Press Release April 23, 2026 ALOUD REALTY PRIVATE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	490.00	0.00	ACUITE BB- | Stable | Reaffirmed	-	SEBI
Total Outstanding	490.00	0.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 490.00 Cr. Non Convertible Debentures (NCD) of Aloud Realty Private Limited (ARPL). The outlook is 'Stable'. Rationale for rating reaffirmation The reaffirmation of the rating reflects the extensive experience and proven track record of the promoters, namely the Solitaire Group, which has been active in the real estate sector for over four decades. The group has successfully developed more than 6.06 million square feet of residential and commercial projects, primarily concentrated in the Pune region. While the rating remains constrained by risks related to project execution and demand, marked by changes in project plans, slower sales velocity, and rising project costs, however, elongated debt repayment terms with a moratorium of 8 quarters from first disbursement leading to repayments beginning from Q2 FY28 is expected to provide sufficient liquidity cushion. However, the rating factors in the company’s exposure to the inherent cyclicality of the real estate industry and the regulatory challenges associated with it.

About the Company

Incorporated in December 2023, ARPL is part of Pune based Solitaire group promoted by Mr. Ashok Dhanraj Chordia and Mr. Atul Ashok Chordia, engaged in development of real estate properties. The registered office of the company is in Wadgaon Sheri, Pune. Currently, the group along with Jairaj group (promoted by Jayant Hiralal Shah and Malav Jayant Shah) is developing a mix use project named Maha Trade Market (MTM) situated in Bibewadi, Pune which is having a total saleable area of ~1.67 msf, consisting of retail (Commercial) space (~1.55 msf) and residential plotting (~0.12 msf). Jairaj group through its 2 entities Jairaj Realty LLP and Jairaj Realty Unit 9 LLP holds the land in the ratio of 22.4% and 77.6% respectively. These entities are in turn owned by ARPL (34%, development partner for MTM, part of Solitaire Group), Jayant Hiralal Shah (32.5%) and Malav Jayant Shah (32.5%). The current directors of the company are Mr. Ashok Dhanraj Chordia, Mr. Ayush Janwar and Mr. Sumit Ramesh Diwane.

Unsupported Rating

­Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of ARPL to arrive at the rating. Further, the project cost has been considered with respect to the only retail (commercial) part as the residential plotting part is at nascent stage of planning.

Key Rating Drivers

Strengths

Experienced promoters with established track record of operations of group in the industry Solitaire group, promoted by Mr. Ashok Chordia and Mr. Atul Chordia, has an experience of almost four decades in industry. The group has an established track record of operations in construction of affordable housing, premium housing and commercial projects across Pune, Maharashtra with a total developed and sold area of ~6.06 msf. Further, the group also enjoys the established presence in the rising real estate market of the city, which will help in the saleability of the projects under the construction.

Weaknesses

Significant project risk marked change in plan, lower sales velocity and increase in project cost The company has recently revised its overall project plan. Instead of the previously planned residential building (0.72 msf), it will now develop a residential plotting project (0.12 msf). Additionally, while the retail commercial project continues to be constructed as planned the hotel (0.15 msf) and office (0.25 msf) projects have been deferred for the time being. The Retail project of MTM is being developed at a total cost of Rs.1,557.9 crore (~Rs.902.9 crore incurred till December 31, 2025), increased from earlier envisaged cost of Rs.1357.2 crore. Of this increase by ~Rs. 200 crore, ~Rs. 83 crore is attributable to higher construction expenses, Rs. 56 crore for additional car parking facilities costing, and balance towards increase in interest expenses of Rs. 83 crore arising from delayed completion as planned from earlier. The project is to be funded through equity infusions of Rs.196.4 crore, debt of Rs.490.0 crore, and customer advances of Rs.871.6 crore. The company has so far availed partial disbursement of its NCD facility amounting to Rs.290 crore, of which Rs.90 crore was utilized for repayment of existing debt, while the remaining funds were directed toward project development. Also, from the promoter’s equity infusion of Rs.196.4 crore as on December 31, 2025, Rs.71 crore was expensed toward earlier debt repayment. Overall, the company remains heavily dependent on customer advances, which contribute approximately 56% of the total funding required for project completion. However, since December 2024, the project has experienced a sharp slowdown in sales velocity. During this period, only 2 units were sold, leaving 1,146 units unsold as of December 2025, out of the total 2,512 units in the project. This decline has directly impacted the inflow of customer advances, disrupting the planned funding structure. As per the management, the company is limiting sales to favour better realisations by selling towards latter stage of completion. As of now, 44.37% of the retail portion has been sold, while construction progress stands at ~56.81%. Consequently, the targeted completion timeline has been revised to Q2 FY28, compared to the earlier projection of Q3 FY26. Additionally, RERA approval for plotting part of the project is yet to be obtained. Factoring the same, the implementation and demand risk also remains high for the project. Acuité believes that the timely completion of the project without any further cost overruns coupled with receipt of adequate customer advances will be a key rating sensitivity. Susceptibility to real estate cyclicality, regulatory risks and intense competition in the industry The real estate industry in India is highly fragmented with most of the real estate developers, having a city specific or region-specific presence. The risks associated with real estate industry are cyclical in nature and directly linked to drop in property prices and interest rate risks, which could affect the operations. Given the high level of financial leverage, the high cost of borrowing prevents the real estate's developers' from significantly reducing prices to boost sales growth. Moreover, the industry is also exposed to certain regulatory risks linked to stamp duty and registration tax directly impacting the demand and thus the operating growth of real estate players. Furthermore, the group would continue to remain exposed to intense competition from larger players in region.

ESG Factors Relevant for Rating

­Aloud Realty Private Limited integrates environmental, social, and governance practices into its operations. The company has adopted electronic communication to reduce paper use and complies with statutory requirements. Employee welfare policies cover POSH compliance, maternity benefits, and diversity measures. Governance is supported through regular board meetings and the functioning of committees such as the Audit Committee, Risk Management Committee, and Nomination & Remuneration Committee. The company maintains transparent financial disclosures and adherence to SEBI and secretarial standards.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Ability to achieve sales at rates above projected levels, supported by strong collections, thereby enhancing visibility of cash inflows and improving debt service coverage ratio (DSCR) to above 4x. Significant progress in the project construction

Potential triggers (individual or collective) for a downward rating action:

Any substantial delay in project execution resulting in significant time or cost overruns. Lower-than-expected sales volumes or slower realization from customer bookings adversely impacting debt service coverage ratio

All Covenants

­ Pledge of shares of Issuer Hypothecation of 100% project cash flows. Pledge of 100% partnership interest of Landowner/ Developer entities (Jairaj Realty LLP & Jairaj Realty Unit 9 LLP) Corporate Guarantees of Landowner/ Developer entities (Jairaj Realty LLP & Jairaj Realty Unit 9 LLP)

Liquidity Position

Adequate

The liquidity profile of the project MTM is marked adequate, backed by the receipt from sold receivables from the project (~Rs.464 Cr) and pending disbursement of NCD (Rs.200 Cr). Moreover, the liquidity to be further supported by the incremental sales planned from the project from Q1 FY27. Further, as per the term sheet the company shall receive a moratorium of 8 quarters from the date of the first disbursement which also provide relief to the company in managing its cash outflows. However, management plans for an accelerated repayment from Q4 FY27 instead of Q2 FY28, leading to an average expected DSCR of 2.9 times across the debt tenor.

Outlook - Stable

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Other Factors affecting Rating

­None

Key Financials :

The company was incorporated on July 18, 2023 and had no operations till FY25­

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 25 Apr 2025 Proposed Non Convertible Debentures Long Term 450.00 ACUITE BB- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 40.00 ACUITE BB- | Stable (Assigned)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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