PIM Tirupati Raja

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    August 2008

    Project Advisor

    SHILPARAMAM ARTS CRAFTS AND CULTURAL SOCIETYSHILPARAMAM, MADHAPUR, HYDERABAD-500081

    Phone:040-23100455, www.shilparamamhyd.org

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    TABLE OF CONTENTS

    1. INTRODUCTION ................................................................................................... 21.1 PROJECT BACKGROUND....................................................................................... 21.2 PROJECTADVISORS AND CONSULTANTS .............................................................. 21.3 OBJECTIVESAND STRUCTURE OFTHE PIM.......................................................... 2

    2. PROJECT LOCATION ........................................................................................... 42.1 LOCATION............................................................................................................ 42.2 SITE CONNECTIVITY............................................................................................ 52.3 SITEAND ITS SURROUNDINGS ............................................................................. 52.4 SITE LANDUSE & EXISTING FEATURES ................................................................ 6

    3. PROJECT CONFIGURATION.............................................................................. 73.1 PROJECT COMPONENTS........................................................................................ 73.2 APPLICABLE DEVELOPMENT REGULATIONS ........................................................ 83.3 RECOMMENDED OPTION ..................................................................................... 8

    4. MARKET POTENTIAL ASSESSMENT FOR DEVELOPMENT OF HOTEL& CONVENTION FACILITY....................................................................................... 9

    4.1. BACKGROUND...................................................................................................... 94.2. DEMAND & SUPPLY............................................................................................. 94.3. EXISTING HOSPITALITYSCENARIO .................................................................... 104.4. FUTURE SCENARIO............................................................................................. 11

    5. FINANCIAL ASSESSMENT ................................................................................ 125.1 GENERAL........................................................................................................... 125.2 FINANCIAL ASSUMPTIONS FOR THE BASE CASE.................................................... 125.3 CONSTRUCTION COSTASSUMPTIONS:................................................................. 125.4 PROJECT COST ................................................................................................... 125.5 REVENUE STREAMSTO DEVELOPER.................................................................. 135.6 KEYFINANCIAL PARAMETERS............................................................................ 13

    6. CLEARANCES AND SANCTIONS..................................................................... 156.1 BACKGROUND.................................................................................................... 156.2 LAND LEASE REGISTRATION.............................................................................. 156.3 OFFSITE INFRASTRUCTURE ................................................................................. 156.4 OTHERCLEARANCES & SANCTIONS REQUIRED ................................................. 156.5 FIRE FIGHTING .................................................................................................. 16

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    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 atShilparamam, Tirupati along the National Highway No. 205 on Tiruchanoor Road inthe outskirts of the city. SACCS envisages development of 3 Star or higher categoryHotel & 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 orcomplimenting the existing configuration of Shilparamam. The project will bedeveloped 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 authorizationperiod. SACCS shall facilitate the development by providing timely clearances andapprovals. SACCS shall define minimum development obligations for the privatesector, yet leave adequate flexibility for the developer to build the project in responseto market demand and hence optimise collective returns.

    1.2 PROJECTADVISORS AND CONSULTANTS

    IL&FS Infrastructure Development Company (IL&FS IDC) is advising SACCS onProject Development including Pre-Qualification and Bid Process Management.Market Assessment & Feasibility Study for the Project has been undertaken byIL&FS IDC. Further commercial viability assessment etc. has also been conductedby IL&FS IDC to supplement the studies done and based on which the Project hasbeen configured and structured.

    1.3 OBJECTIVESAND STRUCTURE OFTHE PIM

    The objective of the present document is to provide the broad market assessment,

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    project feasibility and the suggested project components. Accordingly, the PIM isstructured 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

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    2. PROJECT LOCATION

    2.1 LOCATION

    The proposed Shilparamam site is located along the Tiruchanoor Main Roadconnecting 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 isstrategically located within the cluster of function halls, Marriage Halls, hotels andlodges.

    Existing Highwayconnecting City toAirport

    Tiruchanoor

    Upcoming IT SEZ& Industrial ParksAirport Expansion

    ProposedConnectivity to newtownships

    Chennai

    Railway

    Airport

    Legend:National HighwayMajor RoadRailway LineTirupati CityMajor LandmarksProposed Site

    N

    Bangalore

    Kadapa

    Ananthapur

    Chennai

    Railway

    Bus Stand

    Shilparamam

    Legend:National HighwayMajor RoadRailway LineTirupati CityMajor LandmarksProposed Site

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    2.2 SITE CONNECTIVITY

    The Project site is well connected with the road, railway station and the airport. Thesite is strategically located along the National Highway 205, mid point to Airport andthe City, connecting the both. The proposed site has excellent connectivity with themajor 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 11Railway Station 5 6RTC Bus Station 4 5Centre Business District 5 - 6

    2.3 SITEAND ITS SURROUNDINGS

    The proposed site is located at about 5-6km from the city on the way to Airport& Tiruchanoor Temple. SACCSdemarcated about 2.0 acres of land tohouse the proposed facility along theeastern side of the property in

    anticipation of segregated approach fromthe Shilparamam. (shown in adjacentfigure)

    Advantages of the site

    Directly accessible from theNational Highway and easilyaccessible from Tirupati CityCenter

    Ideal for the proposed facilitydue to better access and on theway to Airport.

    Separate approach road from other activities of Shilparamam but visuallyconnected

    The surrounding areas are well developed with Hotels, Marriage Halls etc apart fromthe Crafts Village.

    Proposed Site

    TUDA Lands

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

    Directions Immediate SurroundingsEast TUDA Land and Tank area earmarked as entertainment area

    Other sidesShilparamam Recreational Activities (Amphitheatre, Food stallsetc)Software Technology Parks and Mahila Pranganas behind theUrban Haat

    2.4 SITE LANDUSE & EXISTING FEATURES

    The site is carved out of the 17.50 acres of Shilparamam, which is in the outskirts ofthe city on Tiruchanoor Road. The site presently falls within the Tirupati UrbanDevelopment Authority (TUDA).

    TUDA has not exactly defined the land use of this area. SACCS conceived thefacilities of Hotel and Convention Facility as part of the total development.

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    3. PROJECT CONFIGURATION

    3.1 PROJECT COMPONENTS

    The Project is positioned as a combination of the Hotel and Convention Facility inaccordance to the existing demand. The project sizing is done keeping in view theimmediate demand and also to address the growing requirements. Based on thedesign considerations of the project, convenience of implementation and to addressthe obligatory urban guidelines, the following broad project components areproposed:

    (i) The Hotel

    3 Star or higher category Hotel with 100 lettable rooms with a superior level offinish and modern amenities. Brief details on various facilities planned areprovided below.

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

    Minimum 100 cover all day dining restaurant, a 100-cover specialtyrestaurant and a 100-seater lounge bar.

    (ii) The Convention Facility

    Based on the market assessment, the Convention /Banquet hall is planned for1,000 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 befitted with modern seating and the AV aids associated with modern dayconvention facilities.

    Conference Rooms Two 100 delegate capacity Conference has beenproposed. This space can be utilized as a break out room and/or for foodservice 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 accommodate25 people each in the facilities planned.

    (iii) Parking Facility

    The minimum parking requirements for the Hotel & Convention Facility asper development regulations or applicable guidelines.

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    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 UrbanDevelopment Department, Government of Andhra Pradesh. As per the said G.OMaximum 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 Shilparamamii. The future growth potential of the city and the precincts of the Project siteiii. Vertical expansion in future to address the increasing hospitality demandiv. 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 asright 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 Siteiv. Allowable total building height of 18.0 meter as per regulations (4 floors @3.5

    floor height)

    Figure: Showing the recommended option

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    4. MARKET POTENTIAL ASSESSMENT FOR DEVELOPMENTOF HOTEL & CONVENTION FACILITY

    4.1. BACKGROUND

    In order to understand the performance of hospitality industry in the city, surveyshave been conducted on the potential for a Hotel and Conventional Facility in thecity 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 worldssecond largest spiritual tourism center, next to only Jeruselam in terms of number ofpeople 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 19-20Million visitors per annum, with an annual increase of 2 5%. The numbers go upexponentially as many as 90,000 to 100,000 visitors on peak festival days andholidays. 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 thenext most preferred places of visiting. The proposed development like SEZ forIT/ITES, Pharma University and Medical College, Tourism Township, UrbanEntertainment Center, Mega Tourism & Hospitality Complex, Eco-Park, NewSatellite Township etc. might increase the floating population in Tirupati.

    These proposed developments indicate the opportunity to capitalize on the tourismpotential and local economic development of Tirupati Region. High-end business

    environment, large-scale employment, enhancement of spending capacity anddemand for better lifestyle facilities are expected in Tirupati which shall demandnewer and good quality hospitality supply vis--vis economic development inaddition to the religious stay at Tirupati.

    The preliminary reconnaissance study and general discussions apprehends theopportunities and the quantum gap in the hospitality industry that is anticipated togrow in the Middle and Economy or Budget category apart from the businessconventions and Marriage gatherings.

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    4.3. EXISTING HOSPITALITYSCENARIO

    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 onehotel of 4 star category serving both domestic and international visitors to Tirupati.It is evident from the discussions with various hospitality providers of Tirupati thatthe ratio of Tourist to Business class is about 70 and 30 respectively. Majority of thevisitors 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% in2007-08 according to the survey.

    The room inventory of Star & Budget Hotels in Tirupati along with their averagerooms rents per day are as below:

    Table 3: Average Room Rents

    S. No Hotels Category No. ofrooms

    Average RoomRent

    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. 16005 Hotel Sindhuri Park 3 Star 54 Rs. 1500

    6 Tirumala Residency 3 Star 50 Rs. 1400

    7 Sindhu International 3 Star 32 Rs. 1000Budget 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 hotelsoperating in the city, but not considered in the study, as they are not the target groupfor the proposed facilities.

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    4.4. FUTURE SCENARIO

    Future Scenario for hospitality industry in Tirupati would be bright because of thefollowing reasons:

    Due to increased purchase power, most of the devotees visiting Tirumala areextending their visits to surrounding towns and looking for qualityaccommodation & services. Average trip durations are increasing from 1-2days to 2-3 days.

    Increased Air Connectivity to the town has helped inflow of High NetworthIndividuals/Families and creating demand for better facilities.

    Increasing NRI visitors look for quality facilities

    Corporate Groups increasingly looking for convention and training facilitiesat Tirupati. Conferences in the serine surroundings along with temple visitfor the delegates becoming an advantage for the organizers.

    Chittoor & Nellore Districts of the state are developing as industrialcorridors with numbers of Special Economic Zones, Industrial Parks andInternational Sea Port. All the developments requires support from Tirupatiin terms of accommodation and conference facilities

    Bangalore (around 250 KM from Tirupati) and Chennai (around 150 KMfrom Tirupati) are becoming knowledge hubs creating large-scale white-collaremployment from the people across the country. Tirupati is becoming apreferred weekend destination for all these people visiting with their families

    Keeping all the positive trends in view for hospitality industry, most of the Hotel Groupsare searching for the land for establishing Hotels and Convention facilities in Tirupati.

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    5. FINANCIAL ASSESSMENT

    5.1 GENERAL

    The financial analysis of the project has been carried out on a Public PrivatePartnership (PPP) project implementation format and the financial viability has beenassessed 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 underimplementation 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 theProject Cost, the Land Development costs, interest during construction, financingcost and contingencies etc. have been assumed as per the industry standards andProject Development expenses as incurred is also added to arrive at the landedproject 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. 9.0crore.

    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 escalation4. Authorisation Period of 33 years including construction period5. 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 COSTASSUMPTIONS:

    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 investmentrequirements.

    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

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    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 STREAMSTO DEVELOPER

    The following are the revenue streams for the developer.

    Ta bl e 4: Table showing Revenue heads

    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

    S.No Activity Quantity CapacityProposed

    PricingUnit

    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 KEYFINANCIAL PARAMETERS

    The key financial parameters computed are Project IRR (pre-tax and post-tax) andEquity IRR and Debt Service Coverage Ratio (DSCR). The key financial indicatorshave been calculated for 33 years and are given below:

    S. No Head of Account1. Revenue from Hotel Rooms

    2. Revenue from Restaurants3. Revenue from Convention Facility4. Revenue from Conference and Board Rooms

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    Table 6: Key Financial Indicators

    Sl No Parameters1 Equity IRR 25 %2 Project IRR (Post Tax) 20 %3 Minimum DSCR 1.504 Average DSCR 2.475 Payback Period 6 Years

    It is observed that project is financially viable in PPP format since the Equity IRR isworking out to be 25 % with minimum DSCR of 1.50, which is quite acceptable withthe ongoing market trend/ industry norms.

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    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 Authoritiesand 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 OTHERCLEARANCES & 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.

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    6.5 FIRE FIGHTING

    Since the buildings proposed are multi-storied, therefore, as per National BuildingCode 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.

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    Annexure I

    SITE PLAN

    131

    .05

    m

    92.42m

    166.12m

    32.80m

    66.16m

    60.34m

    103

    .23m

    28.08m

    TIRUCHANOORMAINROAD

    49

    .40

    m

    36.12m

    93.41m

    38

    1.61m

    97.16m

    A P P R

    O A C H

    R O A D T O P R

    O P O S E D

    S I T E

    80.44m

    130.49m

    56.42m

    117.15m

    SHILPARAMAM15.55 Acres

    ENTRY

    SHILPARAMAMArts, Crafts & Cultural Society

    DRAWINGTITLEPROJECT TITLEOWNERNorth

    SITE LAYOUTHotel & Convention FacilityAt Shilparamam, Tirupati

    Not To Scale