ACE Group

EXECUTIVE SUMMARY

ACE Group is a privately held real estate developer headquartered at Sector 126, Noida, Uttar Pradesh, incorporated in 2012 under the legal entity Ace Infracity Developers Private Limited. The group was founded and is led by Ajay Chaudhary, who serves as Chairman and Managing Director. ACE operates exclusively in the NCR market, with a concentrated presence across Noida, Greater Noida West, and the Yamuna Expressway corridor. Its portfolio spans affordable to ultra-luxury residential, commercial, and mixed-use developments. The group has built a positive brand reputation in Noida, winning industry awards for on-time delivery and construction quality. ACE is an unlisted, privately held entity and its consolidated financials are not publicly disclosed in full. A CARE Ratings credit assessment from April 2023 provides the most detailed publicly available financial data.

KEY PERFORMANCE METRICS

• Incorporation year: 2012 (group operational since 2010)
• Geography: Noida, Greater Noida, Greater Noida West, Yamuna Expressway, and one Gurgaon project
• Delivered projects: Approximately 8 to 10 residential and commercial projects; total delivered area approximately 15 to 16.5 million sq ft
• Under-construction pipeline: Approximately 21 to 30 million sq ft, including joint ventures
• Customers served: Over 10,000 (management-claimed)
• Revenue (FY2024): Operating revenue in the range of Rs 750 to 1,000 crore (as per MCA-sourced filings)
• Paid-up capital: Rs 41.44 crore
• Authorised capital: Rs 71.59 crore
• Employees: Approximately 184 to 265 across various reporting periods
• Major segments: Residential (mid-market to ultra-luxury), commercial, plotted development, mixed-use

IMPORTANT CAVEAT

ACE Group operates as a private limited company. Audited consolidated financials are not fully in the public domain. Revenue figures cited in this report reflect MCA-sourced operating revenue ranges and the CARE Ratings press release from April 2023, which used standalone audited financials for Ace Infracity Developers Private Limited only. Sales bookings and recognized revenue are different metrics; booking figures shared by management are not independently verified. Individual projects may be housed under separate SPVs or executed under development management agreements with other developers. Buyers must verify which legal entity they are contracting with and whether that entity holds the RERA registration for the specific project.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

Legal entity: Ace Infracity Developers Private Limited CIN: U70102UP2012PTC052254 Registered office: Plot No. 01/B, Sector 126, Noida, Gautam Buddha Nagar, Uttar Pradesh, 201303

The group operates through the primary entity AIDPL, but several projects are executed under development management agreements with third parties, including Godrej Group and the County Group. The Godrej Palm Retreat and County One O Seven projects were managed under DMA arrangements, meaning AIDPL acted as a development manager rather than the sole developer. Buyers in such projects must verify the exact legal counterparty and the specific SPV or entity named in the sale agreement, not merely the ACE brand.

SISTER COMPANIES AND GROUP ENTITIES

No major sister companies or publicly disclosed group holding structure is available. AIDPL is the primary operating entity. ACE's NCLT resolution plan activity for 3C Homes was also executed through AIDPL. The group's Gurgaon project, ACE Palm Floors, carries a HARERA registration, suggesting it may operate through a separate entity or division for Haryana. Full group structure including inter-company loans and SPV-level exposure is not publicly available.

LEADERSHIP AND MANAGEMENT

Ajay Chaudhary is the Founder, Chairman, and Managing Director of ACE Group. He entered construction and real estate in his early twenties after graduating from DAV College, New Delhi, and launched his first residential project in Greater Noida shortly after. He has built the group entirely through owner-operator leadership over approximately 15 years. No family succession or family co-promoter structure is publicly disclosed.

The registered directors of Ace Infracity Developers Private Limited as per MCA records include Ajay Kumar, Pratap Singh Rathi, Jagdeep Singh Gill, and Garima Arora (Company Secretary). Pratap Singh Rathi is listed as a co-promoter in the CARE Ratings disclosure.

No publicly documented criminal cases, ED matters, or serious governance issues against Ajay Chaudhary personally have been found in public records. However, ACE Group (through AIDPL) was involved in a prolonged NCLT insolvency resolution proceeding for 3C Homes, which is detailed under legal status below.

PROJECT PORTFOLIO ANALYSIS

A. DELIVERED / OPERATIONAL LANDMARKS

ACE Platinum City, Greater Noida West: Early project, won CNBC Awaaz award for best construction quality in 2013. Positioned in the affordable segment.

ACE City, Greater Noida West, Sector 1: Large-scale affordable to mid-market residential project. Won best affordable homes in Delhi NCR at CNBC Awaaz 2014.

ACE Aspire, Greater Noida West: Completed residential community. Considered a landmark affordable delivery for the group.

ACE Golfshire, Noida: Premium to luxury segment residential project. Won Times Business Award for best luxury developer in 2019.

ACE Starlit, Sector 152, Noida: Completed 2 and 3 BHK residential complex.

ACE Capitol, Noida: Commercial development. HDFC Bank and Infosys signed a 6 lakh sq ft lease here, demonstrating commercial viability. Won Times Excellence Award 2021 for innovation and design.

ACE Parkway, Sector 150, Noida (RERA: UPRERAPRJ4514): 11 towers with 970 units across 2, 3, 4 BHK and penthouses. Total project cost of approximately Rs 632 crore. As of the CARE April 2023 rating, construction was approximately 97% complete and project was near delivery.

Godrej Palm Retreat, Noida (DMA project): Executed under development management agreement with Godrej Group. Phase 1 was at advanced construction stages by end of 2022; Phase 2 at approximately 40% progress at that time.

County One O Seven, Noida (DMA project): Executed under development management agreement with County Group. At advanced construction stages by end of 2022.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

ACE Starlit, Sector 152, Noida (RERA: UPRERAPRJ677294): 2 and 3 BHK units.

ACE Terra, Sector 22D, Yamuna Expressway (RERA: UPRERAPRJ683816): Premium 3 and 4 BHK apartments.

ACE Han'ei, Sector 12, Greater Noida West (RERA: UPRERAPRJ677887): Ultra-modern 3.5, 4, and 4.5 BHK apartments positioned in the luxury segment.

ACE Estate, Yamuna Expressway (RERA: UPRERAPRJ442226): Residential project.

ACE Verde, Sector 22A, Yamuna Expressway (RERA: UPRERAPRJ913692, registered March 2025): Ultra-luxury 3 and 3.5 BHK apartments.

ACE Acreville, Sector 22A, Yamuna Expressway (RERA: UPRERAPRJ248777, registered March 2025): Plotted township offering 200 to 500 sq yd plots.

ACE Hive, Sector 22A, Yamuna Expressway: Mixed-use development with retail, co-working, and studio residences.

ACE Edit, Sector 22D, Yamuna Expressway (RERA: UPRERAPRJ467686, registered September 2025): Studio apartments and retail shops. Pre-launch pricing from approximately Rs 85 lakh.

ACE 153, Sector 153, Noida (RERA: UPRERAPRJ423807): Commercial IT/ITES development on Noida Expressway.

ACE 360, Sector 36A, Gurgaon: Luxury 3 and 4 BHK apartments. One of the group's first Gurgaon forays.

ACE Palm Floors, Gurgaon (HARERA: RC/REP/HARERA/GGM/439/171/2021/07 for plots; RC/REP/HARERA/GGM/449/181/2021/17 for floors): Plotted township in Gurgaon.

ACE Mahagun Medalleo, Noida (RERA: UPRERAPRJ125561): Joint venture with Mahagun Group. Estimated topline not publicly disclosed.

ACE Medley Avenue (RERA: UPRERAPRJ348653): Commercial development.

ACE YXP (RERA available): Yamuna Expressway project. Details not fully disclosed publicly.

C. PIPELINE

The group is aggressively expanding along the Yamuna Expressway corridor, with multiple new launches in Sector 22A and 22D. Jewar Airport proximity is a stated driver for this expansion. Commercial IT/ITES projects in Sector 153 indicate an intent to diversify beyond residential into office-led commercial development. The Gurgaon entry through ACE 360 and ACE Palm Floors signals a long-term intent to compete in Haryana. Joint venture activity with Mahagun Group on Medalleo and past DMA work with Godrej Group shows the group is open to partnership-based growth alongside self-developed projects. Under-construction pipeline of approximately 21 to 30 million sq ft (management-claimed, including JVs) is significant for a developer of this scale.

FINANCIAL ANALYSIS

The most verified data point comes from the CARE Ratings press release dated April 5, 2023, which covered the rating of AIDPL's bank facilities:

• Rated bank facilities (term loan): Rs 97.10 crore, reduced from Rs 116 crore
• Active open charges as per MCA: Rs 200.45 crore
• Closed loans (fully repaid charges per MCA): Rs 537.54 crore, indicating prior heavier debt levels
• Cash and bank balance as of March 31, 2022: Rs 22.92 crore
• Fixed deposits (FDR) as of March 31, 2022: Rs 41.44 crore
• DSRA: Three months maintained for ACE Parkway term loan
• Receivables as of December 31, 2022: Rs 389 crore (Ace Parkway), Rs 330 crore (Godrej Palm Retreat Phase 1), Rs 227 crore (Godrej Palm Retreat Phase 2), Rs 226 crore (County One O Seven)
• Combined receivable coverage versus balance construction cost and debt: 179% to 363% across projects
• Monthly collections: Approximately Rs 30 crore combined across projects (Dec 2022 period)
• Operating revenue FY2024: Rs 750 to 1,000 crore range (MCA-sourced)
• Networth growth FY2024: Reported increase of 263.68% year-on-year per MCA-sourced data, suggesting strong retained earnings or capital infusion
• Borrowings trend FY2024: Down approximately 40.41% per MCA data, a positive deleveraging signal

Earlier financials from CARE (standalone, audited) showed loss-making years:

• FY2021: Total operating income Rs 82.78 crore; PAT loss of Rs 48.99 crore; gearing 2.74x
• FY2022: Total operating income Rs 32.93 crore; PAT loss of Rs 85.72 crore; gearing 5.13x

The sharp revenue improvement to Rs 750 to 1,000 crore by FY2024 reflects Ind-AS revenue recognition from project completions such as ACE Parkway and the DMA projects reaching delivery thresholds. The prior losses were characteristic of possession-linked payment plan structures, where revenue is recognized only at or near possession.

Key financial risk: High dependence on customer advances for both debt repayment and balance construction costs across projects. Promoter equity was fully deployed in earlier projects, leaving cash flows dependent on new sales momentum.

CREDIT RATING AND LIQUIDITY

Rating agency: CARE Ratings Rating (April 2023): CARE BBB-; Stable Rated instrument: Long-term bank facilities, term loan of Rs 97.10 crore (reduced from Rs 116 crore) Outlook: Stable Rating history: Upgraded from CARE BB+; Stable in May 2022, reflecting improved execution and collections

CARE BBB- is investment grade but on the lower end of the investment grade spectrum. This rating is relevant specifically for the AIDPL entity and the projects rated at that time. No higher-grade rating from ICRA or CRISIL is publicly available for ACE Group.

The "Stable" outlook at the time reflected healthy collections, low immediate debt reliance, and adequate DSRA maintenance. However, the rating also flagged geographic concentration in Noida and dependence on customer advances as structural constraints. The current status of this rating has not been publicly updated post-April 2023. Buyers and investors should verify whether this rating remains active and has been reaffirmed or revised.

MARKET POSITION AND COMPETITIVE ANALYSIS

ACE Group competes in the mid-market to premium residential segment in Noida and Greater Noida West. Direct competitors in the same geography include Godrej Properties, Gaurs Group, Supertech (distressed), Mahagun, Eldeco, and Max Estates. Against listed and larger developers, ACE has lower financial transparency and smaller absolute scale. However, it carries a relatively strong brand for on-time delivery in the mid-premium segment within NCR, which differentiates it from several distressed or delayed peers in the same geography.

ACE's entry into the Yamuna Expressway corridor positions it ahead of many traditional Noida-centric developers in capturing Jewar Airport-driven demand. Its commercial ventures, including ACE Capitol leased to HDFC Bank and Infosys, have given it some institutional credibility in the commercial segment.

REGULATORY COMPLIANCE AND LEGAL STATUS

ACE Group projects are registered with UP RERA for Noida and Greater Noida projects, and with HARERA for Gurgaon projects. RERA registration numbers are publicly available and verifiable on the UP RERA portal.

The most material legal matter involving AIDPL is its participation as a resolution applicant in the insolvency of 3C Homes Private Limited under the Insolvency and Bankruptcy Code. The CIRP was initiated by NCLT on September 6, 2019. AIDPL submitted a resolution plan valued at Rs 140.39 crore, which was approved by the Committee of Creditors with 100% votes. NCLT initially rejected it in February 2021 on objections by allottees. NCLAT remanded it back in July 2021 with directions to reconcile homebuyer benefits and address YEIDA land dues. The Supreme Court, in April 2023, directed NCLT to take up the matter and pass orders. The NCLT finally approved the resolution plan in June 2023, with allottees of 3C Homes' Lotus City project (512 residential plots) to receive possession within 24 months of plan approval.

This resolution plan approval is a positive signal for execution intent, but the implementation and 24-month delivery obligation is an ongoing watch item. ACE's RERA re-registration for this project is also required as part of the plan.

No publicly available information has been found indicating ED, CBI, EOW, IT search, or criminal matters directly against ACE Group or its promoters. No major RERA punitive orders against ACE Group's own projects have been found in this report's research, though buyers should independently verify complaint volumes on the UP RERA portal using exact SPV names.

CUSTOMER PERSPECTIVE

Publicly available customer feedback presents a broadly positive picture on delivery track record for completed projects such as ACE City, ACE Aspire, and ACE Platinum. The group has industry awards specifically for on-time delivery and construction quality from Times Business and CNBC Awaaz platforms.

Recurring concerns found in user-submitted reviews across property platforms include: amenities completion lagging possession in some projects, maintenance charges structure not always aligned with brochure claims, and post-possession CRM responsiveness being inconsistent across projects. These complaints are user-submitted and have not been adjudicated.

The 3C Homes resolution creates a separate category of customers, specifically Lotus City plot buyers, who are dependent on AIDPL fulfilling the 24-month delivery commitment under the NCLT-approved plan. These customers are not ACE Group's primary buyers but are now legally bound to AIDPL's execution.

RISK ASSESSMENT

A. OPERATIONAL RISKS

• Heavy geographic concentration: Virtually all projects are in the Noida and Yamuna Expressway belt, with limited diversification
• Rapid Yamuna Expressway expansion involves new micro-market execution risk in a still-developing corridor
• DMA and JV project complexity adds contractual layers that can obscure buyer-level counterparty clarity
• 3C Homes resolution plan: 512-plot delivery obligation within 24 months of June 2023 approval is a near-term execution watch item

B. FINANCIAL RISKS

• Revenue recognition is heavily possession-linked, creating volatility between booking-period and delivery-period financials
• Customer advances remain the primary funding source for balance construction across multiple projects
• Prior loss-making years (FY2021 and FY2022) reflect structural timing risk in Ind-AS revenue recognition, not necessarily cash loss, but buyers should note the pattern
• Active open charges of approximately Rs 200 crore remain on MCA records as of publicly available data
• Full consolidated financials across all group SPVs and projects are not publicly available, limiting independent financial assessment

C. LEGAL AND GOVERNANCE RISKS

• Private company structure limits disclosure obligations compared to listed developers
• Group does not publish audited consolidated accounts publicly
• 3C Homes resolution plan obligation adds an execution and legal compliance dimension that is new for the group
• Buyers contracting through project-level SPVs or DMA structures must independently verify legal counterparty
• RERA complaints, if any, on newer projects are best verified on the UP RERA portal using exact project RERA numbers

BEST PRACTICE FOR BUYERS

• Verify the RERA number of the specific project and cross-check it on the UP RERA or HARERA portal
• Confirm the exact legal entity name in the sale agreement; it may not be Ace Infracity Developers Pvt Ltd but a project-specific SPV or DMA party
• Check land title and encumbrance status independently through a lawyer before executing the agreement
• Verify whether the project is self-developed by ACE or executed under a DMA with another developer or land owner
• For DMA or JV projects, understand the financial structure: who holds the land, who holds the construction liability, and who is the RERA registrant
• Check construction progress physically and compare against RERA-filed timelines before making any large payment tranche
• Search complaint history on UP RERA portal using the exact RERA project registration number
• For Yamuna Expressway projects, verify YEIDA approvals and any pending farmer compensation dues on the land parcels
• Review the builder-buyer agreement carefully for possession timeline commitments, penalty clauses for delay, and force majeure conditions
• Confirm that the Occupation Certificate or Completion Certificate has been obtained before accepting possession

FUTURE OUTLOOK AND STRATEGIC DIRECTION

ACE Group's strategic direction is clearly oriented around the Yamuna Expressway corridor, with multiple registrations in Sector 22A and 22D in 2025. Jewar International Airport's expected opening creates a structural tailwind for this zone. The group is simultaneously diversifying into commercial IT/ITES in Sector 153 Noida and has made an entry into Gurgaon through ACE 360 and ACE Palm Floors, signalling geographic broadening.

The Mahagun partnership on Medalleo suggests that ACE is willing to co-develop with established peers to manage land cost and execution risk in premium segments. The 3C Homes resolution provides access to a ready land parcel in the Yamuna Expressway region, which could be strategically valuable once the delivery obligation is fulfilled.

Key challenge remains: scaling execution and financial transparency in line with the growth of the project pipeline. The gap between management-claimed pipeline figures (21 to 30 million sq ft under construction) and independently verifiable financials is wide for a developer of this ambition.

INVESTMENT AND BUYER THESIS

A. STRENGTHS

• Fifteen-year track record in NCR with multiple delivered projects and industry recognition for on-time delivery
• Strong brand in Noida and Greater Noida West, particularly in mid-market and premium segments
• Active RERA compliance with publicly available registration numbers for all ongoing projects
• CARE BBB-; Stable rating (April 2023) indicates investment-grade credit on rated facilities
• Diversifying into Yamuna Expressway corridor ahead of Jewar Airport tailwind
• Commercial credibility evidenced by HDFC Bank and Infosys tenancy at ACE Capitol
• Borrowings reportedly declining by approximately 40% in FY2024

B. CONCERNS

• Private company with limited financial disclosure; no publicly available audited consolidated accounts
• FY2021 and FY2022 showed net losses of Rs 48.99 crore and Rs 85.72 crore respectively in standalone audited accounts
• High dependence on customer advances for debt repayment and construction financing
• Geographic concentration entirely in NCR, primarily Noida and Yamuna Expressway
• 3C Homes plot delivery obligation of 512 units within 24 months of June 2023 is an open execution commitment
• Active MCA charges of approximately Rs 200 crore remain outstanding as of available records

C. OPPORTUNITIES

• Jewar International Airport and associated infrastructure create multi-year demand in Yamuna Expressway projects
• Growing Noida luxury market allows ACE to compete in higher-ticket projects such as Han'ei and Verde
• IT/ITES commercial development in Sector 153 captures Noida Expressway corporate demand
• JV and DMA model enables growth without proportional capital outlay

D. WATCHPOINTS

• Status of CARE BBB- rating post-April 2023: whether reaffirmed, upgraded, or withdrawn
• Delivery status and RERA re-registration of 3C Homes' Lotus City plots under the NCLT-approved plan
• Financial health of the Yamuna Expressway expansion projects, particularly given the scale of recent launches
• Whether AIDPL files updated audited financials on MCA promptly, given the FY2023 and FY2024 filings
• Construction progress on Han'ei and Terra, given the premium pricing and buyer commitments in these projects
• Any new RERA complaints or orders on recently launched projects

CONCLUSION

ACE Group is a credible, mid-sized NCR developer with a 15-year operating history and a track record of delivery in the Noida and Greater Noida market. Its brand strength is real, backed by third-party awards and institutional commercial tenants. The group is well-positioned on the Yamuna Expressway theme and has demonstrated willingness to participate in complex structures, including NCLT insolvency resolution, DMA projects, and JVs with Godrej and Mahagun.

Financial concerns are real but contextual. The reported losses in FY2021 and FY2022 reflected the accounting impact of possession-linked plans rather than cash insolvency. The improvement in revenue and networth by FY2024 aligns with project deliveries flowing through. Debt appears to be reducing, which is encouraging. However, the absence of publicly available consolidated audited accounts for the full group is a structural transparency gap.

Buyers in self-developed RERA-registered ACE projects in Noida and Yamuna Expressway should verify land title, RERA compliance, and construction progress independently. Buyers in DMA or JV projects must pay additional attention to the legal counterparty, since the ACE brand does not automatically mean AIDPL is the contracting and liability-bearing entity.

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.