Ashiana Landkraft

EXECUTIVE SUMMARY

Ashiana Landkraft is no longer active as a normal independent developer brand. The underlying company, Ashiana Landcraft Realty Private Limited, remains shown as an active corporate entity after an insolvency resolution, but control and project responsibility changed under an approved resolution plan. Incorporated on 6 February 2012, it was created as a joint venture between Ashiana Homes Private Limited and Landcraft Projects Private Limited solely to develop The Center Court in Sector 88A, Gurugram. The company should not be confused with listed Ashiana Housing Limited or its current projects.

KEY PERFORMANCE METRICS

• Incorporation: 6 February 2012

• Legal entity: Ashiana Landcraft Realty Private Limited

• CIN: U70200WB2012PTC173601

• Core geography: Sector 88A, Gurugram

• Main project: The Center Court

• Saleable area: approximately 1.72 million sq ft

• RERA registration: 46 of 2017 dated 11 August 2017

• RERA completion date displayed: 30 September 2025

• Admitted insolvency claims at 20 July 2022: approximately Rs 1,228.61 crore

• Resolution applicant: IV County Private Limited

• Current active credit rating: none found

IMPORTANT CAVEAT

The company is privately held and does not publish listed-company-level consolidated financial information. Buyers originally contracted with Ashiana Landcraft Realty Private Limited, while Brock Developers Private Limited owned the project land and the insolvency plan transferred control to IV County Private Limited. The old Ashiana Landkraft brand, the legal company, landowner and present controlling group are therefore not interchangeable.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

Ashiana Landcraft Realty Private Limited was incorporated as a single-project joint venture. Its original RERA filing showed an office at 37, Plaza M6, Jasola District Centre, New Delhi, while later corporate records show a Kolkata registered office. Brock Developers owned the Sector 88A project land, while the corporate debtor held development rights. Following CIRP, IV County became the successful resolution applicant. Buyers must verify the present shareholding, authorised signatory, land licence and party responsible for delivery before relying on the earlier brand identity.

SISTER COMPANIES AND GROUP ENTITIES

Ashiana Homes Private Limited was an original joint-venture sponsor and provided a corporate guarantee. Landcraft Projects Private Limited, the Garg Group real-estate arm, was the other original sponsor and guarantor. Brock Developers Private Limited is the project landowner whose shares and land were part of the financing security. IV County Private Limited is the successful resolution applicant and current controlling party under the approved plan.

LEADERSHIP AND MANAGEMENT

The original RERA disclosure named Rohit Raj Modi as managing director and Manu Garg as a director. Public corporate records after the resolution approval list Puspahas Agrawal, Manoj Ramsisaria, Amit Modi and Swati Modi as directors. This post-resolution board reflects the change in control.

PROJECT PORTFOLIO ANALYSIS

The company is a single-project vehicle. Its operating record should be judged through The Center Court rather than projects marketed by similarly named Ashiana entities.

A. DELIVERED / OPERATIONAL LANDMARKS

No separate delivered landmark portfolio is publicly established for Ashiana Landcraft Realty Private Limited. Buyers should verify tower-specific occupation certificates, completion certificates, possession status and common-area completion.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

The Center Court, Sector 88A, Gurugram, is a premium sports-oriented residential project with an estimated saleable area of 1.72 million sq ft. It is registered as 46 of 2017 dated 11 August 2017. Haryana RERA currently displays 30 September 2025 as the completion date, flags that quarterly progress reports are not uploaded, and provides monitoring and OC or CC links. Current construction, handover and approval status must be checked tower by tower.

C. PIPELINE

No credible new-project pipeline has been identified for the Ashiana Landkraft brand. The practical pipeline is completion, regularisation and handover of The Center Court under the resolution framework.

FINANCIAL ANALYSIS

• Recent audited revenue, EBITDA, PAT, cash and net worth: not publicly available

• FY2020 operating revenue: publicly reported as below Rs 1 crore

• Admitted claims in CIRP: approximately Rs 1,228.61 crore

• Open charges shown in public corporate records: approximately Rs 130 crore

The claim pool and prior defaults show severe historical stress, but pre-resolution debt is not current debt. Buyers should seek escrow statements, lender releases and certified implementation progress.

CREDIT RATING AND LIQUIDITY

ICRA withdrew the Rs 79.95 crore non-convertible-debenture rating in January 2026 after receiving lender closure documentation. The previous rating was ICRA D, Issuer Not Cooperating. CARE had also reported CARE D, Issuer Not Cooperating in May 2025. Withdrawal is not an upgrade or proof of strong liquidity.

MARKET POSITION AND COMPETITIVE ANALYSIS

The Center Court occupies a developing Sector 88A location near the Dwarka Expressway and competes with projects from larger Gurugram developers. A sports-focused concept differentiates it, but delay, insolvency and weak disclosure disadvantage it against larger developers. Execution and title clarity matter more than branding.

REGULATORY COMPLIANCE AND LEGAL STATUS

NCLT Kolkata admitted the company to CIRP on 11 January 2022. The Committee of Creditors approved IV County's plan with 78.56% voting support, and NCLT approved it on 11 August 2023. In August 2025, NCLAT dismissed an appeal by certain NCD investors seeking recovery under both a settlement and the resolution plan. Haryana RERA records show delayed-possession complaints and project monitoring. The plan does not itself confirm completion or replace government approvals.

CUSTOMER PERSPECTIVE

Public complaints repeatedly refer to prolonged construction stoppage, delayed possession, money being blocked and uncertainty during insolvency. At least one Haryana RERA matter concerned failure to offer possession by the contractual date. Online reviews are user-submitted and not adjudicated evidence. Positive factors cited in resale listings include apartment sizes, sports amenities and Sector 88A connectivity, but present residents and allottees should be consulted directly regarding services, maintenance and unfinished works.

RISK ASSESSMENT

The central issue is not ordinary launch risk but completion and compliance after a change of control.

A. OPERATIONAL RISKS

Single-project concentration, historic work stoppage, pending or unclear tower-level approvals, contractor mobilisation and dependence on post-resolution implementation create execution risk. The RERA note on missing quarterly progress reports reduces transparency.

B. FINANCIAL RISKS

Historical default, large admitted claims and earlier receivable and land security indicate a stressed capital structure. Current liquidity and escrow balances are not public. Instrument closure does not establish solvency.

C. LEGAL AND GOVERNANCE RISKS

The project involves separate developer, landowner, former sponsors and resolution owner. Licence transfer, revised plans, title and approvals require document-level verification. Insolvency approval is a revival mechanism, not a declaration that all past defaults were cured.

BEST PRACTICE FOR BUYERS

Verify RERA registration 46 of 2017 and its latest extension, quarterly reports and monitoring orders. Confirm the exact seller, promoter and SPV in the agreement. Obtain tower-specific OC or CC, sanctioned plans, land-title report, DTCP licence status, lender no-objection certificate and project escrow details. Compare brochure promises with RERA filings, inspect construction physically, review payment triggers and search court and RERA records using Ashiana Landcraft Realty Private Limited, Brock Developers and IV County, not only the Ashiana name.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

The outlook depends on IV County executing the approved plan and completing The Center Court. Dwarka Expressway supports location demand, but value requires visible construction, updated filings and timely handovers. No reliable evidence supports a broader Ashiana Landkraft expansion strategy.

INVESTMENT AND BUYER THESIS

The profile is a post-resolution, project-specific diligence case rather than a conventional active developer platform.

A. STRENGTHS

Established Gurugram location, a large residential scheme, approved insolvency resolution and a defined new controlling party provide a route to revival.

B. CONCERNS

Material delay, historic default, large creditor claims, absent current financial disclosure, missing RERA progress reports and complex counterparties remain significant concerns.

C. OPPORTUNITIES

Completion under new ownership could unlock value from existing inventory and improve liveability as Sector 88A infrastructure matures.

D. WATCHPOINTS

Track resolution-plan implementation, DTCP licence and plan approvals, RERA extensions, quarterly filings, construction milestones, lender releases, tower-level OC or CC and pending allottee claims.

CONCLUSION

Ashiana Landkraft is no longer an active independent developer brand in the ordinary sense. Ashiana Landcraft Realty Private Limited survives under a court-approved resolution led by IV County, with The Center Court as its sole material project. Location potential and the revival framework are positives, but the historic default, prolonged delay, limited disclosure and multi-entity structure demand enhanced buyer diligence. Confidence should be based on current statutory approvals and physical delivery, not the legacy Ashiana name.

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.