Economic Overview
Global Economy1
The global economy demonstrated resilience in CY 2024, recording a growth rate of 3.3%, despite facing several macroeconomic challenges. Key headwinds included persistent geopolitical tensions and the ongoing reconfiguration of global supply chains. The economic performance varied across regions, from stable growth and steady consumer demand in U.S. to moderated growth in China. Europe witnessed slowed economic activity too. The emerging markets exhibited robust, continuing growth even as they coped with outflows of capital. Several advanced economies navigated political and economic uncertainties, which were being signalled through rising bond yields. Disinflationary tendencies prevailed, prompting most central banks to adopt more accommodative monetary stance. Nevertheless, sentiment remained cautious, owing to concerns over further increases in government bond yields and ongoing policy uncertainty in the U.S., which posed a potential risk of a broader economic slowdown.
Outlook
The global economy is poised to achieve modest growth of 2.8% in CY2025 and 3% in CY2026, even with prevailing uncertainties. US tariff policies, particularly new tariffs are expected to constrain international trade flows and marginally dampen domestic production in affected economies. Geopolitical tensions will likely foment trade bloc fragmentation, causing emerging markets feature increasingly as drivers of global growth. Investor sentiment is expected to improve, supported by the stabilisation of supply chains and the adoption of more agile, innovative business models. Looking ahead, sustained technological advancement and ongoing disinflationary pressures are expected to promote a cautiously optimistic medium term outlook for the global economy.
Indian Economy2
In FY202425, the Indian economy demonstrated a growth rate of 6.5%, remaining buoyant amidst global macroeconomic challenges. Headline consumer price inflation averaged at 4.6%, within the Reserve Bank of Indias (RBI) target band of 2% to 6%. Consumer confidence remained positive, indicated by the Future Expectations Index (FEI). A major driver of this growth was the surge in domestic infrastructure spending.
Capital expenditure rose by 39% between FY 201920 and FY202425.3 Additionally, Gross Fixed Capital Formation (GFCF) at constant prices further hiked by 6.4%, highlighting rebounded investor sentiment towards the second half of the fiscal year.
As compared to global uncertainty, Indian economic markets remained largely stable. Demonstrating monetary prudence, the RBI kept the policy repo rate unchanged over three consecutive quarters to synchronise inflation with its target. Later on, the rate was lowered from 6.5% to 6.25% in February 2025, to 6% in April 2025 and again to 5.5% in June 2025, to ease liquidity constraints and spur private sector growth. On the fiscal front, the Government of India exercised fiscal discipline, keeping its deficit at about 4.44.5% of GDP, while simultaneously increasing public expenditure in critical sectors such as housing and infrastructure.
Outlook
Indias economic outlook appears positive as the nation surpasses Japan to become the fourth largest economy in the world, with its per capita income doubling since 2014.4 Barring global headwinds, growth is likely to be supported by continued domestic and foreign investments, high manufacturing production and enhanced trade and financial services. As food inflation eases, consumption is expected to remain robust. The governments proactive policy measures are likely to promote Foreign Direct Investment (FDI), while global disinflation and increasing discretionary incomes, especially from TierII and TierIII towns, are expected to strengthen domestic consumption. Additionally, income tax relief measures announced in the Union Budget and the Eighth Pay Commission are projected to reinforce consumption spending in the near term.
However, the economy also faces ongoing challenges. Continued depreciation of the Indian Rupee may curb investment, while geopolitical tensions and supply chain disruptions can reintroduce inflationary pressures. To counter this, the RBI has adopted a multipronged liquidity infusion strategy including, cash reserve ratio cuts, open market operations and variablerate reverse repo auctions. These measures have injected approximately I1.5 trillion into the banking system. Despite these headwinds, the economy of India is projected to continue its growth momentum supported by robust macroeconomic fundamentals, a conducive policy framework and resilient consumer and investor confidence.
Industry Overview Indian Real Estate Industry5
The real estate industry of India contributes about 7% to the countrys Gross Domestic Product (GDP) and is the secondhighest source of employment, next to agriculture.6 Over the past decade, the real estate sector has experienced significant regulating reforms and market restructuring.
India Residential Real Estate Demand Supply Dynamics
Launches Sales Source: Anarock Research
Major developments include the allowance of Foreign Direct Investment (FDI), the introduction of Real Estate (Regulation and Development) Act of 2016 and the launch of initiatives such as the SWAMIH Fund, the Urban Challenge Fund and the Smart Cities Mission. Launch of Real Estate Investment Trusts (REITs) and the rise of propertytechnology (prop tech) platforms have further propelled the sectors growth and transparency.
To address urban congestion, the government has prioritised infrastructure expansion, particularly in peripheral areas. The Pradhan Mantri Awas YojanaUrban (PMAYU) 2.0 was sanctioned during 2024 with an outlay of 110 lakh crore.7 This scheme aims to construct 10 million affordable homes in urban areas and 20 million in rural areas over five years, primarily for beneficiaries in the Economically Weaker Section (EWS) and LowIncome Group (LIG). Additionally, government measures such as Goods and Services Tax (GST) concessions, tax incentives, Priority Sector Lending (PSL) status for affordable housing and strengthened publicprivate partnerships are expected to further accelerate sectoral growth.
The housing market witnessed its strongest growth in 12 years during 2024. A notable trend driving this expansion is the growing demand for luxury and upscale properties, which now account for a substantial percentage of transactions, because of increased discretionary incomes and aspirational lifestyles among urban buyers.
Growth of Residential Builtup Supply in Top 8 Cities (in million sq feet)
Source: https:/assets.cushmanwakefield.com//media/cw/apac/india/ insights/research/gb23915_report_rebtcii_18_02_25.pdf
At the same time, the affordability segment, with an existing shortage of 10.1 million units, continues to be important because of employment expansion and urbanisation. Over the next decade, Indian cities are estimated to require 22.2 million new housing units, with 95.2% (21.1 million units) needed in the affordable category.
Housing demand in India by 2030
5
https://content.knightfrank.com/research/2940/documents/en/affordablehousinginindia202411745.pdf6
https://realty.economictimes.indiatimes.com/blog/budget2025eliminategstonaffordablehousing/1177019407
https://www. pib.gov. in/PressReleasePage.aspx?PRID=2043927Simultaneously, the commercial property segment, valued at $40.71 billion in 2024, is expanding rapidly. Office space constitutes about 4045% of this segment, driven largely by demand from the Information Technology (IT), Business Process Outsourcing (BPO) sector and Global Capability Centres (GCCs).8 India is now a regional powerhouse for GCCs, with over 1,700 facilities already in operations.9
Retail real estate constitutes 2025% of the market, supported by the growth of organised retail and rising urban incomes. Healthcare facilities constitute 1015% of the commercial property demand. Emerging asset classes such as data centres and specialty healthcare facilities are also gaining prominence, contributing an estimated 510% of the commercial real estate space.10 This shift is being driven by increasing digitisation and evolving healthcare needs.
Indian Commercial Real Estate Growth (value in $ billion)
Source: https://www.mordorintelligence.com/industryreports/ commercialrealestatemarketinindia
Outlook
Indias real estate sector is poised for significant improvement in 2025, backed by sustained investor confidence and changing market dynamics. Following two successive cycles of growth, the residential and office segments are likely to settle down. Emerging asset classes like data centres, coliving accommodations and senior housing are expected to witness accelerated growth, driven by demographic shifts and changing market preferences.
The sector is poised for sizeable growth, with estimates suggesting its share in GDP will increase to 15% by 2030 and grow at a Compound Annual Growth Rate (CAGR) of 9.2%. As a result of increased urbanisation, urban spaces are expected to accommodate 40% of Indias population by 2030 and 50% by 2050, which translates to an estimated 416 million people.11 In the affordable housing
segment, the cumulative demand is projected to reach 31.2 million by 2030, with an estimated market size of 167 trillion.12 To support this trajectory, India is expected to require infrastructure investment amounting to $4.51 trillion by 2030· an essential component of the countrys transition towards becoming a developed nation.13
Real Estate Sectors Contribution to Indias GDP (approximation)
Source: https://assets.cushmanwakefield.com//media/cw/apac/ india/insights/research/gb23915_report_rebtcii_18_02_25.pdf
In the future, TierII and TierIII cities will be the new growth hubs based on enhanced infrastructure, cost benefits and rising urbanisation. Government policies such as Small and Medium Real Estate Investment Trusts (SMREITs) and real estate regulatory mechanisms under RERA will enhance transparency and foster retail investment through fractional ownership platforms. The adoption of technology and sustainability practices is enhancing development, with greenrated properties and smart solutions becoming the norm.
As new industries expand, conventional segments such as office spaces might experience resistance, driven by the growing need for flexible office configurations and the spread of GCCs. Thus, to ensure the sector continues to serve as a pillar of Indias economic growth, it is essential to strike a balance between inclusivity and innovation in policymaking.
Segmentwise Projections14
Residential Sector: Overall builtup supply of residential real estate in the top eight cities will be estimated at 6,198 million square feet by 2030, 39% above 2024 levels.
Office Market: Top eight city commercial office space is expected to be 1,306 million square feet in 2030, a 44% jump from 2024 supply. Hyderabad and Bangalore are likely to provide over 50% of future builtup supply.
Retail Sector: Organised retail market builtup supply is expected to increase to 140.04 million square feet by 2030, led by GradeA malls and high street developments.
8
https://www. brickworkratings.com/Research/Commercial%20Real%20Estate_Final.pdf9
India GCC Landscape Report The 5 Year Journey nasscom10
Brickworkratings.com Presentation11
https:/3assets.cushmanwakefield.com//media/cw/apac/india/insights/research/gb23915_report_rebtcii_18_02_25.pdf12
https://content.knightfrank.com/research/2940/documents/en/affordablehousinginindia202411745.pdf13
https://dea.gov.in/sites/default/files/Report%20of%20the%20Task%20Force%20National%20Infrastructure%20Pipeline%20%28NIP%29%20%20volumei_1.pdf
14
https:/rassets.cushmanwakefield.com//media/cw/apac/india/insights/research/gb23915_report_rebtcii_18_02_25.pdfEmbassy Developments Limited
Annual Report 202425
Regional Analysis
Mumbai Metropolitan Region (MMR)
2024 Highlights:
1,34,500
Launches (units)
1,55,300
Sales (units)
16,600
Average Capital Value (H/sq. ft.)
14
Inventory Overhang (months)
Mumbai Metropolitan Region demonstrates robust demand across both residential and commercial real estate segments, benefiting from its position as Indias financial capital. During 2024, MMR saw new launches of 1,34,500 new residential units and sale of 1,55,300 units. 15 16 17
In CY 2024, Mumbais highend residential market demonstrated robust performance. Ultra highend units· typically in prime micro markets such as Lower Parel, Worli, and Bandra·continued to draw strong demand, supported by HNIs, celebrities, and endusers. The full year landscape displayed sustained sales and stable price appreciation led by these micro markets across MMR. This trend continued into Q1 CY2025, where, despite decline in quarteronquarter highend apartment launches, highend apartment sales reached the secondhighest quarterly volume on record. Capital values across all MMR micro markets grew quarteronquarter, with Navi Mumbai leading, followed by Eastern Suburbs, Western Suburbs II, and Thane
Rental rates also edged up in Q1, particularly in Navi Mumbai, where growth in office leasing and infrastructure projects bolstered demand.
Key Enablers
Key development drivers and future opportunities include: Infrastructure projects16 17
National Buildings Construction Corporation (NBCC)s MoU with MAHAPREIT with a budget of 1 25,000 crore for infrastructure projects in Maharashtra.18
Major redevelopment initiatives, including the Dharavi redevelopment project, contributing to residential sector expansion alongside sustained affordable housing development.
The upcoming opening of Navi Mumbai International Airport (NMIA) in late 2025 is already redefining the real estate landscape in Panvel, Ulwe and Taloja real estate.
MMRDAs 140,187 crore FY202526 budget also includes 13,247 crore for Metro Line 4 (Wadala Kasarvadavali) and 12,155 crore for Metro 2B (DN NagarMandale). Proximity to Metro 4 stations has significantly contributed to property price appreciation in Thane and Borivali. The ongoing expansion of Mumbai Metro network, along with the Coastal Road project, is further enhancing accessibility across Mumbai, Navi Mumbai, Thane and Kalyan.
The twin tunnels between Goregaon and Mulund, slated for completion by 2028, is expected to reduce travel time from approximately 90 to just 25 minutes, making these areas prime for luxury township projects.
Retail Demand
Mumbai Metropolitan Region is expected to remain a key contributor to retail builtup supply, driven by consumer demand and expansion of international bridgetoluxury and luxury brands.
Affordable Housing
During 2024, MMR exhibited sustained momentum in affordable and midhousing segment, with 48% of all new launches in the sub80 lakh segment.19 Maharashtra Housing Policy 2025 requires 3.5 million affordable houses by 2030 through PublicPrivate Partnership model.
The state may provide a meaningful share of the projected 120,000 crore viability gap fund through the Affordable Housing Fund in accordance with NITI Aayogs suggestions for the GHub in the Mumbai Metropolitan Region to invest in the affordable housing sector.20
MMR Segmentwise Housing Launches
Commercial Demand
MMR office areas are experiencing strong expansion, particularly with Navi Mumbai office parks around NMIA and Thane IT corridors in close vicinity to the ThaneBorivali metro. MMR is also responsible for 53% of Indias Grade A warehousing demand, driven by growing demand of lastmile logistics centres and cold storage spaces.21
Proptech Integration
Proptech adoption is accelerating, particularly among the younger segment, with virtual tours and 3D walkthroughs enabling quicker sales cycles in luxury projects. Maharashtras State Housing Information Portal (SHIP) will further streamline registration processes, reducing delays and allowing quicker turnarounds.
15
https:/websitemedia.anarock.com/media/ANAROCK_Research_Indian_Residential_Market_Annual_Update_2024_3b5aa5b04d.pdf16
httpsy/mmrda.maharashtra.gov.in/sites/default/files/202504/budget_20252026.pdf17
https://assets.cushmanwakefield.com//media/cw/apac/india/insights/research/gb23915_report_rebtcii_18_02_25.pdf18
https://www.nbccindia.in/webEnglish/news/pdfData/pdfData/webEnglish/PresentationNTranscript19
httpsy/websitemedia.anarock.com/media/ANAROCK_Research_Indian_Residential_Market_Annual_Update_2024_3b5aa5b04d.pdf20
https://cdnbbsr.s3waas.gov.in/s30bf727e907c5fc9d5356f11e4c45d613/uploads/2025/02/20250602211917776.pdf21
httpsy/credai.org/knowledgecenter/credaireports/reports/28.pdfThe National Capital Region, spanning over 55,000 square kilometres, has exhibited high demand for commercial leasing across Gurgaon, Noida and Greater Noida in recent years. The market has strengthened with new launch of approx. 53,000 units in 2024, marking an ~ 44% rise from 2023 and sales of nearly 62,000 units.
A marked shift was observed in the project mix: most of the launches were in the luxury and ultra luxury segments, including ultrapremium launches above 12.5 crore along Dwarka Expressway, while affordable hubs like Sohna (16,000/sq ft) and mid premium nodes like New Gurgaon (~110,350/sq ft) emerged strongly. Greater Noida West saw an extraordinary jump in new supply, buoyed by ongoing infrastructure development.
Across NCR, residential prices have climbed, with Noida and Greater Noida leading the path. This transformation was underpinned by enhanced connectivity higher buyer confidence, and sustained developer activity.
While CY 2024 in NCR was characterized by vigorous launch activity and strong price appreciation, Q1 CY 2025 exhibited a measured slowdown in quarterly launches and sales yet retained a robust YoY gain in launches. Luxury and ultra luxury segments continued dominating supply, with Gurugram as the epicentre of both development and sales. Consistent inventory levels and a stable 17month overhang reflect a balanced market, supported by premium demand, improved infrastructure, and sustained investor interest across NCR.
Key Enablers
Infrastructure Developments
Expansion of Delhi Metro and the Regional Rapid Transit System (RRTS) across NCR, facilitating real estate development.
Mega projects such as the DelhiMumbai Industrial Corridor (DMIC), Dwarka Expressway, the Orbital
Rail Corridor and the Regional Rapid Transit System (RRTS) have propelled real estate development across many areas of the NCR. The upcoming Jewar Airport located south of Greater Noida, the Eastern Dedicated Freight Corridor, Special Economic Zones in Noida and Greater Noida in Uttar Pradesh and industrial townships in Haryana are either under development or have been proposed in the region.
The Delhi Development Authoritys new Green Area Development Policy, plans to open agricultural belts in Delhis villages for real estate development.
The Delhi Draft Master Plan 2041 emphasises affordable housing through largescale development of greenfield areas using various land pooling models.
NCR is positioned as a key contributor to retail built up supply alongside MMR.
Growing Population
NCR is the worlds secondmost populated metropolitan and is poised to surpass Tokyo by 2030, becoming the most populated in the world. In addition to its demographic scale, NCR is also one of the most economically vibrant regions in the world, ranking sixth among the top 300 metropolitan cities worldwide.
Residential Market Resurgence
The NCR residential market has witnessed a significant resurgence. In 2024, Gurgaon led new residential supply, accounting for 52% of the regions total new supply unit additions, primarily concentrated along Golf Course Road Extension, followed by Sohna Road and the NH8 Region. Noida and Greater Noida combined held 28% share of NCRs overall supply. In terms of sales, Gurgaon topped with 52% of the market share, while Noida and Greater Noida collectively contributed 27% of the overall sales.
Logistical Hub
NCRs strategic geographic location has positioned it as the leading logistics hub in a predominantly landlocked region. This proximity to key markets in North India has facilitated the development of warehouses and industrial spaces across the region.
Premiumisation
NCR has witnessed a shift towards premiumisation in recent years, with luxury and ultraluxury housing supply and demand witnessing exponential growth. Units priced over I 2.5 Cr. classified as ultraluxury, accounted for nearly 5% of the total new launches in 2019. This share surged to 24% in 2023 and 59% in 2024, signalling a demand for highend residential offerings.
Bengaluru maintains its position as Indias IT hub, contributing approximately 28% of the countrys commercial real estate market.24 The city is projected to be one of the fastest growing cities in the world. Bengalurus residential launches increased by a notable 30% during the year to reach 71,000 while units sold increased to 65,200.25
In CY 2024, Bengaluru solidified its position as one of Indias most prominent residential markets, propelled by sustained demand from the citys thriving technology sector, robust employment opportunities, and investor confidence. A notable feature of the year was the tilt towards premium housing·highend and luxury segments, reflecting growing aspirations among professionals, HNIs, and upwardly mobile households.
Capital values appreciated moderately, and the city led the market in luxury home sales valued above 11 crore, with premium housing contributing over half of total annual absorption. Inventory remained healthy through the year, buoyed by stable sales velocity and balanced launch activity.
In Q1 CY 2025, despite a broader market slowdown, Bengaluru maintained its momentum, particularly in the premium segment. East Bengaluru accounted for the largest share of launches, while South Bengaluru recorded the sharpest growth. Premium launches priced above 11.5 crore surged QoQ, led by developments in North Bengaluru·particularly Yelahanka and Hebbal·as well as Sarjapur Road and Hosur Road. Major projects such as Sobha Madison, Hamptons Town Park, Brigade Eternia, Birla Trimaya Phase3, Assetz Ren & Rei, and Nambiar District highlighted the growing shift toward aspirational, lifestyledriven housing.
The luxury segment outperformed overall city trends, with increase in sales QoQ. Capital values in the luxury housing category appreciated, while rental values also rose QoQ, indicating healthy leasing demand. However, inventory levels increased significantly both QoQ and YoY. Inventory overhang rose to 11 months, up from 10 months in the previous quarter. Despite these pressures, demand fundamentals remain strong, especially in micromarkets connected to major infrastructure corridors, supporting a favourable outlook for Bengalurus highend housing segment.
Key Enablers
The citys growth trajectory is supported by:
Infrastructure Developments
Ongoing infrastructure projects including the Bengaluru Suburban Rail Project, Bengaluru Chennai Expressway, BengaluruPune Expressway, BengaluruVijayawada Expressway, Bengaluru Mysore Infrastructure Corridor and Bengaluru Satellite Ring Road, enhancing connectivity and accessibility.
The development of ChennaiBengaluru Industrial Corridor, HyderabadBengaluru Industrial Corridor and BengaluruMumbai Industrial Corridor is driving growth in industrial market.
Indias ambitious Bharatmala Pariyojana Programme (BMP) aims to transform the countrys highway infrastructure by upgrading and constructing 44 Economic Corridor projects, expected to handle 25% of freight traffic by 2030. Of these, three key Economic Corridors passing through Bengaluru, the BengaluruMallapuram Economic Corridor, the BengaluruMangalore Economic Corridor and the BengaluruNellore Economic Corridor have been identified as highway corridors of economic importance and are slated for upgradation to expressway standards.
Bengaluru Airport City, a futuristic Smart city, spanning 463 acres is currently under construction near Kempegowda International Airport in Devanahalli.
Karnataka State Natural Disaster Monitoring Centre (KSNDMC) has partnered with the Indian Institute of Science (IISc) to develop an integrated Urban Flood Model (UFM). Under the model, capacity and cleaning frequency is being increased and new drains are being constructed in strategic locations, to alleviate the problem of urban flooding.
Bengaluru Metropolitan Transport Corporation (BMTC) is working on increasing bus frequencies, introducing electric buses and improving connectivity to reduce the problem of traffic congestion in the region.
Embassy Edge at Embassy Springs Rendered Image
Bengaluru has emerged as the largest technology hub in Asia and the fourth largest globally, making it a prime destination for multinational companies establishing Global Capability Centres (GCCs). The city now hosts approximately 42% of the total GCCs and is home to 61% of the countrys GCC talent pool, reinforcing its status as the nations premier technology epicentre.
Office Spaces Expansion
The city is projected to be a major contributor to upcoming builtup supply across top eight cities, supported by overall economic growth and technological advancements. Bengaluru is Indias largest GradeA office market propelled by its second highest employability rate on the entire country at 72.46%.
Bengalurus burgeoning ITITeS sector and robust startup ecosystem continue to drive the residential market with new residential launches of 71,000 units, reflecting a significant 30% yearonyear growth over 2023.26
Premiumisation
Bengalurus residential market is exhibiting a shift towards luxury homes, with homes over I 1.5 crore accounting for a notable 34% share of total launches in 2024, compared to 23% in 2023.27
Chennai has evolved into a diversified economic centre, attracting increasing levels of global investment. The city topped the ‘Quality of Life pillar and ranked fourth in Ease of Living Index released in 2020 MoHUA30. In 2024, residential units launched in Chennai increased by 4% to 20,900 while units sold were 19,200. In the residential space, the market demonstrated focus towards midsegment development with 57% of the new launches in the 14080 lakh category.
Key Enablers
Chennais real estate market is experiencing growth driven by following developments:
Infrastructure Developments
The expansion of Chennai Metros western corridor, coupled with the establishment of major IT parks and industrial clusters in this zone, is driving residential demand throughout the region.
Launch of key infrastructure projects such as the ChennaiBengaluru Industrial Corridor and elevated corridors.
The Chennai Metropolitan Development Authority has fixed FSI for residential apartments at 1.52 in the majority of zones, with commercial buildings up to 31.
Rising demand for both affordable and luxury residential projects due to improved accessibility.
Chennai continues to be the most affordable housing market among the top nine cities in the country, with average launch price at 17,989 per sq/ft31. This relative affordability is drawing a growing number of new buyers towards the metropolitan driving sales.
Chennai Budgetwise Housing Launches
Office Space
In the offices segment, the southern markets maintained their dominant run, contributing 57% of the new supply approximately 27.7 Mn sf. Chennai stood out with the strongest fundamentals, posting the lowest office vacancy rate among major cities at 9.3%.32
Opportunities and Challenges
Opportunities
The following growth drivers provides ample growth opportunities across the real estate industry:
Urbanisation
By 2030, an estimated 38% of Indias population is likely to reside in urban areas, driving sustained demand for both residential and commercial property. Urban migration, combined with ongoing economic expansion and enhanced lifestyles, continues to be the basis of sectoral growth.
Affordable Housing
With an existing shortage of 10.1 million units, the cumulative demand for affordable housing is projected to reach 31.2 million by 2030, highlighting the vast untapped potential and headroom for expansion within the market.
Government Schemes
Strategic government projects such as the Smart Cities Mission, Pradhan Mantri Awas Yojana (PMAY) and the expansion of metro rail networks are catalysing growth across all segments of real estate. The SWAMIH Fund has extended supplementary liquidity support of I 15,000 crore to help complete stalled housing projects. The implementation of Real Estate (Regulation and Development) Act (RERA) has improved project timelines, reducing average delays from 24 months (pre RERA) to 14 months.33
Investment Inflows
The liberalisation of Foreign Direct Investment (FDI), allowing 100% FDI in real estate has lured substantial foreign capital, propelling the development of high quality assets and commercial real estate growth. Additionally, retail investment participation through REITs will drive the development of coworking and flexible commercial spaces.
Technological Advancements
The emergence of propertytechnology platforms and intelligent home solutions are major drivers of the markets growth. Online platforms for improving property discovery, transactional processes and market transparency. Technology uptake in construction, property management and customer interactions are transforming conventional real estate businesses. Market intelligence and data analytics tools are gaining prominence as tools for sound decisionmaking, allowing improved timing in the market and investment options in various real estate categories.
Data Centres and GCCs
These will continue to be strong drivers of sectoral growth, supported by government initiatives such as the
MeghRaj programme and the National Framework on GCCs, aimed at developing rising talent.
Sustainability Emphasis
Sustainability has become a defining trend in Indias real estate sector, with green building certifications such as LEED, IGBC, GRIHA and BEE gaining strong traction. As of 2024, 61% of Indias Grade A office space is greencertified, reflecting the growing commitment to environmentally responsible development. The green building sector is predicted to contribute $39 billion to the economy by 2025. One of the leading global investment themes, green financing is quickly picking up steam in India. The green finance market, comprising sustainabilitylinked bonds, green bonds and climate loans, stands at around $75 billion.
Challenges
Constrained Flexible Floor Space Index (FSI) Policies
Floor Space Index (FSI) is a factor in determining the extent of construction that can occur on a given piece of land. It is a key aspect of real estate control, shaping urban density and construction. Compare to global standards, Indian cities have highly restrictive FSI norms, leading to accelerated housing cost inflation.
While relaxing these restrictions could improve affordability by allowing higherdensity development, it may also accelerate urban sprawl, congestion and infrastructure strain especially in already oversaturated cities. Policymakers must strike a balance between urban densification and sustainable development, integrating affordable housing with infrastructure and environmental planning.
Rising Construction Cost and Labour Shortages34
Between 2020 and 2024, average construction costs in TierI cities have witnessed a 39% increase with a value of 12,780/sq ft, driven by a 25% annual increase in labour expenses. Inflated material costs (e.g., 19% hike in copper prices) and lack of skilled labour have affected project viability, particularly the tight margins in the affordable housing sector.
Transportation and Infrastructure Development
The viability of affordable housing is directly linked to good infrastructure and transport connectivity. However, most Indian cities are devoid of these critical factors. Extending infrastructure to the periphery of a city can decongest main urban areas and therefore peripheral areas become more desirable for development. Locations with wellintegrated public transit systems naturally become attractive for affordable housing, highlighting the correlation between infrastructure investment and affordable housing solutions.
Definition of EWS and Affordable housing
The Economically Weaker Section (EWS) cap is now at 10.3 million per annum, while it now requires an income of at least 10.6 million/year to afford a modest 30 sq. mt. dwelling area in a tier1 city. This increasing gap is where policy reforms are needed.
Likewise, the RBIs affordable housing definition, linked to priority sector lending, is obsolete. Today, home loans fall under this bracket if the housing price is less than 14.5 million in metropolitan cities and 13.5 million in other cities. But housing prices have surged since the RBIs last revision in 2019. When adjusted for inflation, the average home price in metro cities has climbed from 14.5 million in 2019 to 15.7 million in 2024. In nonmetro cities, it has risen
from 13.5 million to 14.4 million.35 These figures indicate that existing EWS and priority sector lending frameworks no longer reflect market realities, diminishing their effectiveness in addressing affordable housing needs.
Legal and Environmental Challenges
Despite the implementation of RERA, bureaucratic delays in approval processes averaging one to two years, land title requirements and enforcement gaps across different states pose key challenges to the sector.36 Despite increasing green building practices, the industry struggles with high upfront costs for sustainable materials, limited availability of ecofriendly materials and shortage of skilled labour for green construction practices.
Company Overview
a) Introduction: A New Chapter Begins
Following recent approval on the scheme of amalgamation (“Scheme”), under Sections 230232 of the Companies Act, 2013, and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, providing for the merger of NAM Estates Private Limited, an Embassy group entity, (“NAM Estate”) with Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) (“the Company” or “EDL”), by the Honble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025 (“Merger”), Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain affiliated individuals and group entities) has become the new Promoter and Promoter Group with present 42.66% controlling stake in the Company. The Merger was successfully implemented with effect from January 24, 2025, and the Company has been renamed Embassy Developments Limited effective February 13, 2025.
The Company is one of Indias leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the Company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore. EDL boasts a diversified residential portfolio, offering a wellbalanced mix of highvalue and highvolume developments across midincome, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential developments includes branded residences, uberluxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. Committed to building a resilient ecosystem, the Company actively fosters social, economic, and environmental progress in the communities it serves. The Company is listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) and holds a longterm debt rating of IVR A Stable from Infomerics Valuation & Rating Private Limited as at March 31, 2025.
Quick Snapshot of Companys business overview:
Strategic market presence: Targeting high growth markets (Bengaluru, MMR, NCR, Chennai)
Dual Headquarters & Talent Strength:
Strategically coheadquartered at Mumbai & Bengaluru with a strong talent base of 720+ employees
Robust Development Pipeline: Projects with a Gross Development Value (GDV) estimating H49.2k crore and fully paid developable land banks of over 3,100 acres, ensuring longterm development pipeline
Strong launch and sales momentum: New
project launches with GDV exceeding H22,000 Cr and Presales target of H5,000 Cr for FY2026; a 1.5x increase over FY2025
Cash Flow Momentum: Collection target
exceeding H2,200 crore for FY2026, reflecting strong execution and monetization capability.
b) Introduction to Embassy Group: The New
Promoters
Mr. Jitendra Virwani Visionary Promoter and driving force behind the Group, known for exceptional execution and leadership in the real estate sector
Over 30 Years of Real Estate Excellence
75+ Million Sq. Ft. of space delivered and managed across asset classes
PanIndia Presence across 22 cities, spanning commercial, residential, industrial, and hospitality segments
Pioneered Indias First Publicly Listed REIT,
setting industry benchmarks
Strong partnerships with leading private equity firms and global institutional investors
Promoters hold a 42.66% controlling stake in the Company, ensuring longterm commitment and strategic alignment.
c) Our Competitive Strengths
Your Company continues to capitalize on market
opportunities by leveraging its key strengths:
Core Development Arm of Embassy Group with Visionary Leadership: The Company is now positioned as the flagship development arm of the Embassy Group, backed by a highly experienced Board and management team focused on driving sustainable growth and longterm value creation.
A New Identity, Strengthened by Brand Integration with Embassy Group: Following the successful consummation of the Merger, the Company has been renamed "Embassy Developments Limited”. This rebranding marks a significant strategic milestone, reflecting the Companys full integration into the Embassy Group and its renewed commitment to excellence, scale, and longterm value creation in the real estate sector. The new identity underscores the strength of association with a trusted and established brand, while positioning the Company for accelerated growth under a unified vision.
Strategically Placed Projects: The Company has a portfolio of quality assets within the best markets of MMR, Bengaluru and NCR. The strategic positioning of the projects provides a competitive edge, resulting in higher absorption rates and better selling prices.
Emphasis on Sustainable Development: The
Company is dedicated to green practices. This encompasses the use of solar energy systems, rainwater harvesting, watersaving fixtures, energyefficient facade designs to maximise
natural lighting, sewage treatment for water recycling and the construction of energy efficient buildings.
> Sensible Financial Management: The
Company maintains a conservative debt structure and a healthy cash reserve, offering substantial room to utilise lowcost funding for expansion in the future.
> Superior Construction Quality: An insistence on highquality construction is one of the major drivers of the Companys sustained performance. It utilises advanced machinery and latest technologies, including jumpform systems, highspeed vertical transportation and wind tunnel technology, as well as premium quality raw materials.
> Effective Sales and Marketing Capabilities:
With a keen eye on market trends, the Companys sales and marketing team is able to strategically position projects in terms of both location and pricing. This enables the development of data driven marketing strategies tailored to specific housing demands.
I. Performance & Business Review
a) FY2025 Performance Review
i. Key Highlights
ii. Consolidated Profit & Loss Statement (Extract)
(J in Crores) |
|||||
Particulars |
Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | FY2025 | FY2024 |
Revenue |
1,183 | 329 | 402 | 2,547 | 1,218 |
EBITDA |
301 | 98 | 30 | 531 | 36 |
Finance Costs |
139 | 106 | 150 | 461 | 556 |
Depreciation |
5 | 3 | 2 | 15 | 7 |
Exceptional items |
28 | 28 | |||
Profit Before Tax (PBT) |
129 | (11) | (122) | 27 | (527) |
Less: Tax Charge / (Credit) |
6 | 15 | (32) | (176) | (42) |
Profit After Tax (PAT) |
123 | (26) | (90) | 203 | (485) |
iii. Consolidated Balance Sheet (Extract)
(Jin Crores)
Assets |
As at | As at |
| March 31, 2025 | March 31, 2024 | |
| Tangible and Intangible Assets | 94 | 23 |
| Capital Work in Progress | 9 | |
| Investment Property | 3,288 | 3,086 |
| Investment Property under Development | 191 | 628 |
| Goodwill | 2,516 | |
| Investments | 98 | 867 |
| Loans | 6 | 405 |
| Inventories | 12,058 | 3,351 |
| Trade Receivables | 52 | 234 |
| Cash and Bank Balance | 414 | 86 |
| Other Financial | 632 | 783 |
| Assets | ||
| Deferred Tax Asset | 3 | |
| Current Tax Assets | 89 | 25 |
| Other Assets | 457 | 83 |
| Assets Held for Sale | 583 | 368 |
Total Assets |
20,490 | 9,939 |
(Jin Crores) |
||
Equity And Liabilities |
As at March 31, 2025 | As at March 31, 2024 |
| Equity Share Capital | 244 | 108 |
| Other Equity | 9,077 | (1,555) |
| NonControlling Interest | 6 | 546 |
Total Equity (A) |
9,327 | (901) |
| Borrowings™ | 4,526 | 7,749 |
| Trade Payables | 906 | 254 |
| Other Financial Liabilities | 1,161 | 487 |
| Deferred Tax Liability | 909 | 543 |
| Current Tax Liabilities | 27 | 7 |
| Other Liabilities | 3,359 | 1,675 |
| Provisions | 275 | 7 |
| Liabilities pertaining to assets held for sale | 0 | 118 |
Total Liabilities (B) |
11,163 | 10,840 |
Total Equity And Liabilities (A+B) |
20,490 | 9,939 |
(1) Includes shareholders debt
iv. Cash & Bank Balances, Debt & Equity
0.3x
Debt / Equity Ratio
v. OUTLOOK NEXT 3 YEARS (EXISTING LANDS)
~E41k Cr |
~?19.5k Cr |
GDVNew Launches |
Cost to CompleteNew |
| Launches | |
~E21.5k Cr |
~E21k Cr |
Net SurplusNew |
PreSales |
Launches |
(Existing + New) |
~E14k Cr |
|
Collections |
|
(Existing + New) |
vi. Significant Changes in Key Financial Ratios:
In compliance with the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, explanation to significant changes (change of 25% or more from FY 202324 to FY 202425) in the key financial ratios applicable to the Company, are as under:
(J in Crores) |
|
Particulars |
March 31, 2025 |
Gross Institutional Debt |
2,756 |
Less: Cash & Cash Equivalents |
483 |
Net Debt |
2,273 |
Total Equity |
9,327 |
Consolidated financial results issued under the name of Embassy Developments Limited (legal acquirer) represents the continuation of the financial results of NAM Estates Private Limited (accounting acquirer) except for capital structure and reflects the assets and liabilities of NAM Estates Private Limited along with its 20 subsidiary /JV entities measured at their precombination carrying value and
acquisition date fair value of identified assets and liabilities taken over with respect to Embassy Developments Limited along with its 173 subsidiaries.
In view of the above reverse merger accounting treatment, the consolidated financial results of the accounting acquiree i.e. EDL along with its 173 subsidiaries (preacquisition) have been included from the effective date of the Scheme i.e. January 24 ,2025. The previous years results presented above are thus that of NAM Estates Private Limited along with its subsidiaries/JV, which are not comparable
with the current period. Financial results for the year ended March 31, 2025, have the results of the two months operation of Embassy Developments Limited along with its 173 subsidiaries and twelve months operation of NAM Estates Private Limited along with its subsidiaries/JV.
Considering the above reverse merger accounting treatment, changes to the key financial ratios are ineffective given significant changes in each of the heads / line items of more than 100%++, resulting in inaccurate comparison & hence not computed for the year.
b) Business Development
FY2025 New Business Development |
|||||||
Project |
Location | MicroMarket | Land ( Acres) | Saleable Area (msf) | Nature ( Share) | Product | GDV ( J Cr) |
Embassy Eden |
Bengaluru | North Bengaluru | 31 | 0.7 | 100% owned | Villa, Ultra luxury | 1,485 |
Embassy East Avenue |
Bengaluru | Whitefield | 4 | 0.5 | JDA (68% area share) | Highrise, Premium | 400 |
Embassy BLU |
Mumbai | Worli | 2 | 0.8 | JDA (100% FSI share) | High rise, Ultra luxury | 4,250 |
Embassy Residency |
Chennai | OMR | 8 | 1.5 | 100% owned | Highrise, Premium | 1,116 |
Embassy Springs |
Bengaluru | North Bengaluru | 9 | 0.2 | 100% owned | Plots | 196 |
Embassy HUB (Phase 1) |
Bengaluru | Yehalanka | 10 | 1.3 | 100% owned | Highrise, Luxury | 1,769 |
| 64 | 5 | 9,216 | |||||
EDL is the flagship development entity for Embassy Groupall new developments to be pursued in EDL
Embassy Group actively pursuing to consolidate its assets within EDL through sale/ JV/ DM
The company has been active since merger completion in sourcing new deals. Currently evaluating multiple opportunities in MMR, Bengaluru and NCR
c) Residential Launch Pipeline
EDL has a robust new launch pipeline for the next 3 years from its own landbanks. The merger has provided the combined company with an abundance of new projects (with land fully paid for), which shall help maintain launch momentum. EDL is actively pursuing new deal opportunities to complement future growth.
d) FY2026 New Launches
Total GDV for FY2026 new launches in excess of J 22k Cr, includes 8 residential & 3 commercial launches with GDV potential of ~H17.3k Cr and ~H4.8k Cr respectively.
Sl. Particulars |
Category | Area (msf) | GDV(1) (ECr) | Target Launch | Status |
1 Paradiso @ Embassy Springs, Bengaluru |
Residential | 0.2 | 175 | Q2 | RERA inplace, launch process underway |
2 Verde Phase 2 @ Embassy Springs, Bengaluru |
Residential | 0.9 | 767 | Q2 | Building plan & RERA awaited |
3 Embassy Greenshore(lakeside), Bengaluru |
Residential | 1.6 | 1,679 | Q2 | Approvals awaited |
4 Embassy Eden, Bengaluru |
Residential | 0.7 | 1,486 | Q3Q4 | Approvals in place. RERA awaited |
5 Embassy One, Bengaluru |
Residential | 0.4 | 1,126 | Q3Q4 | Approvals in place, building sanction & RERA to follow |
6 Embassy East Business Park, Bengaluru(Phase 1) |
Commercial | 3.3 | 3,500 | Q3Q4 | Part master plan approval received, infrastructure development work commenced |
7 Embassy Blu, Mumbai |
Residential | 1.6 | 8,773 | Q4 | Plans approved, MOEF & RERA needed for launch |
8 Embassy Knowledge Park Villas, Bengaluru |
Residential | 1.7 | 2,919 | Q4 | Design being finalized |
9 SCO, Gurugram 103 |
Commercial | 0.1 | 300 | Q4 | Design & approvals in progress |
10 Embassy Village, Alibaug |
Residential | 0.2 | 400 | Q4 | Approvals in place. RERA application to be done post CC |
11 One 09, Gurugram |
Commercial | 0.6 | 1,025 | Q4 | Design & approvals in progress |
Total |
11.3 | 22,150 |
(1)
Management estimatese) Fully Paid Landbanks
Total of 3,138 acres, one of the largest amongst listed players
Land banks which can fuel the next phase of growth
Attractive parcels in Panvel near upcoming NaviMumbai airport
Provides an option to monetize certain land banks and unlock capital to enhance our presence at strategic locations in core markets
Location |
(Acres) |
Sohna |
520 |
GurugramSec 103 1 |
|
Sonepat |
13 |
Location |
(Acres) |
| Nashik SEZ(1) | 1,424 |
| Latur SEZ | 43 |
| Panvel | 358 |
| Savroli, Khalapur | 125 |
| Mahagaon | 219 |
| Alibag | 237 |
| Kon, Panvel | 20 |
Total West |
2,426 |
Location |
(Acres) |
| Elavur, Chennai 178 | |
Total South |
178 |
Embassy Developments Limited
Annual Report 202425
Embassy One Thane Rendered Image
f) Future Commercial Development
EDL considers development of commercial offices as a key segment towards profitable growth; The Group has unparalleled expertise in the office segment built over decades.
Embassy East Business Park (Phase 2)
Land Parcel: 35 acres (total park)
Leasable Area: 2.4 msf Status: To commence post substantial leasing in Phase 1
Whitefield, Bengaluru
Key Benefits
Embassy is an established player in Bengaluru; Indias largest commercial market
Strategy to monetize developed assets through institutional investors / REIT at an appropriate time
Embassy Knowledge Park (Commercial)
Location: North Bengaluru Land Parcel: 117 acres Area: Design stage Status: Planned Options: Under evaluation
Commercial
Residential
g) Projects Overview
Particulars (E Cr) |
Category Sal |
Area (msf) |
Unsold | Unsold | ||
| eable | Sold | Unsold | Inventory1 | Receivables | ||
OC Received Projects |
||||||
Embassy Grove, Bengaluru |
Residential | 0.5 | 0.5 | 0.0 | 62 | 13 |
Embassy Lake Terraces, Bengaluru(2) |
Residential | 2.2 | 2.1 | 0.1 | 148 | 80 |
Embassy One, Thane |
Residential | 0.5 | 0.5 | 0.0 | 4 | 45 |
Garden Plots @ EmbassySprings, Bengaluru |
Residential | 2.6 | 2.5 | 0.1 | 51 | 44 |
Golf City, Savroli |
Residential | 0.9 | 0.7 | 0.3 | 100 | 20 |
Mega Mall, Jodhpur |
Commercial | 0.6 | 0.3 | 0.3 | 110 | 4 |
One Park, Vadodara |
Commercial | 0.5 | 0.3 | 0.1 | 45 | 12 |
Sierra, Vizag |
Residential | 0.8 | 0.8 | 0.1 | 43 | 18 |
Total (A) |
8.7 | 7.7 | 1.0 | 561 | 237 | |
Ongoing Projects |
||||||
Edge @ Embassy Springs, Bengaluru |
Residential | 0.9 | 0.6 | 0.3 | 282 | 193 |
Embassy East Avenue, Bengaluru(3) |
Residential | 0.4 | 0.4 | 0.0 | 5 | 362 |
Embassy One, Thane |
Residential | 0.5 | 0.1 | 0.4 | 530 | 110 |
Golf City, Savroli |
Residential | 0.7 | 0.1 | 0.6 | 243 | 18 |
One 09, Gurugram |
Commercial | 0.5 | 0.5 | 0.0 | 2 | 152 |
Park, Panvel |
Residential | 4.8 | 3.6 | 1.2 | 749 | 961 |
Serene Amara @ Embassy Springs, Bengaluru |
Residential | 0.3 | 0.2 | 0.1 | 44 | 50 |
Verde @ Embassy Springs, Bengaluru |
Residential | 1.1 | 0.9 | 0.1 | 126 | 718 |
Total (B) |
9.2 | 6.4 | 2.8 | 1,981 | 2,563 | |
Particulars |
Category | Area (msf) |
GDV(1) (ECr) | |||
Upcoming Projects |
||||||
Embassy Greenshore@ Embassy Springs, Bengaluru |
Residential | 1.6 | 1,679 | |||
Embassy Blu, Mumbai |
Residential | 1.6 | 8,773 | |||
Embassy Eden, Bengaluru |
Commercial | 0.7 | 1,486 | |||
Embassy Knowledge Park Villas, Bengaluru |
Residential | 1.7 | 2,919 | |||
Embassy One, Bengaluru |
Residential | 0.4 | 1,126 | |||
Embassy Village, Alibaug |
Residential | 0.2 | 400 | |||
One 09, Gurugram |
Commercial | 0.6 | 1,025 | |||
Paradiso @ Embassy Springs, Bengaluru |
Residential | 0.2 | 175 | |||
SCO, Gurugram 103 |
Commercial | 0.1 | 300 | |||
Verde Phase 2 @ Embassy Springs, Bengaluru |
Residential | 0.9 | 767 | |||
Embassy East Business Park, Bengaluru |
Commercial | 3.3 | 3,500 | |||
Total |
11.3 | 22,150 | ||||
Particulars |
Category |
Saleable | DM Feea4) |
| Area (msf) | (%) (J Cr) | ||
DM Projects(4) |
|||
Embassy Sky Terraces, Bengaluru |
Residential | 1.5 | 10% 254 |
Embassy Bayview, Mumbai |
Residential | 0.5 | 10% 306 |
earlier referred to as Embassy Astra
(1)
Management estimates(2)
Inventory & receivables represents JDA share (revenue share) of ~64% only, area represents 100% potential of the project(3)
JDA Project, represents our share only(4)
Subject to shareholders approvalParticulars |
Category | Saleable Area (msf) | GDV(1) (ECr) |
Planned Projects |
|||
Arivali, Panvel |
Commercial | 0.8 | 606 |
Centrum, Indore |
Residential | 2.1 | 1,349 |
Embassy Hub, Bengaluru(2) |
Residential | 1.1 | 1,769 |
Embassy Knowledge Park Lowrise, Bengaluru |
Residential | 0.7 | 901 |
Embassy One, Thane |
Residential | 0.7 | 1,052 |
Embassy Residency, Chennai |
Residential | 1.5 | 1,116 |
Embassy Tech Valley, Bengaluru(3) |
Residential | 5.8 | 8,103 |
Embassy Whitefield, Bengaluru(3) |
Residential | 1.1 | 1,059 |
Front Parcel @ Embassy Springs, Bengaluru |
Residential | 1.3 | 1,238 |
Golf City, Savroli |
Residential | 2.2 | 1,184 |
Plots @ Embassy Springs, Bengaluru |
Residential | 0.2 | 196 |
Verde Phase 3 @ Embassy Springs, Bengaluru |
Residential | 1.6 | 1,494 |
Embassy East Business Park, Bengaluru |
Commercial | 2.4 | 2,500 |
Embassy Knowledge Park, Bengaluru(4) |
Commercial | ||
Total |
^^^^21.5 | 22,567 | |
(1)
Management estimates(2)
Partly 100% owned & Partly on JDA basis; represents our share only(3)
JDA Project, represents our share only(4)
Under evaluation stageh) Human Resources
The Company is led by a group of capable and energetic leaders who are dedicated to enhancing its footing in a competitive environment. Employees are directly responsible for propelling the Companys growth and development.
There is a systematic recruitment process to bring in a diverse talent pool with a focus on hiring people who fit into the Companys culture. The emphasis is on nurturing employee potential through building their functional, operational and behavioural capabilities through formal training programmes and internal career opportunities. This has resulted in the formation of a strong and committed team that is fully aligned with the Companys strategic goals.
Key initiatives include the strengthening of clientfacing groups through the onboarding of experienced professionals in the Construction, Sales/Marketing & support functions. As of March 31, 2025, the Group employed over 720 individuals.
i) Risk Management
The Company is faced with various kinds of risks in its operations and takes steps to manage them responsibly. The developers must continuously assess their financial exposure to prevent overborrowing, which can erode profitability and lead to asset price bubbles. The Companys net debt stood at H2,273 crore as on March 31, 2025, demonstrating
a healthy debt to equity ratio of 0.3 and highlighting prudent financial management. Macroeconomic risks include economic downturns causing unemployment and slowing down investments. The developers must monitor economic indicators and diversify their portfolios to mitigate these effects.
Inflationary pressures or foreign shocks could prompt an increase in interest rates. Higher rates would raise mortgage rates, reducing housing demand and discouraging new development borrowing. To navigate such volatility, developers must prepare for interest rate fluctuations and secure financing terms to maintain flexibility. Raw material threats are from fluctuations in the global price of steel and energy. To mitigate the impact of rising and unpredictable input costs, developers need to consider lowcost sourcing and implement hedging strategies. Climate change risks encompass more frequent and severe weather events, which may damage facilities, disrupt supply chains and delay project timelines. To minimise this, developers will have to plan projects with climate resilience in mind and proactively stay informed about regulatory developments.
j) Internal Controls & Their Adequacy
The Company has implemented a sound and effective system of internal controls adequate to its size and nature of its business. The system is intended to protect all assets against loss due to unauthorised transactions and to provide reasonable assurance that all transactions are properly authorised, recorded and reported.
The internal controls are supplemented by internal audits, managerial reviews and written policies and procedures. This system guarantees that financial records are reliable to prepare financial information and hold people accountable for assets. Additionally, all financial and audit control systems are overseen by the Board of Directors Audit Committee.
II. Cautionary Statement
Statements in this report on Management Discussions and Analysis describing the Companys objectives, estimates and expectations may be forward looking statements based on certain assumptions
and expectations of future events. Actual results might differ substantially or materially from those expressed or implied. The Company here means the consolidated entity consisting of all its subsidiaries. Similarly, Companys land bank and Companys project means the consolidated land bank and project of the Company as consolidated entity along with all its subsidiaries. The Company assumes no responsibility nor is under any obligation to publicly amend, modify or revise any forwardlooking statements based on any subsequent developments, information or events.
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