Geecee Ventures Ltd Management Discussions

In Calendar Year (CY) 2024, the global economy displayed notable resilience despite uneven momentum across regions and sectors and grew at 3.3% as per International Monetary Funds (IMF) World Economic Outlook. Headline inflation moderated to 5.8% in CY2024 towards central bank targets, prompting the first wave of economies. Labour markets, though slightly softened, remained tight, with unemployment near historical lows. Strong nominal wage growth, combined with easing price pressures, improved real household incomes. However, private consumption remained subdued, reflecting weak consumer sentiment and elevated uncertainty.

Rising geopolitical tensions, particularly in Eastern Europe and the Middle East, added further uncertainty, disrupting global trade, investment flows, and financial markets. These factors continued to cast a shadow over business confidence and long-term investment decisions.

India remains relatively insulated from global headwinds and is on track to become the worlds third-largest economy in the medium-term. It continues to be one of the fastest growing large economies, supported by favourable demographics, investment led impetus, and ongoing regulatory reforms.

Amid global uncertainties, Indias economic fundamentals remain firmly anchored. Infrastructure expansion, robust real estate activity, and rapid digitalisation have continued to act as key growth multipliers across sectors. Strong agricultural output, rising household incomes, and government-backed initiatives in financial inclusion and affordable housing have provided further impetus to consumption.

In Financial Year (FY) 24-25, India recorded a growth rate of 6.5%, underpinned by a recovery in rural demand, sustained Government investments in infrastructure and the continued buoyancy in the services sector. As per the World Bank, India will remain resilient and grow at 6.3% in FY2026 led by strong domestic demand, a dynamic service sector, and a gradual revival in private sector investment. The Macroeconomic environment remained stable, supported by a contained retail inflation rate of 4.6% - the lowest since FY 18-19, narrowing fiscal deficit and manageable current account, and healthy foreign exchange reserves, bolstering investor confidence.

The Reserve Bank of Indias calibrated monetary policy, which included two repo rate reductions of 25 basis points each in February and April 2025, signalled a pro-growth orientation while maintaining inflation discipline.

Indias real estate sector reflects the broader optimism surrounding the countrys economic future. According to the IMFs World Economic Outlook, April 2025, Indias GDP has more than doubled to ~$4.19 trillion, from $2 trillion in 2014, propelling the country from the tenth to the fifth-largest economy in the world and is on course to become the third largest by FY 30-31, growing at a sustained pace of around 6.7%. This growth trajectory is powered by a convergence of long-term drivers: expanding middle class, accelerating urbanization, increasing disposable income, rapid digital adoption, and continued structural reforms.

Flagship government initiatives such as the Smart Cities Mission, Housing for All, and the Real Estate (Regulation and Development) Act (RERA), have enhanced transparency, improved regulatory oversight and strengthened investor confidence across the real estate value chain.

Real estate is a key contributor to Indias GDP and employment generation. According to Knight Frank, the sector is expected to grow from $300 Billion in CY2024 to $650 Billion by CY2025, reaching $1Trillion by CY2030 and potentially $5.8 Trillion by CY2047. This growth reflects not only and office spaces but also the sectors deep linkages with over 200 allied industries · from cement and steel to logistics, finance, and consumer goods. Sustained demand across residential, commercial, and industrial real estate, combined with the expansion of Indias corporate sector and a services-driven economy, is reinforcing the sectors long-term outlook.

As India advances towards inclusive and sustainable urban development, real estate will continue to serve as a critical enabler, shaping cities, creating jobs, and building physical and social infrastructure needed to support a rapidly evolving population.

Mumbais real estate market has once again demonstrated its resilience, closing the financial year FY 2024-25 with substantial stamp duty collections and consistent growth in high value transactions. As the financial year concludes, property registrations phase of have recorded a 9.0% year-on-year increase, while stamp duty collections have surged by 22.0% year-on-year in FY 2024-25.

The robust demand for premium homes reflects sustained buyer confidence and economic stability, while the preference for larger apartments signals evolving home buyer aspirations. The anticipated easing of interest rates in the coming months is likely to further bolster market sentiment.

As India awaits policy reforms to pick up speed, the for Real Company

Estate in a country like India will remain strong in the medium to long term. The Companys well accepted brand, contemporary architecture, well designed projects in strategic locations, strong balance sheet and stable financial performance even in testing times make it a preferred choice for customers and shareholders. The Company is ideally placed to further strengthen its development potential by acquiring new land parcels.

A combination of economic growth, increasing income levels, and the perception that housing prices are stabilizing, which has led to a notable uptick in housing demand. Potential buyers, previously on the sidelines, are now entering the market as first-time homeowners while existing homeowners are looking for larger spaces. The shift towards remote and hybrid work models is further influencing the desire for more spacious living arrangements. Employers offering flexible work options continue significantfactor be in this trend, as it allows employees the freedom to live further from the office, thereby boosting demand for residential properties in various segments.

The Indian real estate sector, characterized by its highly fragmented nature, has been undergoing consolidation significant for several years. This consolidation has been accelerated by various factors, including the pandemic, which has effectively sidelined less robust participants. The current environment in the real estate industry poses challenges to the entry of new competitors. With the trend leaning towards a smaller number of dominant developers in each region, this period of consolidation offers an attractive chance for current real estate firms to meet the increasing demand for housing.

The Company continues to capitalize on the market opportunities by leveraging its key strengths.

These include:

Timely project delivery: Company consistently ensures the on-time completion of every project, reinforcing its reputation for reliability and efficiency.

Brand Reputation: Enjoys higher recall and influences the buying decision of the customer.

Strong customer connects further results in higher premium realizations.

Execution: Possesses a successful track record of quality execution of projects with contemporary architecture.

Strong cash flows: Has built a business model their that ensures continuous cash flows investment and development properties ensuring a steady cash flow even during the adverse business cycles.

opportunity: Significant Follows conservative debt practice coupled with enough cash balance which provides a significant leveraging opportunity for further expansions.

Outsourcing: Operates an outsourcing model of appointing renowned architects / contractors Measuresthat allows scalability and emphasizes contemporary design and quality construction · a key factor of success.

Transparency: Follows a strong culture of corporate governance and ensures transparency and high levels of business ethics.

Highly qualified execution team: Employees experienced, capable and highly qualified design and project management teams who oversee and execute all aspects of project development.

As a responsible and future-focused real estate developer, the Company remains deeply committed to environmental stewardship and sustainable development. In alignment with our environmental goals and national sustainability, we continue to integrate eco-conscious practices across our project lifecycle · from design and construction to post-handover community management.

Recognizing that real estate plays a pivotal role in environmental impact, we have embedded several green features into our developments to ensure long-term value creation for all stakeholders while minimizing our ecological footprint.

Afforestation and Green Cover Enhancement: We undertake tree plantation across our project sites to improve green cover, enhance air quality, and foster biodiversity. These initiatives are not only in compliance with environmental norms but also contribute to the overall wellness of our communities.

Water Conservation and Management: Selected projects are equipped with a Sewage Treatment Plant (STP) to treat and recycle wastewater for non-potable uses such as landscaping and flushing. This significantly reduces dependence on freshwater sources and contributes to long-term water sustainability.

Rainwater Harvesting: We implement rainwater harvesting systems during the construction phase and also ensure the infrastructure is handed over in a functional state for continued use by residents. and Adoption of Energy Renewable Energy: Our projects are designed with energy-efficient electrical fittings and high performance glazing for windows to reduce energy consumption, improve thermal insulation, and enhance indoor comfort. These features contribute to a lower carbon footprint and reduced utility costs for residents. Selected areas within our projects are powered through solar energy solutions and solar water heating reinforcing our shift toward renewable energy sources and reducing dependence on conventional power grids.

Support for Clean Mobility: In anticipation of the growing demand for sustainable transportation, we have incorporated dedicated Electric Vehicle (EV) charging infrastructure in our projects. This promotes eco-friendly commuting and supports residents in their transition to electric mobility.

These green initiatives not only align with our long-term vision of sustainable urban development but also add tangible value to our offerings by enhancing energy and water efficiency, lowering operational costs, and contributing to healthier living environments. We remain committed to scaling these practices across all upcoming projects, with a focus on measurable environmental outcomes and continuous innovation in sustainable design.

The real estate industry is subject to extensive regulations, and any negative adjustments in governmental policies or the regulatory framework can negatively influence the sectors performance. Significant delays in procedures related to acquiring land, determining land use, initiating projects, and obtaining construction approvals are common. Changes in policy applied retrospectively, along with regulatory obstacles, could affect profitability and diminish the appeal of both the sector and the companys activity within it.

In recent years, the landscape of real estate financing has shown a marked divergence. Well- established developers with lower debt levels have continued to secure funding with relative ease, benefiting from the selective approach of lenders, while those with weaker financial standings have encountered challenges in accessing capital. The performance of the real estate sector is intricately connected to the broader economic recovery and the prevailing monetary policies. The RBI has adopted an accommodative stance for now to bolster economic growth but has kept a hawk eye on the inflation trajectory. The central bank could reverse its stance, which may pose challenges for the real estate sector in the form of higher housing loan costs and an escalation in financing costs for developers.

While the management of the Company is confident of creating and exploiting the opportunities, it also finds the following challenges:

Unanticipated delays in project approvals;

Availability of accomplished and trained labour force;

Increased cost of manpower;

Rising cost of construction lead by increase in commodity prices; and

Over regulated environment

During the FY 2024-25, the Company achieved a healthy volume of sales from its ongoing real estate projects as compared to previous year, reflecting strong market demand and operational execution. These developments underscore the Companys strategic focus on growth and diversification while maintaining efficient project management and delivery timelines.

The re-development project "Laxmi Kunj" located at Juhu was successfully completed and full Occupancy

Certificate (OC) with respect to the said project was received on November 25, 2024. The "Geecee Emerald" project at Kharghar has achieved 75% completion and continues to progress with the scheduled timeline. The completion is anticipated in the year 2027. Work on project "The Mist Phase III" located at Karjat is proceeding smoothly, with 35% of the construction completed.

In addition, the Company has capitalized on the opportunity and secured two new re-development projects, both of which have been successfully registered under MahaRERA. The project "Evana by Geecee" at Bandra received its Commencement

Certificate (CC) on March 24, 2025. Similarly, the project

Sapphire by Geecee " " situated in Andheri received its CC on April 8, 2025. Both projects are advancing as planned and are expected to be completed within their respective timelines.

Other than the above on-going projects, the Company is continuously endeavoring to identify and start newer projects.

The Company maintains a substantial pool of liquid assets and actively identifies opportunities to invest these funds in a highly efficient manner. It attractive investment prospects, including equity instruments, risk-free inter-corporate deposits, and interest-bearing financial instruments. The Company is committed to optimizing returns on surplus funds while adhering to prudent investment guidelines, with a strong emphasis on managing credit risk to ensure the highest quality within its investment and financing portfolio.

The global economic outlook for FY 25-26 is marked by heightened uncertainty. Escalating trade tensions, tariff wars, and increasing protectionism have weighed heavily on trade and investmentflows.These developments have prompted downward revisions in global growth projections, with investor sentiment dampened by geopolitical volatility and weakening cross-border cooperation. However, as per a report by the World Bank, India remains a bright spot - projected to grow at 6.3% in FY26.

Amidst this challenging global environment, India is emerging as a net beneficiary. The global shift in supply chains, driven by a need to diversify manufacturing away from China, has opened up substantial opportunities for India, supported by its competitive labour costs, improving infrastructure, expanding production capabilities, and large, English-speaking workforce. Crude oil prices have also declined in recent months, offering macroeconomic tailwinds for

India as a net importer and helping ease inflationary pressures. These factors are boosting domestic consumption, containing input costs and maintaining fiscal stability, reinforcing Indias position as a bright spot in an otherwise subdued global landscape.

The Union Budget FY 25 26 reinforces this positive outlook by prioritising urban infrastructure and affordable housing. It introduces several enabling measures, including enhanced tax incentives for homebuyers, higher TDS thresholds on rental income, and additional income-tax rebates. These initiatives are poised to stimulate the real estate sector, generate employment, and catalyse growth across ancillary industries.

In this evolving economic context, the real estate sector is poised for structural growth. The contribution of real estate to Indias GDP is set to rise significantly in the coming years, reflecting its critical role in employment generation, capital formation, and urban development. reserves With policy support, demographic tailwinds and the sector is undergoing growinginvestorconfidence, a structural and sustained transformation.

The Company at this macro environment aligns well with the trajectory. Having demonstrated strong performance over the last three to four years, well-positioned to capitalise on emerging opportunities. The Companys strategy, grounded in disciplined growth, customer centricity and sustainability ensures that remain at the forefront of Indias real estate evolution · creating long-term value for all stakeholders. risKs and ConCerns

The Inherent cyclical nature of the real estate market, which can be influenced by various macroeconomic factors, changes in governmental policies, fluctuations in supply and demand dynamics, availability of consumer financing, and market liquidity. The

Company have strategically structured business model to mitigate these risks by diversifying through owned projects, joint ventures, residential platforms, and development management services across India.

However, anyfuturesignificantdownturn in industry and the overall investment climate may adversely impact business.

In the operational landscape of the Indian real estate sector, regulatory oversight from central, state, and local governments plays a pivotal role. Compliance with a plethora of laws and regulations, encompassing land acquisition, property transfer, registration, and land usage policies, is imperative for real estate developers. Notably, the regulatory framework varies significantly across different states. At present, several projects within the portfolio are in their initial planning phases, where the timely acquisition of approvals holds paramount importance. Any potential delays in obtaining these approvals may necessitate re-evaluation, and adjustment of project timelines.

The acquisition of land and development rights needs substantial capital outflow. Inadequate funding resources and high interest costs may impact regular business and operations. The Company has always resulting out of tried to build operating cash flowsto take advantage of any land acquisition or development opportunity.

The Company has adequate internal control systems commensurate with the size and nature of its business. Well documented policies, guidelines and procedures to monitor business and operational performance, all of which are aimed at ensuring business integrity and promoting operational efficiency. All assets are safeguarded and protected against loss from unauthorized use or disposition, and the transactions are authorized, recorded and reported correctly, financial and other data are reliable for preparing financial information and other data and for maintaining accountability of assets. The internal control is supplemented by extensive programme of internal audits and review by management. The system has been designed to ensure that financial and other records are reliable for preparing financial information and for maintaining accountability of assets. All financial and audit control systems are also reviewed by the Audit Committee of the Board of

Directors of the Company. The Audit Committee of the Board reviews the adequacy and effectiveness of the internal control systems and suggests improvements, if any for strengthening them.

The Company has also focused on upgrading the IT infrastructure · both in terms of hardware and software. In addition to the existing system, the Company is presently reviewing the process documentation to ensure effectiveness of the controls in all the critical functional areas of the Company.

The Companys closing headcount for F.Y. 2024-25 were 68. Geecee Ventures Limited recognizes that its people are key to the success of the organization. The Company continued to make substantial investments in human capital to meet its growth targets. The Companys business is managed by a team of competent and passionate leaders capable of enhancing the Companys standing in the competitive market. The Companys focus is on unlocking the people potential and further developing their functional, operational and behavioural competencies.

The relations with all employees of the Company remained cordial and there significantissues were no outstanding or remaining unresolved during the year. The Board of Directors and the Management wishes to place on record their appreciation of the efforts put in by all the employees.

The Company believe that continued success will depend on ability to attract and retain key personnel with relevant skills and performance.

In accordance with SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, changes (i.e. Change of 25% or more as compared to the immediately previous financial thedetailsofsignificant year) in key financial ratios are given below:

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates and expectations may be ‘forward looking statements within the meaning of applicable laws and regulations. These statements have been based on current expectations and projections about future events. Such statements, however, involve known and unknownrisks,significantchanges in political and economic environment in India or key markets abroad, tax laws, litigation, labour relations, exchange rate fluctuations, interest and other costs and may cause actual results to differ materially. There is no certainty that these forward-looking statements will be realized, although due care has been taken in making these assumptions. There is no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.