Baani

EXECUTIVE SUMMARY

Baani is classified as no longer active. Public records, however, still show Aaliyah Real Estates Private Limited, the promoter of Baani City Center, as an active company, and Baani's website remains accessible. Founded as a broader family business in 1981, Baani entered real estate in the early 2000s and focused mainly on commercial, mixed-use, hospitality and office projects in Gurugram and Delhi NCR.

KEY PERFORMANCE METRICS

• Group origin: 1981, management-stated

• Real-estate activity: since approximately 2003

• Core geography: Gurugram and Delhi NCR

• Management-stated completed portfolio: 15 projects exceeding 2 million sq ft

• Management-stated development portfolio: approximately 1.5 million sq ft

• Gurgaon promoter entity: Aaliyah Real Estates Private Limited

• Incorporation of Aaliyah: 23 March 2006

• CIN: U45201DL2006PTC147875

• Main linked project: Baani City Center, Sector 63

• RERA number: GGM/591/323/2022/66

• Registered project area: 2.269 acres

• Registered inventory: 269 retail shops and 137 service apartments

IMPORTANT CAVEAT

Baani is a brand rather than one universal contracting company. Baani is classified as inactive, but MCA-derived records show Aaliyah Real Estates as active. The website's portfolio figures are management claims, not audited consolidated measures. Baani City Center's RERA promoter is Aaliyah, while other projects may sit in different entities. Buyers must identify the exact company named in the agreement and should not assume that a completed Baani asset or group company guarantees another project.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

Aaliyah Real Estates Private Limited is an unlisted Delhi company with a registered office at Corporate One, Jasola and a Gurugram operating address at Udyog Vihar. The Baani brand has operated across development, hospitality, facility management and asset management. A project-level entity may own the land, collect customer funds and carry RERA obligations, making counterparty verification essential.

SISTER COMPANIES AND GROUP ENTITIES

Publicly associated Baani assets and entities include Baani City Center, Baani Center Point, Baani Square, Baani 444, The Statement, Address One, The Corporate One and hospitality properties carrying Hilton branding. The legal owner or promoter can differ for each asset. Hotel operators, tenants and commercial brands are business partners, not guarantors of buyer obligations.

LEADERSHIP AND MANAGEMENT

Public corporate records for Aaliyah identify Virendra Kumar Bhatia, Saahil Bhatia and Ishaan Bhatia as directors, with records also reflecting Rachna Bhatia in recent years. The company filing for Baani City Center named Virendra Kumar Bhatia as a director and Rajnish Dutt as the RERA correspondence representative. Current responsibilities for development, sales and finance are not disclosed with listed-company clarity.

PROJECT PORTFOLIO ANALYSIS

Baani's track record is primarily commercial, hospitality and mixed-use, with a strong concentration in Gurugram.

A. DELIVERED / OPERATIONAL LANDMARKS

The group website lists Baani Square, Baani 444, The Statement, Address One, The Corporate One, Pinnacle Tower, Xchanging 271, Baani Tech Park, DoubleTree by Hilton Gurugram Baani Square and Hilton at Baani City Center among completed assets. These projects support local brand recognition. Delivery claims should still be checked against entity-specific occupancy certificates and operational status.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

Baani City Center, Sector 63, is registered over 2.269 acres with 406 commercial units, comprising 269 retail shops and 137 service apartments. Its declared estimated project cost was about Rs 199.08 crore. RERA filings recorded 385 units booked, booked value of about Rs 206.70 crore and collections of about Rs 181.24 crore at the reporting point. The revised completion date was 17 February 2025. The filing stated construction completed and disclosed a part OC dated 16 January 2018, but buyers must verify the specific block and unit approval.

C. PIPELINE

Baani Center Point in the Manesar area is presented by the group as ongoing. No reliably verified broader Gurgaon launch pipeline has been identified under Aaliyah. Any new project should be assessed from its fresh RERA registration, ownership, licence and financing rather than historical portfolio claims.

FINANCIAL ANALYSIS

• Current consolidated revenue, EBITDA, PAT, debt, cash and net worth: not publicly available

• Aaliyah FY2022 operating revenue range: Rs 1 crore to Rs 100 crore

• Aaliyah paid-up capital: approximately Rs 1 lakh

• Baani City Center declared project cost: approximately Rs 199.08 crore

• Project collections disclosed at registration: approximately Rs 181.24 crore

• Balance receivable disclosed: approximately Rs 25.46 crore

• Project loan disclosed in the filing: nil at that reporting point

These figures are point-in-time and do not establish current liquidity. A privately held promoter with very small paid-up capital requires scrutiny of project cash flow, unsold inventory and related-party funding.

CREDIT RATING AND LIQUIDITY

No current public credit rating was found for Baani Group or Aaliyah Real Estates. Liquidity is therefore not independently monitored through a rating rationale. Buyers should seek recent audited accounts, RERA bank statements, encumbrance certificates and evidence that remaining receipts are sufficient for pending obligations.

MARKET POSITION AND COMPETITIVE ANALYSIS

Baani is positioned as a boutique Gurugram commercial and hospitality developer. Its advantages include established office locations, completed commercial assets and recognised hotel or corporate occupiers. Weaknesses include private-company disclosure, multiple project entities, concentration in NCR and uncertainty over the brand's present development activity. It competes with larger commercial developers offering deeper balance sheets and more transparent pipelines.

REGULATORY COMPLIANCE AND LEGAL STATUS

Baani City Center is registered under GGM/591/323/2022/66 and appears in Haryana RERA monitoring and OC or CC records. Earlier buyer complaints alleged delayed possession, unilateral unit changes and refund disputes. One complaint described a 2012 allotment later shifted to another unit and stated that no occupation certificate or offer had been received at that stage; the promoter disputed the account. These are project-level proceedings and should be read with their final orders. No major insolvency proceeding against Aaliyah was identified in the reviewed public material, subject to current verification.

CUSTOMER PERSPECTIVE

Public feedback is mixed. Operating commercial destinations and hotel-linked assets support footfall and brand visibility. Complaints focus on delays, changes in allotted units, refund claims and documentation. User reviews are not adjudicated evidence. Commercial buyers should verify occupancy, rental assumptions, maintenance charges, fit-out restrictions and whether any assured-return representation is recorded in the agreement.

RISK ASSESSMENT

The main risks are classification uncertainty, entity fragmentation and commercial-project cash-flow dependence.

A. OPERATIONAL RISKS

Commercial demand, tenant churn, completion of common facilities and coordination between retail, serviced-apartment and hotel uses can affect performance. A part OC does not confirm approval for every unit.

B. FINANCIAL RISKS

Consolidated financials and current debt are unavailable. The promoter's small paid-up capital and reliance on project collections reduce visibility into loss-absorption capacity.

C. LEGAL AND GOVERNANCE RISKS

The Baani name spans projects and entities. Buyer disputes over allotment changes or refunds can turn on the exact agreement. Baani's inactive classification conflicts with the company's active registry status, so current business activity must be independently confirmed.

BEST PRACTICE FOR BUYERS

Verify GGM/591/323/2022/66, monitoring orders, quarterly filings and the exact revised completion status. Match the unit to the sanctioned plan and tower or block covered by OC or CC. Confirm Aaliyah as the contracting party, examine title and licence 80 of 2010, obtain encumbrance and lender documents, check the RERA escrow, and inspect physical operations. Review rental, return, cancellation, transfer and maintenance clauses. Search complaints using Aaliyah Real Estates and the project name, not only Baani.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

Gurugram's office, retail and hospitality demand supports well-located completed Baani assets. Future development credibility depends on current filings, active management, clean project approvals and a transparent pipeline. Until these are demonstrated, the profile is better assessed as a legacy portfolio with selected operating assets rather than a high-growth developer platform.

INVESTMENT AND BUYER THESIS

The thesis rests on asset-level quality and documentation, not group-wide financial strength.

A. STRENGTHS

Established Gurugram locations, a commercial-specialist identity, completed assets and recognised occupier relationships support brand recall.

B. CONCERNS

Inactive classification, limited financial disclosure, private ownership, entity complexity and historical buyer disputes weaken transparency.

C. OPPORTUNITIES

Operational leasing, improving corridor connectivity and stronger occupancy can support income and resale value in completed assets.

D. WATCHPOINTS

Track current corporate filings, Baani Center Point progress, City Center block-level OC or CC, RERA monitoring, tenant occupancy, maintenance quality and any new launch entity.

CONCLUSION

Baani is classified as inactive, although Aaliyah Real Estates remains legally active and the brand website continues to operate. Its Gurugram commercial portfolio provides genuine market presence, but private-company disclosure and entity fragmentation require project-specific diligence. Buyers should judge each asset through its promoter, approvals, occupancy and contractual cash flows rather than rely on the Baani name alone.

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.