Ratnabhumi Developers is an Ahmedabad-based builder that turns land into finished homes and offices, selling them under a single premium brand called ‘Turquoise’. The company was founded in 2006 by the Ratna Group, a family with over two decades in real estate, and moved from the BSE’s small-company platform to its main board in 2021. Everything it does follows a project-based rhythm: acquire a plot in a growing part of Ahmedabad, develop it into a cluster of residential or commercial units, sell every unit, and move on to the next site. # Business segments A single engine - developing and selling residential and commercial real estate in Ahmedabad under the Turquoise brand - with no separate revenue streams. ## 1. Turquoise real estate: a branded builder for a single city **The company buys land in Ahmedabad’s prime and developing corridors, builds mid-to-high-end homes and offices on it, and sells every unit outright - it is a project developer, not a landlord.** - **Sells finished units, not leases** - revenue comes from transferring ownership of shops, offices and homes to buyers, with the company acting as principal, holding inventory and taking credit risk on each sale. There is no rental or maintenance income; once a project is sold out, the cycle begins again on a new plot. - **Three active projects, one brand** - all developments carry the ‘Turquoise’ name, currently spanning three sites: ‘Turquoise Greenz’ at Shela, ‘Turquoise Dreamz’ near Sindhubhavan Extension, and ‘Turquoise Grandeure’ at Godhavi, each a mix of residential and commercial spaces. - **Full lifecycle in-house** - the group handles land acquisition, liaison with authorities, planning, construction and post-completion maintenance, which means it controls the entire process from raw land to keys handed over. - **Targets the branded-consumer shift** - the company positions itself as a “branded tier 1 developer” in a market where housing is increasingly bought like a consumer product, with buyers choosing a known name for quality, lifestyle and on-time delivery rather than an unbranded local builder. - **Sells through dealers and professionals** - it expands reach by growing a dealer network and by engaging architects, engineers and designers who recommend projects to clients, while also pulling share from the unorganised local market. # Group structure and partners **The company is a family-controlled developer with a wholly owned land-banking subsidiary and three associate partnerships that also acquire and develop land - all under common leadership.** - **Wholly owned subsidiary for land** - Ratnabhumi Techno Engg Private Limited, acquired in April 2023 for Rs. 1,00,000, exists to acquire land and develop it into residential or commercial buildings with amenities, effectively acting as a project feeder. - **Three associate LLPs with shared purpose** - Raivat Projects LLP (50% stake), Rajul Projects LLP (50% stake) and Ratnamani Buildspace LLP (28.34% stake) are all in the same business of buying land and developing buildings, giving the group additional project vehicles. - **Promoter control runs through every entity** - Chairman and Managing Director Kaivan Shah held 73.56% of the company as of FY23, and he is a designated partner in all three associate LLPs, while his wife Rinni Shah serves as CFO and Executive Director.