Ratna Paradise a high-rise residential complex having three towers in Ahmedabad is nearing completion and will be ready by September 2014. Ratna Infracon Pvt Ltd (RIPL), the developer, has almost completed 77% of its total construction work by the end of May 2014. The residential complex consists of two towers with 11 floors each and one tower with 12 floors with aggregate of 68 units (all 4 BHK) of total super built-up area of 2.31 lakh sq ft. Construction work of the project commenced in March 2012.
In the mean time RIPL has approached its banker for reduction in term loan amount from Rs. 20 crore to Rs. 12 crore as the promoters have unutilized additional funds which are proposed to be brought in to fund the remaining cost in the project of Ratna Paradise. The proposal is under consideration by the bank and the same is expected to be finalized by the end of July 2014. As a result of this the total cost of project is expected to come down to Rs. 34.55 crore from Rs. 36 crore on account of reduction in interest expense.