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Ganesh Housing Corporation Ltd Management Discussions

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Sep 2, 2025|12:00:00 AM

Ganesh Housing Corporation Ltd Share Price Management Discussions

Indian Economy Overview: The Pulse of Progress

Indias economy in FY25 exemplifies its inherent resilience. The GDP growth rate reached 6.4% in the fiscal year 2025. The interplay of key sectoral dynamics significantly influenced the economys performance. On the supply side, agriculture and services demonstrated remarkable growth, while In terms of demand, consumption trends played a crucial role in sustaining economic momentum.

The industrial sector experienced a growth rate of 6.2%, driven by increases in construction and utilities. Simultaneously, the services sector saw a growth of 7.2%, fueled by expansion in financial, real estate, and professional services.

This sectoral expansion was notably bolstered by a remarkable increase in corporate fundraising activities. During FY25, corporate fundraising achieved an unprecedented peak. In FY25, the aggregate fundraising through debt totalled C11.1 trillion, encompassing contributions from Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).

While India attracted a substantial US$71.27 billion in Foreign Direct Investment (FDI) during FY24, the period from April to December of FY25 saw that figure drop to US$62.48 billion. Additionally, the flow of Foreign Portfolio Investment (FPI) exhibited significant volatility. After a strong influx of US$41.04 billion in FY24, reflecting investments in the Indian stock market and debt securities, FY25 experienced a reversal. As of March 5, 2025, India recorded a net outflow of US$1.68 billion.

Indias retail inflation witnessed a significant reduction from 5.4% in FY24 to 4.9% during the April-December period of FY25. A combination of governmental initiatives and monetary policy interventions facilitated this moderation.

According to the Reserve Bank of India, the nations GDP is expected to grow by 6.5 - 6.8% in FY26. The economy is anticipated to benefit from promising rabi crop prospects and robust household consumption strengthened by tax relief measures in the Union Budget 2025-26. Fixed investment is projected to recover, supported by improved capacity utilisation, strong corporate and financial balance sheets, and the governments persistent emphasis on capital expenditure.

According to the latest IMF report, India has overtaken Japan as the worlds 4th largest economy in 2025 and is on track to surpass Germany as the 3rd largest economy by 2028.

Indian Real Estate Sector: Scaling New Investment Heights

Indias real estate market is experiencing significant growth, fuelled by market dynamics and supportive government actions. The residential sector is expanding rapidly, thanks to affordability programs that increase access to housing.

At the same time, flexible office spaces are revolutionising the commercial landscape, responding to evolving consumer demands. Major urban centres such as Mumbai, Pune, Hyderabad, and the National Capital Region (NCR) serve as the primary engines of this growth, reflecting their strong economies and increasing populations.

Projections indicate that the Indian Real Estate Sector will reach a trillion dollars by 2030, driven by strategic investments and innovative approaches. Incorporating technology and sustainable practices is fundamentally transforming the industry. From smart homes to data-driven decision-making and energy-efficient construction, the real estate sector in India is adopting a future-oriented and globally aligned trajectory.

In 2024, real estate investments throughout the Asia Pacific region experienced a 12% annual increase, reaching US$155.9 billion, as reported by Colliers. Importantly, India exhibited remarkable growth, with investments soaring by 88% year-on- year, amounting to US$3 billion in the latter half of 2024. Office properties retained their status as the preferred investment choice, capturing 47% of the market, followed by industrial and logistics assets, which constituted 27%. Mumbai emerged as a significant investment hub, accounting for nearly half of Indias total investments, predominantly driven by acquisitions of office assets.

This strong investment momentum in India aligns with JLL Indias findings, which indicate businesses invested C 62,328 crore in new project development during FY25. Looking ahead, it is anticipated that the Reserve Bank of Indias lowering of policy rates and new fiscal incentives aimed at the middle class will sustain strong demand in the sector. In addition, the continuous expansion of expressways, metro networks, and commercial corridors will propel the growth of land banking.

Trends in the Indian Real Estate Market

Demand for data centres: A JLL report forecasts a major expansion of Indias data centre sector, predicting investments of US$5.7 billion by 2026. This investment surge will create 791 Megawatts of new capacity, requiring a significant 10 million square feet of real estate space. The remarkable expansion of Indias data centre industry is primarily driven by the increasing adoption of artificial intelligence across diverse sectors. This surge creates significant demand for cloud services and big data analytics, particularly within the Indian market.

Warehouse growth drives real estate demand: Indias warehouse space is growing quickly, reaching 533.1 million sq ft. Smaller cities are a big part of this, with their warehouse space quadrupling to 100 million sq ft since 2017. Online shopping is the main reason. 60% of online orders come from these smaller cities, and in 2024 alone, 60 million sq ft of warehouse space was used up. Also, new delivery systems need warehouses in good locations. So, all this means more demand for land and warehouse buildings in these growing cities.

Tech startups driving real estate demand: Tech startups, fuelled by venture capital, directly boost real estate demand by aggressively leasing flexible, often premium, office spaces in established tech hubs like Bangalore, Hyderabad, and Pune. Their need for collaborative environments and rapid scaling translates to high absorption rates in co-working spaces and Grade A office buildings. Furthermore, as they secure subsequent funding rounds, these companies seek larger, customised offices, driving rental and development activity in key commercial districts.

Vacation homes fuelling the market:

The rising popularity of holiday homes in India significantly boosts real estate demand, particularly in scenic beach and hill destinations. This shift from luxury to investment-driven purchases increases the demand for residential properties in these areas. The desire for lifestyle benefits and rental income creates a sustained market for second homes, driving up property values and stimulating development in these leisure-focused locations.

Residential Sector

Throughout 2024, the demand from homebuyers exhibited remarkable strength, culminating in sales volumes attaining a peak not observed in the past twelve years. A total of 0.35 million units were transacted, reflecting a robust increase of 7% compared to the preceding year. Numerous markets achieved sales figures not witnessed in multiple years, with Hyderabad and Pune accomplishing unprecedented sales. Furthermore, Mumbai recorded its highest annual and semi-annual sales in thirteen years, with a total of 96,187 units sold.

Despite the upsurge in sales following the pandemic, developers have markedly escalated project launches since 2022, capitalising on robust demand. In 2024, new launches attained an 11-year peak of 0.37 million units. Developers are strategically attuning to the evolving preferences of homebuyers by offering properties that emphasise enhanced lifestyles, spaciousness, amenities and distinctive experiences.

In conjunction with robust sales in 2024, property prices have experienced an increase across all markets, with Bengaluru demonstrating a year-over-year growth of 12%. Developers are adeptly attracting buyers through an array of incentives, including financing schemes and complimentary offerings, particularly within the high-end segment. The governments ‘housing for all initiative persistently propels policies to encourage private sector participation and enhance homebuyer financing. With a stable economy and favourable interest rates, the market is well- positioned for sustained growth in the forthcoming year.

‘This overarching momentum in Indias real estate market is further reflected across individual sectors.

Office Sector

Driven by optimistic economic sentiments, the office market in India experienced a remarkable surge in 2024, achieving an exceptional annual transaction volume of 6.68 million square meters (71.9 million square feet). This figure surpassed the previous peak in 2019 by a substantial 19%, affirming the markets vigorous recovery and even exceeding the nearrecord volumes observed in 2023. The robust economic outlook has served as the primary catalyst for this ongoing occupier activity, propelling the market back onto its pre-pandemic growth trajectory.

In 2024, Mumbai, the National Capital Region (NCR), Bengaluru, Pune, and Ahmedabad recorded the highest annual office transaction volumes. Indias three largest office markets, Bengaluru, NCR, and Mumbai, collectively represented 57% of the total transacted area, considerably exceeding the national growth rate of 21%. These markets have emerged as the principal catalysts for the Indian office markets record-setting performance.

Although total office transaction volumes have consistently increased, the primary drivers have shifted. While IT services previously dominated, India-focused businesses and Global Capability Centres (GCCs) are now anchoring demand. In 2024, I ndia- facing businesses accounted for 36% of transactions, and GCCs for 31%. Despite global economic volatility, this sustained demand highlights Indias strong positive business sentiment.

India office market vacancy

Retail Sector

In 2024, Indian retailers leased 8.1 million square feet of space in shopping malls and prominent high streets. New retail space additions in 2024 totalled approximately 1.7 million square feet across seven retail developments. However, this new supply represented a substantial 73% year-over-year decline, hindering potential expansion for retailers seeking quality spaces.

Notwithstanding this considerable decrease in new supply, leasing activity experienced a mere moderation of 6% from 2023, maintaining a level of 8.1 million square feet. This signifies a robust and persistent demand for prime retail locations throughout 2024, with the fashion and apparel sectors continuing to dominate the leasing market.

While international brands showed continued interest, domestic retailers dominated gross leasing in 2024, securing over 80% of the market share, translating to approximately 6.5 million square feet. Direct-to-Consumer (D2C) brands also played a significant role, contributing 8% of the total leasing, amounting to 0.6 million square feet in physical retail destinations. Both malls and high streets proved equally popular for D2C brands aiming to build brand identity and connect with Indian consumers.

About Ahmedabad - Quality Living Meets Strategic Growth

‘Ahmedabad, a rapidly developing Indian metropolis, consistently secures a position among the most liveable cities in the country, achieving third place in the Global Liveability Index.

This achievement is attributable to a concerted effort in urban planning, advancements in infrastructure, and active community engagement.

The city has placed a premium on sustainable growth through the expansion of its public transportation systems, including the Metro Rail and Bus Rapid Transit System (BRTS), which mitigate traffic congestion and enhance connectivity. Establishing pedestrian-friendly environments, vibrant public parks, and recreational spaces has substantially improved urban living and encourages healthier lifestyles. A prime example of this success is the commencement of operations on the 23.838 km metro rail line linking Motera in Ahmedabad with Mahatma Mandir in Gandhinagar.

Furthermore, Ahmedabad emphasises safety through state-of-the-art surveillance systems and community policing initiatives, fostering a secure environment for its residents. The citys rich cultural heritage and robust economy attract a diverse population, rendering it a dynamic and inclusive urban centre. These concerted efforts significantly contribute to Ahmedabads sustained recognition as a premier livable city, offering modern amenities in conjunction with traditional values.

The Ahmedabad Municipal Corporation (AMC) has markedly increased its investment in development, having expended Rs.11,681.77 crore in FY25, reflecting a 15% increase compared to the preceding year, underscoring a robust commitment to the enhancement of urban infrastructure. Such expenditures have facilitated critical infrastructure initiatives, encompassing water supply systems, drainage networks, the construction of new bridges, white-topping roads, and other significant roadworks. These investments underscore the AMCs dedication to delivering essential services and promoting sustainable urban development.

Some of the futuristic initiatives taken by the State Government of Ahmedabad are:

Mumbai-Ahmedabad High-Speed Rail Corridor: Currently under construction, the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project will signify Indias entry into the realm of high-speed rail once it becomes operational. This ambitious endeavour will connect Ahmedabad and Mumbai through a 508.09-kilometre corridor that traverses Gujarat, Maharashtra, and the union territory of Dadra and Nagar Haveli.

Delhi-Ahmedabad High-Speed Rail Corridor: The Delhi-Ahmedabad HighSpeed Rail (DAHSR) project envisions an 886-kilometre high-speed rail line. This future line will connect Delhi, Jaipur, Udaipur, and Ahmedabad, with 12 stations planned across Delhi, Haryana, Rajasthan, and Gujarat.

Once completed, it will become Indias second high-speed rail corridor.

Sabarmati Multimodal Transport Hub: The Sabarmati High-Speed Rail (HSR) Station is strategically located within a railway yard, situated between the SBI and SBT stations of Sabarmati, and is conveniently adjacent to two Metro stations and a Bus Rapid Transit System (BRTS) stop. As the terminal for the Mumbai-Ahmedabad High-Speed Rail Corridor, the National High-Speed Rail Corporation Limited (NHSRCL) aims to develop this station into a comprehensive Multimodal Transport Hub. This hub will facilitate the seamless integration of the HSR line with Indian Railways, the Metro, and the Bus Rapid Transit (BRT) system, all within a short walking distance to enhance passenger transfers.

Ahmedabad Real Estate Market - High-Return Destination For Future-Focused Investments

Ahmedabads property market is likely experiencing larger deals, mirroring a national trend of a 32.5% increase in average deal size. A few top transactions probably account for around 93% of the investment money. The industrial and warehouse sectors are likely attracting the most investment in Ahmedabad, similar to the national 62% share. Investment in housing projects (Residential) has likely risen, reflecting a national increase from 12% to 15% in private equity. Office space investment may be more stable (national share: 14%), while interest in warehouses remains strong.

The Urban Development Department in Gujarat has been actively working to improve city infrastructure through several key programs.

• AMRUT 1.0 focuses on providing essential services like water supply, sewage, and urban transport to improve the quality of life, especially for the poor. AMRUT 2.0 aims to make cities "water secure" by ensuring tap water connections for all households. This involves water conservation, reviving water bodies, wastewater recycling, and rainwater harvesting.

• Gujarat has also strongly embraced the Smart City Mission, initiating 354 projects worth over Rs.11,455 Cr. Impressively, 338 projects worth Rs.10,793 Cr are already completed, with 16 projects worth 662 Cr still in progress. Gujarat consistently ranks among the top 5 states in this mission, with all six participating cities in the national top 50 and two even in the top 5.

• Furthermore, Gujarat is promoting Renewable Energy to achieve selfreliance and net-zero emissions.

The department plans to install 250 MW of renewable energy for Municipal Corporations and 150 MW for Municipalities. There are also efforts to install solar plants at Sewage Treatment Plants (STPs) and Water Treatment Plants (WTPs) to reduce electricity expenses.

Ahmedabads Residential Segment

The residential market in Ahmedabad has experienced a robust recovery following the pandemic-induced slowdown, driven by heightened confidence among homebuyers and a substantial increase in sales volumes.

In response to this demand, developers have initiated new projects characterised by larger spaces and enhanced amenities, while also adjusting prices to align with continued buyer interest. This resurgence in demand has led to annual home sales reaching a decade-high of 18,462 units in 2024.

In response to strong demand, developers have concentrated their efforts on lifestyle-oriented projects that feature enhanced amenities and spacious layouts to cater to the changing requirements of buyers. Although new unit launches experienced a slight moderation in the latter half of 2024, reflecting a marginal year-over-year decline of 1% (11,805 units), the quantity of new launches continues to exceed sales volumes, sustaining the markets upward momentum.

In 2024, the western part of Ahmedabad was the primary focus for annual launches, accounting for 50% of the total, with significant activity noted in areas such as Shela, Bodakdev, and Naranpura. This activity is further bolstered by recent government initiatives, as the State Government has announced a new policy allowing residential societies that are at least 25 years old to proceed with redevelopment if 75% of their members agree. This initiative is already seeing many redevelopment projects underway in areas like Naranpura and Sola.

A key development in Ahmedabads residential market is the shifting preference of homebuyers towards spacious apartments in modern high- rises. High affordability, comparatively lower per-square-foot prices, and an improving local economy continue to be strong drivers for the Ahmedabad residential real estate market as it enters 2025.

The surge in demand for plotted developments observed in the postpandemic period, motivated by an increased desire for more space, has considerably diminished as normalcy has been re-established. Sales conversions for plots are presently occurring at more reasonable prices compared to the premiums observed two years ago.

Upon analysing the price segments, it is evident that the mid-segment comprised the majority of residential unit launches throughout 2024. Although the luxury segment witnessed a considerable influx of new projects in the initial half of the year, its supply diminished to negligible levels during the succeeding six months.

The high-end and luxury segments collectively constituted 29% of the total annual unit launches. Moreover, on a year-over-year basis, capital values across all submarkets and segments exhibited growth ranging from 4% to 12%. The rental market also displayed positive momentum, with rental values increasing across all segments city-wide on an annual basis. Notably, the western submarket experienced a significant 20% surge in rents during 2024; further increases are projected in the near term.

Ahmedabads Commercial Segment

This robust leasing activity in prime submarkets like GIFT City and the SBD drove a 5-7% year-over-year increase in rental values for superior grade assets within these areas. However, rental rates for the remaining commercial inventory remained stable. This stability is largely due to a considerable vacancy rate of 2025% across these other properties, indicating an adequate supply that counteracted broader upward pressure on rents despite the overall positive leasing trends in the more sought-after locations.

The office market in Ahmedabad concluded 2024 with extraordinary leasing activity, achieving a record of 0.28 million square meters (3.0 million square feet) transacted, representing a remarkable 64% increase compared to the previous year. This volume is nearly double that of any annual figures recorded before the pandemic. Furthermore, the 0.13 million square meters (1.4 million square feet) transacted in the latter half of 2024 stands as the second highest on record, surpassed only by the preceding six months.

The office landscape in Ahmedabad comprises a considerable number of older, lower-grade properties located in peripheral regions that generally fail to attract tenants. Furthermore, a substantial quantity of strata-sold office spaces frequently encounter maintenance challenges, unlike their counterparts in more mature markets. This tendency toward speculative investment contributes to ostensibly elevated vacancy rates within the city.

However, the supply of new office space has witnessed an increase, with 0.26 million square meters (2.8 million square feet) delivered in 2024 - the highest figure recorded since the onset of the pandemic. This influx of new stock has served as a significant driver in elevating occupier activity to its unprecedented peak during the year.

The expanding and diversifying occupier base in Ahmedabad is a positive indicator of its rapidly developing office market. The ongoing governmental initiatives aimed at establishing Ahmedabad as an economic centre, in conjunction with its reasonably priced real estate and robust connectivity, persist in rendering the city a highly attractive destination for office occupiers.

Concerning the rental landscape, main street rental values have demonstrated a robust growth trajectory, reflecting an increase of 7% to 10% year-over-year. Moving forward, the convergence of restricted new retail supply, particularly concerning high-quality assets, in conjunction with the currently low vacancy rates in sought-after locations, strongly indicates the likelihood of ongoing upward pressure on rental values in the forthcoming quarters.

The Government of Gujarat is currently evaluating the potential implementation of a new retail trade policy, which aims to enhance support for and foster growth within the states retail sector. This renewed consideration comes in response to the recent inauguration of the Ahmedabad Shopping Festival, a three-month initiative designed to invigorate activity and increase sales within the retail industry.

Opportunities and Threats

Opportunities

Tourism Investment in Real Estate:

Developers are enhancing tourism- related real estate by constructing diverse accommodations (hotels, resorts, vacation rentals), commercial spaces (shops, restaurants, entertainment), and integrated townships near tourist attractions. They are also concentrating on niche offerings such as eco-lodges and wellness retreats to attract a variety of visitors and boost property values.

Medical Tourism: The opening of numerous hospitals in Ahmedabad has significantly boosted the real estate market. This surge is driven by increased visits from NRIs utilising these medical facilities, alongside a rising demand for rental housing from patients relatives.

PropTech: the Incorporation of technology into various dimensions of real estate, including property search, virtual tours, property management, and transactions, presents substantial opportunities for technology companies and investors operating within this sector.

Senior Living and Healthcare Facilities: With an ageing population, theres a growing need for specialised senior living communities and healthcare facilities, representing a significant long-term opportunity.

Impact of Interest Rate Hikes on Affordability: The Repo Rate which was 6.50% in 2024 saw a decrease to 6.00%. This reduction is a significant positive development for potential homebuyers. Lower home loan interest rates, stemming directly from this Repo Rate adjustment, will enhance affordability, particularly in the affordable and mid-segment housing markets. This is expected to stimulate demand and increase sales volume as borrowing becomes less expensive and more accessible for a wider range of buyers.

Threats

Increased Construction Costs due to Inflation: Specific price hikes in essential raw materials like steel, cement, and other inputs can significantly impact project budgets and profitability.

About the Company

Ganesh Housing Corporation Limited (GHCL) is one of Gujarats leading and most trusted real estate developers. Established in 1965 by the visionary Late Shri Govindbhai C. Patel, the Company has played a pivotal role in shaping Ahmedabads urban landscape. Headquartered in Ahmedabad, GHCL has consistently delivered landmark residential and commercial projects that stand as symbols of quality, innovation and trust.

Since becoming a Public Limited Company in 1991, Ganesh Housing has developed and sold over 22 million sq. ft. of real estate space, with an additional 35 million sq. ft. currently under development. With a strong presence across Ahmedabad, the Company has earned a reputation for reliability, timely delivery, and architectural excellence.

Driven by a spirit of innovation and dynamism, GHCL constantly strives to exceed industry benchmarks while maintaining a steadfast focus on stakeholder value. The Company believes that sustainable growth is achieved not just through business performance, but also by contributing meaningfully to society.

With a legacy of trust and a forward looking approach, the Company continues to lead the way in transforming spaces and enriching lives across Gujarat.

22 Mn Sq ft of real estate space

Mn Sq ft

Currently under development

Operational Performance

In FY25, the Company sustained its strong operational momentum, underpinned by continued success across strategic markets. Sales performance was led by completed projects, including Maple Tree, GCP Business Centre, and Malabar County, contributing to a cumulative sales value of C ~26,800 Mn. The strong momentum from these developments has laid a solid foundation for the Companys next growth phase.

Key ongoing projects, including Million Minds Phase 1 and Malabar Retreat, made steady construction progress— nearing 85% and 28% completion, respectively. In parallel, the Company strategically expanded its development portfolio with the addition of One Thaltej, a planned commercial project with a saleable area of 1.8 million square feet, now in the planning stage and set to begin construction in the upcoming quarter.

Overall, the Companys ongoing portfolio comprises two projects with a combined saleable area of 2 million sq. ft. and an expected sales value of C13,500 Mn.

The planned pipeline includes four major developments—covering residential (8 phases), commercial (6 phases), and township segments—totalling 30.5 million sq. ft. with an estimated GDV of C160,000 Mn.

A strong balance sheet remains a hallmark of the Companys financial discipline, having maintained a net debt-free status for nearly three years, reinforcing its capacity to pursue large- scale expansion confidently.

The Company also continues to capitalise on Ahmedabads emergence as a major IT hub.

Its flagship Million Minds (IT SEZ) project, spread over 64 acres behind Nirma University, benefits from excellent connectivity and favourable state policies supporting IT/ITeS growth. This development marks the first venture of global real estate leader Tishman Speyer in the Ahmedabad market, highlighting Ganesh Housings ability to attract world-class partnerships.

These achievements reflect Ganesh Housings consistent execution capabilities, strategic foresight, and commitment to long-term value creation across residential, commercial, and township segments.

Financial Performance

In FY25, the Company maintained its strong growth trajectory, delivering solid performance across key financial and operational metrics. Sales value reached Rs. 26,800 Mn, leading to a significant increase in revenue to Rs.9,935 Mn, reflecting a year-on-year growth of 11%.

This momentum was driven by sustained demand for quality homes, successful new project launches, and strong results from ongoing developments. EBITDA increased significantly to Rs.8,130 Mn, a rise of 29% year-on-year. Profit After Tax (PAT) climbed to Rs.5,981 Mn, reflecting a 30% growth and yielding a healthy PAT margin of 60.25%. Despite an assertive business development strategy, the Company upheld its net debt-free status for more than 11 consecutive quarters. These accomplishments highlight the Companys prudent financial management and its unwavering dedication to sustainable and longterm value creation.

Key Ratios

(Based on Consolidated Financial Statements)

RATIOS 2024-25 2023-24 Change (%) Reason for Change
Debtors Turnover Ratio 2.8 7.4 -62.0% Debtors Turnover Ratio has declined due to lower proportionate realisation compared to the increase in turnover.
Inventory Turnover Ratio 2.1 2.0 6.4% Inventory Turnover Ratio has improved as increase in sales and decrease in inventory on account of revenue booking from completed projects.
Interest Coverage Ratio 212.1 168.8 25.6% Interest Coverage Ratio has improved on account of substantial increase in operational income.
Current Assets Ratio 6.0 6.1 -0.9% Current Ratio is more or less at similar level on account of working capital management.
Debt Equity Ratio 0.1 0.1 -3.0% Debt Equity ratio is stable as there is no major debt addition in books.
Operating Profit Margin 83.9% 69.9% 20.1% Operating Profit Margin Ratio has improved significantly on account of higher-than-expected revenue and reduction in operating cost during the year.
Net Profit Margin 62.3% 51.6% 20.6% Net Profit Margin has improved on account of better realisation and operational efficiency during the year.
Return On Net Worth 29.1% 29.7% -2.1% Return on Net Worth Ratio has declined marginally due to dividend payout, which is adjusted from reserve & surplus.

Internal Control System and Its Adequacy

Throughout the fiscal year, Ganesh Housing Corporation Limited identified emerging risks and reassessed existing risks to formulate mitigation strategies. Among the risks encountered by the Companys primary operations are credit risk, market risk, operational risk, and legal risk. Furthermore, Ganesh Housing Corporation Limited has explored distinctive risks pertinent to investment management and the environmental context within which it operates. The Company addresses cost-escalation risk through strategies aimed at minimising expenses in collaboration with suppliers and implementing stringent contracts and procurement practices. Ganesh Housing Corporation Limited evaluates track records and performance capabilities to ensure the relevant contractors are engaged in managing project execution risk.

Human Resource

At Ganesh Housing, cultivating human capital represents a paramount priority, constituting the foundational element of our commitment to fostering a vibrant and profoundly inclusive workplace culture. The Company firmly posits that its personnel are the essence of the organisations strength and the cornerstone of future success.

The Companys strategic focus transcends mere employee management, encompassing a comprehensive and continuous investment in talent development.

It provides ongoing learning and growth opportunities that empower employees to realise their full potential. This dedication to cultivating talent is a dynamic initiative to keep the workforce at the forefront of industry expertise within the Indian real estate sector.

Ganesh Housing Corporation transcends the conventional practice of merely employing skilled labour by actively empowering its workforce with a robust emphasis on continuous education and cultivating a culture that promotes self-development.

This initiative encourages team members to broaden their knowledge in domains congruent with organisational objectives and individual aspirations.

Moreover, the Company prioritises establishing a secure and positive working environment that nurtures strong interpersonal relationships among team members and ensures that employees feel both appreciated and valued. Such an environment ultimately contributes to the overarching success of the organisation.

Risk Management

At Ganesh Housing, proactive risk management is fundamental to achieving long-term growth and operational excellence in the real estate sector. It helps safeguard investment returns, strengthens the Companys market position, and ensures financial stability, allowing it to deliver consistent value to homeowners, tenants, investors, and other stakeholders.

The Company maintains integrity and ethical conduct as key pillars of our risk strategy. By fostering a culture based on transparency and open dialogue, we enable our teams to identify, escalate, and address potential risks before they affect our projects, operations, or client relationships.

Ganesh Housings comprehensive risk management framework is designed to anticipate, evaluate, and mitigate both internal and external risks, encompassing market volatility, regulatory changes, construction challenges, and environmental risks. This disciplined approach ensures a deep awareness of risk and opportunity guides all business decisions.

Clear governance frameworks and specified protocols support consistent oversight of property acquisition, development, sales, and asset management. An integrated monitoring and reporting system offers real-time insights to senior leadership and the Board, enabling timely, data-informed decisions.

Rooted in a resilient risk culture, our framework enables us to navigate uncertainty confidently—ensuring continuity, adaptability, and sustainable value creation for all stakeholders in the dynamic world of real estate.

Cautionary Statement

Statements in this Management Discussion and Analysis and this Annual Report describing the Companys objectives, projections, estimates, expectations, plans or predictions, or industry conditions or events are forward-looking statements within the meaning of applicable securities laws and regulations. Actual results, performance, or achievements could differ materially from those expressed or implied. Several factors could make a significant difference to the Companys operations. These include economic conditions affecting demand and supply, Government regulations and taxation, natural calamities, and so on, over which the Company has no direct control.

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