India Homes is a Mumbai real estate redevelopment company that was born from the deliberate closure of a decades-old stainless-steel factory - a pivot completed in FY26 to escape a cycle of manufacturing losses, cyclone damage, and creditor takeovers. The company took its one remaining asset, a collection of land parcels in some of the city’s most crowded neighbourhoods, and turned itself into a builder of premium homes on under-used urban plots. Everything it does now follows a single recurring logic: take a legacy property in a land-scarce micro-market, manage the messy work of approvals and tenant rehabilitation in-house, and unlock value that the previous use of the land could never capture. # Business segments A single-engine business - a Mumbai-focused redeveloper that turns legacy and under-utilised properties into premium residential projects, with one large-scale joint venture on its own land outside the city. ## 1. Mumbai redevelopment: premium homes on under-used urban land **The company finds old, under-utilised properties in land-starved central-Mumbai neighbourhoods, navigates the approvals and tenant-rehabilitation process itself, and sells the finished apartments as premium product - capturing the gap between legacy-land value and new-build market price.** - **End-to-end control in-house** - the company handles approvals, design, tenant rehabilitation, construction and sales with its own team, which means it does not outsource the hardest, most relationship-dependent parts of a redevelopment project. - **Two decades of local relationships** - the promoter group has been executing Mumbai redevelopments for more than 20 years, with a completed track record that includes The Link in Andheri (1,00,000 sq ft), Emgee Greens in Wadala (1,50,000 sq ft), and Aden Court in Matunga (1,25,000 sq ft), giving it the tenant and partner trust needed to assemble sites and secure society approvals. - **Land sourced from the promoter ecosystem** - the company is acquiring development rights for a roughly 4,200-square-metre residential plot in Chembur privately owned by its Executive Chairman, and has separately approved the acquisition of development rights on a Wadala plot from the same promoter, so project sites come through relationships rather than open-market bidding. - **Flexible development model** - projects can be executed directly, through joint ventures, or via group entities, which lets the company share capital requirements and risk rather than carrying every project on its own balance sheet. ## 2. Waterfall Enclave, Khopoli: a large-scale joint venture on company-owned land **The company owns a land parcel in Khopoli, outside Mumbai, and has brought in the Lloyds Group as a joint-venture partner to develop it into a roughly 60-lakh-square-foot multi-phase project - a capital-light way to monetise a legacy asset without funding the build itself.** - **Partnered, not self-built** - the company signed a development agreement in July 2025 with LLOYDS IHL LLP, a special-purpose vehicle in which it is a partner alongside Lloyds Realty Developers Limited and Smartquip Properties Private Limited, neither of which is related to the company’s promoter group. - **Indicative scale, not committed** - the project is planned at approximately 60 lakh sq ft across multiple phases, but the company describes timelines and scope as indicative, meaning the final shape will depend on market conditions and partner decisions. # Group structure and partners **The company is a tightly held promoter-group vehicle with no subsidiaries, a recently cleaned-up balance sheet, and a joint venture that sits outside its own books.** - **No subsidiaries** - as of FY25, India Homes has no subsidiary or associate companies; its only previous subsidiary, Indinox Steels, never commenced business and was sold to three non-promoter individuals in December 2023 for a total of Rs. 50,000. - **Debt resolved through two one-time settlements** - the company paid Rs. 24 crore to Kotak Mahindra Bank under a settlement completed by March 2025, and secured a separate one-time settlement with J.C. Flowers ARC in March 2026 covering all remaining secured borrowings, after which all secured debt was paid off. - **A large preferential allotment restructured the balance sheet** - in November 2024, the board converted Rs. 152.97 crore of unsecured loans, trade payables and employee benefits into equity shares at Rs. 6.25 per share, with Sikkim Ferro Alloys Limited taking a 21.08% post-allotment stake and several promoter-group entities taking smaller stakes.