Ameya

EXECUTIVE SUMMARY OF AMEYA

Ameya is an active Gurugram-focused real estate developer operating principally through Ameya Commercial Projects Private Limited. Incorporated on 20 October 2009, the company has built its identity around the Sapphire chain of neighbourhood retail and mixed-use commercial developments. Its corporate office is at Ameya One, Sector 42, Gurugram.

The portfolio is concentrated in Gurugram and includes completed commercial assets as well as newer projects in Sectors 57, 82A and 84. However, the lapsed RERA status currently displayed for Sapphire57 and Sapphire 82A, limited public financial disclosure and multiple landowner or collaborator structures require close project-level diligence.

KEY PERFORMANCE METRICS OF AMEYA

• Legal entity: Ameya Commercial Projects Private Limited

• CIN: U70200DL2009PTC195340

• Incorporation date: 20 October 2009

• Company status: Active, unlisted private company

• Current directors publicly listed: Sanjay Gupta and Deepak Gupta

• Core geography: Gurugram

• Main segment: Neighbourhood retail and commercial real estate, with selective residential development

• Recognised project chain: Sapphire

• Reported FY2025 revenue: Approximately Rs 67.44 crore

• Authorised capital: Approximately Rs 40.01 crore

• Paid-up capital: Approximately Rs 39.01 crore

• Open registered charges reported in January 2026: Approximately Rs 110.17 crore

• Consolidated land bank, sales bookings and group employee count: Not publicly available

IMPORTANT CAVEAT OF AMEYA

Ameya is a brand, while project contracts may involve Ameya Commercial Projects Private Limited, landowners, licence holders or related entities. Sapphire 84, for example, names four licence-holder companies and Ameya as collaborator. Brand-level claims about projects and delivery should not replace verification of the exact RERA promoter and seller. Revenue is also different from booking value, collections or estimated project topline.

COMPANY OVERVIEW AND CORPORATE STRUCTURE OF AMEYA

Ameya Commercial Projects Private Limited is registered in Delhi and operates from Gurugram. Corporate records identify it as an active unlisted company with promoter-controlled ownership. Projects may be developed through collaboration agreements with landowners or licence holders. Buyers should review the title chain, collaboration agreement, development rights, lender charges and escrow account applicable to their specific project.

SISTER COMPANIES AND GROUP ENTITIES OF AMEYA

• Ameya Commercial Projects Private Limited: Principal developer for current Sapphire projects.

• Ameya Universal Project Private Limited: Related real estate entity.

• Ameya Sapphire entities, Saphire Heights Infrabuild LLP and Anek Estates and Ventures LLP: Project-linked or commonly directed entities.

Their legal roles must be verified rather than inferred from the brand.

LEADERSHIP AND MANAGEMENT OF AMEYA

Sanjay Gupta and Deepak Gupta are the principal directors publicly associated with Ameya Commercial Projects Private Limited. The group presents its leadership as experienced in Gurugram commercial development and location-led retail formats. Public information on independent board oversight, senior operating executives and succession planning is limited compared with listed developers.

PROJECT PORTFOLIO ANALYSIS OF AMEYA

A. DELIVERED / OPERATIONAL LANDMARKS OF AMEYA

The Sapphire, Sector 49, Gurugram: Launched the neighbourhood-bazaar format in 2009.

Sapphire 83, Sector 83, Gurugram: Local retail development serving New Gurugram.

Sapphire 90 and Sapphire 92: Neighbourhood retail projects. Sapphire 92 is registered under 155 of 2017.

Ameya One, Sector 42, Gurugram: Commercial property on Golf Course Road that also houses the group corporate office.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS OF AMEYA

Sapphire57, Sector 57, Gurugram: Commercial colony registered as GGM/526/258/2022/01. Haryana RERA currently displays the registration as lapsed with the listed completion date of 30 April 2026. A public notice records an application for extension. Buyers should verify whether an extension has been granted before relying on a revised timeline.

Sapphire 82A, Sector 82A, Gurugram: Commercial project registered as GGM/566/298/2022/41. RERA filings describe approximately 2.18 acres and 271 units. The registration is currently shown as lapsed after the listed 30 April 2026 completion date. Current extension, construction and approval status require verification.

Sapphire 84, Sector 84, Gurugram: Commercial colony registered as GGM/830/562/2024/57. The registration covers 2.55 acres, about 18,988 sq. m. of FAR area and 451 units, with declared completion by 30 November 2028. Ameya is collaborator, while Ramprastha Towers, Jai Propbuild, SA Infracon and Ramprastha Housing are licence holders.

C. PIPELINE OF AMEYA

The official portfolio also presents Sapphire 93 and Sapphire Residences in Sector 15 Part 2. These and any future phases should be treated as pipeline or active inventory only after confirming current RERA registration, licence, sanctioned plans and launch status.

FINANCIAL ANALYSIS OF AMEYA

• Reported FY2025 revenue: Approximately Rs 67.44 crore, with significant year-on-year growth.

• Open registered charges: Approximately Rs 110.17 crore as of January 2026.

• Satisfied charges: Approximately Rs 84.26 crore.

• Recent reported charges include Rs 60 crore, Rs 40 crore and Rs 10 crore facilities created or modified during 2024 and 2025.

• EBITDA, PAT, net worth, cash, customer advances and consolidated debt: Not publicly available in sufficient current detail.

These figures are company-level corporate summaries, not project cash-flow statements. Buyers should inspect audited filings, RERA escrow certificates and lender security for the relevant project.

CREDIT RATING AND LIQUIDITY OF AMEYA

No current public rating rationale from a major Indian credit-rating agency was located for Ameya Commercial Projects Private Limited. The absence of a public rating limits independent visibility into debt protection and liquidity. Registered charges and the lapsed status of two project registrations make current escrow, lender and extension documents particularly important.

MARKET POSITION AND COMPETITIVE ANALYSIS OF AMEYA

Ameya focuses on convenience-led commercial assets within established and emerging Gurugram sectors. Its neighbourhood-bazaar format is less dependent on destination-mall footfall and benefits from nearby residential density. Competitors include AIPL, M3M, Elan, Orris and other Gurugram commercial developers. Its narrower geography and private disclosure are disadvantages against larger, diversified or listed peers.

REGULATORY COMPLIANCE AND LEGAL STATUS OF AMEYA

Sapphire57, Sapphire 82A and Sapphire 84 have Haryana RERA registrations. As of the latest portal listing, Sapphire57 and Sapphire 82A are marked lapsed, while Sapphire 84 remains registered with completion declared for November 2028. Lapsed registration does not by itself prove project abandonment, but it prevents buyers from assuming that marketing or construction continues under a valid extension. The current certificate, extension order, quarterly filings and monitoring proceedings should be checked directly.

No major publicly available ED, CBI, insolvency or promoter-level criminal case directly against Ameya Commercial Projects Private Limited was identified in the reviewed sources, subject to independent verification. Routine RERA or consumer complaints may still exist and should be searched by project and entity name.

CUSTOMER PERSPECTIVE OF AMEYA

Public feedback emphasises convenient locations and daily-use retail demand. Independent adjudicated evidence is limited. Buyers should test footfall, leasing support, maintenance, possession and permitted use.

RISK ASSESSMENT OF AMEYA

A. OPERATIONAL RISKS OF AMEYA

• Lapsed registration status for Sapphire57 and Sapphire 82A.

• Delivery and approval risk across newer commercial projects.

• Dependence on local catchment footfall and retail absorption.

B. FINANCIAL RISKS OF AMEYA

• Private-company disclosure limitations.

• Material registered charges relative to disclosed revenue.

• Possible mismatch between construction spending and buyer collections.

C. LEGAL AND GOVERNANCE RISKS OF AMEYA

• Collaboration and licence-holder complexity.

• Limited public governance disclosure.

• Buyers may misunderstand the distinction between brand, promoter and landowner.

BEST PRACTICE FOR BUYERS OF AMEYA

• Verify the live RERA certificate and any extension order.

• Identify the exact promoter, collaborator, licence holder and seller.

• Review title, collaboration documents, sanctioned plans and lender charges.

• Confirm construction progress and contractual possession date.

• Test rental, footfall and return assumptions independently.

• Check OC, CC and fire approvals for completed premises.

• Search complaints under the exact project and company names.

• Obtain independent legal and financial advice before payment.

FUTURE OUTLOOK AND STRATEGIC DIRECTION OF AMEYA

Ameya can benefit from population growth in New Gurugram and demand for organised neighbourhood retail. Its immediate credibility test is securing valid extensions and completing Sapphire57 and Sapphire 82A while progressing Sapphire 84 to schedule.

INVESTMENT AND BUYER THESIS OF AMEYA

A. STRENGTHS OF AMEYA

Established Gurugram presence, recognisable Sapphire format and projects in populated growth corridors.

B. CONCERNS OF AMEYA

Lapsed registrations, limited financial transparency, registered charges and collaborator complexity.

C. OPPORTUNITIES OF AMEYA

Growth in local retail demand around dense residential sectors can support well-executed neighbourhood commercial assets.

D. WATCHPOINTS OF AMEYA

Monitor extension orders, RERA filings, construction milestones, lender charges, occupancy and the legal counterparty for each project.

CONCLUSION OF AMEYA

Ameya is an active Gurugram developer with a defined neighbourhood-retail strategy and an established project brand. Its local positioning is credible, but two lapsed RERA registrations and limited public financial disclosure raise execution and transparency risk. Buyers should verify extensions, approvals, project finances and legal counterparties before relying on brand-level claims.

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.”