NPV @12%: ₹0.51 Cr · Equity Multiple: 2.64× · Dev Margin on Cost: 83.8% · Break-even: ₹6,590/sqft
Project Overview
What's being built
A 4-storey residential building on a 200.0 m² plot. The structure yields 4 apartments across all floors — sized for the Delhi NCR Peripheral Zone, Delhi NCR buyer.
Total Units
4
One per floor
2 BHK Units
3
~581 sqft carpet each
3 BHK Units
1
~388 sqft carpet each
Floor Breakdown
Floor
Built Area
Sellable
RERA Carpet
Ground
1,615 sqft
1,292 sqft
969 sqft
Level 1
1,615 sqft
1,292 sqft
969 sqft
Level 2
1,615 sqft
1,292 sqft
969 sqft
Level 3
1,615 sqft
1,292 sqft
969 sqft
Total
6,458 sqft
5,167 sqft
3,875 sqft
Site Parameters
Plot Dimensions20m x 10m
Ground Coverage Allowed75.0%
Front Setback Required3.5m
Side Setback Required1.5m
Rear Setback Required3.0m
Parking Required6 car spaces
Avg Unit Price₹1.23 Cr
Site Design
3D Building Massing
Indicative massing of the 4-storey building on the 200.0 m² plot. Drag to rotate, scroll to zoom. Setback zones shown in blue.
3D Massing Visualization
Building footprint: 20.0m × 10.0m plot
4 floors × 3.2m = 12.8m total height
Setbacks: front 3.5m / rear 3.0m / sides 1.5m
FSI: 3.0× | GFA: 600.0 m²
Indicative layout of a typical floor on the 17.0m × 3.5m buildable footprint
(plot minus setbacks). Shows 4 units per floor —
3 2BHK, 1 3BHK —
with central corridor and lift/stair core.
Buildable Area
17.0m × 3.5m
59.5 m²
Units / Floor
4
3 2BHK · 1 3BHK
Total Floors
4
16 units total (est.)
Floor Efficiency
472.3%
carpet / floor plate
Bedroom
Living / Dining
Kitchen
Bathroom
Balcony
Corridor / Core
Setbacks applied: front 3.5m / rear 3.0m / sides 1.5m each.
Layout is indicative — actual room arrangement subject to architect's design.
Financial Model
Where the money goes — and comes from
The project generates ₹4.91 Cr in total revenue against a cost of ₹3.40 Cr. Here's how every rupee is accounted for.
Revenue
₹4.91 Cr
Total gross including parking
5,167 sqft × ₹9,500/sqft₹4.77 Cr
6 Parking spaces₹13.5 L
GST (paid by buyer)₹0.24 Cr
Project Cost Breakdown
₹3.40 Cr
Total development outlay
Construction₹1.62 Cr 48%
Marketing + Finance₹0.43 Cr 13%
Land + Stamp Duty₹1.10 Cr 32%
Professional + Legal₹0.16 Cr 5%
Statutory / Approvals₹0.10 Cr 3%
Revenue Split — Cost vs. Profit
Cost ₹3.40 Cr
Profit ₹2.85 Cr
Total Cost (69%)
Developer Profit (30.6% median)
Break-Even Point
You need to sell at ₹6,590/sqft just to break even — 69% of your current asking rate.
There is comfortable safety margin here.
₹0Break-even ₹6,590Market rate ₹9,500
₹6,590
Break-even rate
31%
Headroom above break-even
₹9,500
Current market rate
Statistical Analysis
50,000-simulation profit distribution
Using triangular distributions on all 7 key variables across 50,000 simulations. The shaded band shows the 90% confidence interval (P5–P95).
Probability distribution — developer profit across 50,000 runs
P5 (worst 5%)
₹1.19 Cr
Stress-case profit
Median (P50)
₹2.85 Cr
Most likely outcome
P95 (best 5%)
₹4.85 Cr
Upside scenario
Prob of Profit
100.0%
Simulations above zero
IRR Distribution — 50,000 Simulations
IRR P10 (downside)
12.7%
90% of scenarios beat this
IRR P50 (median)
23.2%
Project-level, pre-debt
IRR P90 (upside)
34.8%
10% of scenarios beat this
Geared IRR P50
38.6%
Equity-level, post-debt
P(IRR > 18%)
73.2%
Beats Indian developer hurdle
P(Geared IRR > 22%)
77.5%
Beats equity hurdle rate
Tornado — Sensitivity to ±20% Input Variation
Hover: each bar shows profit swing for ±20% variation in that input
IRR Tornado — Sensitivity to ±20% Input Variation
Each bar shows how project IRR changes when that input moves ±20% — blue dashed line is the 18% developer hurdle rate
Value at Risk — CDF & Distribution
Cumulative distribution — probability of loss at each threshold
Advanced Analytics
Profit drivers — correlation & regression
Standardised regression coefficients show which inputs have the greatest statistical impact on profit. Correlation heatmap shows co-movement between all variables.
Correlation Heatmap
Standardised Regression Coefficients
Sensitivity Analysis
Three ways this could play out
The project stays profitable even in our worst-case scenario — which assumes prices drop 15%, costs rise 15%, and there's a 6-month delay.
Worst Case
Everything goes wrong
Prices drop 15%, costs overrun 15%, land up 10%, 6-month delay
₹0.20 Cr
4.9% developer margin
Revenue₹4.17 Cr
Construction₹1.85 Cr
Total Cost₹3.97 Cr
Base Case
Most likely outcome
Current rates, standard construction cost, on-schedule delivery
₹1.50 Cr
30.6% developer margin
Revenue₹4.91 Cr
Construction₹1.62 Cr
Total Cost₹3.41 Cr
Best Case
Everything goes right
Prices rise 10%, costs 10% lower, delivered on time
₹2.16 Cr
39.9% developer margin
Revenue₹5.40 Cr
Construction₹1.46 Cr
Total Cost₹3.24 Cr
Worst Case
Everything goes wrong
Prices drop 15%, costs overrun 15%, land up 10%, 6-month delay
₹0.20 Cr
4.9% developer margin
Revenue₹4.17 Cr
Construction₹1.85 Cr
Total Cost₹3.97 Cr
Base Case
Most likely outcome
Current rates, standard construction cost, on-schedule delivery
₹1.50 Cr
30.6% developer margin
Revenue₹4.91 Cr
Construction₹1.62 Cr
Total Cost₹3.41 Cr
Best Case
Everything goes right
Prices rise 10%, costs 10% lower, delivered on time
₹2.16 Cr
39.9% developer margin
Revenue₹5.40 Cr
Construction₹1.46 Cr
Total Cost₹3.24 Cr
What affects your profit the most
Selling Price
CRITICALSelling Price: CRITICAL profit swing
Land Cost
HIGHLand Cost: HIGH profit swing
Construction Cost
MEDIUMConstruction Cost: MEDIUM profit swing
Marketing + Finance
LOWMarketing + Finance: LOW profit swing
Delays
LOWDelays: LOW profit swing
Timeline cost note:
A 6-month delay adds approx. ₹₹7.0 L in finance cost.
A 12-month delay adds ₹₹14.0 L — still manageable at current margins.
Switching Values — Break-even Thresholds
Price can fall by
↓ 58.1%
before profit = ₹0
Cost can rise by
↑ 83.8%
before profit = ₹0
With 11% contingency
₹₹2.48 Cr
ADB: 5% physical + 3%/yr price
Risk Register
What could go wrong — and what to do about it
All 8 risks have been identified and scored. None are red-flag blockers. Most are manageable with early action.
R1
Market prices drop below break-even
If prices fall to ₹6,591/sqft or below, the project stops making money. Current market is ₹9,500/sqft — there's a 31% buffer.
Fix: Pre-sell at least 30% of units before construction starts. This locks in revenue and reduces market risk.
Medium Risk
R2
Construction costs overrun
Material prices can spike. A 15% cost overrun would add significant cost to your bill, reducing profit but not necessarily eliminating it.
Fix: Sign a Guaranteed Maximum Price (GMP) contract with a Grade-A contractor. Include a 5% contingency reserve (already in the model).
Medium Risk
R3
Government approvals take longer than expected
Sanction plans, RERA registration, and NOC chains can delay the project start by months if not started early.
Fix: Hire your architect 3 months before signing the land agreement. Run RERA registration in parallel with the building plan sanction.
Medium Risk
R4
Title or ownership issues discovered after purchase
Hidden encumbrances, mortgages, or disputes on the land can freeze the project or lead to legal losses.
Fix: Get a full title opinion from a licensed advocate + Encumbrance Certificate for the last 30 years — before paying anything.
Lower Risk
R5
Slow apartment sales after launch
If the micro-market absorbs slowly, cash flow suffers and finance costs accumulate. Peripheral zones typically take longer to sell.
Fix: Launch through a reputable IPC broker. Do not break ground until at least 25% of units are sold.
Medium Risk
R6
FSI or zoning gets challenged
In rare cases, the land authority (LDRA) may dispute zoning or refuse FSI, limiting the number of floors you can build.
Fix: Get a certified zone certificate from LDRA before signing the Letter of Intent (LOI). Low probability, high consequence.
Lower Risk
R7
Funding costs run higher than modelled
If you take debt and interest rates run above 10%, finance costs increase. The model uses your stated rate.
Fix: Lock in a funding term-sheet before acquisition. Model worst-case at 14% interest — check if the project still works.
Lower Risk
R8
Foundation risk — soil not yet tested
Soil bearing capacity determines foundation type. Pile foundations add 15–25% to substructure costs.
Fix: Commission a geotechnical investigation before finalising the structural design.
Medium Risk
Risk Matrix — Likelihood × Impact
Risk
Likelihood
Impact
Score
Level
Market prices drop below break-even
Medium
High
6
Medium Risk
Construction costs overrun
High
Medium
6
Medium Risk
Government approvals take longer than expected
Medium
Medium
4
Medium Risk
Title or ownership issues discovered after purchase
Do these six things in order. The first steps need to happen before you sign anything. The verdict is clear — proceed, but methodically.
Important: This is a pre-acquisition indicative analysis based on client-provided data. Engage a licensed architect, property advocate, and structural engineer before committing any funds. Market rate of ₹9,500/sqft has not been independently verified against registration records.
1
Before signing
Get a Clear Title Opinion
Hire a licensed property advocate. Get the Encumbrance Certificate for the last 30 years, check CERSAI for mortgages, and verify the seller's identity.
2
Before signing
Commission a Soil Test
Soil bearing capacity determines your foundation type. Pile foundations can add 15–25% to substructure costs. Commission a geotechnical investigation (3–5 bore holes to 15m depth) before finalising construction cost.
3
Before signing
Appoint a COA-Registered Architect
You need statutory drawings, height clearance verification, and building plan sanction. Start 3 months before LOI signing.
4
Before signing
Validate the Market Rate Independently
Cross-check the ₹9,500/sqft rate against 5 comparable IGR registration transactions within 500m. Engage PropEquity or CRE Matrix for data.
5
Month 1–2
Secure Project Finance / Equity
Funding type is 'mix'. At 15.0% p.a., finance cost is projected at ₹28.0 L over 24 months. Pre-approve project finance before ground-breaking.
6
Month 4–8
Tender to a Grade-A Contractor (GMP)
Issue a Guaranteed Maximum Price contract with a reputable contractor. This caps your construction risk and locks cost predictability into the model.
Based on CPWD 2025 DSR rates with the Delhi NCR 1.15× location factor applied. Specification level: Mid.
Hard Costs (₹1.62 Cr total)
Soft Costs
Architect Fees₹6.6 L
Project Management₹4.4 L
Structural Consultant₹2.7 L
QA / Quality Control₹1.3 L
Legal (property)₹0.8 L
Total Soft Costs₹15.8 L
Foundation Risk: Soil bearing capacity not yet tested. If pile foundations are needed, substructure cost rises 15–25%. Commission a geotechnical investigation before finalising your structural design.
Engineering Standards
Structural & MEP Specifications
Concrete grades, steel reinforcement, cover requirements, and MEP specifications anchored to IS Codes and NBC 2016. Seismic Zone IV (Delhi NCR) ductile detailing applies throughout.
Regulatory Checklist
Approvals and compliance status
Height and setbacks are verified. Several NOCs need field confirmation before construction can begin — these are standard for any Delhi NCR project.
Height limit (4 floors on 12.0m road)VERIFIED
FSI = 3.0 per MPD 2021CONFIRMED
Environmental ClearanceNOT REQUIRED
RERA registration required (>4 units or GFA > 500 sqm)REQUIRED — 3–6 months
!Construction cost — get at least 3 contractor quotes (GMP)
Data Sources
Delhi MCD bye-laws 2023 · DTCP Gurugram development rules · GNIDA sector regulations ·
Haryana Building Code · NBC 2016 (National Building Code) ·
50,000 Monte Carlo simulations (NumPy, seed=42) ·
JLL Delhi NCR mid-market benchmarks · ADB Risk Assessment Matrix methodology
Key Assumptions Disclosed
Parameter
Value Used
Source
Construction cost
₹3,135/sqft · Mid spec
CPWD schedule + spec adjustment
Selling rate
₹9,500/sqft
Client-provided — not independently verified
Presales assumption
30% units pre-sold during construction
Industry standard (CREDAI norms)
Finance rate
15.0% p.a.
Developer construction finance (client-stated)
Project timeline
24 months from groundbreaking
Client-stated
⚠
This report is a financial model, not a valuation certificate.
It does not constitute legal, structural, or investment advice. All outputs are
probabilistic estimates based on the inputs provided and the regulatory rules encoded
at the time of generation. White Warp bears no liability for decisions made on the
basis of this report without independent professional verification of title, soil,
market rate, and statutory approvals.
MONTHLY CASHFLOW MODEL
Development J-Curve — True DCF Analysis
Time-distributed monthly cashflow model (ARGUS EstateMaster methodology / RICS GN 94). Accounts for S-curve construction drawdowns and presales absorption starting at 40% build completion — unlike CAGR proxy which assumes all costs at t=0 and all revenue at completion.
Project IRR (True DCF)
61.9%
p.a. — Newton-Raphson monthly CFs
MIRR (7.5% reinvest)
105.4%
p.a. — conservative reinvestment rate
vs. CAGR proxy (MC P50 23.2%): True DCF IRR accounts for presales cash inflows during construction — projects with strong presales absorption typically show 200–600 bp higher true IRR than the CAGR proxy. MIRR uses 7.5% FD reinvestment rate per RICS GN 94.
Monthly cost vs. revenue bars (top) · Cumulative J-curve with break-even marker (bottom)
SENSITIVITY MATRIX
Rate × Cost — 5×5 Profit Margin Grid
Each cell shows profit margin % at that combination of selling rate and construction cost variance. Boxed cell = your base case. Green ≥20%, amber 10–20%, red below.
Selling rate (columns) × Construction cost (rows) — hover to read margin %
Legend:
≥ 20% margin (Favourable)
10–20% (Viable)
Below 10% (Loss risk)
Base case
19/25
Cells ≥20% margin
23/25
Viable 10–20%
0/25
Loss scenarios
MARKET BENCHMARKING
How This Project Compares to Delhi NCR Market
A
Market Grade
Strong — project is above the NCR market average overall
Score: 73.5/100 vs Delhi NCR mid-market benchmarks (JLL India 2024)
Metric
This Project
NCR Avg
NCR Range
Position
Developer Margin
30.6 %
25.0 %
22.0–28.0
Above Market
Project IRR
20.1 %
15.0 %
12.0–18.0
Above Market
All-in Cost / sqft
6591.3 ₹/sqft
3800.0 ₹/sqft
2800.0–5200.0
Below Market
Construction Cost / sqft
3135.5 ₹/sqft
2800.0 ₹/sqft
2200.0–3500.0
Below Average
Sellable Efficiency
80.0 %
65.0 %
62.0–70.0
Above Market
JOINT VENTURE ANALYSIS
Development Structure — Four Options
In JV structures, the landowner contributes land equity. Developer funds only construction and operating costs, reducing capital deployed while sharing profit proportionally.
Self-Develop
150 L
Developer profit
44.1%
ROI
20.1%
IRR p.a.
341 L
Equity deployed
Attractive
JV 60 : 40
90 L
Developer profit
39.2%
ROI
18.0%
IRR p.a.
230 L
Equity deployed
Attractive
JV 50 : 50
75 L
Developer profit
32.6%
ROI
15.2%
IRR p.a.
230 L
Equity deployed
Attractive
JV 40 : 60
60 L
Developer profit
26.1%
ROI
12.3%
IRR p.a.
230 L
Equity deployed
Viable
OPPORTUNITY COST
This Project vs Alternative Investments
If you deployed ₹341 L in capital elsewhere for 2.0 years instead of this project.
ROI comparison across asset classes at same capital deployed
THIS PROJECT
44.1%
ROI
FIXED DEPOSIT
7.0%
CAGR p.a.
₹49.35 L
profit
NIFTY 50
12.0%
CAGR p.a.
₹86.64 L
profit
GOLD (INR)
8.0%
CAGR p.a.
₹56.67 L
profit
RENTAL YIELD
6.0%
CAGR p.a.
₹42.09 L
profit
This project beats a Fixed Deposit by ₹100.9 L. The risk premium is positive.
GREEN BUILDING ANALYSIS
IGBC Certification Impact (+5% Cost / +10% Rate)
ADDITIONAL COST
+₹13.6 L
ADDITIONAL REVENUE
+₹49.08 L
NET GAIN / LOSS
+₹35.48 L
Recommended: Green premium adds ₹35.5 L net profit (+3.8% margin)
EXIT STRATEGY
IRR Across Hold Periods — 3 Scenarios Modelled
Recommended exit: Development Exit (2yr). Projected IRR: 20.1% (strong). Break-even holding period (land hold): 0.6 years — the minimum required to recover land cost and stamp duty at P50 appreciation. At 2 years, P50 net profit is ₹15,027,827. Bear case (P10): Rs.7,665,377. Bull case (P90): Rs.22,390,277.
MID BULL· Delhi NCR residential market is in mid-bull phase (2024–2026). Prices in most submarkets have risen 15–25% over 2022 bas…
Scenario
Hold
Invested
Exit (P50)
Net Profit
IRR P10–P90
Rec.
Land Appreciation Hold (3yr)
3yr
₹111L
₹140L
+₹28L
3.0% – 13.8%
Land Appreciation Hold (5yr)
5yr
₹111L
₹169L
+₹58L
3.8% – 14.7%
Land Appreciation Hold (7yr)
7yr
₹111L
₹205L
+₹93L
4.1% – 15.0%
Land Appreciation Hold (10yr)
10yr
₹111L
₹272L
+₹161L
4.4% – 15.3%
Development Exit (2yr)
2yr
₹341L
₹491L
+₹150L
45.8% – 28.7%
★ Best
Break-Even Hold
0.6yr
Min. hold for positive land return
Key Risks
→Short hold (<3 years): insufficient time for land appreciation to overcome stamp duty and transaction costs. Minimum 3-year hold recommended.
→Construction execution risk: cost overruns of 10–15% are common. Lock in contractor with fixed-price contract where possible.
→Selling rate achievement: development exit assumes units can be sold within 6–12 months of completion. If market softens, carrying costs increase.
→Interest rate risk: EMI-funded buyers are sensitive to RBI rate changes. A 1% rate increase can reduce affordability by 8–10% for leveraged buyers.
→Policy risk: FSI/FAR regulation changes can happen with little notice. Current building envelope is based on rules as of 2024; verify before construction.
For Buyers Now
For Sellers / Developers
COMPETITIVE SUPPLY
Supply Pipeline — Dwarka
Supply pressure in Dwarka: Balanced (score 4/10). Pipeline clears in approximately 13 months at current absorption. Selling rate risk: Low. No selling rate haircut required.
Supply Pressure
4/10
Balanced
Pipeline (5km)
1200
units in radius
Absorption
12.9
months to clear
Rate Risk
Low
No haircut needed
Active Competing Projects
Project
Type
Units
Completion
Status
DSSM Builder Floors Dwarka Sec 7
Builder Floor
~60
2026
Under Construction
DDA LIG/MIG Sector 12 (resale inventory)
Group Housing
~200
2024
Nearing Completion
Ansals Dwarka Sector 23B
Builder Floor
~45
2025
Nearing Completion
Data: Q4-2025 (ANAROCK / Knight Frank India NCR Report). Figures are calibrated estimates — not real-time RERA pulls.
REGISTERED COMPS
Transaction Comparables — Delhi_cat_c
Land comps for Delhi Cat C: Rs.420,000/sqm market rate (40% above circle rate). Completed unit sale median: Rs.10,500/sqft. Selling rate (9,500 psf): In Range.
In Range
Your rate assumption
Assumed rate Rs.9,500/sqft is in the P10–P50 range (Rs.7,500–Rs.10,500/sqft). Conservative but realistic. Good baseline for P50 scenario.
Data: Q1-2026 (Circle Rates) + Q4-2025 (Market Transactions). Verify against sub-registrar records for your exact micro-location.
APPROVAL PATHWAY
Regulatory Approvals — Delhi (Mcd)
Total Timeline15–30 weeks
1
Mutation / Property Title Verification
Sub-Registrar Office / Revenue Department Delhi
2–4 wks
Offline
Verify encumbrance certificate, khata, previous deed chain. Essential before any approval application.
Fee: ₹5,000–₹20,000 (legal charges)
2
No Objection Certificate (NOC) — Delhi Jal Board
Delhi Jal Board (DJB)
3–6 wks
Online
Required for water supply and sewerage connection. Apply at djb.gov.in. Processing: 30–45 days.
Fee: ₹10,000–₹50,000 (connection charges vary)
5
Building Plan Approval — MCD OBPAS
Municipal Corporation of Delhi — OBPAS portal
4–8 wks
Online
Apply at obpas.mcdonline.nic.in. Submit: site plan, building plan by licensed architect, NOCs. System auto-checks FSI/FAR. Scrutiny fee paid online. Approval in 30–60 days (standard).
Fee: ₹20–₹40/sqm buildable area
6
Commencement Certificate
MCD — Zonal Office
1–2 wks
Both
Site inspection by MCD junior engineer. Issued within 7–14 days of approved building plan. Construction cannot begin without this.
Fee: Nil
9
Construction Stage Inspections (plinth, slab, completion)
MCD — Junior Engineer
1–2 wks
Offline
Mandatory site visits: plinth level, roof slab, and pre-completion. Book 7 days in advance via OBPAS portal.
Fee: Nil
10
Completion / Occupancy Certificate (OC)
MCD — Zonal Office
4–8 wks
Online
Final clearance. Required before selling/occupying. Apply via OBPAS after completion. Final inspection by MCD engineer.
Fee: ₹5,000–₹50,000
Steps 2–4 can run in parallel — start all simultaneously to save time.
Building Plan Approval (Step 5) is the longest critical-path item.
Fast-track option: appoint a Delhi-licensed TPO architect for self-certification (reduces Step 5 to 7 days for plots <500 sqm).
RERA registration can run parallel with construction for projects with approved plans.
TAX & LEGAL
Tax Obligations — FY 2025-26 Rates
Indicative tax liability on purchase and projected sale. Consult a CA for personalised tax planning.
✓Section 54F: Reinvest in 1 residential property → LTCG exempt
✓Section 54EC: Invest up to ₹50L in NHAI/REC bonds (lock-in 5 yr) → LTCG exempt
✓Capital Gains Account Scheme (CGAS): Park proceeds in SBI/BoB → defer tax up to 3 years
Tax figures are indicative estimates for FY 2025-26 based on statutory rates. Actual liability depends on individual tax profile, indexation cost inflation index (CII), DTAA applicability (NRI), and holding structure. Consult a chartered accountant before executing any transaction.
DEBT SCHEDULE
EMI Waterfall — Pre-EMI + Full Repayment
LOAN AMOUNT
₹204.33 L
FULL EMI
₹3.3 L/mo
TOTAL INTEREST
₹213.96 L
INTEREST / PRINCIPAL
104.7%
LTC
60.0%
RBI cap: 80% residential
LTV
41.6%
RBI 2025 CRE cap: 75%
PROJECT DSCR
1.17×
1.17× — Below 1.25× threshold — review
Methodology & Audit Trail
Every number, every formula, every source — open for inspection
This report is a financial model. Every calculation is documented below. If you are a CA, structural engineer, or chartered valuer, you can reproduce every output on a spreadsheet using the inputs and formulas listed here. If you find an error, write to rajarajan@whitewarp.in — we pay a ₹5,000 correction bounty for every verified mistake.
🏛CPWD DSR 2025 Cost Basis
📐MPD 2021 / NBC 2016 Regulations
🎲50,000 Monte Carlo Simulations
📈Newton-Raphson IRR (Monthly Cashflows)
STEP 1 — CLIENT INPUTS
What you told us — unmodified
These are the raw values submitted. None of these are adjusted by the engine. If any input is wrong, the output will be wrong by the same proportion.
Input
Value Submitted
Flag
Plot location / zone
Peripheral Zone, Delhi NCR
Used for FAR table lookup
Plot size
200.0 m² (239 sqyd)
Client-stated — verify title deed
Road width (fronting)
12.0 m
Determines FAR in MCD/NDMC zones
Land cost paid
₹1.10 Cr
Client-stated — not verified
Selling rate (target)
₹9,500/sqft
Client-stated — not independently verified
Finance rate
15.0% p.a.
Developer construction finance
Project timeline
24 months
Ground-breaking to OC
Specification level
Mid
Drives construction cost multiplier
STEP 2 — REGULATORY MATH
How we calculated the building envelope
All FAR/FSI values are taken from the jurisdiction-specific notification in effect as of the report date. The formula chain is shown below so any licensed architect can cross-check in under 5 minutes.
FAR → Built-Up Area Chain
Plot area = 200.0 m²
FAR applied = 3.0×
Max BUA = 200.0 × 3.0 = 600.0 m²
Floors = 4 (incl. stilt)
Total built = 6,458 sqft
Efficiency = 472.3%
Sellable area = 5,167 sqft
Setbacks & Buildable Footprint
Front setback = 3.5 m
Rear setback = 3.0 m
Side setbacks = 1.5 m each
Buildable W×D = 17.0m × 3.5m
Max height = 15.0m (12.0m road rule)
Units total = 4 apartments
Source: MPD 2021 read with MCD Bye-Laws 2023 — road-width-driven FAR
Notified FAR vs. Practically Achievable FAR: The FAR applied above is the notified maximum. In practice, after setback enforcement, parking ECS norms, tree-cutting requirements, and sanction-authority discretion, the achievable FAR is typically 5–15% lower than the notified figure. This report uses the notified FAR; verify practically achievable FAR with a licensed Delhi NCR architect before purchase.
STEP 3 — COST CALCULATION
How every cost rupee was computed
Construction Cost Formula
Base rate (CPWD DSR 2025, Type-V/VI, Delhi) → adjusted for Mid spec
⚠ Selling rate is client-stated and has NOT been independently verified against SRO registration records or PropEquity / Anarock transactional data. This is the single highest-impact input — a 10% error in selling rate moves profit by approximately 25–35%.
Absorption & Cashflow Assumption
Presales (during construction)
30%
CREDAI NCR industry norm
Completion phase
50%
OC + 0–6 months
Tail sales
20%
6–18 months post-OC
STEP 5 — IRR & DCF METHODOLOGY
How the 61.9% IRR was calculated
IRR Formula — Newton-Raphson on Monthly Cashflows
NPV = Σ [ CF(t) / (1 + r/12)^t ] = 0 solve for r
where CF(t) = net cashflow in month t (negative = outflow, positive = inflow)
Known limitation: The simulation uses independent normal distributions for each variable. Real-estate markets exhibit correlated shocks (e.g., when interest rates rise, prices and absorption both fall simultaneously). This means the P5 downside may be understated by 15–25% in stress scenarios. The ADB contingency stress test on the Scenarios tab is designed to partially compensate for this.
You need to sell at minimum ₹6,590/sqft to cover all costs.
Your target rate of ₹9,500/sqft is
69% of your target —
giving you a healthy 31% headroom above breakeven.
KNOWN LIMITATIONS
What this report cannot tell you
We publish these limitations because we believe a report that admits its boundaries is more useful than one that pretends to be complete.
Selling rate is unverified
The selling rate used is client-stated. White Warp does not independently verify it against Sub-Registrar Office (SRO) registration records or PropEquity/Anarock transactional data. A 10% error in selling rate moves profit by ~25–35%. Commission an independent registered valuer before purchase.
FAR is notified, not achievable
The FAR/FSI applied is the maximum as notified. Practical achievable FAR after setback enforcement, parking ECS, tree-cutting, and sanction-authority discretion is typically 5–15% lower. Confirm with a Delhi NCR licensed architect.
Construction cost is CPWD-based
CPWD DSR 2025 is a government rate schedule. Private developer projects in Delhi NCR typically run 10–25% above CPWD rates due to higher O&P (18–25% vs. 15%), premium finishing, and soft costs not fully captured in CPWD. Our rates include a spec multiplier but may still understate premium-market finishing cost.
Monte Carlo uses independent distributions
The 50,000-run simulation draws each variable independently. In real markets, rate rises, cost overruns, and demand falls tend to happen simultaneously. The P5 downside may be understated by 15–25% in correlated-shock scenarios.
No title or encumbrance check
This report does not examine title, existing mortgages, court attachments, co-ownership disputes, or lal dora status. Engage a property advocate for a full title search before any purchase.
RERA registration threshold
If plot area exceeds 500 m² or unit count exceeds 8, RERA registration is mandatory (RERA Delhi / HARERA / UPRERA as applicable). RERA compliance adds ~3–4% cost and 4–8 weeks to timeline. Check the applicable threshold for this plot.
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Independent Verification
Don't just take our word for it.
Hand this checklist to your Chartered Accountant, licensed architect, or property consultant. Every item below can be independently verified in under 30 minutes using publicly available documents. If they find a discrepancy, write to rajarajan@whitewarp.in — we pay a ₹5,000 correction bounty for every verified error.
Construction Cost Rate
CPWD DSR 2025 (effective 01.04.2025), Type-V/VI residential, Delhi region. Cost Index = 103 (base 2023=100). Cross-check the base rate for Mid specification and verify our effective rate of ₹3,135/sqft. DSR 2025 document is available at cpwd.gov.in → Publications → Schedule of Rates.
FAR / FSI Applied
FAR of 3.0× applied to 200.0 m² plot in Peripheral Zone, Delhi NCR. Source: MPD 2021 read with MCD Bye-Laws 2023 — road-width FAR table. Look up the relevant authority's website (dda.org.in / dtcp.gov.in / gnida.org.in) and verify the FAR for this plot size and road width.
Stamp Duty & Registration
Stamp duty: 6% for men / 4% for women buyers, on circle rate or agreement value (whichever is higher), per the applicable Stamp Act. Verify the circle rate for Peripheral Zone, Delhi NCR on the DORIS portal (doris.delhigovt.nic.in) or Haryana HMIS (jamabandi.nic.in) as applicable.
IRR Calculation
Verify the 61.9% IRR in Excel: build a 24-row monthly cashflow table. Cost outflows on a 15%–40%–35%–10% S-curve. Revenue inflows: 30% presale during construction, 50% at completion, 20% tail. Apply =XIRR(cashflows, dates) and verify it matches 61.9% p.a.
Monte Carlo P(profit) = 100.0%
Reproduce in Excel (10,000 rows): Column A = =NORM.INV(RAND(), selling_rate, selling_rate×0.12) for revenue. Column B = =NORM.INV(RAND(), construction_cost, cost×0.10). Column C = profit. Count rows where C > 0 and divide by 10,000. Result should approximate 100.0%.
Breakeven Rate Check
Verify the breakeven rate: Total Project Cost (₹3.40 Cr) ÷ Sellable Area (5,167 sqft) ≈ ₹6590/sqft. This should equal the ₹6,590/sqft shown in the report. Your target rate of ₹9,500/sqft must exceed this to be profitable.
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Correction Bounty — ₹5,000 per verified error
If your CA or architect finds a factual error in the regulatory data, construction cost rate, or formula logic — email rajarajan@whitewarp.in with the specific line, the correct value, and the source document. We will verify, correct the engine, and pay ₹5,000 for every confirmed error. Reference: BB-20260503-438130
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