VSR Infratech

EXECUTIVE SUMMARY

VSR Infratech is an active Gurugram-focused real estate developer specialising in commercial, office and mixed-use projects. The company was incorporated in 2010 and presents itself as part of a broader business platform connected with the SLV Group's security and facility-management operations. Its visible portfolio includes 114 Avenue in Sector 114, 68 Avenue and Park Street in Sector 85.

The company's strongest completed evidence is 114 Avenue, a commercial development near Dwarka Expressway that received an occupation certificate in February 2021. The current risk picture is mixed. Park Street is registered under KS Propmart Private Limited and appears on Haryana RERA's lapsed-project list, while buyer complaints and monitoring proceedings remain relevant across the portfolio.

KEY PERFORMANCE METRICS

• Legal entity: VSR Infratech Private Limited

• Incorporation year: 2010

• Headquarters: Gurugram

• Managing executive in RERA filings: Devendra Pandey

• Main segments: Commercial offices, retail and mixed-use development

• 114 Avenue location: Sector 114, Gurugram

• 114 Avenue registered area: About 2.968 acres

• 114 Avenue RERA number: RERA-GRG-231-2019

• 114 Avenue occupation certificate: February 2021

• Park Street RERA number: RERA-GRG-216-2019, listed as lapsed

IMPORTANT CAVEAT

VSR is the market-facing brand, but not every branded project has the same legal promoter. Haryana RERA identifies VSR Infratech Private Limited for 114 Avenue, while Park Street is registered to KS Propmart Private Limited. Marketing and complaint records also contain variants such as VSR Projects. Buyers must verify the exact contracting entity and its authority for the selected unit.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

VSR Infratech operates from Gurugram and focuses on commercial and mixed-use real estate. Public company material connects its origins with the SLV Group, an established security and facility-management business. The developer's website lists an office at Picasso Centre in Sector 61 and markets ready and developing commercial inventory.

SISTER COMPANIES AND GROUP ENTITIES

Relevant project names include VSR Infratech Private Limited, KS Propmart Private Limited and entities identified in historical project agreements. A brand relationship does not automatically create a cross-company guarantee. Title, licences, project accounts and sale obligations should be traced to the registered promoter.

LEADERSHIP AND MANAGEMENT

The 114 Avenue RERA filing identifies Devendra Pandey as the managing executive and lists other directors and authorised representatives. Public information on the current leadership team, shareholding and succession arrangements is limited. Buyers should confirm authorised signatories through recent corporate and RERA filings.

PROJECT PORTFOLIO ANALYSIS

VSR's portfolio is concentrated in commercial property across Gurugram's growth corridors. The projects combine offices, high-street retail, food and entertainment uses. This focus creates exposure to business leasing, investor sales and local footfall rather than the broader demand base of residential housing.

A. DELIVERED / OPERATIONAL LANDMARKS

114 Avenue in Sector 114 is the best-supported completed asset. RERA complaint records cite an occupation certificate dated 17 February 2021 and possession offers issued in March 2021. Historical VSR material also presents Taksila Heights as a completed residential collaboration, though its legal promoter should be verified separately.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

68 Avenue is marketed as a mixed-use commercial development with retail, offices, serviced apartments and entertainment space. Public RERA complaints refer to registration 119 of 2017 and disputes over possession and agreement terms.

Park Street is a 2.85-acre commercial project in Sector 85 registered to KS Propmart Private Limited. Haryana RERA lists the registration as lapsed. Monitoring records show that the promoter sought continuation and needed consent from two-thirds of existing allottees.

C. PIPELINE

VSR's website continues to market commercial availability and leasing opportunities in 114 Avenue and 68 Avenue. No broad, fully documented new-project pipeline is publicly visible. Future supply should be counted only after the relevant licence, RERA registration and sanctioned plans are confirmed.

FINANCIAL ANALYSIS

VSR Infratech is privately held and does not publish consolidated listed-company financial statements. A 2019 filing for 114 Avenue showed Rs 89.16 crore of allottee receipts, Rs 14.50 crore of bank funding and Rs 30 crore from other sources, but those historical figures do not establish current group liquidity or profitability.

CREDIT RATING AND LIQUIDITY

No widely available current external credit rating for VSR Infratech was identified. Liquidity should be assessed through project escrow statements, certified withdrawals, lender charges and construction progress. Completed inventory at 114 Avenue can support cash generation, while delayed projects can create continuing obligations.

MARKET POSITION AND COMPETITIVE ANALYSIS

VSR competes as a smaller commercial developer against larger Gurugram brands with deeper tenant networks and stronger balance sheets. Its location strategy is a positive: Sector 114 benefits from Dwarka Expressway access, while Sectors 68 and 85 serve established and growing residential catchments. Execution and leasing quality determine whether that location advantage translates into returns.

REGULATORY COMPLIANCE AND LEGAL STATUS

VSR Infratech Private Limited is an active company and 114 Avenue has a RERA registration and occupation certificate. Park Street's registration is listed as lapsed, and regulatory proceedings record attempts to continue it. Buyer complaints concerning 114 Avenue and 68 Avenue remain part of the public record.

CUSTOMER PERSPECTIVE

Completed occupancy at 114 Avenue provides physical evidence that buyers can inspect. Complaint records show disputes over possession, cancellation, payment and agreement obligations. Commercial buyers should verify actual tenant occupancy, maintenance charges, access, parking and fit-out readiness rather than relying on projected returns.

RISK ASSESSMENT

The main risk is uneven project status across a small portfolio. A completed asset does not remove the regulatory and execution risks attached to another branded development.

A. OPERATIONAL RISKS

• Completion and continuation challenges at Park Street

• Leasing and footfall risk in commercial projects

• Dependence on maintenance and facility quality

• Limited scale across active developments

B. FINANCIAL RISKS

• No consolidated public financial disclosure

• Reliance on investor sales and leasing demand

• Potential cash demands from delayed-project obligations

• Limited visibility into current debt and escrow balances

C. LEGAL AND GOVERNANCE RISKS

• Different promoter entities across branded projects

• Lapsed registration at Park Street

• Continuing buyer complaints and monitoring cases

• Marketing claims may not match executed agreements

BEST PRACTICE FOR BUYERS

Confirm the legal promoter, live RERA status, occupation certificate and sanctioned use of the unit. For completed property, inspect occupancy, maintenance records and title. For under-construction inventory, review the project account, construction schedule, promoter authority and any continuation order before payment.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

VSR's future depends on stabilising and leasing completed commercial assets while resolving remaining regulatory issues. Successful completion of Park Street and transparent status reporting for 68 Avenue would strengthen the brand. Expansion before those obligations are resolved would increase execution pressure.

INVESTMENT AND BUYER THESIS

A ready unit in 114 Avenue can be evaluated on actual rent, occupancy and maintenance economics. Exposure to Park Street or 68 Avenue requires a larger risk discount because approval, completion and agreement issues remain more complex. Investors should use achieved lease evidence rather than assured-return language.

A. STRENGTHS

• Occupation-certified commercial project in Sector 114

• Presence across several Gurugram corridors

• Experience in retail and office formats

• Operating website and visible leasing activity

B. CONCERNS

• Park Street registration is lapsed

• Multiple promoter entities complicate accountability

• Limited public financial transparency

• Buyer disputes remain visible

C. OPPORTUNITIES

• Dwarka Expressway commercial growth

• Leasing of ready office and retail inventory

• Catchment expansion in Sectors 68 and 85

• Brand improvement through project completion

D. WATCHPOINTS

Track Park Street's continuation application, the current status of 68 Avenue, complaint outcomes, actual occupancy at 114 Avenue and changes in authorised promoter entities. Review any assured-rental arrangement against signed lease documents and payment capacity.

CONCLUSION

VSR Infratech is an active smaller developer with a completed Gurugram commercial asset and a location-led portfolio. Its projects require separate treatment because legal promoters and regulatory status differ. Ready property can be assessed through actual operating evidence, while delayed inventory demands stricter legal and financial checks.

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.