1. Its business is dependent on the performance of, and the conditions affecting, the real estate micro
markets with high geographical concentration in the Western Suburbs of Mumbai. As of June 30, 2025,
all ongoing projects and most of the company's upcoming projects are in the Western Suburbs of Mumbai.
Consequently, the company is exposed to risks from economic, regulatory and other changes as well as natural
disasters in the Western Suburbs of Mumbai, which in turn may affect our ability to ensure sale of projects
and pricing of units in such projects.
2. Inability to complete its Ongoing Projects and Upcoming Projects by their respective expected completion
dates or at all could have a material adverse effect on the company business, results of operations and financial
condition.
3. As of June 30, 2025, the company has 85 unsold units in the Completed Projects and 167 unsold units in its
Ongoing Projects. If its not able to sell the company project inventories in a timely manner, then it may adversely
affect its business, results of operations and financial condition.
4. It is difficult to compare the company performance between periods, as its revenues from operations and expenses
fluctuate significantly from period to period.
5. The company is entirely dependent on third party contractors for the construction and development of its Projects
and its largest contractor, Shree Gajanand Associates, accounts for 21.71%, 29.89% and 28.10% of the company
total expenses for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any failures on their part to
perform their obligations could adversely affect its business, results of operations and financial condition.
6. Increases in prices or shortage of or delay or disruption in supply of, construction materials and contract
labour could adversely affect its estimated construction cost and timelines resulting in cost overruns.
7. The company has experienced negative cash flows in the last three fiscal years.
8. The Company has (i) in the past not complied and/or delayed in complying with reporting requirements
under the provisions of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 and the company
may be subject to regulatory action by RBI; (ii) in the past not complied and/ or delayed with provisions
with reporting requirements under the provisions of Companies Act, 2013 and its Rules.
9. The company is required to obtain statutory and regulatory approvals, licenses or permits at various stages in the
development of its projects. The company may not be able to fully develop its ongoing and upcoming projects as
presently contemplated. If the company fails to obtain, maintain or renew its statutory and regulatory approvals or
permits, its business, results of operations, financial condition, and cash flows could be adversely affected.
10. The company has closed its division of film production and distribution, namely Anand Pandit Motion Pictures
("APMP") which had recorded operating losses for the Financial Year ended March 31, 2023. Any losses
in the future may adversely impact its business and the value of the Equity Shares.