We are a prominent residential real estate developer in Mumbai.
We are a well-established brand.
Robust pipeline of Ongoing Projects and Upcoming Projects providing strong visibility of cash flows.
Ability to sell at premium pricing and throughout the construction phase.
We have a unique core competency in developing large townships which include schools, malls, retail shops and shopping arcades.
Demonstrated strong project execution capabilities with in-house functional expertise and tie-ups with reputable design and architect firms.
Strong focus on sustainable development.
Experienced Promoter, qualified senior management and credible financial partners.
As of March 31, 2026, 66.65% of the company's real estate development projects were located in Mumbai. Consequently, the company faces risks stemming from economic, regulatory and other changes, including natural disasters in these areas affecting the performance of the real estate market in Mumbai, which might adversely impact the company's business, results of operations, cash flows and financial condition.
As of March 31, 2026, the company had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of its total Developable Area. Failures to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect the company's business, reputation, financial condition and results of operations.
As of March 31, 2026, the company had an aggregate of 7,072 unsold units consisting of a total unsold Developable Area of 7.55 million square feet across its Completed Projects and Ongoing Projects. If the company is unable to sell its existing or future inventory within the company's expected timelines or at all, its business, financial condition and results of operations may be adversely affected.
The Company and Runwal Residency Private Limited have in the past entered into certain related party transactions which have been identified by the respective statutory auditors for the respective period in which such related party transactions have been undertaken, to be prejudicial to the interest of the respective entity, and may continue to enters into such related party transactions that may involve conflicts of interest, which, may adversely affect the company's business, results of operations, cash flows and financial condition.
The company propose to either repay or pre-pay, in full or part, all or a portion of certain outstanding borrowings availed by its wholly owned Material Subsidiaries namely, Runwal Residency Private Limited and Evie Real Estate Private Limited, from the Net Proceeds. However, as of the date of this Red Herring Prospectus, Evie Real Estate Private Limited has not obtained any credit rating letters for their borrowings and has also incurred losses in Fiscal 2025. The non-availability of a credit rating poses risks to the ability of this entity to secure financing as lenders are unable to assess its creditworthiness and this may limit the company's ability to raise debt financing. If Evie Real Estate Private Limited is unable to raise adequate capital in a timely manner and on acceptable terms, or at all, its business, results of operations, cash flows and financial condition could be adversely affected.
Any uncertainty in land acquisition and title could adversely affect the company's business and growth prospects.
The company's Subsidiaries, Runwal Real Estates Private Limited, Evie Holdings Private Limited, Wheelabrator Realty Private Limited, Runwal Milestone Developers Private Limited, Runwal Highrise Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Horizon Projects Private Limited (formerly Evie Realty Private Limited), Susneh Developers Private Limited, Evie Real Estate Private Limited, Evie Construction Private Limited, Evie Developers Private Limited, Susneh Infrapark Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited and Garden City Malls Private Limited have incurred losses in certain of Fiscals 2026, 2025 and 2024. In addition, the company's Subsidiaries, Runwal Real Estates Private Limited, Evie Holdings Private Limited, Wheelabrator Realty Private Limited, Runwal Highrise Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Horizon Projects Private Limited (formerly Evie Realty Private Limited), Evie Developers Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited and Runwal Milestone Developers Private Limited have had negative net worth in certain of Fiscals 2026, 2025 and 2024. Any similar losses or negative Net Worth in the future may adversely affect the company's business, financial condition, cash flows and results of operations.
The company had negative cash flows of Rs.(560.43) million in Fiscal 2025 and may continue to have negative cash flows in the future. Any such negative cash flows in the future would adversely affect the company's cash flow requirements, which may adversely affect its ability to operates the company's business and implement its growth plans, thereby affecting the company's financial condition.
As of March 31, 2026, 84.39% of the company's total Developable Area and 93.93% of its total sales across the company's Completed Projects, Ongoing Projects and Upcoming Projects are attributable to residential projects. Its significant reliance on residential development necessitates a deep understanding of the company's customers needs and preferences to deliver projects that align with their expectations. Failures to consistently anticipate and respond to these needs could adversely impact the company's business, financial condition and results of operations.
The company's Statutory Auditors and the auditors for its Subsidiaries and Joint Venture have included certain remarks in their audit reports and examination reports. There can be no assurance that the company's audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on the company's financial statements and which could adversely affect its financial condition and results of operations.
