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RAYMONDREL - Raymond Realty

📊 NSE: RAYMONDREL 🏢 Residential, Commercial Projects 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Raymond Realty Subsidiary Receives ₹1.43 Crore Income Tax Show Cause Notice

🔵 WATCH ⭐ 4/10

REGULATORY 📅 12 Mar 2026, 07:17 PM

Ten X Realty Limited, a material subsidiary of Raymond Realty Limited, has received a Show Cause Notice from the Income Tax Department for Assessment Year 2023-24. The notice alleges that income amounting to ₹1,43,23,625 has escaped assessment under Section 147 of the Income Tax Act. This action follows a survey conducted by the IT Department in September 2025. The company has clarified that it expects no material impact on its financials or operations and is currently preparing a formal response.

Material subsidiary Ten X Realty Limited (TXRL) received a Show Cause Notice dated March 11, 2026.
The IT Department identifies ₹1,43,23,625 as income that escaped assessment for FY 2022-23.
The notice was issued following a survey action conducted on September 25, 2025.
Management states there will be no material impact on the company's financials or operations.
TXRL is currently taking legal advice and preparing a reply to the tax authorities.

💡 Investors should monitor the final adjudication of this tax matter, though the current amount involved is relatively small and unlikely to impact the company's fundamental value. No immediate portfolio changes are recommended based on this routine regulatory update.

Raymond Realty Launches Ten X District 9 in Thane with ₹2,000 Crore Revenue Potential

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 12 Mar 2026, 11:57 AM

Raymond Realty has launched 'Ten X District 9,' a 9-acre residential project in Thane with an estimated revenue potential of ₹2,000 crores. The development features 2-bedroom residences ranging from 600 to 820 sq. ft. and includes a significant 45,000 sq. ft. retail boulevard named 'Park Street.' This project is part of the company's larger strategy to capitalize on its 100-acre land bank in Thane, supported by upcoming infrastructure like Metro Lines 4, 4A, and 5. The launch reinforces Raymond Realty's position as a top-10 player in the Indian real estate market with a total estimated GDV of ₹400 billion.

Estimated revenue potential of ₹2,000 crores from the new 9-acre residential development.
Project includes over 5 acres of landscaped open spaces and 75+ lifestyle amenities.
Features 'Park Street', a ~45,000 sq. ft. high-street retail boulevard and two 15,000 sq. ft. clubhouses.
Strategic location 0.5 km from Eastern Express Highway and proximity to upcoming Thane-Borivali tunnel.
Project is RERA approved and aligned with Indian Green Building Council (IGBC) sustainability standards.

💡 Investors should track the booking momentum and sales velocity of this project as it is a key contributor to the company's revenue visibility. The successful monetization of the Thane land bank remains a primary catalyst for the stock's long-term performance.

Raymond Realty signs 7th JDA in Mumbai with Rs 3,000 Crore GDV potential

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 09 Mar 2026, 11:44 AM

Raymond Realty has secured its 7th Joint Development Agreement (JDA) for a residential project in Kandivali, Mumbai, with an estimated Gross Development Value (GDV) of Rs 3,000 crore. This project marks the company's third redevelopment venture in the Western Suburbs, reinforcing its asset-light expansion strategy. Following this addition, the company's total project GDV is now estimated to reach approximately Rs 43,000 crore. The move demonstrates the company's focus on scaling its portfolio in high-demand urban locations within the Mumbai Metropolitan Region.

New residential project in Kandivali with an estimated GDV of Rs 3,000 crore.
Total Gross Development Value (GDV) of the company's portfolio rises to approximately Rs 43,000 crore.
Marks the 7th Joint Development project and 3rd redevelopment project in Mumbai's Western Suburbs.
Strategic expansion aligns with the company's goal of disciplined capital deployment and execution excellence.

💡 Investors should view this as a strong growth signal for the company's real estate pipeline and asset-light model. Monitor the timeline for project launches and pre-sales performance to gauge future revenue realization.

Raymond Realty to Participate in Arihant Capital Investor Conference on March 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 11:19 AM

Raymond Realty Limited has announced its participation in the 'Bharat Connect Conference: Rising Stars' hosted by Arihant Capital on March 9, 2026. The interaction will be conducted virtually through one-to-one and group meetings with institutional investors. The company will utilize its existing Q3 FY26 and 9M FY26 investor presentation for these discussions. This is a standard regulatory disclosure regarding investor engagement and does not involve the release of new material financial data.

Scheduled to attend the Arihant Capital 'Bharat Connect Conference' on March 9, 2026.
Interaction format includes both one-to-one and group meetings conducted virtually.
Discussion will focus on the previously disclosed Q3 FY26 and 9M FY26 financial results.
The meeting schedule is subject to change based on exigencies from either the company or investors.

💡 No immediate action is required as this is a routine investor relations event. Investors should monitor for any post-conference transcripts or updates if they become available.

Raymond Realty Updates Disclosure Regarding Investor Conference on February 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Feb 2026, 04:32 PM

Raymond Realty Limited has provided a follow-up update regarding its participation in an investor conference held on February 25, 2026. The company had previously intimated on February 18, 2026, that it would participate and submit a presentation. However, this latest filing clarifies that no formal presentation was delivered during the session. This is a procedural disclosure under Regulation 30 of SEBI (LODR) Regulations and contains no new financial information.

Participation in an Investor Conference on February 25, 2026.
Reference to previous intimation RRL/SE/25-26/54 dated February 18, 2026.
Clarification that no formal presentation was made at the event.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No action is required as this is a routine administrative update. Investors should look for future quarterly filings for material business performance updates.

Raymond Realty Shareholders Approve ESOP 2025 and Trust-Based Implementation

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 21 Feb 2026, 06:32 PM

Raymond Realty Limited has successfully passed five special resolutions via postal ballot to implement the 'Raymond Realty Employees Stock Option Plan 2025'. The plan includes provisions for extending benefits to group company employees and implementing the scheme through an employee welfare trust. Shareholders also authorized the trust to conduct secondary acquisitions of shares and approved the company providing necessary funding to the trust. While the main ESOP resolution saw 99.71% approval, institutional investors showed significant resistance to extending the plan to group companies, with 61.81% of their votes cast against that specific resolution.

ESOP 2025 approved with a total of 99.71% votes in favor across all shareholder categories.
Secondary acquisition of shares by the Employee Trust authorized with 96.61% majority support.
Institutional investors cast 61.81% of their votes against extending ESOPs to group company employees.
Total voting participation recorded at 55.23% of the 66,573,731 total shares held by 233,748 shareholders.
The company is authorized to provide financial assistance to the Trust for share acquisitions.

💡 Investors should monitor the impact of secondary market share purchases by the Trust on stock liquidity and observe how ESOP costs affect future earnings. The high institutional dissent on group-level extensions suggests a need for closer scrutiny of corporate governance regarding cross-entity compensation.

Raymond Realty to Attend IIFL 17th Global Investors' Conference on February 25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 06:00 PM

Raymond Realty Limited (RAYMONDREL) has announced its participation in the IIFL 17th Global Investors' Conference 2026. The event is scheduled for February 25, 2026, at Trident BKC, Mumbai, and will involve one-on-one and group meetings with institutional investors. The company intends to share its latest investor presentation on the day of the event. This is a routine engagement aimed at providing updates on the company's business performance and strategic outlook.

Participation in the IIFL 17th Global Investors' Conference 2026
Scheduled date for interaction is February 25, 2026
Format includes one-on-one and group meetings at Trident BKC, Mumbai
Investor presentation to be submitted to exchanges on the day of the event

💡 Investors should monitor the company's website or exchange filings on February 25 for the new investor presentation to gain insights into project pipelines and growth targets.

Raymond Realty to Attend Dolat Capital Corporate Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 11:37 AM

Raymond Realty Limited (RAYMONDREL) has announced its participation in the Dolat Capital Corporate Conference 2026, scheduled for February 18, 2026, in Mumbai. The company management will engage in one-to-one and group meetings with institutional investors to discuss business performance. The discussions will be based on the already published Q3 FY26 and 9M FY26 financial results. This is a standard investor relations activity aimed at maintaining transparency with the investment community.

Participation in Dolat Capital Corporate Conference 2026 on February 18, 2026
Meetings will be conducted in one-to-one and group formats at Grand Hyatt, Mumbai
Discussion will focus on the previously disclosed Q3 FY26 and 9M FY26 results
The event provides a platform for institutional investors to interact with the management team

💡 No immediate action is required as this is a routine disclosure. Investors should monitor for any post-conference analyst reports that might provide additional insights into the company's real estate project pipeline.

Raymond Realty Q3 FY26 Booking Value Jumps 47% to ₹743 Cr; Targets 20% Annual Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:12 PM

Raymond Realty reported a robust Q3 FY26 with total income rising 56% YoY to ₹766 crores and booking value increasing 47% to ₹743 crores. The company is aggressively pivoting to an asset-light JDA model, aiming for JDAs to contribute 50% of pre-sales by FY28 compared to 22% in FY25. With a total revenue potential of ₹40,000 crores and a lean net debt of ₹230 crores, management remains confident in achieving 20% annual growth. Four major launches are planned for Q4 FY26, including high-margin retail and residential projects in Wadala and Sion.

Q3 FY26 booking value surged 47% YoY to ₹743 crores, while total income grew 56% to ₹766 crores.
Maintains a lean balance sheet with a modest net debt of ₹230 crores as of December 31, 2025.
Total portfolio revenue potential stands at ₹40,000 crores, including ₹25,000 crores from Thane land and ₹14,000 crores from JDAs.
Aggressive Q4 FY26 launch pipeline includes 4 projects across Wadala, Sion, and Thane to drive volume and margins.
Strategic shift targeting 50% of annual pre-sales from the asset-light JDA model by FY28.

💡 Investors should focus on the company's successful transition to an asset-light JDA model and its ability to maintain 13%+ EBITDA margins. The strong launch pipeline in Q4 and low leverage provide a positive outlook for sustained growth in the Mumbai real estate market.

Raymond Realty to Participate in Systematix India Annual Conference on February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 02:14 PM

Raymond Realty Limited (RAYMONDREL) has scheduled its participation in the 'MANTHAN - Systematix India Annual Conference, 2026' on February 9, 2026. The company will engage in one-to-one and group meetings with institutional investors at Taj Santacruz, Mumbai. Management will discuss the Q3 FY26 and 9M FY26 financial results, which have already been disclosed to the exchanges. This event serves as a platform for the company to interact with the investment community regarding its operational performance and real estate outlook.

Scheduled to attend the MANTHAN - Systematix India Annual Conference on February 9, 2026
Interaction format includes both one-to-one and group meetings with institutional investors
Discussions will be based on the previously released Q3 FY26 and 9M FY26 investor presentation
The conference is hosted by Systematix and will take place in Mumbai

💡 Investors should monitor for any management commentary post-conference regarding project launch timelines and sales velocity. No immediate action is required as no new material financial information is expected beyond the existing Q3 results.

Raymond Realty Releases Q3 & 9M FY26 Investor Conference Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 07:37 PM

Raymond Realty Limited has officially released the audio recording of its Investor Conference held on January 27, 2026. The conference focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory requirements under SEBI's Listing Obligations and Disclosure Requirements. Investors can now access the management's commentary and Q&A session via the provided link on the company's website.

Audio recording of the Q3 FY2025-26 investor call is now available for public access.
The conference call was conducted on January 27, 2026, at 5:00 P.M. IST.
Discussion covered financial results for the quarter and nine months ended December 31, 2025.
The recording is hosted on the official Raymond Realty investor relations portal.
Compliance filing made under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should listen to the recording to understand management's outlook on the real estate sector and specific project execution timelines. This is a standard procedure to gain deeper insights beyond the reported financial numbers.

Raymond Realty Q3FY26: Total Income Surges 56% YoY to ₹766 Cr; Pre-sales Hit ₹743 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 02:58 PM

Raymond Realty reported a robust 56% YoY increase in total income for Q3FY26, reaching ₹766 Cr, while 9MFY26 income grew 18% to ₹1,864 Cr. Quarterly pre-sales were strong at ₹743 Cr, driven by the launch of the 'Invictus by GS' project in BKC which received an overwhelming response. Despite the revenue jump, EBITDA margins contracted to 13% from 21% YoY, resulting in a slight 4% decline in Net Profit to ₹67 Cr. The company maintains a massive revenue potential of ₹40,000 Cr across its Thane land bank and expanding JDA portfolio in Mumbai.

Total Income for Q3FY26 grew 56% YoY to ₹766 Cr, with 9MFY26 income at ₹1,864 Cr.
Achieved quarterly pre-sales of ₹743 Cr and customer collections of ₹427 Cr.
Launched new JDA project 'Invictus by GS' in BKC during Dec 2025, with 17% already sold.
Total potential revenue pipeline estimated at ₹40,000 Cr, including ₹25,000 Cr from Thane land.
Net debt remains low at ₹230 Cr with an estimated surplus cash flow of ₹4,135 Cr from launched projects.

💡 Investors should monitor the successful execution of the JDA-led expansion strategy, which aims to contribute 50% of pre-sales by FY28. While revenue growth is strong, the focus should remain on margin recovery as high-value Mumbai projects reach advanced construction stages.

Raymond Realty to Invest in New Subsidiary Chembur Realty Limited

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 27 Jan 2026, 02:02 PM

Raymond Realty Limited has approved an initial investment of ₹10,000 to subscribe to the paid-up capital of its newly incorporated wholly-owned subsidiary, Chembur Realty Limited (CRL). CRL was incorporated on October 29, 2025, with an authorized share capital of ₹1,00,000 to undertake real estate business. This move indicates the company's intent to potentially develop or manage projects specifically in the Chembur micro-market. The investment is nominal at this stage but establishes the corporate structure for future operations.

Initial investment of ₹10,000 for 1,000 equity shares at ₹10 each
Chembur Realty Limited is a 100% wholly-owned subsidiary of Raymond Realty
Authorized share capital of the new entity is ₹1,00,000
CRL was incorporated on October 29, 2025, to focus on real estate business

💡 This is a routine corporate structuring move with a nominal initial investment. Investors should monitor for future project launches or land acquisition announcements specifically related to this new subsidiary.

Raymond Realty Q3 FY26 PAT at ₹49.15 Cr; 9M Revenue Hits ₹1,068 Cr Post-Demerger

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 01:51 PM

Raymond Realty Limited reported a standalone revenue of ₹364.5 crore and a net profit of ₹49.15 crore for the quarter ended December 31, 2025. For the nine-month period of FY26, the company achieved a total income of ₹1,138.6 crore and a profit after tax of ₹134.5 crore. These results represent the company's performance in its first year as a standalone listed entity following the demerger from Raymond Limited. The company maintained a healthy EPS of ₹7.38 for the quarter and ₹20.20 for the cumulative nine-month period.

Q3 FY26 Revenue from operations stood at ₹36,449 Lakhs with a Total Income of ₹38,951 Lakhs.
Net Profit (PAT) for the quarter reached ₹4,915 Lakhs, resulting in an EPS of ₹7.38.
Cumulative 9M FY26 Revenue crossed the ₹1,000 crore milestone, totaling ₹1,06,816 Lakhs.
Profit Before Tax (PBT) for the nine-month period was ₹16,585 Lakhs, reflecting strong operational margins.
The company successfully transitioned to a standalone entity with a 1:1 share swap ratio effective from April 1, 2025.

💡 Investors should view the steady profitability post-demerger as a positive sign of the company's ability to operate independently. Monitor upcoming project launches and pre-sales velocity as key drivers for future revenue recognition.

Raymond Realty Reports Q3 PAT of ₹49.15 Cr; 9M Revenue Crosses ₹1,068 Cr Post-Demerger

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 01:48 PM

Raymond Realty Limited, following its demerger from Raymond Ltd, reported a standalone Profit After Tax (PAT) of ₹49.15 crore for the quarter ended December 31, 2025. Revenue from operations for Q3 stood at ₹364.49 crore, reflecting a slight sequential decline from ₹390.61 crore in Q2 FY26. For the nine-month period (9M FY26), the company achieved a total income of ₹1,138.61 crore and a PAT of ₹134.49 crore. As this is the first year of independent operations post-demerger, year-on-year comparisons are not fully applicable, but the company shows a steady profit margin of approximately 13.5% for the quarter.

Revenue from operations for Q3 FY26 stood at ₹364.49 crore compared to ₹390.61 crore in the previous quarter.
Net Profit (PAT) for the quarter was ₹49.15 crore with a basic EPS of ₹7.38.
Nine-month (9M FY26) total income reached ₹1,138.61 crore with a cumulative PAT of ₹134.49 crore.
Profit Before Tax (PBT) for the quarter was ₹61.12 crore, maintaining healthy operational efficiency.
The company completed its capital reorganization with 6.65 crore equity shares allotted in a 1:1 ratio following the demerger.

💡 Investors should focus on the company's ability to maintain sales momentum and project execution as an independent entity. While sequential revenue dipped slightly, the healthy 9M PAT of ₹134 crore provides a strong baseline for valuation in the real estate sector.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for H1 FY26 stood at INR 1,071 Cr, representing a 1% YoY growth compared to INR 1,060 Cr in H1 FY25. Q2 FY26 revenue showed stronger momentum at INR 697 Cr, a 22% increase YoY from INR 573 Cr. The company targets a sustained annual revenue growth of ~20% through its JDA-led expansion.

Geographic Revenue Split

The revenue is heavily concentrated in the Mumbai Metropolitan Region (MMR), specifically Thane, which hosts 6 out of 7 ongoing projects. The company is diversifying with a recently launched project in Bandra and upcoming JDA projects in Wadala, Sion, and Mahim, aiming to reduce Thane-specific concentration.

Profitability Margins

Net Profit for Q2 FY26 was INR 60 Cr (up 4% YoY), while H1 FY26 Net Profit was INR 77 Cr, a 17% decline from INR 92 Cr in H1 FY25. The PBT margin for H1 FY26 was 8.3%, down from 11.7% in H1 FY25, reflecting higher interest and depreciation expenses following the demerger.

EBITDA Margin

EBITDA margin for Q2 FY26 was 14.3% (INR 101 Cr), compared to 16.1% in Q2 FY25. For H1 FY26, the EBITDA margin was 13.0% (INR 143 Cr), a decline from 14.9% in H1 FY25, primarily due to a 20% increase in total income being offset by a rise in operational expenses to INR 955 Cr.

Capital Expenditure

The company has planned a project cost exceeding INR 8,000 Cr for 5 new JDA projects over the next year. As of March 31, 2025, the company had already incurred ~54% of the total estimated cost for its ongoing projects, indicating a moderate level of remaining capital commitment for current developments.

Credit Rating & Borrowing

CARE Ratings assigned a 'CARE A+; Stable' rating to INR 1,000 Cr of long-term bank facilities on July 14, 2025. The company maintains a strong financial profile with a net debt-free status and a debt-to-collections ratio below 0.30x over the last three years.

⚙️ Operational Drivers

Raw Materials

Construction materials including steel, cement, and finishing materials are the primary inputs, though specific percentage breakdowns per material are not disclosed. Total expenses for H1 FY26 reached INR 955 Cr, driven by project execution costs.

Import Sources

Not disclosed in available documents; however, procurement is managed by a dedicated Head of Contracts & Procurement with 30+ years of experience, focusing on the MMR region.

Capacity Expansion

Current portfolio includes a 100-acre land parcel in Thane with 60 acres owned and 40 acres under development. The total potential revenue from the current portfolio is ~INR 40,000 Cr, with ~INR 25,000 Cr from Thane and ~INR 14,000 Cr from JDA projects.

Raw Material Costs

Project execution costs are a major component of the INR 955 Cr expenses in H1 FY26. The company utilizes a JDA-led capital-light model to minimize land acquisition costs and focus capital on construction and marketing.

Manufacturing Efficiency

The company has delivered 13 lakh square feet (lsf) of developed area in Thane. Sales velocity is high, with over 90% of area sold in three Thane-based projects and 70% of total revenue potential sold across all ongoing projects as of March 2025.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

The company plans to achieve 20% CAGR through a JDA-led capital-light business model, focusing on the MMR and Pune markets. Strategy includes launching 4-5 new projects in FY26/27, including 3 new JDA launches in H2 FY26 (Wadala, Sion, Mahim) and 4 new launches in Thane to drive pre-sales growth.

Products & Services

Residential apartments (2 BHK, luxury units), high-street retail spaces, and integrated townships.

Brand Portfolio

Raymond Realty, Ten X Habitat, Ten X Era, Address by GS, Invictus by GS, Park Avenue (High-street retail).

New Products/Services

New JDA launches in Wadala, Sion, and Mahim are expected to contribute 28% of the projected booking value in H2 FY26. High-street retail expansion under the 'Park Avenue' brand in Thane is also a key new segment.

Market Expansion

Expansion beyond Thane into prime MMR micro-markets like Bandra, Wadala, Sion, and Mahim, with a continued focus on the Pune market for future JDAs.

Market Share & Ranking

The company is a leading player in the Thane residential market, having sold 8.6 lakh square feet in FY25 with a booking value of over INR 2,000 Cr.

Strategic Alliances

The company has signed 6 JDA projects to date, partnering with local land owners to maintain an asset-light model with a total potential revenue of ~INR 14,000 Cr from these alliances.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward branded developers and consolidated market shares. Raymond is positioning itself to capture this by scaling its JDA portfolio and targeting a 20% ROCE, aligning with the trend of asset-light expansion in real estate.

Competitive Landscape

Faces competition from established real estate players in the MMR region, particularly as it enters new micro-markets like Bandra and Mahim where it has a limited track record.

Competitive Moat

The primary moat is the 60-acre fully owned land bank in Thane with a development potential of INR 16,000 Cr, providing significant financial flexibility and cost advantages. This is sustained by the 'Raymond' brand legacy and a strong execution track record of delivering projects ahead of RERA deadlines.

Macro Economic Sensitivity

Highly sensitive to interest rates and disposable income levels, as these directly affect the affordability of residential units in the MMR region.

Consumer Behavior

Increasing demand for gated communities and branded luxury housing in Thane and Mumbai, which the company addresses through its 'Ten X' and 'Address by GS' product lines.

Geopolitical Risks

Limited direct exposure as operations are domestic; however, global supply chain disruptions could impact the cost of imported premium finishing materials.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by RERA (Real Estate Regulatory Authority) and local municipal norms. Slum rehabilitation projects in Sion and Mahim are subject to specific SRA (Slum Rehabilitation Authority) regulations and regulatory risks regarding tenant relocation.

Taxation Policy Impact

The company incurred taxes of INR 15 Cr in H1 FY26 on a PBT of INR 92 Cr, representing an effective tax rate of approximately 16.3%.

⚠️ Risk Analysis

Key Uncertainties

Execution and marketing risks associated with launching 5 new projects simultaneously with a total cost exceeding INR 8,000 Cr. Regulatory risks in redevelopment projects could impact timelines by 12-24 months.

Geographic Concentration Risk

High concentration risk with 85% of ongoing projects (6 out of 7) located in the Thane micro-market, making the company vulnerable to local demand-supply imbalances.