NEOLIV

EXECUTIVE SUMMARY

NeoLiv is an integrated residential real estate platform incorporated in January 2023, founded by Mohit Malhotra, former Managing Director and CEO of Godrej Properties (2017 to December 2022). Headquartered in Mumbai (BKC) with an NCR office in Gurugram (Golf Course Road, DLF Phase 5), the company operates a dual-business model combining a SEBI-registered Category II Alternative Investment Fund with an in-house development arm. It is backed by 360 ONE (formerly IIFL Wealth), India's largest wealth and alternatives-focused asset management firm with over USD 50 billion in AUM, which holds a minority equity stake.

NeoLiv is a young platform with zero delivered projects as of the date of this report. All current projects are either in pre-launch, under planning, or in early construction. Its primary operating geographies for development are NCR (Sonipat, Faridabad) and Mumbai Metropolitan Region (Khopoli, Alibaug). The company's positioning rests heavily on the founder's institutional track record and the AIF-backed funding structure as differentiation from conventional developers. Given its short operating history, the platform's credibility remains to be demonstrated through actual delivery.

KEY PERFORMANCE METRICS

• Incorporation: January 2023
• Operating history: Approximately 2.5 years
• Offices: Mumbai (BKC) and Gurugram (DLF Phase 5)
• Delivered projects: Nil (no publicly confirmed completed or handed-over project)
• Active/announced projects: Sonipat (20 acres, GDV Rs 600 crore+); Faridabad (62 acres, estimated GDV Rs 2,300 crore, pre-launch); Khopoli MMR (17.5 acres acquired for Rs 150 crore, GDV under development); Khopoli MMR management agreement for 47 acres (GDV Rs 600 crore); Alibaug (12 acres, mixed-use, pre-launch)
• AIF fund name: Inliv Real Estate Fund (SEBI-registered Category II AIF)
• Fund target: USD 150 million (including USD 60 million green-shoe)
• First close of AIF: Rs 300 crore (announced March 2024)
• Equity raised (company-level): USD 9.65 million over 4 rounds as of July 2025 (per publicly available data)
• Employee count: Approximately 22 (as of August 2025)
• Land bank announced: Approximately 150 acres across NCR and MMR
• Revenue: Not publicly available (no audited consolidated financials in public domain)

IMPORTANT CAVEAT

NeoLiv is a privately held company. No audited consolidated financials are available in the public domain. All financial metrics cited in this report are management-claimed, press release-sourced, or derived from third-party tracker data, and have not been independently verified. The AIF corpus (first close of Rs 300 crore) represents money raised in the fund, not company revenue or equity. Buyers must note that their legal counterparty for a specific project may be a project-level SPV or a JDA partner entity (such as Royal Green Realty for the Sonipat project), not the NeoLiv parent entity itself. The distinction is material for legal enforcement in case of disputes.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

The parent entity operates as NeoLiv Realty Private Limited, though multiple group/marketing websites use varied names. CIN is not publicly disclosed across media sources; buyers should independently verify the exact registered entity via the MCA portal before signing any agreement. The registered corporate offices are at BKC Mumbai and Gurugram. The company operates an integrated structure: the fund management arm (managing the Inliv Real Estate Fund) and the in-house development arm sit under one platform. Projects are expected to be executed through project-level SPVs, and in at least one case (Sonipat), through a Joint Development Agreement with a third-party landowner. Buyers contracting for a NeoLiv project should confirm the exact legal entity name, CIN, and whether the counterparty is a NeoLiv SPV or a JDA partner SPV, as this directly affects legal recourse.

SISTER COMPANIES AND GROUP ENTITIES

Inliv Real Estate Fund: The SEBI-registered Category II AIF that funds NeoLiv projects. Managed by NeoLiv's fund management arm with 360 ONE as sole manager and advisor for the maiden fundraise. UHNI family offices and 360 ONE are investors.

360 ONE (formerly IIFL Wealth): Minority equity investor in NeoLiv and sole manager/advisor for the fund's capital raise roadshows. USD 50 billion-plus AUM. Brings distribution credibility.

Royal Green Realty: JDA partner for the Sonipat project. Established 2018, run by Yashank Wason and Varun Kumar Makhija. Buyers in the Sonipat project should verify which entity they are contracting with.

LEADERSHIP AND MANAGEMENT

Mohit Malhotra, Founder and CEO, is the primary face of the platform. He served as Managing Director and CEO of Godrej Properties from 2017 to December 2022, prior to which he spent approximately 12 years growing the listed company. He holds a BE and an MBA in Strategy and Marketing from IIM Calcutta. No publicly available adverse legal or regulatory proceedings against Mohit Malhotra have been found in the preparation of this report, subject to independent verification.

Harshwardhan Prasad is identified as Co-CEO in some filings. Key management team members are described as equity partners in the business, drawn from DLF, Godrej Properties, Lodha, Wadhwa, EMAAR, Raymond, Mahindra, and Rustomjee. The team of approximately 22 people is lean relative to the development ambitions.

Karan Bhagat, Founder, MD and CEO of 360 ONE, is not operationally involved but is closely associated through the funding partnership.

No family members of the promoter in operational roles have been publicly identified.

PROJECT PORTFOLIO ANALYSIS

A. DELIVERED / OPERATIONAL LANDMARKS

None. NeoLiv has no publicly confirmed completed or delivered project as of the date of this report. This is the single most important fact for prospective buyers and investors to internalize.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

NeoLiv Grand Park, Kundli, Sonipat, Haryana: NeoLiv's first announced NCR project, developed via JDA with Royal Green Realty. 20 acres in Kundli-Sonipat Master Plan. Product mix includes premium villas, independent floors, and custom-designed plots with an internationally designed clubhouse. GDV over Rs 600 crore. RERA number not publicly confirmed at the time of report preparation; buyers must verify registration on HRERA Gurugram or HRERA Panchkula portal before payment. Location benefits from proximity to the upcoming Maruti Suzuki manufacturing facility (described as Asia's largest automobile plant). Possession timeline not publicly disclosed.

NeoLiv Faridabad Township, Sectors 98 and 99A, Faridabad, Haryana: 62-acre pre-launch plotted township with villas and apartments. Estimated GDV Rs 2,300 crore. RERA registration not yet obtained as of available public information. Targeted possession by end-2028. Pricing not released. Buyers should treat this as a pre-RERA project at this stage.

Khopoli Project (17.5 acres), MMR: Land acquired for Rs 150 crore (announced August 2025). Plotted development and villas across 0.36 million sq ft. Located in Panvel-Khalapur-Khopoli belt near Mumbai-Pune Expressway. RERA status not confirmed publicly.

Khopoli Project (47 acres, Management Agreement), MMR: Management agreement to develop 47 acres in Khopoli. GDV approximately Rs 600 crore. Mixed-use community with villas and plotted residences.

Alibaug, Maharashtra: 12-acre mixed-use villa development, pre-launch. RERA pending.

C. PIPELINE

NeoLiv has publicly signaled aggressive expansion into Tier 2 plotted opportunities using AIF capital. Faridabad represents the largest announced NCR bet (Rs 2,300 crore GDV), still in pre-launch. MMR expansion is active with two Khopoli and one Alibaug project in varying stages. Further NCR expansion into Sohna Road corridor has been indicated but not formally launched. The fund's stated deployment universe includes middle-income residential in NCR and MMR, plus plotted opportunities across select markets.

FINANCIAL ANALYSIS

Revenue: Not publicly available. No audited consolidated financials disclosed.

AIF corpus (first close): Rs 300 crore raised in the Inliv Real Estate Fund as of March 2024. Total AIF target is USD 150 million (approximately Rs 1,250 crore at current rates), inclusive of a USD 60 million green-shoe.

Company-level equity funding: Approximately USD 9.65 million raised over four rounds, with the most recent being a Series A round in July 2025 (quantum undisclosed).

Debt profile: Not publicly available. Given the equity AIF model, projects are intended to be equity-funded rather than debt-funded at the project level. However, individual project-level debt (construction finance) cannot be ruled out and is not disclosed. Buyers should independently verify whether project-level borrowings have been created against any specific SPV.

Land acquisition cost (Khopoli, 17.5 acres): Rs 150 crore, publicly announced.

Customer advances: Not disclosed. Given no project has reached possession stage, buyer collections remain the primary liquidity source for construction funding.

Net worth, EBITDA, PAT: Not publicly available.

Key financial risk: The platform is entirely reliant on continued AIF fundraising, equity infusion, and buyer advance collections to fund an ambitious project pipeline of announced GDVs exceeding Rs 3,500 crore across all cities.

CREDIT RATING AND LIQUIDITY

No credit rating from CRISIL, ICRA, CARE, or India Ratings has been publicly identified for NeoLiv or its entities. This is not uncommon for a two-year-old unlisted developer without project-level bank construction finance in the public domain. As the project pipeline scales, credit ratings for individual SPVs or construction facilities may be sought. Buyers should note that the absence of a rating means there is no independently assessed financial health metric available.

Liquidity is supported by the Rs 300 crore first close of the AIF and equity rounds, but deployment obligations across multiple ongoing and upcoming projects are substantial relative to confirmed corpus.

MARKET POSITION AND COMPETITIVE ANALYSIS

NeoLiv occupies a distinct niche: a fund-led developer in the institutional residential space, similar to models used by Prestige, Piramal Realty, or Godrej Properties to varying degrees, but structured as an AIF-first platform from inception. In NCR, the plotted and villa segment it targets competes with established players including Emaar, Sobha, Central Park, and Omaxe in premium plotted, and with DLF, BPTP, and Anant Raj in the Faridabad-Sonipat corridors.

Key differentiation: Founder pedigree, AIF structure, and 360 ONE distribution network.

Competitive weakness: Zero delivery track record, a very small team of 22 people, and a pre-RERA project pipeline requiring significant regulatory milestones before sales scale. Against established listed developers with hundreds of delivered projects, NeoLiv is a brand-new entrant with unproven execution at scale.

NCR market positioning: Sonipat and Faridabad target the affordable-to-mid premium plotted segment, which is a crowded market. Brand recognition in NCR remains limited relative to the GDV ambitions.

REGULATORY COMPLIANCE AND LEGAL STATUS

RERA compliance: The Sonipat JDA project is the most advanced NCR project and should be verified on HRERA Gurugram or HRERA Panchkula portal. The Faridabad township explicitly has no RERA registration as of available public data, being in pre-launch.

RERA complaints: No publicly adjudicated RERA complaint against NeoLiv or its project SPVs has been found in the preparation of this report. This is consistent with the developer having no delivered or mid-construction project at scale. Subject to independent verification on HRERA and MahaRERA portals.

Legal and regulatory proceedings: No criminal, ED, EOW, CBI, SFIO, NCLT, or insolvency proceedings against NeoLiv, its entities, or its promoter have been identified in publicly available sources, subject to independent verification.

Land title: Buyers in the Sonipat project should verify land title with reference to the JDA partner Royal Green Realty, as the land is not owned by NeoLiv directly.

The risk at this stage is not existing litigation but the potential for future buyer grievances if project delivery timelines, RERA registrations, and construction milestones are not met on an expanding portfolio.

CUSTOMER PERSPECTIVE

NeoLiv has no delivered project. Consequently, there are no possession complaints, refund disputes, or maintenance grievances in the public domain. Customer feedback available online is primarily from channel partners and pre-launch interest registrations, not adjudicated complaints. This picture will need to be reassessed once projects reach construction and possession milestones. The risk of customer grievance emerges as the Sonipat project progresses and Faridabad bookings open. Buyers should actively track complaint portals once RERA registrations are obtained.

RISK ASSESSMENT

A. OPERATIONAL RISKS

• Zero delivery track record: The founding team's prior experience is at large listed entities with institutional resources. Replicating execution at a lean startup with 22 employees across a multi-city, Rs 3,500 crore-plus GDV pipeline is an untested proposition.
• Pre-RERA project risk: Faridabad (Rs 2,300 crore GDV) is pre-launch without a RERA number. Any booking solicitation before RERA registration is a regulatory red flag.
• JDA complexity: Sonipat involves a JDA partner whose track record, financial health, and legal clean chit should be independently verified by buyers.
• Team depth: 22 employees for a multi-city, multi-project pipeline is thin relative to execution needs.

B. FINANCIAL RISKS

• AIF-dependent model: Continued capital deployment depends on achieving full AIF close (USD 150 million target vs Rs 300 crore first close). A failure to reach final close would constrain project execution.
• No disclosed debt structure: Project-level construction finance arrangements are not publicly available, making it impossible to assess leverage risk.
• Customer advances as primary float: Before project-level debt is raised or AIF capital deployed, buyer advances may be the primary construction float, creating concentration risk.
• Thin equity capital at company level: USD 9.65 million equity in the company is small relative to the land and development commitments made.

C. LEGAL AND GOVERNANCE RISKS

• SPV counterparty risk: Buyers may contract with a project SPV whose assets and obligations are ring-fenced from the NeoLiv parent entity.
• Disclosure limitation: As an unlisted private company with no public credit rating, NeoLiv has no statutory obligation to disclose financials, making ongoing due diligence difficult for buyers.
• JDA title risk: Land not directly owned by NeoLiv in JDA projects creates a layer of legal complexity that buyers must independently examine.

BEST PRACTICE FOR BUYERS

• Do not pay any amount before confirming the RERA registration number on the official HRERA or MahaRERA portal.
• Confirm the exact legal entity name of the contracting party (NeoLiv SPV or JDA partner SPV) and verify on MCA.
• For Sonipat: independently verify Royal Green Realty's land title, financials, and legal status, as they are the JDA partner and potentially the land-title holder.
• For Faridabad: the project has no RERA registration as of this report. Avoid payments before RERA registration is publicly confirmed.
• Verify construction progress independently through site visits before each milestone payment.
• Search complaints on HRERA portals using the exact SPV/entity name, not just the NeoLiv brand name.
• Review the builder-buyer agreement carefully, particularly clauses on delay compensation, refund terms, and force majeure.
• Assess payment plan risk: construction-linked plans are generally safer than down-payment-heavy schemes for an early-stage developer.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

NeoLiv's stated strategy is to become India's premier residential AIF-backed developer, deploying the Rs 300 crore first close (and future fund closes) across NCR and MMR plotted and villa projects. The Faridabad township at Rs 2,300 crore GDV would be the largest single bet if successfully launched. MMR projects in Khopoli and Alibaug cater to the premium second-home and investment market benefiting from Navi Mumbai International Airport tailwinds.

Key strategic advantages include the founder's network for land sourcing, the 360 ONE distribution channel for fund capital, and equity partnership incentives for senior team retention. The two-city (Delhi NCR and MMR) focus aligns with India's strongest residential demand corridors. Infrastructure tailwinds in Sonipat (Maruti plant, Delhi peripheral road) and Khopoli (Navi Mumbai Airport, Mumbai Trans Harbour Link) support long-term demand.

Key challenges include achieving full AIF close, building execution capacity rapidly, obtaining RERA for the large Faridabad township, and establishing a track record with the Sonipat project delivery.

INVESTMENT AND BUYER THESIS

A. STRENGTHS

• Founder with strong institutional pedigree from Godrej Properties
• SEBI-registered AIF model provides fund governance discipline and UHNI investor accountability
• 360 ONE as minority investor and fund manager adds distribution credibility
• Equity partnership structure for senior management aligns long-term incentives
• Land acquisitions in strong demand corridors (Sonipat, Faridabad, Khopoli) with infrastructure tailwinds

B. CONCERNS

• No delivered project, no RERA-registered NCR project fully confirmed across the entire portfolio as of this report
• Faridabad, the largest announced project, has no RERA registration and remains in pre-launch
• 22-person team for multi-city, Rs 3,500 crore-plus GDV pipeline is thin
• AIF first close of Rs 300 crore vs a USD 150 million target leaves a significant capital gap
• Dual-JDA model in Sonipat means land ownership does not rest with NeoLiv

C. OPPORTUNITIES

• Plotted and villa residential segment is structurally under-served by institutional developers in NCR
• Sonipat, Faridabad, and Khopoli corridors are benefiting from genuine infrastructure-led demand
• 360 ONE's UHNI investor base provides a ready premium buyer market
• A successful Sonipat delivery would be a proof-of-concept that transforms brand credibility in NCR

D. WATCHPOINTS

• Faridabad RERA registration timeline
• AIF final close quantum
• Construction commencement at Sonipat
• Expansion of team and execution infrastructure
• Any changes in 360 ONE's strategic relationship with NeoLiv

CONCLUSION

NeoLiv is one of India's most credibly founded real estate platforms of recent years, benefiting from an experienced promoter, institutional funding architecture, and well-located land positions in NCR and MMR. However, it is still entirely a forward-looking story with no delivered project, limited regulatory registrations in the public domain, a lean team, and an AIF corpus that remains well short of its target. The company's Sonipat JDA project is its most concrete NCR product. Faridabad is the highest-ambition NCR project but carries pre-RERA risk. The platform's long-term positioning has merit, but its execution credibility must be assessed project by project as RERA registrations are obtained and construction milestones are achieved. Buyers who engage now are effectively early-stage backers of a promising but unproven platform.

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.