SKA Group

EXECUTIVE SUMMARY

SKA Group is a mid-scale, privately held real estate developer headquartered in Greater Noida, operating exclusively in the NCR geography across Greater Noida, Noida Extension, and Ghaziabad. The group was incorporated in 2011 under the entity SKA Realtech Pvt. Ltd. and launched its first project in 2012 under the brand name SKA. The promoter, Sanjay Sharma, brings a public-sector and Gaursons India background that lends the group an engineering-heavy identity and a track record of delivery-before-deadline across its earlier portfolio. SKA is a small-to-mid-tier developer by NCR standards. It competes in the mid-premium and premium residential segment and has, as of date, delivered approximately seven to eight residential projects with a cumulative claim of over 6,000 families housed. The group is now expanding into higher-ticket luxury and commercial segments. Financial disclosures are limited given its unlisted, privately held status.

KEY PERFORMANCE METRICS

• Incorporation year: 2011 (SKA Realtech Pvt. Ltd.)
• First project launch: 2012
• Headquarters: Greater Noida, Uttar Pradesh
• Geography: Greater Noida, Noida Extension, Ghaziabad (entirely NCR-focused)
• Delivered projects: Seven to eight (per company claims; includes SKA Green Mansion, SKARDI Greens, SKA Green Arch, SKA Divya Towers, SKA Orion, SKA Metro Ville, SKA GreenArch)
• Ongoing or recently launched projects: SKA Estate (ETA-2, Greater Noida), SKA Destiny One (Zeta-1, Greater Noida), SKA Divine (Wave City, Ghaziabad), SKA Arcadia (commercial, Ghaziabad)
• Aggregate portfolio: Over 8 million sq. ft. of delivered, ongoing, and planned development (management claim)
• Customers served: 6,000-plus (management claim; independently unverified)
• Employee count: 200-plus (per company website)
• Revenue and debt: Not publicly available (unlisted entity)

IMPORTANT CAVEAT

SKA Group is privately held. SKA Realtech Pvt. Ltd., with CIN U70100DL2011PTC213587, is registered in Delhi. As per Zauba Corp records, its balance sheet was last filed for March 2022. No current audited consolidated financials are publicly accessible. All portfolio metrics, family counts, and delivery claims cited in this report are management-stated. No credit rating from CRISIL, ICRA, or CARE is publicly available for any SKA group entity. Buyers should note that contracts may be executed with project-level SPVs or LLPs rather than the parent entity. For instance, SKA Divine is registered under a separate entity named PRASU BUILDCON LLP on UP-RERA.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

The primary legal entity is SKA Realtech Pvt. Ltd., CIN U70100DL2011PTC213587, incorporated 9 February 2011. Registered address is G-245, Sector-16, Rohini, North West Delhi. Directors on record include Sanjay Suresh Chand Sharma and Hema Sharma. The corporate office and project operations are based out of Greater Noida.

The group operates individual projects under separate legal counterparties. SKA Divine, registered with UP-RERA under UPRERAPRJ556045/10/2024, is developed by Prasu Buildcon LLP, not SKA Realtech Pvt. Ltd. SKA Arcadia (commercial) carries RERA number UPRERAPRJ228610/03/2025. SKA Estate carries RERA number UPRERAPRJ783951/04/2024. Buyers must verify the exact contracting entity for each project at the time of agreement signing, as SPV-level insolvency or default risk is distinct from group-level reputation.

SISTER COMPANIES AND GROUP ENTITIES

• Prasu Buildcon LLP: Registered entity for the SKA Divine project in Wave City, Ghaziabad. Its relationship to the main SKA Realtech entity is project-specific. Buyers must confirm this entity's financial standing independently.
• Hema Sharma-linked entities: Hema Sharma is listed as co-director of SKA Realtech Pvt. Ltd. No other major group entities are publicly confirmed.
• Unauthorized project promotions: SKA Group has publicly clarified on its website that several third parties have been promoting fake SKA-branded projects on digital and social media without authorization. Buyers must verify all projects through the official SKA website and UP-RERA portal before engaging with any channel partner or social media lead.

LEADERSHIP AND MANAGEMENT

Sanjay Sharma (Founder and Director): Holds a B.Tech and M.Tech from Delhi College of Engineering and an MBA from NITIE, Mumbai. Began his career with CPWD, MES, and Indian Railways as Deputy Chief Engineer. Transitioned to the private sector via Gaursons India Pvt. Ltd., where he served as Director (Planning and Coordination) and was involved in the delivery of more than 20 residential projects. Founded SKA Group in 2012 after departing from Gaursons. His government-engineering and large-developer background is a distinct differentiator for a small developer. No major publicly available legal or regulatory case directly concerning Sanjay Sharma of SKA Group was found, subject to independent verification.

L.N. Jha (Co-Founder and Finance Head): A qualified Chartered Accountant with over three decades of experience in banking and financial institutions. Previously served as CFO at Gaursons India Pvt. Ltd. Manages finance and administration at SKA Group.

PROJECT PORTFOLIO ANALYSIS

A. DELIVERED / OPERATIONAL LANDMARKS

• SKA Green Mansion: Greater Noida West. Delivered ahead of schedule. Mid-segment apartments. One of the group's inaugural and most cited delivery references.
• SKARDI Greens: NH-24, Ghaziabad. Delivered within stipulated timeline. Positioned as an affordable-to-mid offering.
• SKA Green Arch: Greater Noida West. Eco-oriented residential community with rainwater harvesting. Delivered on time per company records.
• SKA Divya Towers: Greater Noida West. Completed. Gated residential community.
• SKA Orion: Greater Noida area. Listed as completed on company website.
• SKA Metro Ville: Sector ETA-2, Greater Noida. Leasehold land from Greater Noida Industrial Development Authority. Four towers with 1,062 units (3/4/5 BHK). Two towers comprising 536 flats were targeted for December 2021 completion; remaining two targeted for May 2024. IGBC Gold Pre-Certified. Current OC/CC status should be verified independently on UP-RERA.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

• SKA Estate: Sector ETA-2, Greater Noida. Three and four BHK apartments. Five high-rise towers across seven acres. Near Aqua Line Metro. RERA: UPRERAPRJ783951/04/2024. Launched April 2024. Current possession timeline and pricing to be verified on UP-RERA.
• SKA Destiny One: Sector Zeta-1, Greater Noida. Three and four BHK premium apartments across six acres. 70,000 sq. ft. clubhouse. Wave pool, mini-theatre, EV charging. IGBC Gold Pre-Certified. RERA registration to be independently verified. Represents the group's pivot toward luxury positioning.
• SKA Divine: Wave City, NH-24, Ghaziabad. Developed by Prasu Buildcon LLP. Four towers, 549 units. Three and four BHK configurations across 4.95 acres. Launched October 2024. RERA: UPRERAPRJ556045/10/2024. Possession expected August 2029.
• SKA Arcadia: Wave City, NH-24, Ghaziabad. Commercial development (high-street retail, shops). RERA: UPRERAPRJ228610/03/2025. Ongoing.

C. PIPELINE

• SKA Siddharth Vihar: Ghaziabad. Pre-launch status as of early 2026. Three and four BHK luxury apartments (1,450 to 2,200 sq. ft.). RERA number not yet confirmed. Buyers should avoid committing funds before RERA registration is completed.
• The group's stated direction is expansion into larger-format, luxury residential developments, commercial high-street retail, and projects along the NH-24 and Yamuna Expressway corridors benefiting from Jewar Airport-linked growth.

FINANCIAL ANALYSIS

SKA Realtech Pvt. Ltd. is an unlisted private company. Audited financials are not publicly accessible beyond MCA filings. Based on Zauba Corp records, the last publicly filed balance sheet is for the period ending March 2022. Paid-up capital is reported at Rs. 1,00,000 against an authorized share capital of Rs. 1,00,00,000. This paid-up capital figure alone signals that projects may be funded primarily through customer advances and construction finance at the SPV level, not equity. Debt: Not publicly available for any group entity. Revenue and PAT: Not publicly available. Customer advances and banking lines: Not disclosed. No formal fund raise from institutional investors or AIFs has been publicly announced.

The financial opacity is the single most important risk factor for any prospective buyer or investor. The group's ability to complete under-construction projects depends on sustained sales velocity and access to construction finance whose terms are not publicly verifiable.

CREDIT RATING AND LIQUIDITY

No active credit rating from CRISIL, ICRA, or CARE Ratings is publicly available for SKA Realtech Pvt. Ltd. or any associated group entity. No bank facility rating has been disclosed. This is not unusual for developers of this scale, but it means buyers have no independently assessed liquidity or gearing data to rely upon. Liquidity assessment is therefore not possible from public sources. Buyers should exercise greater caution on payment plans that involve front-loading of funds ahead of construction milestones.

MARKET POSITION AND COMPETITIVE ANALYSIS

SKA Group occupies a mid-tier position in the Greater Noida and Ghaziabad residential market. Its primary competitors in the Greater Noida West and Zeta-Eta corridor include Gaur City, ATS, Eldeco, and emerging premium entrants such as Godrej and Sobha who are entering Greater Noida. In the Ghaziabad corridor along NH-24, SKA competes with Indiabulls, Wave, and Panchsheel. SKA's competitive advantages are its promoter's engineering background, a clean delivery record on earlier mid-segment projects, and full UP-RERA compliance on launched projects. Its relative weaknesses include limited brand recognition versus listed or national players, absence of institutional-grade financial disclosures, a smaller land bank, and dependence on a concentrated geography for all revenue. Market share data specific to SKA in these micro-markets is not publicly available.

REGULATORY COMPLIANCE AND LEGAL STATUS

All launched projects appear to be registered under UP-RERA, which is a positive compliance indicator. RERA numbers for active projects are: SKA Estate (UPRERAPRJ783951/04/2024), SKA Divine (UPRERAPRJ556045/10/2024), and SKA Arcadia (UPRERAPRJ228610/03/2025).

No major NCLT insolvency filing, ED or EOW investigation, SFIO notice, Income Tax attachment order, or criminal proceeding against SKA Realtech Pvt. Ltd. or its promoters was found in publicly available sources, subject to independent verification through the respective portals. No significant NCDRC or consumer forum order against SKA Group was identified in this search cycle, though the UP-RERA portal should be checked directly for any pending complaints using the specific project RERA number or SPV name.

SKA Group has publicly issued a disclaimer on its website noting unauthorized third parties promoting fake SKA-branded projects. While this reflects proactive communication, it is a buyer-level risk if a buyer unknowingly transacts with an unauthorized entity.

CUSTOMER PERSPECTIVE

Based on publicly available information from aggregator portals, SKA Group's delivered projects in Greater Noida West carry a generally positive sentiment around timely delivery and construction quality. The brand's core claim across marketing material and third-party aggregators is that all past projects were delivered before committed dates, which, if independently verified through OC/CC records on UP-RERA, would be a material positive differentiator in a market plagued by delays.

However, no independent third-party audit of possession timelines against RERA-registered completion dates was found. Buyers should verify OC status for SKA Metro Ville on UP-RERA given that it targeted phased completions between 2021 and 2024. Complaints, if any, should be searched on UP-RERA using the specific project RERA registration number and the exact SPV name, not just the brand name SKA.

RISK ASSESSMENT

A. OPERATIONAL RISKS

• Geographic concentration: All projects are in Greater Noida, Noida Extension, and Ghaziabad. A regulatory, liquidity, or market demand shock in this sub-market would affect the entire portfolio simultaneously.
• Scale risk: SKA is a small developer managing multiple simultaneous launches across luxury, mid-segment, and commercial segments. Execution bandwidth is a valid concern.
• SPV counterparty complexity: Buyers in SKA Divine contract with Prasu Buildcon LLP, not SKA Realtech Pvt. Ltd. The group-level brand reputation does not automatically transfer to SPV-level legal obligations.
• Unauthorized promotions: Third-party agents falsely marketing SKA projects create mis-selling risk for uninformed buyers.

B. FINANCIAL RISKS

• No public debt disclosure: The absence of rated facilities or audited consolidated financials makes it impossible to assess leverage, cash flow adequacy, or covenant compliance.
• Paid-up capital is minimal: Rs. 1,00,000 in SKA Realtech suggests projects are almost entirely funded through customer advances and external debt, creating structural dependence on sustained pre-sales.
• No institutional backing: No AIF, NBFC, or international PE fund investment has been publicly disclosed, limiting the financial buffer available during a sales slowdown.
• Revenue recognition: As an unlisted entity, no Ind-AS compliant revenue recognition data is available to distinguish booking velocity from recognized cash flows.

C. LEGAL AND GOVERNANCE RISKS

• Limited information transparency: As a private entity, SKA is not obligated to make financial results public. This limits independent third-party scrutiny.
• SPV-level risk: Contracts with project-level entities create buyer exposure to SPV-specific solvency or title issues that may not be mitigated by the parent brand.
• Balance sheet filing gap: The last filed balance sheet on MCA records is for March 2022. Any material change in the group's financial position after that date is not publicly visible.

BEST PRACTICE FOR BUYERS

• Verify the RERA number of the specific project on the official UP-RERA portal before paying any booking amount.
• Check the exact legal name of the contracting entity on the RERA portal; it may differ from the brand name SKA Group.
• Verify OC/CC status of SKA Metro Ville and other delivered projects to validate the on-time delivery claim independently.
• Check land title for each project, particularly for leasehold projects such as SKA Metro Ville where land is taken from Greater Noida Industrial Development Authority.
• Avoid engaging with any channel partner promoting an unlisted or social-media-only SKA project that does not appear on the official website or UP-RERA.
• For ongoing projects, prefer construction-linked payment plans over time-linked or heavy upfront payment plans given the absence of visible financial disclosures.
• Search UP-RERA complaints using the project RERA number and the actual developing entity name (for example, Prasu Buildcon LLP for SKA Divine), not merely the brand name.
• Review the builder-buyer agreement clauses carefully for interest on delayed possession and force majeure definitions before signing.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

SKA Group's stated strategy is to expand into luxury residential formats (Destiny One, Estate), high-street commercial (Arcadia), and new growth corridors along the Yamuna Expressway and NH-24 corridor. The proximity of ongoing projects to the Jewar International Airport development zone, the Aqua Line Metro extension, and the Noida-Greater Noida Expressway provides genuine infrastructure tailwinds. The pre-launch of SKA Siddharth Vihar in Ghaziabad signals continued NCR-only geographic focus. The key challenge will be managing simultaneous project execution across luxury, mid-segment, and commercial verticals with a relatively small organizational bandwidth and without the benefit of institutional capital or public market discipline.

INVESTMENT AND BUYER THESIS

A. STRENGTHS

• Engineering-anchored promoter with documented Gaursons experience across 20-plus projects
• Clean delivery record on earlier mid-segment projects (Green Mansion, SKARDI Greens, Divya Towers)
• Full UP-RERA registration on all launched projects
• 100 percent NCR-focused geography without pan-India execution distraction
• IGBC pre-certifications on newer projects indicate attention to green building standards

B. CONCERNS

• No audited financials or credit rating publicly available
• Minimal paid-up capital with no institutional backing
• SPV-level counterparty complexity across projects
• Balance sheet filing gap on MCA since March 2022
• Third-party fraud risk from unauthorized project promotions

C. OPPORTUNITIES

• Jewar Airport and Noida Metro extension tailwinds directly benefit Greater Noida projects
• Luxury segment pivot taps into rising NCR premium demand
• Commercial portfolio (Arcadia) provides revenue diversification if executed well

D. WATCHPOINTS

• Verify OC/CC status for SKA Metro Ville and other 2021 to 2024 committed deliveries on UP-RERA
• Monitor UP-RERA complaint register for Prasu Buildcon LLP (SKA Divine) as the project progresses
• Track any MCA filing updates for SKA Realtech Pvt. Ltd. beyond March 2022
• Watch for RERA registration confirmation on pre-launch projects such as SKA Siddharth Vihar before committing funds

CONCLUSION

SKA Group is a small-to-mid-tier NCR developer with a credible delivery record on its earlier portfolio and a promoter background that is meaningfully stronger than the typical unlisted developer of comparable scale. Its timely possession track record, if independently verified through UP-RERA OC/CC data, would be its most bankable asset in a market where delays are the norm. However, the group's financial opacity is material. No credit rating, no institutional backer, minimal paid-up capital, and a three-year-old MCA filing gap mean that a buyer's risk exposure is underwritten solely by the group's reputation and sales velocity. The SPV-level counterparty structure adds a further layer of legal complexity that buyers must navigate independently. For buyers willing to do thorough project-level due diligence and comfortable with an unlisted developer, SKA's delivery record and RERA compliance offer a reasonable baseline. However, institutional-grade financial scrutiny is not possible with the information currently in the public domain.

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

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.