CRISIL Industry Insights

Real EstateUnmatched coverage of 593 companies

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Profile - Real Estate

The demand for housing is driven by rising population levels, nuclearisation led by growing urbanization, and rising income levels. In line with this trend of growing urbanization and increasing nuclearisation, the demand for housing in the urban areas is expected to grow faster than the rural areas over the next five years. The industry has however been impacted by high property prices and high interest rates resulting in a slowdown in demand. Due to this, project launches have been slow and developers are either delaying or cancelling their planned projects.

The demand for commercial real estate is driven by the demand for office and retail spaces. Demand for office space is largely dependant on the IT/ITES and BFSI sectors. The current slowdown in the economy has affected the demand for commercial office space and retail space across cities. Stagnation in lease rental growth has impacted the profitability of real estate players who have slowed down new project launches.

The risks involved in constructing commercial complexes are higher as compared to housing projects since the cash inflow (either rental or outright sale) commences only after the project is completed. Thus, developers bear the entire risk. Track record and reputation are key differentiators among players.

SWOT analysis and Rating drivers - Real Estate

Strengths

Rising population of the country

Weakness

Intense competition due to low entry barriers

Cyclicality in the real estate sector

Opportunity

Improving job prospects and rising income levels

Government initiatives (affordable housing)

Threat

Rising interest rates

Change in government policies

Economic instability

Trackrecord

Lease Rental trend

Funding pattern

Occupancyrates

Geographicaldiversity

Revenuemix

Ratingdrivers

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Financial analysis Real Estate

Profitability Analysis Revenue Analysis

Working Capital Analysis Debt Protection Metrics

Asset Profile Cost Structure

0.0

8.0

16.0

24.0

32.0

40.0

FY10 FY11 FY12

(%)Operating margin Net margin Return on Capital

0

3,000

6,000

9,000

12,000

15,000

18,000

FY10 FY11 FY12

(Rs/Cr) Revenue Other Income

0

200

400

600

800

1,000

1,200

FY10 FY11 FY12

(Days)Inventory days Debtor days Creditor days

0.0

0.5

1.0

1.5

2.0

2.5

FY10 FY11 FY12

(Times)Debt Equity NCA/debt Interest coverage

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY10 FY11 FY12

Other Assets

Debtors

Inventories

Investments

Fixed Assets

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY10 FY11 FY12

Traded Goods PurchasedSelling Expenses

Other Expenses

Power and Fuel

Consumable Stores

Other Mfg Exp

Employee Costs

Material Costs

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Coverage of CRISIL Ratings Real Estate

By revenue By geography

Bank facilities rated by us

Advance Against Consignment Sales Advance Against Retention Money Bank Guarantee Bill Discounting Bill Discounting under Letter of Credit Buyer Credit Limit Cash Credit - Book Debt Cash Credit - Stock Cash Management Service Channel Financing Cheque Discounting Counter Guarantee Deferred Payment Guarantee Deposit Cum Demand Loan EPCG Guarantee (ST) Export Bill Purchase Export Finance Limit Export Packing Credit Export Performance Guarantee Export Post-Shipment Credit

External Commercial Borrowings Factoring/ Forfaiting FCNR (B) Long Term Loan FCNR (B) Short Term Loan Foreign Bill Discounting Foreign Currency Term Loan Foreign Currency Working Capital Loan Gold Loan Hire Purchase Loan Import Letter of Credit Limit Import Payment Deferred Credit Inland Guarantees Inland/Import Letter of Credit Inventory Funding Facility Lease Rental Discounting Loan Letter of Comfort Letter of Guarantee Loan Equivalent Risk Limits Long Term Unsecured Loans Medium Term Loan

Metal Loan Mortgage Loan Facility Overdraft Facility Packing Credit Packing Credit in Foreign Currency Post Shipment Credit Pre Shipment Credit Project Loan Revolving Letter of Credit Short Term Unsecured Loans SME Credit SME Gold Card Special Tea Term Loan Standby Fund-Based Limits Standby Non-Fund-Based Limit Supplier Line of Credit Tea Hypothecation Vendor Financing Warehouse Receipts Working Capital Term Loan

40Companies50-100Cr

511Companies

0-50Cr

6Companies

>250 Cr

6Companies200-250 Cr

11Companies150-200 Cr

19Companies100-150 Cr

144Companies

225Companies

168Companies

56Companies

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List of CRISIL rated companies Real Estate

West Zone 1 Mahindra Lifespace Developers Ltd 2 City Corporation Ltd. 3 Lake View Developers. 4 Hiranandani Properties Private Ltd. 5 Roma Builders Private Ltd. 6 Hiranandani Builders. 7 Crescendo Associates. 8 Vamona Developers Private Limited 9 AG8 Ventures Limited 10 Pooja Constructions 11 Venus Infrastructure & Developers Ltd-formerly Shyam

Buildcon Private Limited 12 Bramhacorp Infrastructures Private Limited 13 Peepul Tree Properties Private Limited 14 Atul Projects India Limited 15 Dharmadev Infrastructure Ltd 16 Manav Nesvi Infrastructure Pvt. Ltd. 17 Ghelani Builders. 18 Kumar Company 19 Neev Infrastructure Private Ltd. 20 Boulevard Services Private Limited 21 Avinash Developers Private Ltd. 22 Aarti Infrastructure and Buildcon Limited 23 Shree Ram Builders 24 Realliance Constructions 25 Siddharth Properties 26 Goel Ganga Developers (India) Private Limited 27 Bansi Mall Management Company Pvt. Ltd. 28 Elpro International Ltd. 29 Ishwarcharan Builders Private Limited 30 Aroma Realties Limited 31 Shukan Gold Corporation 32 Prism Infra and Investment Private Limited 33 Rodium Realty Limited 34 Dil Ltd. 35 Om Shivam Buildcon Private Limited 36 Shukan Sky Corporation 37 Devnandan Infrastructure Private Limited 38 Starwing Developers Pvt Ltd-formerly Elect Finance And

Investment Co. Pvt Ltd. 39 Bengal Intelligent Parks Pvt. Ltd. 40 Mahindra Bebanco Developers Limited 41 Abhijit Realtors & Infraventures Pvt Ltd 42 Classic Promoters And Builders Private Limited 43 Sangani Infrastructure India Private Limited 44 Shukan Orchid Infrastructure 45 Suma Shilp Limited 46 E- Lights Techno Park Pvt. Ltd. 47 GLR Real Estate Pvt Ltd

48 TSI Business Parks (Hyderabad) Private Limited 49 Milroc Development Company 50 Ramnath Developers Private Limited 51 Karda Constructions Private Limited 52 Omega Associates. 53 Suyog Development Corporation Limited 54 West Pioneer Properties (India) Private Limited 55 D B Malls Private Limited 56 Panvelkar Infrastructures Private Limited 57 Ravani Developers 58 TCG Facilities Management Services Private Limited 59 L & L Builders Pvt. Ltd. 60 India Green Reality Private Limited 61 Landmark Treasure Town 62 Acme Housing India Private Limited 63 Sumit Woods Private Limited 64 Bapashree Infrastructure Private Limited 65 Space Realcon India Private Limited 66 Murli Realtors Private Limited 67 Alpha Associates. 68 Ess Gee Real Estate Developers Private Limited 69 CR Retail Malls (India) Limited 70 Nirman Homes 71 Nirmaan Group 72 Manav Infrastructure Private Limited 73 Keystone Lifespaces Private Limited 74 Khanna Builders & Developers 75 Pumarth Infrastructure Private Limited 76 Yogesh Enterprises 77 Avadh Infrastructure Private Limited 78 Moraj Infratech Private Limited 79 Goodbuild (India) Private Limited 80 Siddhi Property Developers Private Ltd. 81 Sahastra Properties Private Ltd. 82 Apollo Creations Pvt Ltd 83 Techops Infrastructure Private Limited 84 Tcg Urban Infrastructure Holdings Pvt Ltd 85 Sambhav Infrastructure Private Limited 86 Pooja Leisure And Life Style 87 Om Sagar Engineering Pvt. Ltd. 88 Shah Housecon Private Limited 89 Kasata Hometech (India) Private Limited 90 Sky Star 91 Chirag Developers 92 Sudhir Mandke Developers 93 Ekdanta Constructions Private Limited 94 E.V.Homes Constructions Private Ltd. 95 Paul Brothers 96 Charisma Builders.

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97 Dolphin Pramotors & Builders 98 GT Homes 99 Jagadish Praphakar Deshpande 100 Revive Realty Pvt Ltd 101 Trisha Infrastructure Limited 102 Classique Associates 103 Sagun Construction Private Limited 104 Nagpur Estates Private Limited 105 Khanna Properties & Infrastructures Private Limited 106 Namrata Promoters and Builders 107 Lilamani Corporation 108 Shree Krishna Homes Private Limited 109 Shambhavi Realty Private Limited 110 Modi Builders 111 Glomore Constructions 112 Crescent Entertainment and Tourism Limited 113 Air Touch Technologies Private Limited 114 J. Gala Enterprises 115 Sushil Bahirat Patil And Associates 116 Pooja Developers 117 Ecohomes Constructions Private Limited 118 Evergreen Enterprises 119 Supreme Housing & Hospitality pvt ltd. 120 Tarun Construction 121 Regaliaa Buildtech And Services Private Limited 122 Vastushree Developers 123 Shukan Heights Corporation 124 Elite Properties 125 Real Realty Management Co Ltd 126 Hiranandani Constructions Pvt Ltrd 127 Mirchandani And Company Private Limited 128 Pentagon Premises Private Limited 129 Reliable Exports 130 Biramane Hostel 131 Anuvin Industries Limited 132 Sai Essen Developers 133 Samvedna Builders Private Limited 134 Evergreen Associates 135 Rajlabdhi Infrastructure Private Limited 136 Marvel Landmarks Pvt Ltd 137 Ecopark Developers LLP 138 Shree Tirupati Greenfield Developers 139 Neelkanth Infracon 140 Gamma Constructions Pvt Ltd 141 Pacifica(Chennai- Old Mahabalipuram Road Project)

Infrastructure Company Private Limited 142 Embros Industries Private Limited 143 Calyx Majestic Proroperties 144 Sunder Siddhi 145 Rising Landscapes - AOP 146 Sears Constructions Pvt Ltd 147 Xrbia Hinjewadi Developers Private Limited 148 S B Life Spaces Private Limited 149 Melange Developers 150 Atri Infrastructure Private Limited 151 N. C. Infrastructure 152 Ethix Vandan

153 Madhuban Builders 154 Pate Developers 155 Osians Dwellings Private Limited 156 Tejraj Promoters & Builders Private Limited 157 JBL Buildcon Co 158 Jharkhand Mega Food Park Pvt. Ltd 159 Venus Infrabuild 160 Mohan Lifespaces LLP 161 Milroc Good Earth Property And Developers Private Limited 162 Haware Engineers And Builders Pvt ltd 163 Anmol Enterprises 164 Riddhi Siddhi Developers 165 Pristine Properties. 166 A. A. Estate Pvt. Ltd 167 Shubban Properties Vision City 168 Rizvi Estates And Hotels Private Limited 169 Shukan Palace Infrastructure 170 N D Developers 171 Pacifica (Chennai Project) Infrastructure Company Pvt Ltd 172 Rashmi Housing Spv Private Limited 173 Advika Construction Private Limited 174 Meenamani Real Venture 175 Mandke And Mandke Infrastructure Private Limited 176 Saarrthi Ekjyot Realty 177 Tejraj Realtors 178 KGA Investments 179 Mangalam Palace 180 Lily Realty Pvt. Ltd 181 Vishwa Green Realtors Private Limited 182 Daman Hospitality Private Limited 183 Shukan Glory Developers 184 Sai Hari Krupa Developers 185 OUM Developers 186 Sai Spacecon India Private Limited 187 P L Multiplex India Private Limited 188 Balark Buildcon 189 Pacific Orient Genesis Associates 190 IIFL Reality Ltd 191 Jain-Ashapuri Developers 192 Friends Infrbuild Private Limited 193 Majestique Mantra Elegance 194 Samira Realty Projects Private Limited 195 G.M.Kenjale Developers 196 Neumec Builders Private Limited 197 Dhirajlal Amichand Shah & Others 198 Neumec Estate Developer LLP 199 Galaxy Associates 200 Sanman Buildcon Private Limited 201 Alliance Mall Developers Private Limited 202 Newa Technocity (India) Private Limited 203 Divya Dev Developers Private Limited 204 Shagun Organisers Private Limited 205 Tejraj Promoters and Builders 206 Mahalaxmi Shelters 207 TRIF Kochi Projects Private Limited 208 Buildmore Infrastructures India Private Ltd 209 Bhujbal Constron

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210 Gunatitay Infrastructure Pvt Ltd 211 Purna Global Textiles Park Limited 212 Dharma Infrastructure Private Limited 213 Quantum IT Park Pvt Ltd 214 Vraj Integrated Textile Park Ltd. 215 Rachna Enterprise 216 Integrated Spaces Limited 217 Omega Premises Private Limited 218 Shree Venkatesh Buildcon Private Limited 219 R. M. Realty Developers 220 Rachana Life Spaces 221 Varasiddhi Infrastructures 222 Paghadi Associates 223 Dhana Shree Developers 224 Bhagyashree Developers 225 Signature Buildcon

North Zone 1 DLF Ltd 2 Supertech Limited. 3 SRS Real Infrastructure Limited 4 Tirupati Infraprojects Pvt.Ltd 5 Orchid Infrastructure Developers Private Limited 6 SRS Real Estate Ltd. 7 Cosmos Infra Engineering (India) Limited 8 Aba Builders Ltd. 9 Jaksons Developers Pvt Ltd 10 Taneja Developers & Infrastructure Ltd 11 Purvanchal Construction Works Pvt Ltd 12 Mapsko Builders Private Limited 13 Puri Construction Pvt Ltd. 14 DLF Info City Developers (Kolkata) Limited 15 Mahindra World City (Jaipur) Limited 16 Sunshine Infrawell Pvt Ltd 17 International Recreation Parks Private Ltd. 18 Shubhkamna Buildtech Private Limited 19 Alpha G corp Development Pvt Ltd 20 North Star Apartments Private Limited 21 Panchsheel Buildtech Private Limited 22 Gulshan Homz Private Limited 23 SKC Infratech Private Limited 24 Eldeco Housing and Industries Limited 25 Sas Hotels and Properties Private Limited 26 Shri Colonizers And Developers Private Limited 27 Eminent InfraDevelopers Private Ltd 28 Sushma Buildtech Ltd 29 Shiv Sai Infrastructure Pvt. Ltd. 30 Rishabh Buildwell Private Limited 31 KDP Infrastructure Private Limited 32 DLF Info City Developers (Chandigarh) Limited 33 G. S. Promoters & Developers 34 Klj Developers Private Ltd. 35 Svs Buildcon Private Limited 36 Abhisht Developers and Builders Private Limited 37 Brisk Infrastructure And Developers Pvt Ltd 38 Belgravia Projects Pvt. Ltd. 39 KST Infrastructure Limited

40 Unitech Amusement Park Ltd. 41 Sandwoods Infratech Private Limited 42 Paliwal Infrastructure Private Ltd. 43 Supertech Infrastructure Pvt ltd 44 Harman Properties Limited 45 AEZ Infratech Privete Limited 46 Satya Developers Private Limited 47 Motia Constructions Ltd. 48 Prestige Urban Infratech Private Limited 49 UPAL Developers Private Ltd. 50 Garg Industries 51 SDB Infrastructure Private Limited 52 Carol Infratructure Pvt.Ltd 53 Sand Dune Constructions Private Limited 54 Alm Infotech City Pvt Ltd 55 A to Z Builders & Developers 56 J.S. Exim Private Limited 57 Advant I.T. Park Private Limited 58 Platina Real Estate Pvt Ltd 59 Nalanda Builders And Developers India Ltd 60 Indus Valley Promoters Ltd 61 Mahalaxmi Buildwell (India) Private Limited 62 Ruchi Malls Pvt Ltd. 63 Emirates Technologies Private Limited 64 Hector Enterprise Private Limited 65 Tara Infratech Limited 66 M.M. CREATIONS 67 N K Sharma Enterprises 68 Kapoor Towers 69 Pal & Paul Builders Ltd 70 Swatantra Land And Finance Ltd 71 K Soni Builders and Promoters Pvt Ltd 72 Ishaan Infraestates India Private Limited 73 Satya Infrastructures Limited 74 BHL Forex and Finlease Limited 75 Sikka Promoters Private Limited 76 A TO Z Developers Limited 77 Serendipity Buildtech Prviate Limited 78 Knowledge Tree Infrastructure Limited 79 Opulence Realty & Consultant Private Limited 80 Pawa Builders Private Limited 81 Golden Falcon Industries Limited 82 Galaxy Real Estate Developers and Builders Private Limited 83 Milan Infrastructure & Devlopers Pvt Ltd 84 B.M.Gupta Estates Private Limited 85 Bhoomee Land Developers & Builders 86 Harjeet Singh Duggal 87 Taneja Developers and Infrastructure (Panipat) Limited 88 Fortune Multitech Pvt. ltd 89 JPC Infra Pvt Ltd 90 Pathak and Associates 91 AGI Infra Limited 92 I P Vijaya Multiplex Private Limited 93 G.S. Majestic Developers Private Limited 94 Keltech Infrastructure Limited 95 Eden Slf Residency 96 Jai Krishna Artec JV

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97 Lotus infra-Projects Private Limited 98 Sunshine Infratech Pvt Ltd 99 Preet Land Promoters and Developers Pvt Ltd 100 The Sherwood Officers Society 101 Divine Vision Infraestate Private Limited 102 Prem Infracity Pvt Ltd 103 B. M. Gupta Developers Private Limited 104 County Infrastructures Private Limited 105 Trehan Builders And Promoters Private Ltd. 106 Dhingra Jardine Infrastructure Pvt Ltd 107 Gurgaon Info Parks Limited 108 RKM Housing Limited 109 Gen X Abode Pvt Ltd 110 Logix Buildtech Private Limited 111 R.R. Dwellings Private Limited 112 Rudra Real Estate Ltd 113 Crown Realtech Private Limited 114 Bhoomi Infrastructure Co. 115 Gardenia Aims Developers Pvt Ltd 116 Blackwood Developers Private Limited 117 Apex Meadows Private Limited 118 Dwarika Balaji 119 Prestige City Developers Pvt Ltd 120 Heera Kerela Developers Private limited 121 Navlok Exhibitors Private Limited 122 Gulati Hospitality Ltd. 123 Sunshine Tradetower Pvt Ltd 124 ARG Infra Developers Pvt Ltd 125 Jaipur Centre Developers Private Limited 126 Marvel Home Construction Private Limited 127 Supertech Precast Technologies Private Limited 128 MG Housing Pvt Ltd 129 JSS Buildcon Private Limited 130 Cadillac Buildwell Private Ltd. 131 Dholadhar Developers Private Limited 132 MNT Buildcon Private Limited 133 PSA Impex Private Limited 134 Preet Realtors Private Limited 135 Koshda Buildcon Private Limited 136 Vibhor Vaibhav Infrahome Private Limited 137 R R Civiltech Private Limited 138 Z Square Shopping Mall Pvt. Ltd. 139 Shri Krishna Cinetech (P) Ltd. 140 WM Developers Private Limited 141 Best International Projects Private Limited 142 Chintels India Limited 143 N P Infratech Private Limited 144 SP HI-FY Realtors Private Limited

South Zone 1 Jayabheri Properties Private Limited 2 Ceebros Property Development 3 Aparna Constructions And Estates Private Ltd. 4 NCC Urban Infrastructure Ltd. 5 Tempus Infra Projects Private Limited 6 Radha Realty Corporation (India) Pvt Ltd 7 Jain Housing

8 Kanakadhara Ventures Private Limited 9 Mahindra World City Developers Limited 10 Olympia Infratech Private Limited 11 Skyline Foundation And Structures Private Ltd. 12 Concorde Housing Corporation Private Limited 13 Salarpuria Properties Private Ltd. 14 DS-Max Properties Private Limited 15 Dsr Infrastructure Private Limited 16 Ceebros Hotels Private Limited 17 Mohan Enterprises 18 Ruby Builders & Promoters 19 Green ValleyS Shelters Private Limited 20 Lancor Holdings Ltd 21 Gopalan Enterprises (India) Private Limited 22 Real Value Promoters Private Limited 23 Artech Realtors Private Limited 24 Salarpuria Softzone 25 Sri City Pvt. Ltd 26 Supreme Builders.-(Prop.Ramamurthy Naidu). 27 ETA Startech City Pvt Ltd 28 ISP Infrastructure Private Limited 29 KNS Infrastructure Private Limited 30 Bhavya Constructions Private Limited 31 Janachaitanya Housing Limited 32 Omega Shelters Private Limited 33 Ashok Matches And Timber Industries Private Limited 34 Pbel Property Development (India) Private Limited 35 Ampa Housing Development Private Limited 36 Maverick Holdings & Investments Private Ltd. 37 Rajparis Civil Constructions Ltd 38 South India Shelters Private Limited 39 Windsor Gardens Private Limited 40 Krishna Constructions (Chennai) 41 Plama Developers Ltd. 42 Mana Projects Pvt. Ltd. 43 Electronics Technology Park.-Kerala 44 Kgisl Trust 45 Shanta Sriram Constructions Private Limited 46 Vishwas Bawa Builders 47 Chennai Citi Centre Holdings Private Ltd. 48 S & P Foundation Private Limited 49 Salarpuria Griha Nirman Private Ltd. 50 TRIL Infopark Limited 51 Legend Estates Private Limited 52 Sreerosh Properties Pvt Limited 53 ETA Technopark Ltd. 54 Firm Foundations and Housing Private Limted 55 Malles Constructions Private Limited 56 Building Blocks Projects India Private Limited 57 Jain Housing & Constructions Limited 58 Skylark Mansions Private Ltd. 59 V.G.N.Homes Private Limited 60 Lumbini Constructions Limited 61 Quadro Info Technologies Private Ltd. 62 Shrusti 63 TNR Constructions 64 Infoparks Kerala

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65 Holy Faith Builders & Developers Private Limited 66 Grahalaya Construction Private Limited 67 Sakthi Towers & Estates (India) Private Limited 68 Vinayagar Promoters and Builders 69 Nu-Tech Associates 70 Silpi Constructions 71 Rajapushpa Properties Private Limited 72 Legacy Global Projects Private Limited 73 Gopalan Enterprises 74 PVS Apartments 75 Rayala Corporation Private Limited 76 Khurinji Homes Private Limited 77 Mascot Properties Private Ltd. 78 Triumph Realtors India Private Limited 79 Natwest Estates Private Ltd. 80 Ticel Bio Park Limited 81 Trishul Developers 82 Radha Infraprojects (India) Private Limited 83 Karnataka Veerashaiva Vidyabivrudhi Samsthe 84 Sterling Estate And Properties Limited 85 Kalyani Developers. 86 Harkeshwar Realtors Private Limited 87 VBC Associates 88 Sri Durga Estates 89 Bashyaam Constructions Private Limited 90 Rao Computer Consultants Private Limited 91 Shree Realtors Private Limited 92 Waterline Hotels Private Limited 93 Vishnudeep Projects And Properties Private Limited 94 H.S.R Developers Pvt. Ltd 95 Sumedha Niketan Private Ltd-formerly Sattava Developers

Private Ltd. 96 Kaviyan Construction Private Limited 97 Lord Krishna Arcade Private Limitied 98 Pavan Buildtech Projects Private Limited 99 DS-Max Realty Pvt Ltd 100 Enclaves Infrastructure (Mysore) Private Limited 101 V. Kannan 102 Voora Property Developers Pvt Ltd 103 Esquire Estates Developers Private Limited 104 Vishwa Holdings 105 Unichem Trading Company 106 Devbhumi Realtors Pvt Ltd. 107 K N Infra Projects Private Limited 108 Salarpuria Homes Private Ltd. 109 Vaishali Traders Private Ltd. 110 Central Hotels Private Limited 111 J. Kamakshi 112 Deepak Construction 113 Sabari Foundations Pvt.Limited 114 Coimbatore Hitech Infrastructure Private Limited 115 RKR Housing (P) Ltd 116 The South Indian Film Chamber of Commerce 117 Call Express Construction (India) Private Limited 118 M. K. Mathivathanan 119 Canopy Estates Private Limited 120 J. Ramachandraiah

121 Greenage Griha Nirman Pvt. Ltd. 122 Telugu Film Producers Mutually Aided Cooperative Housing

Society Ltd 123 Manthan Groups Builders and Developers 124 Niwara Builders 125 Neil Computech Pvt Ltd 126 Cybercity Builders & Developers Pvt Ltd 127 Raj Water Scape Properties Pvt Ltd 128 Prajay Properties Private Limited 129 Sathyasree Developers (P) Limited 130 Manyata Infrastructure Development Private Limited 131 SreeNivas Buildtech (India) Pvt. Ltd. 132 Marvel Associates 133 Bagmane Estates Private Limited 134 Chandana Brothers Multi Complex Private Ltd. 135 Land Mark Developers 136 ULCCS IT Infrastructute Private Limited 137 Anand Citi Centre Holdings (P) Limited 138 V.R. Constructions 139 Dewa Projects Private Limited 140 Milestone Buildcon Pvt Ltd 141 Vishnu Sri Builders & Developers 142 Sri Ramprasad Sky Scrappers Pvt Ltd 143 Poulomi Estates Pvt Ltd 144 Sri Sreenivasa Constructions 145 S.V.Builders And Developers 146 SSM Builders and Promoters 147 U.V. Promoters 148 Rajlaxmi Griha Nirman Private Ltd. 149 Mahalakshmi Plaaza 150 Rajmata Realtors Private Ltd. 151 Ozone Urbana Infra Developers Pvt Ltd 152 Mindcomp Tech Park Pvt. Ltd. 153 Kondapur Towerss Pvt Ltd 154 Sushruta Vishranthi Dhama Ltd. 155 Vermont Projects. 156 Tapovan Projects 157 Vishala India Commercial Developers Pvt Ltd. 158 Bhojeshwar Realtors Private Ltd 159 Sattva Builders Private Limited 160 Sattva Realtors Private Limited 161 Savitrimata Realtors Private Ltd. 162 KSM Nirman Private Limited 163 FN Infrastructures Private Limited 164 Winner Foundations Private Limited 165 Ambojini Property Developers Private Limited 166 Northern Sky Properties Private Limited 167 Jamals 168 Power Welfare Society

East Zone 1 Ideal Dealers Pvt. Ltd. 2 Ideal Heights Pvt Ltd 3 South City Projects (Kolkata) Limited 4 Kaushalya Infrastructure Development Corporation Ltd 5 Ambuja Housing and Urban Infrastructure Co. Ltd 6 Mani Square Limited

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7 Bengal Shelter Housing Development Limited 8 Bengal Pincon Housing Infrastructure Limited 9 JC Constructions Pvt Ltd 10 Srijan Realty Limited 11 Reproscan Techpark 12 Shine Realtors Pvt Ltd 13 Megacity Apartments Private Limited 14 Shri Ram Multicom Pvt. Ltd. 15 Environmental Creation Pvt Ltd 16 Bivab Developers Private Limited 17 Shri Ram Mall Private Limited 18 Super Diamond Enterprises 19 Mayfair Properties 20 Pranav Builders Pvt Ltd 21 Ideal Real Estates Private Limited 22 Heaven Dealers Pvt. Ltd. 23 Mondal Construction Co. Ltd. 24 Falcon Consultancy Pvt Ltd 25 Shashank Nidhi Construction Private Limited 26 Himalayan Builders 27 Beekay Plaza Private Limited 28 Shree Balasaria Construction Private Limited 29 Yama Enterprises Pvt Ltd 30 Vishwakarma Builders 31 Lovely Promoters Private Limited

32 Nadia Constructions Private Limited 33 Merrill Infrastructure Limited 34 Fast Flow Distributors Private Limited 35 Exhibitors Syndicate Limited 36 Venkatesh Foundation Private Limited 37 Patodia Realestate & Builders Private Limited 38 Arihant Infrastructures 39 Kamakhya Cold Storage (P) Ltd 40 Amp Universal Realty Private Limited 41 Realtech Nirman Private Limited 42 Orbit Realty Infrastructure Ltd. 43 Syn Pack Finance Pvt Ltd 44 Chakram Trading & Investment Pvt Ltd 45 Tirumala Realcon Private Limited 46 D.A.R.P.Construction (J.V.) 47 K K Homes 48 Pasari Multiprojects Pvt Ltd 49 Techna Infrastructure Private Limited 50 Chakra Infrastructure Limited 51 United Exhibitors Syndicate Pvt Ltd 52 Saltee Buildcon Private Limited 53 P & M And Hitech Infrastructures LLP 54 Prudent Infrarealty Private Limited 55 Satyam Krishna Infraprojects Private Limited 56 N K Tower Private Limited

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BLR - Milestones

14,000thBLR

1,000thBLR

5,000thBLR

1stBLR

Jul2007

Sep2010

Jan2009

Sep2013

10,000thBLR Jun2012

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