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ASHIANA - Ashiana Housing

📊 NSE: ASHIANA 🏢 Construction 📅 Last Updated: 12/13/2025 18:34

📢 Recent Corporate Announcements

Ashiana Shareholders Approve Appointment of Vikas Choudhury as Independent Director with 99.99% Votes

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 23 Apr 2026, 01:28 PM

Ashiana Housing Limited held its 1st Extraordinary General Meeting (EGM) on April 22, 2026, to seek shareholder approval for a key management appointment. Shareholders overwhelmingly approved the appointment of Mr. Vikas Choudhury as an Independent Director and sanctioned his remuneration package. The special resolution received 99.9994% of the total votes in favor, with 70,398,821 votes supporting the move. This high level of consensus, including 100% support from the promoter group, indicates strong shareholder confidence in the board's composition.

Special resolution for the appointment of Mr. Vikas Choudhury as Independent Director passed with 99.9994% majority.
A total of 70,399,213 votes were cast across 84 shareholders (5 promoter and 79 public).
Promoter group cast 61,426,786 votes, all 100% in favor of the resolution.
Public shareholders cast 8,972,427 votes, with 99.9956% in favor and only 392 votes against.
The EGM was conducted via remote e-voting and electronic voting during the meeting held on April 22, 2026.

💡 The strong shareholder support for the new Independent Director is a positive sign of corporate governance and management stability. Investors should maintain their positions as this confirms a smooth transition in board composition.

Ashiana Housing Shareholders Approve Vikas Choudhury as Independent Director for 3-Year Term

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 22 Apr 2026, 04:35 PM

Ashiana Housing has received shareholder approval to regularize the appointment of Mr. Vikas Choudhury as an Independent Director for a three-year term effective April 22, 2026. Mr. Choudhury is a high-profile addition, having served as President at Reliance Jio and CEO of Aimia Inc. India. He will receive an annual remuneration of INR 8 lakhs. His extensive experience in digital transformation and venture capital (investor in 75+ companies) is expected to provide strong strategic oversight to the board.

Appointment of Mr. Vikas Choudhury as Independent Director approved for a 3-year term starting April 22, 2026.
The director will receive an annual remuneration of INR 8 lakhs as approved by shareholders.
Mr. Choudhury brings significant leadership experience from Reliance Jio and Aimia Inc., and holds an MBA from Harvard Business School.
He has a track record of investing in 75+ companies, including 10+ unicorns and IPOs such as Myntra and Policy Bazaar.
The appointment was finalized during the Extra-Ordinary General Meeting held on April 22, 2026.

💡 Investors should view the addition of a high-caliber professional like Mr. Choudhury as a positive step for corporate governance and strategic depth. No immediate action is required, but this strengthens the company's leadership profile.

Ashiana Housing Holds EGM to Appoint Vikas Choudhury as Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Apr 2026, 04:27 PM

Ashiana Housing Limited conducted its first Extraordinary General Meeting (EGM) for FY 2026-27 on April 22, 2026. The meeting's primary agenda was the appointment of Mr. Vikas Choudhury as an Independent Director and the approval of his remuneration. A total of 52 shareholders, representing 6,02,59,790 shares, attended the meeting via video conferencing. The company also addressed queries from 8 speaker shareholders regarding business performance during a dedicated Q&A session.

EGM held on April 22, 2026, to approve the appointment and remuneration of Mr. Vikas Choudhury as Independent Director
Total attendance of 52 members, including 48 public shareholders representing 6.02 crore shares
Remote e-voting was conducted between April 19 and April 21, 2026, prior to the meeting
8 speaker shareholders participated in a Q&A session with Managing Director Vishal Gupta regarding company performance
Final voting results to be declared within 2 working days of the meeting conclusion

💡 This is a routine corporate governance matter. Investors should monitor the official voting results to confirm the appointment but no immediate portfolio action is required.

Ashiana Housing Acquires 28.55 Acres in Pune with INR 1,800 Cr Sales Potential

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 09 Apr 2026, 03:28 PM

Ashiana Housing has completed its largest-ever land acquisition for a Senior Living project, securing 28.55 acres in Pune, Maharashtra. The land was acquired on an outright purchase basis in Vadgaon, Maval, marking a significant expansion in a key growth market. The project is estimated to have a saleable area of 20 lakh sq. ft. with a total sales value potential of approximately INR 1,800 crores. This move significantly strengthens the company's pipeline in the high-margin senior living segment.

Acquired 28.55 acres of land in Pune on an outright purchase basis
Largest ever land deal by the company specifically for a Senior Living project
Estimated saleable area of 20 lakh sq. ft. to be developed
Projected sales value potential of approximately INR 1,800 crores

💡 Investors should view this as a major long-term growth driver that enhances revenue visibility. Monitor the company's upcoming quarterly updates for project launch timelines and regulatory approvals for this site.

Ashiana Housing Reports Highest Ever Annual Sales of ₹2,421.13 Cr in FY26

🟢 POSITIVE ⭐ 8/10

ROUTINE 📅 08 Apr 2026, 07:42 PM

Ashiana Housing achieved its highest-ever annual sales value of INR 2,421.13 Crores in FY26, marking a significant growth from INR 1,936.75 Crores in FY25. The performance was bolstered by a stellar Q4 FY26, where sales value reached INR 1,289.70 Crores, more than doubling the INR 574.73 Crores recorded in the same quarter last year. The Senior Living segment also reached a record high with sales of INR 570.15 Crores. While the total area booked for the full year remained flat at 26.73 lakh sq. ft., the substantial increase in sales value indicates a shift towards higher-value projects and better realizations.

Achieved record annual sales value of INR 2,421.13 Crores in FY26, up 25% YoY.
Q4 FY26 sales value surged to INR 1,289.70 Crores, driven by the Gurugram Aaroham project launch which contributed INR 832.50 Crores.
Senior Living segment hit an all-time high with INR 570.15 Crores in sales value for FY26.
Launched 849 units in Q4 FY26 across Bhiwadi, Gurugram, Pune, and Chennai, selling 394 units from these new launches.
Commenced handovers for Ashiana Shubham Phase-V (Chennai) and Ashiana Ekansh Phase-II (Jaipur) in Q4 FY26.

💡 Investors should take note of the company's successful expansion into the high-value Gurugram market and the continued dominance in the Senior Living niche. The record sales value provides strong revenue visibility for the coming quarters as these projects move toward completion and handover.

Ashiana Housing Clarifies Non-Applicability of SEBI Large Corporate Debt Framework

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Apr 2026, 11:36 AM

Ashiana Housing Limited has submitted a formal disclosure to the stock exchanges stating that it does not qualify as a 'Large Corporate' (LC) under the SEBI circular dated August 10, 2021. This classification is based on specific criteria including outstanding long-term borrowings and credit ratings. Since the company does not fall under this category, it is not subject to the mandatory requirement of raising 25% of its incremental borrowings through the issuance of debt securities. This is a routine annual compliance filing for listed entities in India.

Ashiana Housing confirmed it is not a 'Large Corporate' as per SEBI/HO/DDHS/P/CIR/2021/613 guidelines.
The company is exempt from mandatory incremental debt market borrowing requirements for the period.
The disclosure was filed with both BSE and NSE on April 8, 2026, as part of standard regulatory compliance.
This status indicates the company's long-term borrowing levels or credit rating do not meet the SEBI-defined threshold for Large Corporates.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should focus on the company's operational performance and project delivery timelines.

Ashiana Housing Receives GST Demand of ₹4.95 Lakh for Ashiana Umang Phase IV

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Apr 2026, 04:02 PM

Ashiana Housing Limited has received a GST demand order totaling ₹4,95,696, which includes interest and penalties, from the CGST Department in Jaipur. The demand stems from the alleged wrongful availment of Input Tax Credit (ITC) for units sold after the completion certificate was issued for the Ashiana Umang Phase IV project. The company has stated that this order does not have a significant impact on its financial or operational performance. Ashiana Housing intends to contest the order and file an appeal accordingly.

Total GST demand of ₹4,95,696 including interest and penalty.
Order issued by the Office of the Superintendent CGST Range – XXXVIII, Jaipur.
Relates to alleged wrong ITC availment for Ashiana Umang Phase IV project.
Company will contest the order and file an appeal.
Management confirms no significant impact on financial or operational activities.

💡 No action is required as the financial impact is negligible compared to the company's scale. This is a routine regulatory matter that the company is contesting.

Ashiana Housing Receives GST Demand of ₹4.95 Lakh for Jaipur Project

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Apr 2026, 03:59 PM

Ashiana Housing Limited has received a GST demand order from the CGST Department, Jaipur, totaling ₹4,95,696, which includes interest and penalties. The demand relates to the alleged incorrect availment of Input Tax Credit (ITC) for units in the Ashiana Umang Phase IV project sold after the issuance of a completion certificate. The company has stated that this demand will not have a significant impact on its financial or operational performance. Ashiana Housing intends to contest the order and file an appeal with the appropriate authorities.

Total GST demand of ₹4,95,696 raised under Section 74 of the CGST Act 2017.
Demand pertains to alleged wrong ITC claims for units sold after completion certificate at Ashiana Umang Phase IV, Jaipur.
Order-in-Original dated March 27, 2026, was received by the company on April 01, 2026.
Company plans to contest the order and file an appeal, stating no significant financial impact.

💡 No action is required as the demand amount is immaterial compared to the company's scale of operations. Investors should view this as a routine tax-related regulatory matter.

Ashiana Housing Postpones EGM to April 22; Sets April 15 as Record Date for Voting

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Mar 2026, 09:55 PM

Ashiana Housing Limited has rescheduled its Extra-Ordinary General Meeting (EGM) from April 17 to April 22, 2026, due to unavoidable circumstances. The company has fixed April 15, 2026, as the record date to determine eligibility for e-voting. The primary agenda for the meeting is the appointment of Mr. Vikas Choudhury as an Independent Director for a three-year term. Shareholders will also vote on a proposed annual remuneration of ₹8 lakhs for the appointee.

EGM rescheduled to April 22, 2026, at 11:30 AM via Video Conferencing.
Record date for voting eligibility is fixed as April 15, 2026.
Proposal to appoint Mr. Vikas Choudhury as an Independent Director for a 3-year term.
Proposed annual remuneration for the new Independent Director is ₹8 lakhs.
Remote e-voting facility will be provided through NSDL for all eligible shareholders.

💡 Investors should note the new record date of April 15 to ensure their voting rights are secured for the upcoming EGM. This is a routine governance matter and does not require any immediate change in investment stance.

Ashiana Housing Postpones EGM to April 22; Proposes Director Appointment with ₹8 Lakh Pay

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Mar 2026, 09:51 PM

Ashiana Housing Limited has rescheduled its Extraordinary General Meeting (EGM) to April 22, 2026, from the original date of April 17 due to unavoidable circumstances. The primary objective of the meeting is to seek shareholder approval for the appointment of Mr. Vikas Choudhury as an Independent Director for a three-year tenure. The company has proposed a fixed remuneration of ₹8 lakhs per annum for the appointee. The record date for determining shareholder eligibility for e-voting has been fixed as April 15, 2026.

EGM rescheduled to April 22, 2026, at 11:30 AM via Video Conferencing
Record date for e-voting eligibility is fixed as April 15, 2026
Proposal to appoint Mr. Vikas Choudhury as Independent Director for a 3-year term
Proposed annual remuneration for the Independent Director is set at ₹8,00,000

💡 Shareholders should review the appointee's credentials in the EGM notice and ensure they are registered for e-voting by the April 15 record date if they wish to participate.

Ashiana Housing Secures 7.05-Acre Panvel Land for 7.05 Lakh Sq. Ft. Senior Living Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 30 Mar 2026, 04:00 PM

Ashiana Housing has restructured its land acquisition in Panvel, Maharashtra, replacing a previous 7-acre lease with a mix of purchase and lease agreements. The company has entered into an 'Agreement to Sell' for 6.02 acres and a 'Perpetual Lease' for 1.03 acres with Caroa Properties LLP. This land will be utilized for a Senior Living project with a total FSI potential of 7,05,000 sq. ft. The project launch is scheduled for the fourth quarter of FY 2026-27, reinforcing the company's focus on its core niche market.

Acquired 6.02 acres via Agreement to Sell and 1.03 acres via Perpetual Lease in Panvel.
Total development potential estimated at 7,05,000 sq. ft. of FSI.
Project specifically designed for the 'Senior Living' segment, a key growth driver for the company.
Official project launch targeted for Q4 FY27 following regulatory approvals.
Transaction confirmed as non-related party with no promoter shareholding in the counterparty.

💡 Investors should monitor the timely receipt of approvals for this project as it strengthens Ashiana's pipeline in the high-margin senior living segment. The clear shift from a pure lease to a majority-ownership model for the land parcel is a positive development for long-term asset value.

Ashiana Housing Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Mar 2026, 04:27 PM

Ashiana Housing Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter and financial year ending March 31, 2026. The trading window will remain closed until 48 hours after the company declares its audited financial results. This is a standard procedure for listed companies to prevent insider trading ahead of financial disclosures.

Trading window closure effective from April 1, 2026
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026
Restriction applies to designated employees, immediate relatives, and insiders
Window to reopen 48 hours after the official announcement of financial results

💡 This is a routine regulatory filing with no impact on company fundamentals; investors should monitor for the upcoming date of the financial results announcement.

Ashiana Housing Pays ₹35 Crore for Partial NCD Redemption and Interest to IFC

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 06 Mar 2026, 05:50 PM

Ashiana Housing Limited has fulfilled a payment obligation of INR 35 crore to the International Finance Corporation (IFC). The payment comprises a partial principal redemption of INR 25.22 crore and an interest payment of INR 9.78 crore on its listed Non-Convertible Debentures (NCDs). Post-redemption, the outstanding principal for this NCD series is reduced to INR 74.78 crore. This timely servicing of debt reflects the company's stable liquidity position and commitment to its creditors.

Total disbursement of INR 35,00,00,000 made to IFC on March 6, 2026.
Principal amount of INR 25,21,91,781 redeemed, reducing the face value per NCD.
Interest payment of INR 9,78,08,219 successfully processed for ISIN INE365D08075.
Outstanding debt on this series now stands at INR 74.78 crore against an initial INR 100 crore issue.

💡 This is a positive indicator of financial discipline and liquidity; shareholders should maintain their positions as the company effectively manages its leverage.

Ashiana Housing Targets ₹11,000 Cr Revenue by FY30; Senior Living to Drive 50% of Business

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 25 Feb 2026, 04:20 PM

Ashiana Housing has outlined an ambitious growth roadmap for FY25-FY30, targeting cumulative revenues of ₹10,000-11,000 crore and a PAT of approximately ₹2,000 crore. The company is strategically pivoting towards the senior living segment, aiming for it to constitute 50% of its business compared to the current 30%. With a lean debt-equity ratio of 0.20x and a target post-tax ROE of 15%, Ashiana is expanding its footprint into high-potential markets like Mumbai, Bangalore, and Chennai. Strong brand loyalty is evident as referral-driven sales have surged to 46% of total sales in FY25-26.

Targeting cumulative revenue of ₹10,000-11,000 crore and PAT of ~₹2,000 crore for the FY25-FY30 period.
Senior living pre-sales value estimated at ₹500 crore for FY26, accounting for 25% of total pre-sales.
Maintains a strong balance sheet with a low debt-equity ratio of 0.20x and a net cash position.
New project in Chennai (Mahindra World City) has a sales potential of ₹1,200 crore across 15 lakh sq. ft.
Referral sales share increased from 38% in FY24-25 to 46% in FY25-26, indicating high customer trust.

💡 Investors should monitor the company's execution in the high-margin senior living segment and its entry into the Mumbai and Bangalore markets. The long-term guidance suggests a significant scale-up, making it a compelling play in the niche residential real estate space.

Ashiana Housing Surpasses FY26 Presales Target; Q3 PAT Jumps 105% QoQ to INR 56.65 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 06:44 PM

Ashiana Housing reported a strong Q3 FY26 performance, with revenue more than doubling to INR 373.35 crores and PAT rising 105% QoQ to INR 56.65 crores, driven by higher project deliveries. The company has already surpassed its full-year FY26 presales target of INR 2,000 crores, significantly aided by the Ashiana Aaroham launch in Gurugram which alone contributed INR 767 crores. Management is strategically pivoting towards the senior living segment to improve realizations and reduce cyclicality, with new acquisitions in Karjat and Chennai. While the launch pipeline is healthy for the next 12-15 months, the company is actively working to close land acquisitions in Bangalore and Panvel to sustain long-term momentum.

Surpassed FY26 presales target of INR 2,000 crores, with Ashiana Aaroham contributing INR 767 crores at a realization of INR 15,200 per sq. ft.
Q3 FY26 PAT grew 105% QoQ to INR 56.65 crores, while revenue surged to INR 373.35 crores from INR 176.18 crores in Q2.
Generated strong pre-tax operating cash flows of INR 179.05 crores in Q3 and INR 409.77 crores for the 9-month period ended December 2025.
Strategic focus on Senior Living segment with new land acquisitions in Karjat (8.83 acres) and Chennai to drive higher average realizations.
Management expects Bangalore and Panvel land acquisitions to conclude within the next 3-6 months to replenish the launch pipeline.

💡 Investors should view the early achievement of the annual sales target and the pivot to high-margin senior living as strong growth catalysts. Monitor the closure of pending land acquisitions in Bangalore and Panvel to ensure the long-term launch pipeline remains robust.

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💰 Financial Performance

Revenue Growth by Segment

H1 FY26 total revenue grew 154.68% YoY to INR 478.90 Cr, primarily driven by a 164.7% increase in area delivered (7.81 lsf vs 2.95 lsf). FY25 revenue from real estate operations fell 44% to INR 528.80 Cr due to lower deliveries (9.97 lsf vs 23.86 lsf). Support operations revenue grew 4% to INR 69.70 Cr in FY25.

Geographic Revenue Split

Revenue is concentrated in micro-markets including Gurugram (Ashiana Amarah, Aaroham), Bhiwadi (Tarang, Advik), Jaipur (Aravali, Nitara, Ekansh), Jamshedpur (Sehar), Chennai (Swarang, Vatsalya), and Pune (Amodh). Specific % split per region is not disclosed.

Profitability Margins

Q2 FY26 PAT margin stood at 15.63%, a significant improvement from 4.20% in Q1 FY26, driven by higher-margin project deliveries. FY25 Net Profit Margin fell to 3.27% from 8.63% YoY due to lower delivery volumes and higher indirect costs relative to sales.

EBITDA Margin

Q2 FY26 EBITDA margin was 22.55%, up from 7.20% in Q1 FY26. FY25 Operating Profit Margin improved to 15.3% from 13.06% YoY due to better cost management and improved realization prices per square foot.

Capital Expenditure

Land purchases and advances totaled INR 182.01 Cr in FY25. The company acquired 22.71 acres in Chennai with a sales potential of INR 1,200 Cr. IFC provided INR 100 Cr funding for the Ashiana Aaroham project.

Credit Rating & Borrowing

CARE Ratings maintains a 'Strong' liquidity profile. Borrowing costs are impacted by the issuance of INR 125 Cr debentures in FY25, which increased the Debt-to-Equity ratio to 0.34 from 0.19 YoY.

⚙️ Operational Drivers

Raw Materials

Key materials include steel, cement, and labor. While specific % of total cost is not disclosed, project expenses increased 24% to INR 572.26 Cr in FY25 due to higher execution and inflation.

Import Sources

Not disclosed in available documents; typically sourced locally within India for regional projects.

Key Suppliers

International Finance Corporation (IFC) is a key financial supplier (INR 100 Cr NCDs). Mahindra World City (MWC) Chennai is a key land partner via perpetual lease.

Capacity Expansion

Equivalent area constructed in H1 FY26 was 13.44 lakh sq. ft., up 22.96% YoY. Q2 FY26 construction was 7.25 lakh sq. ft., up 18% QoQ.

Raw Material Costs

Project expenses rose 24% YoY in FY25, reflecting inflation in raw materials and labor. Procurement strategies include linking JDA payouts to collection milestones to manage capital intensity.

Manufacturing Efficiency

Construction efficiency is tracked via 'Equivalent Area Constructed,' which grew 22.96% in H1 FY26, aligning with higher delivery commitments.

Logistics & Distribution

Not disclosed as a specific % of revenue; distribution is primarily handled through a centralized sales and marketing engine.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by shifting the project mix toward higher-margin phases (e.g., Ashiana Amarah Phases 3-5) where land costs are fixed but selling prices have increased significantly. The company is also expanding its Senior Living vertical, highlighted by the new Chennai project with INR 1,200 Cr potential.

Products & Services

Kid Centric Homes (Amarah), Senior Living (Vatsalya, Swarang), Premium Homes (Aravali), Elite Homes (One44), and Real Estate Support Operations (maintenance services).

Brand Portfolio

Ashiana, Ashiana Amarah, Ashiana Advik, Ashiana Vatsalya, Ashiana Swarang, Ashiana Aravali, Ashiana Nitara, Ashiana Ekansh, Ashiana Amodh.

New Products/Services

Launched Ashiana Swarang Phase 2 (Chennai), Ashiana Aravali (Jaipur), and Ashiana Tarang Phase 6 (Bhiwadi) in H1 FY26. Chennai Senior Living project has a 15 lakh sq. ft. saleable area potential.

Market Expansion

Expanding into Chennai (Senior Living) and Pune (Ashiana Amodh) to diversify geographic concentration risk away from the NCR region.

Market Share & Ranking

Management claims 'pole position' and strong dominance in Jamshedpur, Jaipur, Rewari, and the Senior Living segment nationally.

Strategic Alliances

Partnership with IFC for INR 100 Cr funding; Joint Development Agreements (JDAs) with revenue shares (e.g., 35% share in Ashiana Malhar).

🌍 External Factors

Industry Trends

The real estate market is becoming 'non-secular' and fragmented, favoring developers with strong brand positioning and execution quality. Senior Living is a high-growth niche where Ashiana is a first-mover.

Competitive Landscape

Competes with regional developers in Gurugram, Jaipur, and Chennai. Management views Ashiana as a 'middle category' developer in Gurugram, avoiding the struggles of lower-tier players.

Competitive Moat

Moat is built on specialized product categories (Senior Living, Kid Centric) and geographic dominance in Tier-2 cities. Sustainability is driven by a strong balance sheet and a track record of maintenance (Support Operations).

Macro Economic Sensitivity

Highly sensitive to GDP growth and inflation; project expenses rose 24% in FY25 partly due to inflationary pressures.

Consumer Behavior

Shift toward specialized housing (Senior Living and Kid Centric) which allows for higher realizations and better customer stickiness.

⚖️ Regulatory & Governance

Industry Regulations

RERA compliance and environmental clearances are critical; delays in these led to the deferment of Ashiana Advik and Anmol deliveries from FY25 to FY26.

Environmental Compliance

Focus on solar generators, rainwater harvesting, and organic waste converters. Safety audits are conducted monthly and quarterly to ensure compliance.

Legal Contingencies

The company maintains legal and compliance teams to manage litigations and statutory compliances; specific case values in INR are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Cyclical nature of real estate and macro-economic factors (GDP, interest rates) which can lead to a slowdown in sales or increased project costs.

Geographic Concentration Risk

Concentrated in North India (NCR, Jaipur) and specific micro-markets; adverse impacts in these regions remain a monitorable risk.

Third Party Dependencies

Dependency on JDA partners for land; for example, Ashiana Malhar involves a 35% revenue share, which impacts the margin profile compared to owned land.