CRISIL Industry Insights

Real Estate
Unmatched coverage of 593 companies


2

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





Track
record
Lease Rental
trend
Funding
pattern
Occupancy
rates
Geographical
diversity
Revenue
mix
Rating
drivers


3

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
Purchased
Selling Expenses
Other Expenses
Power and Fuel
Consumable Stores
Other Mfg Exp
Employee Costs
Material Costs


4

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

40
Companies
50-100Cr
511
Companies
0-50Cr
6
Companies
>250 Cr
6
Companies
200-250 Cr
11
Companies
150-200 Cr
19
Companies
100-150 Cr
144
Companies
225
Companies
168
Companies
56
Companies


5

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.


6
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


7
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


8
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


9
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


10
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
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5,000
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2010
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Jun
2012















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CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end
research to the world's largest banks and leading corporations.
About CRISIL Ratings
CRISIL Ratings is India's leading rating agency. We pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we have a
leadership position. We have rated over 60,000 entities, by far the largest number in India. We are a full-service rating agency. We rate the entire range of debt instruments: bank loans,
certificates of deposit, commercial paper, non-convertible debentures, bank hybrid capital instruments, asset-backed securities, mortgage-backed securities, perpetual bonds, and partial
guarantees. CRISIL sets the standards in every aspect of the credit rating business. We have instituted several innovations in India including rating municipal bonds, partially guaranteed
instruments and microfinance institutions. We pioneered a globally unique and affordable rating service for Small and Medium Enterprises (SMEs).This has significantly expanded the market
for ratings and is improving SMEs' access to affordable finance. We have an active outreach programme with issuers, investors and regulators to maintain a high level of transparency
regarding our rating criteria and to disseminate our analytical insights and knowledge.
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Last updated: May, 2013
Disclaimer
CRISIL has taken due care and caution in preparing this report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/
users/ transmitters/ distributors of this report. No part of this report may be reproduced in any form or any means without permission of the publisher. Contents may be used by news media with
due credit to CRISIL.
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