Kalpataru: Leading Real Estate Developer in MMR and Pune

Kalpataru, a prominent real estate developer in the Mumbai Metropolitan Region (MMR) and Pune, represents 94.84% of its total developable area. Known for its luxury, premium, and mid-income residential projects, the company has a robust portfolio and strategic presence across various micro-markets.

Real EstateKalpataruMmrPuneDevelopmentReal EstateJun 23, 2025

Kalpataru: Leading Real Estate Developer in MMR and Pune

Real Estate:Kalpataru, promoted by Mofatraj P Munot & Parag M. Munot and part of the Kalpataru Group, is a leading integrated real estate development company in India. The company focuses on developing luxury, premium, and mid-income residential, commercial, retail, integrated townships, lifestyle gated communities, and redevelopment projects.

The company has capabilities and is involved in all key activities associated with real estate development, including the identification and acquisition of land, planning, designing, execution, sales, and marketing of projects. As of December 31, 2024, Kalpataru owned 485.38 acres of land in various stages of development, amounting to 48.97 million square feet (msf) of developable area. Of the 485.38 acres, ongoing projects, forthcoming projects, and planned projects amounted to 260.48 acres, 101.84 acres, and 123.06 acres, respectively, with a corresponding developable area of 24.83 msf, 16.33 msf, and 7.81 msf, respectively. Residential projects comprised 46.72 msf of developable area, making up 95.41% of the developable area.

Kalpataru is a prominent real estate developer in the Mumbai Metropolitan Region (MMR) in Maharashtra and is present across all micro-markets in the MMR. As of December 31, 2024, the company had 18 ongoing projects (17.36 msf of developable area or 69.94% of total ongoing), five forthcoming projects (15.43 msf or 94.45% of total forthcoming), and three planned projects (2.91 msf or 37.23% of total planned) in the MMR. Similarly, the company had five ongoing projects (5.81 msf or 23.54% of total ongoing) and two planned projects (4.90 msf or 62.77% of total planned) in Pune (Maharashtra). Both MMR and Pune represent 94.84% of the total developable area (46.45 msf) of the company’s total development portfolio.

While the MMR and Pune, Maharashtra, remain and are expected to remain the primary focus, Kalpataru also intends to selectively pursue opportunities in other metropolitan cities and high-growth cities across India. As of December 31, 2024, the company had two ongoing projects in Hyderabad (Telangana) and Noida (Uttar Pradesh); one forthcoming project in Nagpur (Maharashtra); and three pieces of land comprising land reserves in Surat (Gujarat), Nagpur (Maharashtra), and Udaipur (Rajasthan). As of December 31, 2024, the company had five land reserves aggregating to 1,886.10 acres located at Surat (Gujarat), Nagpur (Maharashtra), Shirol (Maharashtra), and Udaipur (Rajasthan).

In addition to acquiring freehold and leasehold interests in land for development, Kalpataru enters into redevelopment, Joint Development Agreement (JDA), or Joint Venture (JV) projects with other landowners to develop their land. As of December 31, 2024, redevelopment/JDA/JV projects collectively comprised 18.09%, 2.18%, and 5.19% of the total developable area of its ongoing projects, forthcoming projects, and planned projects, respectively. Although redevelopment, JDA, and JV projects comprise a relatively small proportion of its development portfolio in terms of developable area, the company believes this asset-light approach may be a source of growth for its business in the future.

Unsold residential inventory as of December 31, 2024, stood at 6.46 msf (including 0.10 msf of ready-to-move) with an estimated value of Rs 8248.61 crore.

The Offer comprises entirely of a fresh issue of equity shares aggregating up to Rs 1590 crore. Of the net proceeds from the fresh issue, the company proposes to repay/pre-pay in full or part of certain borrowings availed by the company amounting to Rs 333.258 crore and its subsidiaries amounting to Rs 859.242 crore, totaling Rs 1192.50 crore. The balance will be used for general corporate purposes. As of April 30, 2025, the company had a total borrowing of Rs 10186.622 crore.

Kalpataru is an established legacy brand, and its association with trust, quality, and reliability, driven by a track record of delivering quality projects, gives the company the ability to sell throughout the construction phase. A strong brand also helps Kalpataru achieve price premiums for its projects across micro-markets compared to the average pricing of the sub-markets. The company is a prominent real estate company in the MMR with a portfolio of projects diversified across different micro-markets and price points in the MMR and Pune, Maharashtra.

Kalpataru has a strong project pipeline with visibility towards near-term cash flows. The company caters to a wide spectrum of price points. Of the unsold residential units as of December 2025, about 11.57% are ultraluxury, 20.91% are luxury, 59.45% are high-end, and 8.06% are mid-end categories. The company has proven end-to-end execution capabilities with continuous innovation and the ability to deliver projects in a timely fashion. Synergies from the Kalpataru Group’s expertise and experience in adjacent offerings, such as Engineering, Procurement, and Construction (EPC), civil infrastructure construction, and facility management, among others, further strengthen the company. Kalpataru is also a leading real estate company in the implementation of green and sustainable buildings.

However, the real estate business is capital-intensive and requires significant expenditure for land acquisition and project development, with long gestation periods and potential time and cost overruns. The MMR and Pune realty market account for 94.84% of the company’s real estate development projects, and any regulatory or political changes or demand slowdowns could hurt the company’s performance. The company has not acquired the entirety of the land or rights required to develop two of its planned projects, Kalpataru Platina and Kalpataru Espacio. Statutory auditors have included matters of emphasis and negative observations in their audit reports on the company’s audited consolidated financial statements for the nine months ended December 31, 2024, and the past three financial years. The company has experienced net negative cash flows in the past, specifically in 9mFY25 and FY24, and has incurred penalties in relation to compliance with its debt financing arrangements in the past. The company is exposed to risks pertaining to land acquisition due to limited supply of land, increasing competition, and applicable regulations, especially in the MMR and Pune. The company does not own the ‘Kalpataru’ brand but has a non-exclusive and non-transferable license to use the brand from Kalpataru Business Solutions, one of the promoters. Redevelopment projects are subject to risks involving existing tenants, occupants, and applicable government regulations, which may affect project completion times and costs. The company’s debt equity ratio stands at 3.5.

Consolidated revenue for the fiscal ended March 2024 was down 47% to Rs 1929.98 crore, and at the operating level, it was a loss of Rs 128.42 crore with an OPM of negative 6.7% compared to negative 2.2% in the corresponding previous period. The operating loss after minority interest was Rs 103.45 crore compared to a loss of Rs 203.38 crore in the corresponding previous period. For the nine months ended December 2024, the company reported a revenue of Rs 1624.74 crore, and the operating profit stood at Rs 77.72 crore with an OPM of 4.8%. The net profit after minority interest was Rs 8.66 crore. At the upper price band of Rs 414, the P/BV works out to 2.7 times, which is against 4.4 times for Oberoi Realty, 2 times for Sunteck Realty, 7 times for Macrotech Developers, 2.4 times for Keystone, 4.1 times for Godrej Properties, 2.9 times for Mahindra Life, 4.9 times for DLF, and 4.7 times for Prestige Estates. The EV/sales (of FY24 sales) works out to 9.7 times. In comparison, it is 13.6 times for Oberoi Realty, 8 times for Sunteck Realty, 10.8 times for Macrotech Developers, 3.8 times for Keystone, 17.1 times for Godrej Properties, 24.5 times for Mahindra Life, 26.5 times for DLF, and 11.6 times for Prestige Estates.

Frequently Asked Questions

What is Kalpataru's primary focus in terms of real estate development?

Kalpataru's primary focus is on the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, where it has a significant presence across various micro-markets. The company also plans to selectively pursue opportunities in other metropolitan and high-growth cities in India.

What is the total developable area of Kalpataru's projects in MMR and Pune?

The total developable area of Kalpataru's projects in MMR and Pune is 46.45 million square feet (msf), representing 94.84% of the company's total developable area.

What types of real estate projects does Kalpataru develop?

Kalpataru develops a variety of real estate projects, including luxury, premium, and mid-income residential, commercial, retail, integrated townships, lifestyle gated communities, and redevelopment projects.

How much unsold residential inventory does Kalpataru have as of December 31, 2024?

As of December 31, 2024, Kalpataru had 6.46 million square feet (msf) of unsold residential inventory, including 0.10 msf of ready-to-move units, with an estimated value of Rs 8248.61 crore.

What is the purpose of Kalpataru's fresh issue of equity shares?

The fresh issue of equity shares by Kalpataru is intended to raise up to Rs 1590 crore. The proceeds will be used to repay or pre-pay certain borrowings and for general corporate purposes.