CHD Developers

EXECUTIVE SUMMARY

CHD Developers is no longer active as a normal independent developer. CHD Developers Limited has been under the Corporate Insolvency Resolution Process since 5 September 2022, and as of September 2026 its resolution professional was still inviting resolution plans. The company should therefore be assessed as an insolvency-led legacy platform, not as a conventional operating developer launching and executing new projects in the ordinary course.

Founded in 1990 and historically led by the Mittal family, CHD Developers built residential, commercial and hospitality projects across Gurugram, Karnal, Vrindavan and Haridwar. Its best-known NCR developments include CHD Avenue 71, CHD Vann, 106 Golf Avenue and CHD Resortico, also marketed as Y Suites.

KEY PERFORMANCE METRICS

• Incorporated: 17 August 1990

• Corporate identity: CHD Developers Limited, CIN L74899DL1990PLC041188

• Insolvency status: CIRP commenced on 5 September 2022

• Resolution professional: Rajesh Kumar Parakh

• Latest process milestone reviewed: fresh invitation for resolution plans issued in June 2026

• Management-stated historical portfolio: more than 5.5 million sq ft delivered, 29 projects and over 15,000 customers

• Gurgaon registrations reviewed: two legacy registrations, both shown as lapsed

• FY2020 consolidated revenue from operations: approximately Rs 48.74 crore

• FY2020 consolidated loss after tax: approximately Rs 31.52 crore

• Current active credit rating: none identified from the reviewed public record

IMPORTANT CAVEAT

CHD Developers Limited is in CIRP, and project rights, liabilities and buyer remedies may differ by project and legal entity. CHD Vann was segregated from the corporate debtor's CIRP following a November 2025 NCLT order connected with a settlement involving Roots Developers Private Limited. Buyers must therefore verify the exact promoter, landowner, project-specific order and current RERA record instead of assuming that every CHD-branded project remains within one common insolvency pool.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

CHD Developers Limited was incorporated as a public company in Delhi in 1990. It operated as the principal listed real estate vehicle of the CHD brand and historically developed group housing, plotted communities, commercial projects and hospitality-linked assets. The company's securities later faced exchange compliance issues, and BSE trading was suspended from February 2020. Its current corporate position is governed primarily by the Insolvency and Bankruptcy Code process.

SISTER COMPANIES AND GROUP ENTITIES

The CHD brand has used project companies, land-owning entities and related parties across its portfolio. Roots Developers Private Limited is particularly relevant to CHD Vann. A buyer should identify the precise contracting entity from the allotment letter, builder-buyer agreement, RERA registration and title documents because brand ownership does not by itself establish legal liability.

LEADERSHIP AND MANAGEMENT

The company was founded under R.K. Mittal. Historical disclosures identify Gaurav Mittal as Managing Director and Rajinder Kumar Mittal as Whole-time Director. During CIRP, control over the corporate debtor's affairs rests with the resolution professional and the committee of creditors rather than with the former management in the normal course.

PROJECT PORTFOLIO ANALYSIS

CHD's historical portfolio spans Gurugram, Karnal, Vrindavan and Haridwar. The portfolio mixes completed communities with delayed, lapsed or legally restructured projects. Current status must be checked project by project because historical labels such as completed, ongoing or forthcoming may no longer reflect the legal or physical position in 2026.

A. DELIVERED / OPERATIONAL LANDMARKS

CHD Avenue 71 in Sector 71, Gurugram is the company's most recognisable delivered NCR housing development. Historical completed projects also include components of CHD City in Karnal, including Paradiso, Bulevar, Spanish Meadows and Lifestyle developments, as well as Sri Krishnalok in Vrindavan and Gayatrilok in Haridwar. Delivery claims should be reconciled with occupation certificates and local authority records.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

The Gurgaon projects requiring the closest diligence are CHD Vann, 106 Golf Avenue and CHD Resortico or Y Suites. The Sector 71 group housing registration associated with Avenue 71 covered about 10.5437 acres and is shown as lapsed after validity ended in July 2021. The commercial colony registration at Sector 34, Dhunela, Sohna is also shown as lapsed. No recent normal-course launch pipeline was identified.

C. PIPELINE

There is no dependable publicly verified new-launch pipeline while CIRP remains unresolved. Any future construction, handover or monetisation will depend on project-specific settlements, regulatory permissions, creditor decisions and the final resolution framework.

FINANCIAL ANALYSIS

The latest readily comparable pre-CIRP numbers show severe operating stress. FY2020 consolidated revenue from operations was about Rs 48.74 crore against a loss after tax of roughly Rs 31.52 crore. Public summaries indicate that revenue contracted sharply thereafter, with negligible or nil sales reported in subsequent years and continuing losses. These historical figures are not a substitute for current insolvency claims and asset valuations.

CREDIT RATING AND LIQUIDITY

No current active credit rating was identified for CHD Developers. Liquidity should be viewed through the CIRP process, admitted creditor claims, project escrow availability and resolution-plan funding rather than ordinary balance-sheet ratios. Older net-worth or rating references are stale and should not guide a 2026 purchase decision.

MARKET POSITION AND COMPETITIVE ANALYSIS

CHD once held a visible mid-market position in NCR through Avenue 71 and the broader CHD City portfolio. Insolvency, delayed projects and lapsed registrations have materially weakened that position. Its remaining brand recognition is primarily historical, while current competition comes from better-capitalised developers with active construction, current registrations and clearer delivery visibility.

REGULATORY COMPLIANCE AND LEGAL STATUS

CIRP began on 5 September 2022. The IBBI process record showed a fresh invitation for resolution plans in June 2026, indicating that resolution remained ongoing. Both Gurgaon registrations reviewed are shown as lapsed. Buyer proceedings involving Avenue 71 and Resortico have raised possession, delay, interest and refund issues. Allegations and interim orders should not be treated as final findings unless the relevant court or authority has decided them.

CUSTOMER PERSPECTIVE

The central customer issue is uncertainty over completion, possession, maintenance and recovery within an insolvency environment. Some buyers received possession or occupation-related documentation in legacy projects, while others pursued delay or refund remedies. Customer experience can vary substantially by tower, unit, agreement and promoter entity.

RISK ASSESSMENT

CHD Developers carries elevated operational, financial, legal and governance risk. Any exposure requires project-level legal diligence and confirmation from the resolution professional, RERA authority and competent local authority.

A. OPERATIONAL RISKS

• Construction and handover schedules may depend on a successful resolution plan.

• Lapsed registrations can restrict normal sales and execution activity.

• Responsibility may be divided among the corporate debtor, landowners and project entities.

B. FINANCIAL RISKS

• The company has reported prolonged losses and weak revenue.

• Creditor claims may exceed readily realisable asset value.

• Additional completion funding may be uncertain or conditional.

C. LEGAL AND GOVERNANCE RISKS

• CIRP outcomes can change project control and buyer remedies.

• Historical exchange-compliance issues reduce disclosure continuity.

• Project segregation, settlements and appeals may alter the relevant counterparty.

BEST PRACTICE FOR BUYERS

Verify the live RERA registration, occupation certificate, sanctioned plans, title chain, insolvency claim status and promoter entity for the specific unit. Obtain written confirmation of who is authorised to sell or transfer it. Use an independent property lawyer and do not rely solely on the CHD brand, an old brochure or a resale intermediary.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

CHD Developers' future depends on approval and implementation of a viable resolution plan. A credible plan would need project-specific completion funding, regulatory regularisation and a transparent treatment of homebuyers. Until that occurs, the outlook remains resolution-driven rather than growth-driven.

INVESTMENT AND BUYER THESIS

The CHD portfolio may offer value only where legal title, possession and project status are independently verified. It is unsuitable for buyers seeking low execution risk or relying on the developer's historic brand alone.

A. STRENGTHS

• Recognisable legacy NCR portfolio

• Delivered assets in Gurugram and Karnal

• Existing project land and customer base may support resolution value

B. CONCERNS

• Ongoing CIRP

• Lapsed Gurgaon registrations

• Weak historical financial performance

• Delayed-project and buyer-litigation exposure

C. OPPORTUNITIES

• Resolution capital could restart viable projects

• Project-wise settlements may unlock stalled assets

• Completed inventory may retain location-driven resale demand

D. WATCHPOINTS

• NCLT approval of any resolution plan

• Updated IBBI process disclosures

• Renewal or extension of lapsed RERA registrations

• Construction and possession progress by project

• Treatment of homebuyer and financial-creditor claims

CONCLUSION

CHD Developers is an inactive, insolvency-led legacy developer with recognised NCR projects but no reliable normal-course expansion pipeline. Its historical delivery record provides some brand value, yet ongoing CIRP, lapsed registrations and project-specific legal complexity dominate the present assessment. Any buyer or investor should proceed only after independent verification of the exact asset and counterparty.

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.