Runwal Developers Limited IPO

A majority of its real estate development activities are geographically concentrated in the Mumbai Metropolitan Region ("MMR") and Pune. Varying market conditions in MMR and Pune may affect our ability to sell units in the company's Residential Projects or lease our commercial, retail and hospitality spaces, which in turn may adversely affect its business, results of operations, financial condition and cash flows.

As of June 30, 2025, the company is in the process of developing 17 residential Ongoing Projects and 15 residential Upcoming Projects, four commercial Upcoming Projects, two organized retail Upcoming Projects and three hospitality Upcoming Projects. The company's inability to complete such projects by their respective expected completion dates or at all could have an adverse effect on its business, reputation, results of operations, financial condition and cash flows.

The company's business is capital intensive and is therefore dependent on the availability of real estate financing which may not be available on terms acceptable to the company in a timely manner or at all, which could have an adverse effect on its business, results of operations, financial condition and cash flows.

Significant increase in prices or shortage of or delay or disruption in supply of construction materials and the lack of long-term purchase orders or commitments from suppliers could adversely affect its construction cost and timelines.

The company's commercial, organized retail and hospitality real estate business is dependent on its ability to provide quality space to the company's customers, forecast demand and enter into suitable leasing arrangements. The company's inability to do so may adversely affect its business, results of operations, financial condition and cash flows.

The company has entered into development agreements including redevelopment arrangements and joint development agreements with landowners who contribute the underlying land for the projects, as well as with the Slum Rehabilitation Authority. Any dispute with such third parties may delay the completion of its projects and impose liabilities and obligations on the company.

The company is subject to interest clauses on delays in accordance with RERA, under agreements entered into with its residential customers for any delay in the completion of the projects might lead to imposition of interest liability and penalty obligations.

The company's business depends on the strength of its brand and reputation. Failures to maintain and enhance the company's brand and reputation, and any negative publicity and allegations in the media against the company, even if untrue, may adversely affect the brand, reputation and trust in, the company's services, which could result in a material adverse impact on its business, results of operations, financial condition and cash flows.

Demand for its projects may not increase as rapidly as the company anticipate due to a variety of factors, including weakness in general economic condition. If the company is unable to sell our residential project units in a timely manner, it may adversely affect its working capital requirements, cash flows and business, results of operations, financial condition and cash flows.

The company's business operations may be adversely affected by delays in collection of receivables from its customers in accordance with the terms and conditions of the contracts and payment schedules.