Newtime Infrastructure Ltd Management Discussions

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Real estate continues to be an important contributor to Indias

economic activity and employment. During FY 2025-26, residential demand remained resilient, with premium and
luxury housing continuing to account for a growing share of market value. Commercial real estate also remained
supported by office demand, technology-enabled businesses, BFSI activity and flexible workspace requirements.
Institutional capital continued to show interest in Indian real estate, reflecting confidence in the sectors long-
term fundamentals.

During FY 2025-26, the Indian real estate sector continued to undergo structural changes driven by urbanisation,
premiumisation, technology adoption, infrastructure-led connectivity and increasing emphasis on sustainability.
Buyers increasingly preferred quality, branded developers, larger homes and projects offering better amenities
and connectivity. Investors continued to focus on assets with strong fundamentals, predictable cash flows and
long-term growth potential.

As of31 March 2026, the principal trends shaping Indian real estate included technology adoption, premiumisation,
sustainability, infrastructure-led development, institutionalisation and changing consumer preferences.

- Premium and low-density housing: Demand continued to strengthen for larger homes, villas, plotted
developments and premium residential formats, particularly among higher-income households. Buyers
increasingly valued space, amenities, connectivity and quality of development.

- Technology integration: Artificial intelligence, digital transaction platforms, smart-home technologies, data
analytics and digital property management continued to improve efficiency, transparency and customer
experience across the real estate value chain.

- Homeownership and changing preferences: Homeownership remained an important aspiration, supported
by rising incomes, urbanisation and the desire for long-term asset creation. Demand for larger homes and
well-connected suburban and emerging-city locations remained relevant.

- REITs and institutional capital: Institutional participation in Indian real estate continued to deepen. REITs,
SM REITs and other structured investment platforms are increasingly providing investors with access to
professionally managed real estate assets and supporting the institutionalisation of the sector.

- Rental housing and co-living: Organised rental housing, co-living and other flexible living formats continued to
gain relevance, particularly in locations with large working populations, students and migrant professionals.

- ESG and green real estate: Sustainability continued to move into the mainstream. Developers and investors
increasingly considered energy efficiency, resource conservation, green certifications, resilient design and
responsible asset management as important components of long-term value creation.

- The Company has followed all legal and Regulatory Compliances requirement and has implemented all
statutory requirements.

- Your Company believes that the long-term demand outlook for real estate remains positive, supported by
urbanisation, infrastructure development, rising incomes and evolving consumer preferences. During FY
2025-26, the sector continued to witness institutionalisation and increasing preference for quality assets and
established developers. The Company remains focused on prudent deployment of resources, strengthening
its real estate business and evaluating opportunities consistent with its financial and operational capabilities.

- The Company will continue to monitor market conditions closely and focus on opportunities that can provide
sustainable value creation. Technology adoption, improved asset management, disciplined execution and an
emphasis on quality are expected to remain important to the Companys strategy.

- Investor interest in Indias real estate and construction sectors remained constructive during FY 2025-26.
Continued infrastructure spending, urban development and institutional participation are expected to create
opportunities for efficient and professionally managed businesses.

- The Company has followed all legal and Regulatory Compliances requirement and has implemented all
statutory requirements.

- Your Company will continue to monitor consolidation, regulatory developments, financing conditions and
changing customer preferences, as these factors may create both competitive challenges and strategic
opportunities for future growth.

Over the years, the Indian government has introduced many initiatives to strengthen the nations economy. The
Indian government has been effective in developing policies and programmes that are not only beneficial for
citizens to improve their financial stability but also for the overall growth of the economy. Over recent decades,
Indias rapid economic growth has led to a substantial increase in its demand for exports. Besides this, a number
of the governments flagship programmes, including Make in India, Start-up India, Digital India, the Smart City
Mission, and the Atal Mission for Rejuvenation and Urban Transformation, are aimed at creating immense
opportunities in India. In this regard, some of the initiatives taken by the government to improve the economic
condition of the country are mentioned below:

- The Union Budget 2026-27, presented in February 2026, continued the Governments focus on infrastructure-
led economic growth. Public capital expenditure was proposed at approximately Rs. 12.2 lakh crore for FY
2026-27, compared with approximately Rs. 11.2 lakh crore in FY 2025-26. The continued emphasis on
infrastructure, manufacturing, urban development and connectivity is expected to support economic activity
and create opportunities across the real estate and construction ecosystem.

- Government policy during FY 2025-26 continued to emphasise infrastructure development, housing,
urbanisation, manufacturing, digitalisation and ease of doing business. These initiatives are expected to have
a positive long-term impact on construction activity, employment generation and demand for residential and
commercial real estate.

- On January 22, 2024, Prime Minister Mr. Narendra Modi announced the Pradhan Mantri Suryodaya Yojana.
Under this scheme, 1 crore households will receive rooftop solar installations.

- On September 17, 2023, Prime Minister Mr. Narendra Modi launched the Central Sector Scheme
PMVISHWAKARMA in New Delhi. The new scheme aims to provide recognition and comprehensive support
to traditional artisans & craftsmen who work with their hands and basic tools. This initiative is designed to
enhance the quality, scale, and reach of their products, as well as to integrate them with MSME value chains.

- On August 6, 2023, Amrit Bharat Station Scheme was launched to transform and revitalize 1309 railway
stations across the nation. This scheme envisages the development of stations on a continuous basis with a
long-term vision.

- On June 28, 2023, the Ministry of Environment, Forests, and Climate Change introduced the Draft Carbon
Credit Trading Scheme, 2023.

- From April 1, 2023, Foreign Trade Policy 2023 was unveiled to create an enabling ecosystem to support the
philosophy of Aatmanirbhar Bharat and Local goes Global.

- To enhance Indias manufacturing capabilities by increasing investment and production in the sector, the
government of India has introduced the Production Linked Incentive Scheme (PLI) for Pharmaceuticals.

- Prime Ministers Development Initiative for North-East Region (PM-DevINE) was announced in the Union
Budget 2022-23 with a financial outlay of Rs. 1,500 crore (US$ 182.35 million).

- Prime Minister Mr Narendra Modi has inaugurated a new food security scheme for providing free food grains
to Antyodaya Ann Yojna (AAY) & Primary Household (PHH) beneficiaries, called Pradhan Mantri Garib Kalyan
Ann Yojana (PMGKAY) from January 1, 2023.

- The Amrit Bharat Station scheme for Indian Railways envisages the development of stations on a continuous
basis with a long-term vision, formulated on December 29, 2022, by the Ministry of Railways.

- On October 7, 2022, the Department for Promotion of Industry, and Internal Trade (DPIIT) launched Credit
Guarantee Scheme for Start-ups (CGSS) aiming to provide credit guarantees up to a specified limit by start-
ups, facilitated by Scheduled Commercial Banks, Non-Banking Financial Companies and Securities and
Exchange Board of India (SEBI) registered Alternative Investment Funds (AIFs).

- The Telecom Technology Development Fund (TTDF) Scheme was launched in October 2022 by the Universal
Service Obligation Fund (USOF), a body under the Department of Telecommunications.

- The objective is to fund R&D in rural-specific communication technology applications and form synergies
among academia, start-ups, research institutes, and the industry to build and develop the telecom ecosystem.

- Home & Cooperation Minister Mr Amit Shah laid the foundation stone and performed Bhoomi Pujan of the
Tanot Mandir Complex Project under the Border Tourism Development Programme in Jaisalmer in September
2022.

- In August 2022, Mr Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare inaugurated four new
facilities at the Central Arid Zone Research Institute (CAZRI), which has been rendering excellent services for
more than 60 years under the Indian Council of Agricultural Research (ICAR).

- In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was set up with the
National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit for investments
in setting up Mega Food Parks (MFP) as well as processing units in the MFPs.

- In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo Handling Terminals
on a Build-Operate-Transfer (BOT) basis under Public-Private Partnership (PPP) Mode at an estimated cost of
Rs. 5,963 crore (US$ 747.64 million).

- In July 2022, the Union Cabinet chaired by Prime Minister Mr. Narendra Modi, approved the signing of the
Memorandum of Understanding (MoU) between India & Maldives. This MoU will provide a platform to tap the
benefits of information technology for court digitization and can be a potential growth area for IT companies
and start-ups in both countries.

- India and Namibia entered a Memorandum of Understanding (MoU) on wildlife conservation and sustainable
biodiversity utilization on July 20, 2022, for establishing the cheetah into the historical range in India.

- In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in Indian rupees (Rs.)
to promote the growth of global trade with emphasis on exports from India and to support the increasing
interest of the global trading community.

- The Agnipath Scheme aims to develop a young and skilled armed force backed by an advanced warfare
technology scheme by providing youth with an opportunity to serve the Indian Army for a 4-year period. It
was introduced by the Government of India on June 14, 2022.

- In June 2022, Prime Minister Mr Narendra Modi inaugurated and laid the foundation stone of development
projects worth Rs. 21,000 crores (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at Vadodara.

- Mr Rajnath Singh, Minister of Defence, launched 75 newly developed Artificial Intelligence (AI) products/
technologies during the first-ever AI in Defence (AIDef) symposium and exhibition organized by the Ministry
of Defence in New Delhi on July 11, 2022.

- In June 2022, Prime Minister Mr. Narendra Modi laid the foundation stone of 1,406 projects worth more
than Rs. 80,000 crore (US$ 10.01 billion) at the ground-breaking ceremony of the UP Investors Summit in
Lucknow. The Projects encompass diverse sectors like Agriculture and Allied industries, IT and Electronics,
MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace, and Handloom & Textiles.

- The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR) inked a
Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-based company for the commercialization
of bio capsule, an encapsulation technology for bio-fertilization on June 30, 2022.

- As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners including major
trade agreements like the India-UAE Comprehensive Partnership Agreement (CEPA) and the India-Australia
Economic Cooperation and Trade Agreement (IndAus ECTA).

- Mission Shakti was applicable with effect from April 1, 2022, aimed at strengthening interventions for
womens safety, security, and empowerment.

- The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance & Corporate
Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti, Inclusive Development,
Productivity Enhancement and Investment, and Financing of Investments. In the Union Budget 2022-23,
effective capital expenditure is expected to increase by 27% at Rs. 10.68 trillion (US$ 142.93 billion) to boost
the economy. This will be 4.1% of the total Gross Domestic Production (GDP).

- Strengthening of Pharmaceutical Industry (SPI) was launched in March 2022 by the Ministry of Chemicals &
Fertilisers to provide credit-linked capital and interest subsidy for Technology Upgradation of MSME units
in the pharmaceutical sector, as well as the support of up to Rs. 20 crores (US$ 2.4 million) each for common
facilities including Research centre, testing labs and ETPs (Effluent Treatment Plant) in Pharma Clusters, to
enhance the role of MSMEs.

- Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of new highway
network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23. Increased government
expenditure is expected to attract private investments, with a production-linked incentive scheme providing
excellent opportunities. Consistently proactive, graded, and measured policy support is anticipated to boost
the Indian economy.

- In February 2022, The Ministry of Social Justice & Empowerment launched the Scheme for Economic
Empowerment of Denotified/Nomadic/SemiNomadic tribal Communities (DNTs) (SEED) to provide basic
facilities like good quality coaching, and health insurance. Live lihoods initiative at a community level and
financial assistance for the construction of houses.

- In February 2022, Minister for Finance and Corporate Affairs Ms Nirmala Sitharaman said that productivity-
linked incentive (PLI) schemes would be extended to 14 sectors to achieve the mission of Aatmanirbhar
Bharat and create 60 lakh jobs with an additional production capacity of Rs. 30 trillion (US$ 401.49 billion)
in the next five years.

- In the Union Budget of 2022-23, the government announced funding for the production-linked incentive
(PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000 crore (US$ 3.21 billion).

- In the Union Budget of 2022-23, the government announced a production-linked incentive (PLI) scheme for
Bulk Drugs which was an investment of Rs. 2,500 crore (US$ 334.60 million).

- In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced
that a scheme for design-led manufacturing in 5G would be launched as part of the PLI scheme.

- In September 2021, the Union Cabinet approved major reforms in the telecom sector, which are expected
to boost employment, growth, competition, and consumer interests. Key reforms include rationalization of
adjusted gross revenue, rationalization of bank guarantees (BGs), and encouragement of spectrum sharing.

- In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98 billion) to Bharat
Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

- Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman allocated Rs. 650 crore (US$ 86.69 million)
for the Deep Ocean mission that seeks to explore vast marine living and non-living resources.

- Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in 2022-23 for several key space
missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

- In May 2021, the government approved the production-linked incentive (PLI) scheme for manufacturing
advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100 crore (US$ 2.44 billion); this
move is expected to attract domestic and foreign investments worth Rs. 45,000 crore (US$ 6.07 billion).

- Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union Budget of 2022-23
that the Reserve Bank of India (RBI) would issue Digital Rupee using blockchain and other technologies.

- In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 trillion (US$ 31.88 billion) and over
400 new high-speed trains were announced. The concept of "One Station, One Product" was also introduced.

- To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special Economic Zone
(SEZ) Act.

- In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI (foreign portfolio
investors) in the State Development Loans (SDLs) and government securities (G-secs) would persist
unaffected at 2% and 6%, respectively, in FY22.

- In November 2020, the Government of India announced a Rs. 2.65 trillion (US$ 36 billion) stimulus package
to generate job opportunities and provide liquidity support to various sectors such as tourism, aviation,
construction, and housing. Also, Indias cabinet approved the production-linked incentives (PLI) scheme to
provide Rs. 2 trillion (US$ 27 billion) over five years to create jobs and boost production in the country.

- Numerous foreign companies are setting up their facilities in India on account of various Government
initiatives like Make in India and Digital India. Prime Minister of India Mr. Narendra Modi launched the Make
in India initiative with an aim to boost the countrys manufacturing sector and increase the purchasing power
of the average Indian consumer, which would further drive demand and spur development, thus benefiting
investors. The Government of India, under its Make in India initiative, is trying to boost the contribution made
by the manufacturing sector with an aim to take it to 25% of the GDP from the current 17%. Besides, the
government has also come up with the Digital India initiative, which focuses on three core components: the
creation of digital infrastructure, delivering services digitally, and increasing digital literacy.

- On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire bad loans worth
up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31, 2022. India Debt Resolution Co. Ltd
(IDRCL) will control the resolution process. This will clean up Indias financial system, help fuel liquidity, and
boost the Indian economy.

- National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will provide nonrecourse
infrastructure financing and is expected to support projects from the first quarter of FY23; it is expected to
raise Rs. 4 trillion (US$ 53.58 billion) in the next three years.

- By November 1, 2021, India, and the United Kingdom hope to begin negotiations on a free trade agreement.
The proposed FTA between these two countries is likely to unlock business opportunities and generate jobs.
Both sides have renewed their commitment to boost trade in a manner that benefits all.

- In August 2021, Honble Prime Minister Mr Narendra Modi announced an initiative to start a national mission
to reach the US$ 400 billion merchandise export target by FY22.

- In August 2021, Honble Prime Minister Mr Narendra Modi launched a digital payment solution, e- RUPI, a
contactless and cashless instrument for digital payments.

- In April 2021, Dr Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and Founding Patron of
IFIICC stated that trilateral trade between India, the UAE and Israel is expected to reach US$ 110 billion by
2030.

- India is expected to attract investment of around US$ 100 billion in developing the oil and gas

Tax Reforms and Relief for Buyers and

Developersl:

- Income Tax Changes: The budget increased
the income tax exemption limit tol2 lakh
for the new tax regime, which will boost
disposable income, especially for the middle
class. This could lead to increased demand ^J"
for residential properties as more people
may afford to buy homes or invest in real BH
estate.

- TDS (Tax Deducted at Source) Threshold: The TDS limit on rental income was raised from 2.4 lakh to 6
lakh. This simplifies tax processes for landlords and tenants and can encourage more rental transactions.
The change will be particularly beneficial for residential landlords with smaller properties, making the rental
market more active.

- Amend Affordable Housing Standards: The government has continued its focus on affordable housing with
tax breaks and incentives for developers in this segment. This is expected to stimulate the construction of
homes in the lower-income category and align with the Pradhan Mantri Awas Yojana (PMAY) objectives.
First-time homebuyers can also benefit from interest rate subsidies and tax benefits. The existing definitions
of affordable housing, determined by dimensions, cost, and purchaser income, need immediate re-evaluation.
The size requirement of 60 sq. m. for carpet space is justifiable; nevertheless, the price limit of INR 45 lakh is
impractical in high-cost urban centres such as Mumbai. The cap ought to be raised to a minimum of INR 85
lakh in Mumbai and INR 60-65 lakh in other metropolitan cities to align with local market conditions. These
amendments would allow a greater number

- This scheme for EWS/LIG households, which lapsed in 2022, ought to be revived to encourage first-time
purchasers of budget homes. It would also encompass loans for new construction or the addition of critical
amenities such as kitchens and bathrooms to existing residences. Under PMAY (Rural), subsidies may facilitate
the transformation of kaccha dwellings into pucca residences, contingent upon meeting.

- Urban Infrastructure Fund: Rs.1 lakh crore Urban Challenge Fund aims to enhance urban infrastructure,
including public transport systems, roads, and utilities. This infrastructure boost will make certain urban
areas more attractive for both residential and commercial investments. Cities with improved infrastructure
tend to see a rise in property demand, which benefits developers and investors.

- Smart City Projects: The focus on smart cities under the budget will create better urban spaces with
advanced technologies for living and working. This will drive demand for modern homes and commercial
spaces, particularly in emerging cities or urban hubs.

? Focus on Sustainability and Green Building: The budget emphasizes eco-friendly construction and sustainable
housing, with developers encouraged to adopt green building practices. Tax incentives for using renewable energy and
water-saving technologies will make green buildings more attractive to investors and homebuyers. As sustainability
becomes a greater priority, there could be an uptick in demand for environmentally conscious properties.

? Increased Focus on Tier-2 and Tier-3 Cities: The budgets emphasis on smart city projects and infrastructure

development will likely drive growth in smaller cities (Tier-2 and Tier-3). As these cities become more
connected and develop better infrastructure, demand for residential and commercial properties in these
regions will rise. This could help ease the pressure on over-saturated metro markets, offering more affordable
housing options and opportunities for developers.

? Commercial Real Estate Growth: The governments plans for urbanization and infrastructure upgrades are
likely to benefit commercial real estate. Office spaces, especially those designed to be flexible and tech-friendly,
could see increased demand from companies and startups. Developers may focus on building business parks,
office buildings, and co-working spaces in cities that are experiencing infrastructure upgrades. Additionally,
with improved public infrastructure, logistics and warehousing will likely expand, benefiting the commercial
segment further.

Lastly, The Union Budget 2026-27 reinforces a push towards infrastructure driven economic growth, setting
a constructive backdrop for Indias real estate sector. While the budget does not introduce direct demand-
side incentives for housing, its sharp focus on infrastructure, manufacturing, urban development and tourism
is expected to create strong indirect momentum across residential, commercial, industrial and hospitality real
estate segments.

A key positive for the sector is the continued scale-up of public capital expenditure, with infrastructure outlay
rising to INR 12.2 lakh crore from INR 11.2 lakh crore (FY 25-26). Sustained investment in transport networks
and urban infrastructure is likely to unlock new real estate growth corridors, particularly beyond the traditional
metro markets. The emphasis on strengthening Tier-2 and Tier-3 cities with populations exceeding five lakh
recognises their emerging role as economic centers and is expected to support incremental demand for various
real estate asset classes in these locations.

The Budget has in addition also proposed the development of seven highspeed rail corridors connecting major
urban and economic centers, aimed at improving intercity mobility and acting as growth catalysts along peripheral
and secondary micro-markets. In parallel, the creation of City Economic Regions (CERs) across Tier2 and Tier3
cities, backed by INR 5,000 crore investments per CER across five years, seeks to strengthen infrastructure and
accelerate their transition into regional economic hubs, with positive implications for the real estate sector.
Measures such as the proposed Infrastructure Risk Guarantee Fund and continued monetisation of CPSE real
estate assets through REIT structures are likely to improve private sector participation and liquidity within the
infrastructure and real estate sector.

The accelerated push toward manufacturing across sectors such as biopharma, electronics, chemicals, textiles, rare
earths, and construction equipment is expected to significantly influence the industrial and logistics landscape. The
expansion of manufacturing ecosystems, revitalisation of legacy industrial clusters, and development of modern
plugandplay industrial parks will not only drive sustained longterm demand for industrial land, warehousing and
R&D infrastructure but also enhance the overall growth outlook for the real estate sector across multiple regions.

The Budget underscores tourismled economic development with a focus on healthcare, heritage and ecotourism.
Key proposals include the establishment of five regional medical hubs, development of 15 archaeological and
heritage sites as experiential cultural destinations. Additionally, the proposal of Buddhist circuits across the
NorthEastern states is expected to strengthen spiritual tourism and support hospitalityled regional growth.

The real estate sector is one of the best sector to invest in 2024 in India is experiencing a phase of transformation
and consolidation, driven by regulatory changes and government reforms such as the Real Estate Regulatory
Authority (RERA) and the Affordable Housing Program. These initiatives are designed to increase transparency,
improve regulatory oversight, and provide affordable housing to the masses. The sector is expected to benefit
from Indias growing urban population and increasing demand for commercial real estate, particularly from the
BPO and IT industries. Despite facing challenges like financing issues and project delays, the long-term prospects
for the real estate market in India remain strong, supported by governmental efforts to improve the sectors
framework.The Indian real estate sector has witnessed substantial growth and investment in recent years.

As India awaits policy reforms to pick up speed, your Company firmly believes that the demand for Real Estate
in a country like India should remain strong in the medium to long term. Your Company has 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. Your company is
ideally placed to further strengthen its development potential by acquiring new land parcels.

Leading real estate experts remain cautiously optimistic about Indias property sector in 2026. While broad-
based growth of 6% to 6.5% in home prices is expected, the momentum is increasingly driven by premium buyers
and infrastructure-led segments. Middle-class affordability is improving modestly-hundreds of thousands may
benefit from interest rate shifts and incentives-but affordable-housing supply remains tight. Commercial real
estate continues to attract institutional capital, and smaller cities are emerging as growth engines. That said,
potential oversupply in certain zones and weakening luxury demand remain key risks. Here are some of the key
investments and developments:-

a) Rental Housing & Co-living Models: Co-living and co-working spaces are gaining popularity in India,
especially in urban areas. Developers who focus on this segment can cater to the growing demand for flexible
and affordable living and working spaces.

b) Affordable Housing: The affordable housing segment is a significant opportunity in the Indian real estate
sector. The governments focus on providing "Housing for All" by 2022 has created a huge demand for
affordable housing. Developers who focus on this segment can benefit from government incentives and tax
breaks.

c) Real Estate Investment Trusts (REITs): REITs have been introduced in India to provide investors with an
opportunity to invest in the Indian real estate market. Developers can benefit from REITs by monetizing their
assets and attracting long-term investors.

d) Technology-Enabled Real Estate Services: Technology is playing an increasing role in the Indian real
estate sector, with the development of online property portals, virtual property tours, and digital marketing.
Developers who adopt technology can improve their marketing efforts and attract a wider audience.

e) Commercial & Office Real Estate in Select Metros: Indias office real estate sector in 2026 offers high-
growth, institutional-grade opportunities-especially through REITs, greencertified Grade A buildings, and
flexible workspace formats-in cities dominating GCC demand and corporate expansion.

f) Data Centers, Warehousing, and Industrial Parks: Indias industrial and logistics real estate landscape in
2025 is rich with opportunity-driven by strong demand in warehousing (especially Grade-A), accelerated
growth in Tier-2/3 cities, expanding industrial parks, and emerging data-centre infrastructure in strategic
regions like Chennai. Investors and developers tapping into these trends can expect resilient, long-term value

g) Green & ESG-Compliant Buildings: Green and ESG-compliant buildings in India are not just a niche trend-
theyre now a strategic cornerstone across real estate in 2025. For investors, developers, and occupiers,
they offer compelling advantages: premium rental income, brand value, lower operating costs, ESG risk
management, and access to incentive frameworks and emerging financing.

h) Vacation & Retirement Homes in Scenic Locations: The vacation and retirement home segment in scenic
Indian locales presents a powerful blend of lifestyle appeal and financial potential. With steady rental yields,
appreciation driven by tourism, strong NRI/HNI interest, and growing developer sophistication, this sector is
firmly established as a strategic, longterm investment avenue in 2025

i) Luxury Housing for NRIs and HNIs: Luxury housing in Indias key metros is booming in 2025-driven
by affluent Indian buyers, especially NRIs and HNIs-who are gravitating toward premium offerings with
technology-enabled, lifestyle-centric, and branded amenities in elite neighborhoods. Demand remains robust
despite broader market cooling, positioning luxury real estate as a favored refuge for capital and lifestyle
stability

Overall, the Indian real estate sector offers significant opportunities for developers, investors, and home-
buyers. Developers who focus on affordable housing, commercial real estate, co-living and co-working spaces,
and adopt technology can benefit from the growing demand in these segments. Investors can benefit from the
potential returns from the Indian real estate market through REITs.

a) Regulatory Environment: Indias real estate industry has historically been characterized by a lack of
transparency and weak regulations. This has led to fraudulent practices such as delayed project completion,
misappropriation of funds, and conflicts between developers and buyers.

b) Land Acquisition: Land acquisition is a major challenge for real estate development in India. The process is
complicated, time-consuming, and often leads to disputes between developers, landowners, and government
authorities.

c) Financing: Access to financing is another major challenge for real estate developers in India. Banks are often
hesitant to lend to the industry due to high levels of default risk, and interest rates can be prohibitively high.

d) Construction Delays: Delays in project completion are a common problem in the Indian real estate industry.
This can be due to a variety of factors, including delays in obtaining approvals, shortage of skilled labour, and
supply chain disruptions.

e) High Inventory Levels: Oversupply of properties in some markets has led to a build up of inventory, which
has resulted in lower prices and lower demand.

f) Lack of Professionalism: The Indian real estate industry is often criticized for a lack of professionalism, with
developers often failing to deliver on promises and providing poor customer service.

g) Lack of Infrastructure: Lack of infrastructure, including roads, water, and electricity, is a major challenge for
real estate developers in many parts of India. This can make it difficult to attract buyers and tenants.

h) Signs of OverSupply & Bubble Risks in Cities: Indias real estate market in 2025 is exhibiting signs of
oversupply and potential bubble risks, particularly in major cities like Bengaluru, Delhi NCR, and Mumbai.
Developers have aggressively launched new projects, but demand is not keeping pace.

i) Luxury Segment Pressure: The luxury housing market in India remains buoyed by wealthy segment
demand, but rising unsold inventory and a shift toward cautious investor sentiment signal growing pressure
in the segment. Oversupply amid cooling demand could temper near-term returns and slow sales velocity
despite earlier market exuberance.

j) Macroeconomic & Inflationary Constraints: Inflation and macroeconomic forces-including high
construction costs, undervalued supply, and still-elevated borrowing rates-are weighing on real estate
affordability and demand. While growth remains steady, these headwinds require structural reforms beyond
monetary easing.

The Company addresses these risks through a well structured framework which identifies desired controls
and assigns ownership to monitor and mitigate the risks.

Your Company continues to capitalize on the market opportunities by leveraging its key strengths. These include:

a) Brand Reputation: Enjoys higher recall and influences the buying decision of the customer. Strong customer
connects further results in higher premium realizations.

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

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

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

e) Outsourcing: Operates an outsourcing model of appointing globally renowned architects/contractors that
allows scalability and emphasizes contemporary design and quality construction - a key factor of success.

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

From the cold war period, maximum developing countries are feeling the threat of global polarization.
Although, the threats are not visible but there is an undercurrent of uncertainty looming around real estate.
The change of leadership affects heavily on the taxation system which has direct link to real estate sector.
When the throne gets shifted to another leader, the economic environment gets influenced. Sometime, the
new leadership may halt the taxation reforms inducted by his previous leader. Tread war between countries
are also another bigger threat to the real estate companies.

When interest rates rise, it has firm impact on residential real estate markets. This rise will reduce the
demand of new home among the customers and in this way; the real estate industry goes dry. The prices of
the homes get elevated and in this way, they wont affordable as before. The growth of interest rate will reduce
the demand of homes among potential customers.

When the economy goes down, the affordability of the home goes up. In this way, the budget of the home get
increased which has a direct negative impact on the customer purchase power. Once, the affordability of the
homes gets reduced; customers will feel the heat and they will halt their plan to purchase new homes.

Change of demography also impacts negatively on the real estate market. When the demands of homes get
increased for certain demographic division, the prices get automatically elevated. On the other hand, if the
demands get decreased, the prices get decreased too.

At the present time, in developing countries, there is a huge drop of middle class society. Needless to mention,
this class is known as the potential consumer of real estate market.

Presently, there is a huge adoption of technology in the reality sector. These are including robotic, AI, driver
less cars, high speed and sophisticated communication systems are reducing the demand of mega structure
homes and increasing the living of capsule homes.

Housing is always a matter of several thousands of dollars. Once the home gets destroyed with natural disaster,
the owner may not able to build another one. This is the main reason for which, the demand of homes get
decreased specially in disaster prone areas.

Energy is the backbone of life. While going to choose a perfect home, owners first check whether that area
sufficient supply of energy and water or not. If there is any shortage of water or energy, the plan for purchasing
home get turned down.

All most all the home owners prefer to purchase their homes in highly developed areas. Cities are the first
choice for purchasing homes. However, if there is poor infrastructure, people wont agree to purchase the
homes in those areas.

Immigration issue is always looming as a biggest threat to the home buyers. There are several countries like
USA those have laws to oust foreigners. If a foreigner is not sure about his future, why they will invest on
housingRs This is the main reason for which, real estate sector face threat from these kinds of laws.

The Company deals in only one segment i.e. Real Estate. Therefore, it is not required to give segment wise
performance.

Standalone Financial statement

The Revenue from Operations is 280.00 Lakhs for the financial year ended 31 March 2026.

Profit/Loss before Tax: The Loss before Tax for 2025-26 is 441.89 Lakhs as compared to Profit before Tax of Rs.
156.57 Lakhs in 2024-25.

Consolidated Financial statement

The Revenue from Operations is 372.74 Lakhs for the financial year ended 31 March 2026.

Profit/Loss before Tax: The Loss before Tax for 2025-26 is 627.56Lakhs as compared to Profit before Tax of Rs.
294.17 Lakhs in 2024-25.

The company has proper and adequate system of internal controls commensurate with its size and nature of
operations to provide assurance that all assets are safeguarded, transactions are authorized, recorded and
reported properly; applicable status, the code of conduct and corporate policies are duly complied with.

The Company has an internal audit department which conducts audit in various functional areas as per audit
programme approved by the Audit Committee of Directors. The internal audit department reports its findings and
observations to the audit committee, which meets at regular intervals to review the audit issues and to follow up
implementation of corrective actions.

The internal control system at the Company is tailored to fit the unique characteristics and scale of its
operations, efficiently addressing all business and departmental functions. The framework includes a compliance
management team responsible for upholding established policies, norms, procedures, and applicable regulations.
It incorporates a system of checks and balances to ensure that corrective actions are taken promptly in case of
discrepancies from defined standards. Regular examinations of the internal control systems are conducted to
assess their effectiveness and adaptability, with necessary adjustments made to meet evolving company needs.
Additionally, the Company continuously reviews and aligns its systems, procedures, and controls with industry
standards.

The committee also seeks the views of statutory auditors on the adequacy of the internal control system in the
company. The audit committee has majority of independent directors to maintain the objectivity.

Employees are the key to achieve the Companys objectives and strategies. The Company provides to the employees
a fair equitable work environment and support from their peers with a view to develop their capabilities leaving
them with the freedom to act and to take responsibilities for the tasks assigned. The Company strongly believes that
its team of capable and committed manpower, which is its core strength, is the key factor behind its achievements,
success and future growth.

We are continuously working to create and nurture an organization that is highly motivated, result oriented and
adaptable to the changing business environment. The industrial relations remained cordial during the year.

Key financial ratios are given below:

1. During the year company relised its current assets and paid liabilities that change the ratio significantly.

2. During the year company issued CCPS to its redeemable preference shares that change the ratio significantly.

3. During the companys revenue from operation decreased and finance cost on liability component of preference

shares reduces due to issue of CCPS that change the ration significantly.

The Managing Director makes a declaration to the Board of Directors every quarter regarding compliance with
provisions of various statutes as applicable. The Company Secretary ensures compliance with the Companies
Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and compliance with the
guidelines on insider trading for prevention of the same.

The above Management Discussion and Analysis contains certain forward-looking statements within the meaning
of applicable security laws and regulations. These pertain to the Companys future business prospects and
business profitability, which are subject to several risks and uncertainties and the actual results could materially
differ from those in such forward-looking statements. The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage
growth, competition, economic growth in India, ability to attract and retain highly skilled professionals, time
and cost over-runs on contracts, Government policies and actions with respect to investments, fiscal deficits,
regulations etc. In accordance with the Regulations on Corporate Governance as approved by the Securities and
Exchange Board of India, shareholders and readers are cautioned that in the case of data and information external
to the Company, no representation is made on its accuracy or comprehensiveness, though the same are based on
sources thought to be reliable. The Company does not undertake to make any announcement in case any of these
forward-looking statements become materially incorrect in future or update on any Forward-looking statements
made from time to time on behalf of the Company.