumanga), the consort of Lord Venkateshwara. The proposed site is
strategically located within the cluster of function halls, Marriage Halls, hotels and
lodges.
Kadapa N
Railway
Station
Bus Stand
Airport
Railway
Station
Shilparamam
Ananthapur
Legend:
National Highway
Major Road
Railway Line
Tirupati City
Major Landmarks
Bangalore Chennai
Proposed Site
Upcoming IT SEZ
& Industrial Parks
Airport Expansion
Existing Highway Proposed

Tiruchanoor connecting City to Connectivity to new
Airport townships

2.2 SITE CONNECTIVITY
The Project site is well connected with the road, railway station and the airport. The
site is strategically located along the National Highway 205, mid point to Airport and
the City, connecting the both. The proposed site has excellent connectivity with the
major landmarks nodes of Tirupati City as shown in the table below:
Table 1: Distances of Major Landmark nodes from the Project Site

Location /Landmarks Distances (Kms)
Airport 10 11
Railway Station 56
RTC Bus Station 45
Centre Business District 5-6
2.3 SITE AND ITS SURROUNDINGS
The proposed site is located at about 5-6

km from the city on the way to Airport
& Tiruchanoor Temple. SACCS Proposed Site
demarcated about 2.0 acres of land to
house the proposed facility along the
eastern side of the property in
anticipation of segregated approach from
the Shilparamam. (shown in adjacent
figure)
Advantages of the site
Directly accessible from the

National Highway and easily TUDA Lands
accessible from Tirupati City
Center
Ideal for the proposed facility
due to better access and on the
way to Airport.
Separate approach road from other activities of Shilparamam but visually
connected
The surrounding areas are well developed with Hotels, Marriage Halls etc apart from
the Crafts Village.

Table 2: Details of the immediate surrounding of the site.

Directions Immediate Surroundings
East TUDA Land and Tank area earmarked as entertainment area
Shilparamam Recreational Activities (Amphitheatre, Food stalls
Other sides
etc)
Software Technology Parks and Mahila Pranganas behind the
Urban Haat
2.4 SITE LANDUSE & EXISTING FEATURES
The site is carved out of the 17.50 acres of Shilparamam, which is in the outskirts of
the city on Tiruchanoor Road. The site presently falls within the Tirupati Urban
Development Authority (TUDA).
TUDA has not exactly defined the land use of this area. SACCS conceived the
facilities of Hotel and Convention Facility as part of the total development.

3. PROJECT CONFIGURATION
3.1 PROJECT COMPONENTS
The Project is positioned as a combination of the Hotel and Convention Facility in

accordance to the existing demand. The project sizing is done keeping in view the
immediate demand and also to address the growing requirements. Based on the
design considerations of the project, convenience of implementation and to address
the obligatory urban guidelines, the following broad project components are
proposed:
(i) The Hotel
3 Star or higher category Hotel with 100 lettable rooms with a superior level of
finish and modern amenities. Brief details on various facilities planned are
provided below.
Minimum 100 guest rooms of three or above 3 star category,

Minimum 100 cover all day dining restaurant, a 100-cover specialty
restaurant and a 100-seater lounge bar.
(ii) The Convention Facility
Based on the market assessment, the Convention /Banquet hall is planned for
1,000 delegate capacity with a view that it may also be used for weddings,
banquets, social and cultural events. The main hall would be divisible and be
fitted with modern seating and the AV aids associated with modern day
convention facilities.
Conference Rooms Two 100 delegate capacity Conference has been

proposed. This space can be utilized as a break out room and/or for food
service and would support the conventions being held in the main hall.
Alternatively it can be utilized as stand alone function space for small meetings,
conferences, social events and weddings.
Board Rooms Two boardrooms have also been included to accommodate

25 people each in the facilities planned.
(iii) Parking Facility
The minimum parking requirements for the Hotel & Convention Facility as
per development regulations or applicable guidelines.

3.2 APPLICABLE DEVELOPMENT REGULATIONS
Site falls within the jurisdiction of Tirupati Urban Development Authority (TUDA)
and all the Applicable Development Controls and Regulations shall be as per G.O.
Ms No 302, dated 15.04.2008, issued by Municipal Administration and Urban
Development Department, Government of Andhra Pradesh. As per the said G.O
Maximum height of buildings allowable is 18 meters in case of 12m abutting/
approach road.
The recommended option for development is made considering the following

i. The ambience of the Shilparamam
ii. The future growth potential of the city and the precincts of the Project site
iii. Vertical expansion in future to address the increasing hospitality demand
iv. Property tax incentives available from the Authority as per the Development
Control Regulation G.O Ms No. 302.
3.3 RECOMMENDED OPTION
i. Approach road of about 12.0 meter along the boundary wall within the site as
right of way to the Project site from the Main Road
ii. Alround setback of 7.0 meter (2.0 times the applicable Front set back)
iii. About 60 % Coverage of the Project Site
iv. Allowable total building height of 18.0 meter as per regulations (4 floors @3.5
floor height)
Figure: Showing the recommended option

4. MARKET POTENTIAL ASSESSMENT FOR DEVELOPMENT

OF HOTEL & CONVENTION FACILITY
4.1. BACKGROUND
In order to understand the performance of hospitality industry in the city, surveys

have been conducted on the potential for a Hotel and Conventional Facility in the
city and suitability of the subject site for such development.
4.2. DEMAND & SUPPLY
No introduction is required for demand for hospitality in Tirupati as it is the worlds

second largest spiritual tourism center, next to only Jeruselam in terms of number of
people visiting per annum.
Tirupati, the Gate-way for Tirumala, adobe of the famed Lord Venkateswara,
attracts around 50,000 visitors (Domestic & International) everyday, i.e around 19-20
Million visitors per annum, with an annual increase of 2 5%. The numbers go up
exponentially as many as 90,000 to 100,000 visitors on peak festival days and
holidays. However, with the limited land & facilities available on the Tirumala hill,
most of the pilgrims will have to be accommodated in Tirupati, the down hill.
Besides the visit to Sri Venkateshwara Temple at Tirumala, regional places in

Tirupati like Tiruchanoor, Srinivasa Mangapuram, Govindarajaswamy Temple,
Papavinasanam Dam, Akasa Ganga, Kapila Theertham, Sri Kalahasti etc. are the
next most preferred places of visiting. The proposed development like SEZ for
IT/ITES, Pharma University and Medical College, Tourism Township, Urban
Entertainment Center, Mega Tourism & Hospitality Complex, Eco-Park, New
Satellite Township etc. might increase the floating population in Tirupati.
These proposed developments indicate the opportunity to capitalize on the tourism

potential and local economic development of Tirupati Region. High-end business
environment, large-scale employment, enhancement of spending capacity and
demand for better lifestyle facilities are expected in Tirupati which shall demand
newer and good quality hospitality supply vis--vis economic development in
addition to the religious stay at Tirupati.
The preliminary reconnaissance study and general discussions apprehends the

opportunities and the quantum gap in the hospitality industry that is anticipated to
grow in the Middle and Economy or Budget category apart from the business
conventions and Marriage gatherings.

4.3. EXISTING HOSPITALITY SCENARIO
At present there are 13 hotels of different category in Tirupati, of these six are of 3-
star category and six budget category hotels facilitating domestic tourists and one
hotel of 4 star category serving both domestic and international visitors to Tirupati.
It is evident from the discussions with various hospitality providers of Tirupati that
the ratio of Tourist to Business class is about 70 and 30 respectively. Majority of the
visitors are domestic and originate from cities like Hyderabad, Chennai, Bangalore,
Bombay, Pune, etc.
All the categories of Hotels recorded an average occupancy rate of around 75% in
2007-08 according to the survey.
The room inventory of Star & Budget Hotels in Tirupati along with their average
rooms rents per day are as below:
Table 3: Average Room Rents

S. No Hotels Category No. of Average Room
rooms Rent
Star Hotels
1 Fortune Kences Hotel 4 Star 128 Rs. 4200
2 Hotel Bliss 3 Star 117 Rs. 2500
3 The Bhimas Residency 3 Star 77 Rs. 2000
4 Kalyan Residency 3 Star 58 Rs. 1600
5 Hotel Sindhuri Park 3 Star 54 Rs. 1500
6 Tirumala Residency 3 Star 50 Rs. 1400
7 Sindhu International 3 Star 32 Rs. 1000
Budget Hotels
8 Hotel The Sai Inn 2 Star 24 Rs. 1200
9 Bhimas Deluxe 2 Star 69 Rs. 950
10 Annapurna Residency - 28 Rs. 750
11 Hotel Woodside - 19 Rs. 650
12 Hotel Vikram - 78 Rs. 500
13 Sri Rajamatha Residency - 43 Rs. 500
There are more than 100 small hotels with below Rs.500 per day rent hotels
operating in the city, but not considered in the study, as they are not the target group
for the proposed facilities.

4.4. FUTURE SCENARIO
Future Scenario for hospitality industry in Tirupati would be bright because of the
following reasons:
Due to increased purchase power, most of the devotees visiting Tirumala are
extending their visits to surrounding towns and looking for quality
accommodation & services. Average trip durations are increasing from 1-2
days to 2-3 days.
Increased Air Connectivity to the town has helped inflow of High Networth
Individuals/Families and creating demand for better facilities.
Increasing NRI visitors look for quality facilities
Corporate Groups increasingly looking for convention and training facilities

at Tirupati. Conferences in the serine surroundings along with temple visit
for the delegates becoming an advantage for the organizers.
Chittoor & Nellore Districts of the state are developing as industrial

corridors with numbers of Special Economic Zones, Industrial Parks and
International Sea Port. All the developments requires support from Tirupati
in terms of accommodation and conference facilities
Bangalore (around 250 KM from Tirupati) and Chennai (around 150 KM

from Tirupati) are becoming knowledge hubs creating large-scale white-collar
employment from the people across the country. Tirupati is becoming a
preferred weekend destination for all these people visiting with their families
Keeping all the positive trends in view for hospitality industry, most of the Hotel Groups
are searching for the land for establishing Hotels and Convention facilities in Tirupati.

5. FINANCIAL ASSESSMENT
5.1 GENERAL
The financial analysis of the project has been carried out on a Public Private
Partnership (PPP) project implementation format and the financial viability has been
assessed with respect to key indicators such as Project Internal Rate of Return (IRR),
Equity IRR, and Debt Service Coverage Ratio (DSCR) for the viability of the project.
Project cost estimates are arrived at using inputs from similar projects under
implementation and the database of similar projects executed. The total project cost
under the Base Case works out to be about Rs. 30.0 crore. For calculating the
Project Cost, the Land Development costs, interest during construction, financing
cost and contingencies etc. have been assumed as per the industry standards and
Project Development expenses as incurred is also added to arrive at the landed
project cost. The funding of the project has been structured on 70% debt,
amounting to Rs. 21.0 crore; the balance funding is to be by way of equity, Rs. 9.0
crore.
5.2 FINANCIAL ASSUMPTIONS FOR THE BASE CASE
1. The total area of the land is 2.0 acres.

2. The prevailing market value of land as Rs 2.20 Crore/ Acre.
3. Annual Lease Rental of 5% of the land value with 5% year on year escalation
4. Authorisation Period of 33 years including construction period
5. Construction period is estimated for 24 months/2 years from the date of signing
of Authorization Agreement.
6. Debt Equity Ratio considered for the project is 70:30.
5.3 CONSTRUCTION COST ASSUMPTIONS:
1. The construction cost of Hotel & Convention Facility is assumed at Rs 25 lakhs

per key.
2. The construction cost of basements for parking is assumed as Rs 800 per sft.
3. The cost estimates are based on current price (2008-09) on which an escalation at
the rate of 5.5 % p.a has been assumed to arrive at the future investment
requirements.
5.4 PROJECT COST
To arrive at the project cost, various other components apart from construction cost
like approval & sanction cost, city level impact fee to be paid, landuse conversion

charges, project development cost, stamp duties and registration charges, lease rent
during construction, insurance cost to be paid by the developer, financing cost and
interest during construction have been considered. The Landed Project Cost is
estimated around Rs. 30 Crores (Rupees Thirty Crores only) Approx.
5.5 REVENUE STREAMS TO DEVELOPER
The following are the revenue streams for the developer.
Table 4: Table showing Revenue heads

S. No Head of Account
1. Revenue from Hotel Rooms
2. Revenue from Restaurants
3. Revenue from Convention Facility
4. Revenue from Conference and Board Rooms
Assumptions for Revenue
Average occupancy rate for Hotel rooms for the first two years of operation
period is assumed as 50%-60% and thereafter considered as 70%.
Average occupancy rate for the convention hall and conference rooms shall
be taken as 40% -50% for the initial 3 years of operation period thereafter as
60%-70%.
Table 5: Table shows Revenue assumptions

Proposed
S.No Activity Quantity Capacity Unit
Pricing
1 Convention hall 1 1000 300 Per person

2 Conference halls 2 100 15000 Per hall
3 Board Rooms 1 25 300 Per person
4 Restaurants 2 100 As per market
5 Hotel Rooms 100 3000 Per room
5.6 KEY FINANCIAL PARAMETERS
The key financial parameters computed are Project IRR (pre-tax and post-tax) and
Equity IRR and Debt Service Coverage Ratio (DSCR). The key financial indicators
have been calculated for 33 years and are given below:

Table 6: Key Financial Indicators

Sl No Parameters
1 Equity IRR 25 %
2 Project IRR (Post Tax) 20 %
3 Minimum DSCR 1.50
4 Average DSCR 2.47
5 Payback Period 6 Years
It is observed that project is financially viable in PPP format since the Equity IRR is
working out to be 25 % with minimum DSCR of 1.50, which is quite acceptable with
the ongoing market trend/ industry norms.

6. CLEARANCES AND SANCTIONS
6.1 BACKGROUND
In addition to the development controls, this chapter presents certain parameters and
guidelines for development. The developer may have to obtain the following
Clearances and Approvals prior to commencement of work.
6.2 LAND LEASE REGISTRATION
SACCS would provide encumbrance free land with clear title to the Developer.
SACCS owns the 17.50 acres of land of which 2.0 acres of land is carved out and
demarcated for the Project purpose. The Land Lease Deed shall be signed with the
Developer/Authorisee at the time of signing of the Authorisation Agreement. The
Authorisee has to register the Lease deed with the concerned Authority as per the
existing law.
6.3 OFFSITE INFRASTRUCTURE
The offsite Infrastructure (Roads, Power and Water) are being provided by TUDA
and APSPDCL etc. The Authorisee is required to apply to the concerned Authorities
and obtain the necessary approvals on his own. The Grantor will extend all necessary
support to the Authorisee based on the written request of the Authorisee.
6.4 OTHER CLEARANCES & SANCTIONS REQUIRED
The following are the additional Clearances and Sanctions that the developer has to
take prior to the commencement of the project:
(i) Necessary Building Permissions and Approvals.

(ii) Necessary NOC from the Airport Authority of India.
(iii) Consent to establish under Water Act, 1974 and Air Act, 1981.
(iv) Approval for Electrical Calculations by Electrical Inspector
(v) Registration under Sales Tax Act, 1976
(vi) Immigration Clearance (in case of foreign personnel being engaged)
(vii) NOC from the Police Department (Traffic Police, if applicable)
(viii) Hotel Classification from India Tourism, Government of India
(ix) Any other permit required under the relevant Laws/Acts etc.

6.5 FIRE FIGHTING
Since the buildings proposed are multi-storied, therefore, as per National Building
Code Amended up to date i.e. 2005, it is proposed to be provided with Fire Fighting
System, Fire Alarm System and scope of Standby D.G. Set etc. All the buildings
should have D.G. sets having automatic failure (AMF) panel, acoustic enclosure and
treatment to take care of sound and air pollution.

Annexure I
SITE PLAN
m
.1 6
97
131.05m
381.61m
93.41m
4m
166.12m
80.4
117.15m
SHILPARAMAM
130.4
15.55 Acres
9m
60.34m
m
. 42
56
103.23m
m
. 42
92
ED SITE
D TO PROPOS
49.40m
ROA
APPROACH
ENTRY
66.16m
28.08m 32.80m 36.12m
TIRUCHA
NOOR MAIN ROAD
OWNER PROJECT TITLE DRAWING TITLE

North
SHILPARAMAM Hotel & Convention Facility SITE LAYOUT

Arts, Crafts & Cultural Society At Shilparamam, Tirupati Not To Scale

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SHILPARAMAM ARTS CRAFTS AND CULTURAL SOCIETY

Shilparamam Arts, Crafts and Cultural Society 1

1.1 PROJECT BACKGROUND

Shilparamam Arts, Crafts and Cultural Society (SACCS) is a Society registered in

SACCS has developed Craft Villages in Hyderabad, Visakhapatnam, Tirupati &

SACCS envisages developing Hotel & Convention Facility at Shilparamam, Tirupati

The present project is proposed to be implemented on Build Operate & Transfer

1.2 PROJECT ADVISORS AND CONSULTANTS

IL&FS Infrastructure Development Company (IL&FS IDC) is advising SACCS on

1.3 OBJECTIVES AND STRUCTURE OF THE PIM

Shilparamam Arts, Crafts and Cultural Society 2

(i) Project Location and General Site Profile

Shilparamam Arts, Crafts and Cultural Society 3

Existing Highway Proposed

Shilparamam Arts, Crafts and Cultural Society 4

2.2 SITE CONNECTIVITY

Table 1: Distances of Major Landmark nodes from the Project Site

2.3 SITE AND ITS SURROUNDINGS

The proposed site is located at about 5-6

Advantages of the site

Directly accessible from the

Shilparamam Arts, Crafts and Cultural Society 5

Table 2: Details of the immediate surrounding of the site.

2.4 SITE LANDUSE & EXISTING FEATURES

Shilparamam Arts, Crafts and Cultural Society 6

3.1 PROJECT COMPONENTS

The Project is positioned as a combination of the Hotel and Convention Facility in

(i) The Hotel

Minimum 100 guest rooms of three or above 3 star category,

(ii) The Convention Facility

Conference Rooms Two 100 delegate capacity Conference has been

Board Rooms Two boardrooms have also been included to accommodate

(iii) Parking Facility

Shilparamam Arts, Crafts and Cultural Society 7

3.2 APPLICABLE DEVELOPMENT REGULATIONS

The recommended option for development is made considering the following

3.3 RECOMMENDED OPTION

Figure: Showing the recommended option

Shilparamam Arts, Crafts and Cultural Society 8

4. MARKET POTENTIAL ASSESSMENT FOR DEVELOPMENT

In order to understand the performance of hospitality industry in the city, surveys

4.2. DEMAND & SUPPLY

No introduction is required for demand for hospitality in Tirupati as it is the worlds

Besides the visit to Sri Venkateshwara Temple at Tirumala, regional places in

These proposed developments indicate the opportunity to capitalize on the tourism

The preliminary reconnaissance study and general discussions apprehends the

Shilparamam Arts, Crafts and Cultural Society 9

4.3. EXISTING HOSPITALITY SCENARIO

Table 3: Average Room Rents

Shilparamam Arts, Crafts and Cultural Society 10

4.4. FUTURE SCENARIO

Increasing NRI visitors look for quality facilities

Corporate Groups increasingly looking for convention and training facilities

Chittoor & Nellore Districts of the state are developing as industrial

Bangalore (around 250 KM from Tirupati) and Chennai (around 150 KM

Shilparamam Arts, Crafts and Cultural Society 11

5.2 FINANCIAL ASSUMPTIONS FOR THE BASE CASE

1. The total area of the land is 2.0 acres.

5.3 CONSTRUCTION COST ASSUMPTIONS:

1. The construction cost of Hotel & Convention Facility is assumed at Rs 25 lakhs

5.4 PROJECT COST

Shilparamam Arts, Crafts and Cultural Society 12