Adore Realtech

EXECUTIVE SUMMARY

Adore Realtech Private Limited is a privately held real estate developer incorporated on 19 July 2013, headquartered operationally in Faridabad, Haryana, with its registered office in South West Delhi. Founded by Jetaish Kumar Gupta and Kaptan Singh, the group has grown primarily within the Faridabad micro-market across affordable, mid-segment, and now luxury residential segments. The company has expanded into Gurgaon and Sohna, signalling a strategic push toward higher-value markets. Adore operates under the "Adore Group" brand, which is distinct from its legal entity and must be verified by buyers at the project level. Its reputation rests on an affordable housing base in Faridabad, with growing ambitions in the premium and luxury segments.

KEY PERFORMANCE METRICS

• Incorporation year: 19 July 2013
• Years of operating history: approximately 11 years
• Core geography: Faridabad (primary), Gurgaon, Sohna (emerging)
• Delivered projects: multiple affordable residential projects across Sectors 75, 85, 86, 89, 97 in Faridabad
• Under-construction projects: Adore Ananda (Sector 64, Faridabad), Adore The Select Premia (Sector 76, Faridabad and Sector 77, Gurgaon branding used by brokers), Adore Prosperity Homes (Sector 35, Sohna)
• Total portfolio (management-claimed): development spanning several lakh square feet across residential and commercial segments
• Revenue (FY2022, as per MCA filings): reported at zero or under INR 1 crore, reflecting Ind-AS revenue recognition timing rather than booking volumes
• Land bank: 5.47 acres acquired in Sector 76, Faridabad from HSVP for INR 124 crore in 2023 (auctioned, fully paid)
• Authorized share capital: INR 6.5 crore; paid-up capital: INR 6.08 crore
• Credit rating: No publicly available active credit rating found
• Employee count: Not publicly available

IMPORTANT CAVEAT

Adore Realtech Private Limited is an unlisted private company. Consolidated audited financial statements are not publicly available in the format required for detailed analysis. The latest balance sheet on MCA record is dated 31 March 2023, and reported operating revenue for FY2022 stands at zero or under INR 1 crore, which reflects Ind-AS percentage-of-completion or project-delivery-based accounting and does not represent actual sales bookings. Sales booking figures, project-level revenues, and debt details at the project SPV level are not independently verifiable from public filings. Buyers should independently verify the legal counterparty for any specific project, as individual projects may be housed under separate SPVs or subsidiary entities rather than directly under Adore Realtech Private Limited.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

Legal entity: Adore Realtech Private Limited CIN: U70101DL2013PTC255636 Registered address: H. No. A-43, F/F, Front Side Shera Mohalla, Garhi, Near East of Kailash, New Delhi, South West Delhi, Delhi 110065 Corporate operations: Faridabad, Haryana

The company operates as the primary brand entity. Individual projects, particularly larger developments, may involve separate project-level SPVs or special purpose vehicles, as is standard practice in Indian real estate. Buyers must verify at the time of booking whether their legal agreement is with Adore Realtech Private Limited or a project-specific entity. The legal counterparty name on the RERA registration, the builder-buyer agreement, and the tripartite loan agreement must be cross-checked carefully before signing.

SISTER COMPANIES AND GROUP ENTITIES

No publicly listed parent company or holding entity is on record. The group operates under the "Adore Group" brand umbrella. Multiple subsidiaries and associated project-level entities are referenced in MCA-adjacent databases but are not individually confirmed in publicly available consolidated filings. Buyers should search RERA filings using the exact legal entity name registered for each project rather than relying on the "Adore" brand alone.

LEADERSHIP AND MANAGEMENT

Jetaish Kumar Gupta, Co-Founder and Director, is a Chartered Accountant by qualification. He has over two decades of experience in real estate, having founded Adore Group in 2015 (with the legal entity incorporated in 2013). He leads strategy, land acquisition, and key stakeholder communications for the group. Kaptan Singh is the Co-Director and Co-Founder and handles operations alongside Gupta. An early reference also names Preeti Bansal as a promoter in certain project-level filings, though she does not appear as a current director in the most recent MCA records.

No publicly available information has been found regarding promoter-level criminal cases, income tax disputes, Enforcement Directorate matters, or SFIO proceedings against either director. This is based on publicly available sources and is subject to independent verification.

PROJECT PORTFOLIO ANALYSIS

A. DELIVERED / OPERATIONAL LANDMARKS

Adore Happy Homes, Sector 86, Faridabad: affordable housing under Haryana Affordable Housing Policy 2013, delivered to buyers; multiple phases completed across Sectors 85, 86, 75.

Adore Happy Homes Exclusive and Exclusive Phase 2, Sector 86, Faridabad: mid-segment affordable flats, reported as ready to move.

Adore Smart City, Sector 97, Faridabad: integrated township-style development, reported as ready to move.

Adore Samriddhi, Sector 89, Faridabad: affordable housing, reported as ready to move.

Adore Happy Homes Pride, Sector 75, Faridabad: affordable category, delivered.

Adore Happy Homes Grand, Sector 85, Faridabad: delivered.

These projects constitute Adore's delivery track record, concentrated entirely in Faridabad's affordable segment. Delivery timelines, while generally achieved, have seen delays in some projects as evidenced by RERA appellate proceedings (see Legal section).

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

Adore The Select Premia, Sector 76, Faridabad: flagship ultra-luxury project on 5.47 acres of HSVP-auctioned land. Configuration: 190 units of 4 BHK with servant quarters. Planned investment: INR 800 crore. Land cost: INR 124 crore, fully paid. Launched around Diwali 2023, with a targeted four-year construction cycle. RERA number: buyers must verify on Haryana RERA portal before booking. Note: some broker websites reference "Adore The Select Premia, Sector 77, Gurgaon" in marketing materials; buyers must confirm the correct project location, license jurisdiction, and RERA registration independently.

Adore Ananda, Sector 64, Faridabad: affordable housing under PMAY (Pradhan Mantri Jan Awas Yojna), configurations of 1, 2, and 3 BHK. Under construction. RERA number to be verified on HRERA portal.

Adore Prosperity Homes, Sohna Sector 35, Gurgaon: affordable-segment new launch, 1, 2, and 3 BHK units starting around INR 14.66 lakh. RERA registered, possession targeted June 2029. Approximate price range: INR 3,000 to INR 4,500 per sq. ft. on carpet area basis.

ABC Adore Business City, Sector 72, Faridabad: commercial development.

C. PIPELINE

Adore has signalled an intent to move up the value chain from affordable to luxury, with The Select Premia as its flagship premium pivot. The group is also expanding its footprint in Gurgaon and Sohna. Management has indicated continued interest in HSVP auction parcels. No formal announcement of a Noida or Greater Noida project has been found in publicly available sources.

FINANCIAL ANALYSIS

• Revenue (FY2022, MCA): zero to under INR 1 crore (Ind-AS recognition timing; not reflective of actual bookings)
• Paid-up capital: INR 6.08 crore
• Authorized capital: INR 6.5 crore
• Debt: Not publicly available in consolidated or standalone form from MCA filings or rating reports
• Net worth, EBITDA, PAT: Not publicly available
• Customer advances at project level: Not publicly available
• Land acquisition cost for Sector 76 project: INR 124 crore (confirmed; fully paid, per company disclosures)
• Planned project investment for The Select Premia: INR 800 crore (management-stated; not independently verified)
• Banking facilities: the company has disclosed tie-ups with leading banks for home loan approvals for buyers; specific construction finance details are not publicly available
• No external PE, NCD, or institutional funding has been publicly announced

The extremely low reported revenue at the entity level versus the scale of projects delivered indicates that revenue recognition is either deferred, or that projects are housed in SPVs whose financials are not consolidated into the main entity. This is a material disclosure limitation for buyers and investors. The absence of publicly available debt figures for the holding entity or project SPVs makes independent leverage assessment impossible without accessing paid MCA documents or project RERA disclosures.

CREDIT RATING AND LIQUIDITY

No active credit rating from CRISIL, ICRA, CARE, or India Ratings has been found for Adore Realtech Private Limited or any of its known project entities. The absence of a credit rating is common for developers of this size but limits transparency around construction finance, bank line quality, and liquidity management. For buyers, this means there is no publicly available third-party assessment of the company's ability to service construction debt or complete projects under financial stress. Buyers should ask the developer to disclose the name of the construction finance lender and the outstanding loan amount for their specific project.

MARKET POSITION AND COMPETITIVE ANALYSIS

Adore Realtech occupies a niche in the Faridabad affordable and mid-segment residential market, where it competes with Piyush Group, Omaxe, Puri Constructions, and smaller local developers. In Faridabad's affordable segment, Adore has established credible brand recall through multiple project deliveries. However, its market share within Faridabad is modest compared to national players, and it lacks the scale, balance sheet depth, and geographic diversification of listed peers. Its entry into Gurgaon through Sector 77 (Select Premia branding) and Sohna (Prosperity Homes) exposes it to significantly stiffer competition from DLF, Godrej Properties, M3M, Signature Global, and Sobha, all of which have stronger brand equity, larger capital bases, and more established delivery track records in Gurgaon. Adore's primary competitive advantage remains its niche positioning in Faridabad's high-demand affordable segment and land acquired at HSVP auction prices.

REGULATORY COMPLIANCE AND LEGAL STATUS

Adore Realtech has registered multiple projects under Haryana RERA (HRERA, Panchkula jurisdiction for most Faridabad projects). RERA registration is confirmed for completed and ongoing projects.

A publicly available adjudicated case involves Smt. Sandhya Gupta vs. Adore Realtech Private Limited, decided by the Haryana Real Estate Appellate Tribunal on 24 March 2023. This case involved a unit under the Adore Happy Homes project. The tribunal found that the due date of possession was 17 April 2019 under the builder-buyer agreement but actual possession was handed over on 15 April 2021, constituting a delay of approximately two years. The Appellate Tribunal modified the earlier HRERA order and awarded delayed possession interest at SBI's highest MCLR plus 2 percent per annum for the full period of delay from April 2019 to April 2021. This is an adjudicated finding, not merely an allegation. The case confirms that at least one delivery was over 24 months late, and interest liability was imposed on the developer.

No ED, CBI, SFIO, EOW, NCLT insolvency, or income tax dispute proceedings have been found in publicly available sources against Adore Realtech Private Limited or its directors as of the time of this report. This is subject to independent verification through formal litigation search across civil, criminal, and tribunal databases.

Additional RERA complaints may exist on the HRERA portal that are not yet indexed by public legal databases. Buyers should independently search the HRERA Panchkula portal using the exact project name and the registered promoter entity name.

CUSTOMER PERSPECTIVE

Customer feedback from public platforms and forum discussions reflects a mixed but not severely negative profile. Recurring themes include:

• Delivery delays of varying magnitudes across affordable housing projects, consistent with the Appellate Tribunal finding above
• Some complaints regarding extra charges at the time of possession beyond those stipulated in the affordable housing policy, as referenced in the Sandhya Gupta case proceedings
• Positive feedback around the affordability of pricing and physical infrastructure delivery relative to competing developers in Faridabad's same segment
• CRM responsiveness is not specifically rated in publicly available adjudicated forums
• No large-scale buyer protest movement, group complaints to HRERA, or media reports of mass defaults have been found

All platform reviews are user-submitted and not adjudicated. Buyers should independently contact existing owners in completed projects before booking.

RISK ASSESSMENT

A. OPERATIONAL RISKS

• Delivery timelines: a confirmed 24-month delay in at least one project, with interest liability imposed. Scale of delivery risk for the INR 800 crore luxury project, which is significantly larger than previous projects, remains untested.
• Geographic concentration in Faridabad: the vast majority of projects and buyer base are in a single micro-market.
• Premium segment execution risk: Adore has no prior experience delivering a luxury project of this scale; The Select Premia is a material upward step in complexity and capital requirement.
• Gurgaon and Sohna market risk: these are highly competitive markets with strong incumbents; absorption may be slower than in Faridabad.

B. FINANCIAL RISKS

• Debt: actual debt levels are not publicly available. The INR 124 crore land cost was reportedly fully paid, but construction finance of potentially several hundred crore will be required for The Select Premia. Source of funds and leverage profile are unknown.
• Customer advance dependence: for a developer without publicly confirmed institutional equity or bond financing, construction finance likely depends significantly on customer advance flows. Any slowdown in sales could create liquidity stress.
• Revenue recognition lag: reported entity-level revenue is not reflective of actual bookings, making external financial assessment difficult.
• No PE or NCD funding: the absence of institutional capital reduces financial cushion compared to better-capitalised peers.

C. LEGAL AND GOVERNANCE RISKS

• Confirmed RERA appellate decision establishing a delivery delay of approximately two years on an earlier project. This is a matter of public record.
• SPV-level counterparty risk: buyers must verify the legal entity behind each project.
• Limited disclosure: as a private company, Adore is not obligated to publish audited consolidated financials publicly, limiting investor and buyer-level transparency.

BEST PRACTICE FOR BUYERS

• Verify the RERA registration number for the specific project on the HRERA Panchkula portal before any booking.
• Confirm the exact name of the legal entity (promoter) registered on RERA; do not rely on the "Adore Group" brand name alone.
• Check the land title documents, license number, and approved building plan for the project.
• For The Select Premia, independently verify the RERA-registered possession timeline and cross-check it against the construction finance plan.
• Ask the developer to disclose the name of the bank providing construction finance and the sanctioned credit limit.
• Check the current status of OC/CC for delivered projects before taking possession.
• Search HRERA portal complaints using the exact SPV or entity name registered for the project, not just "Adore."
• Review all charges demanded at possession against what is explicitly permitted under the RERA-approved cost sheet.
• Verify brochure claims, amenity commitments, and specifications against the RERA-filed declaration.
• Engage an independent property lawyer to review the builder-buyer agreement before signing.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

Adore Realtech is at an inflection point. Its affordable housing base in Faridabad provides a foundation of delivery credibility, but the company is now attempting a significant strategic pivot toward luxury and mid-premium segments. The INR 800 crore The Select Premia project in Faridabad, its Gurgaon-branded project (Sector 77), and the affordable Sohna launch together signal a three-pronged expansion. Infrastructure tailwinds, including Faridabad's improving road connectivity to Gurgaon and Noida, the KMP Expressway, and metro access improvements, support medium-term demand. However, executing a luxury project at this scale requires capital discipline, construction management capability, and luxury brand positioning that Adore has not previously demonstrated at this ticket size. The competitive intensity in Gurgaon will test the group's ability to compete outside its home market.

INVESTMENT AND BUYER THESIS

A. STRENGTHS

• Established delivery track record in Faridabad's affordable segment across multiple completed projects
• Land for flagship luxury project acquired through transparent HSVP auction at INR 124 crore, fully paid, reducing land title risk
• Founders bring direct real estate and financial management experience
• RERA-registered projects in Haryana; regulatory compliance broadly maintained
• Affordable pricing in Sohna and Faridabad markets retains buyer interest

B. CONCERNS

• Confirmed delivery delay of approximately 24 months on at least one affordable housing project, with interest awarded against the developer
• No publicly available credit rating; debt levels at the entity or project level are unknown
• Audited consolidated financials are not in the public domain
• No prior luxury project experience at the INR 800 crore investment scale
• Thin capital base at the holding entity level relative to stated ambitions
• Marketing by third parties for Gurgaon projects using "Sector 77 Gurgaon" branding requires independent verification of jurisdiction and RERA registration

C. OPPORTUNITIES

• Faridabad's under-supplied luxury segment provides first-mover positioning for The Select Premia
• HSVP-auctioned land with clean title reduces litigation risk on the flagship project
• Growing demand for affordable housing in Sohna and peri-Gurgaon markets
• Infrastructure improvements in Faridabad corridor create demand tailwinds

D. WATCHPOINTS

• RERA registration and HRERA compliance status of all under-construction projects
• Construction finance sanction and draw-down progress for The Select Premia
• Actual possession timelines versus RERA-committed dates for Ananda and Prosperity Homes
• Whether any additional RERA complaints or orders arise from ongoing projects
• Group financial disclosure practices as project scale increases

CONCLUSION

Adore Realtech is a Faridabad-based developer with a decade of affordable housing delivery experience and a strategic ambition to move up the value chain. Its delivery track record is tangible but not flawless, with at least one confirmed adjudicated case of a 24-month possession delay resulting in an interest award against the developer. The group's flagship luxury project, The Select Premia, represents a significant capital and execution step-up that has not yet been stress-tested. Financial transparency is limited, with no credit rating, no publicly available debt figures, and entity-level revenue reported at near-zero in MCA filings due to accounting timing. Buyers considering Adore projects should conduct thorough independent due diligence, particularly verifying RERA registration, the legal entity behind each project, construction finance arrangements, and possession timeline commitments, before committing capital.

DISCLAIMER

This report is based on publicly available information only. It is intended for due-diligence and research purposes, not investment advice. All financial metrics, project statuses, legal proceedings, and regulatory information are point-in-time and may change. Buyers and investors should independently verify all information from official RERA portals, company filings, court records, rating reports, and legal advisors before making any decision.

Source note: Prepared using publicly available information from regulatory portals, company filings, rating reports, court records, official disclosures, and reputed business media.