Thakkers Developers is Nashik’s hometown builder - a family-run enterprise that has been putting up homes, offices and plotted layouts in North Maharashtra since before the city had its first public company. It was founded in 1987, traces its roots to 1957, and became the first business from the region to list on the Bombay Stock Exchange in 1994. The recurring approach is simple: develop real estate projects on its own land or through its subsidiaries, fund construction with surplus cash and director-backed working-capital loans, and sell directly to buyers in a geography it knows block by block. # Business segments Three engines, all anchored in Nashik - a real-estate development business that creates and sells projects, a construction-and-contracting arm that builds for itself and for others through subsidiaries, and a rental-property portfolio that throws off steady income from completed assets. ## 1. Real estate development: the core engine that creates and sells projects **The company buys land, obtains approvals, builds commercial and residential projects, and sells units directly to buyers - it is a developer, not a broker.** - **Sells flats, shops and plots** - it develops commercial complexes, residential townships and plotted layouts within Nashik city limits, including a recently completed flagship project, “Thakkers M Square,” with over 100 commercial units. - **Revenue recognised as the building rises** - it books income over time using a cost-based percentage-of-completion method: the share of total project cost incurred (excluding land) determines how much revenue is recognised, on execution of agreement or letter of allotment and when control of the goods or services are transferred to the customer. - **Sells both off-plan and ready units** - work-in-progress for booked flats and shops is valued at the proportionate sale price, while finished unsold stock is carried at the lower of cost or what it can realistically fetch. - **Direct sales team, no middlemen** - the company employs a Sales Head and a Sales Manager, so it controls the customer relationship from first enquiry to handover. - **Rides Nashik’s infrastructure wave** - the chairman points to the Samruddhi Mahamarg cutting the Mumbai drive to two-and-a-half hours, the upcoming Surat-Chennai Economic Corridor, and the city’s selection as India’s first model city by the Quality Council of India as reasons demand will hold. ## 2. Construction and contracting: the execution muscle, deployed through subsidiaries **The company builds not only its own projects but also takes on outside construction work, channelling surplus funds into subsidiaries that execute the contracts.** - **Subsidiaries do the building** - the company deploys its surplus cash into wholly owned subsidiaries that carry out construction and contract-related activity, keeping the execution separate from the development balance sheet. - **Materials bought project by project** - construction materials are not held in a central store; they are purchased for a specific project and treated as part of that project’s cost immediately, which keeps inventory lean. - **A dedicated purchase function** - a Purchase Manager role exists in the organisational structure, and the company maintains internal controls over purchasing, marketing and finance that it upgrades as needed. - **Working capital has been financed through director-backed loans** - the company has raised working-capital finance secured against the personal property of directors and their relatives, a practical arrangement for a firm of this size, though the amount outstanding as of 31-03-2023 and 31-03-2022 was Rs. Nil. - **Equipment fleet written down over long lives** - site equipment is depreciated over 12 years on a written-down-value basis, reflecting a view that the machinery lasts. ## 3. Investment properties: the quiet rental-income stream **Completed properties held for rental income or capital appreciation sit on the books at cost, with their market value disclosed each year by an independent valuer.** - **Earns rent, not just sales proceeds** - the company holds investment properties - buildings kept to generate rental income or to benefit from price appreciation over time, or both. - **Valued conservatively on the books** - these properties are carried at cost, but a fair-value estimate is produced annually by an accredited external valuer, so the board and shareholders can see what they are really worth. # Group structure and partners **The company is controlled by the Thakker family, operates through five wholly owned subsidiaries and a web of partnership firms, and is surrounded by dozens of related enterprises under common key-person influence.** - **Five wholly owned subsidiaries** - Harshwardhan Developers, Pratap Marketing, Jamuna Horticulture, Shree Kalavati Farm (95% in some periods) and Motel Kutir Nirman are all fully controlled by the parent. - **Eight partnership firms with varying stakes** - the company is a partner in entities such as Shri Rachana Constructions (60% share), Model Activity (30-40% across periods), Shri Balaji Enterprises (95%) and several farm-focused firms, giving it flexible participation in different projects. - **A dense related-party network** - over 30 enterprises in which key management personnel have significant influence - from Thakkers Housing to Rainbow Agricultural to Mahalaxmi Travels - sit alongside the listed company, and the group routinely provides advances to many of them. - **Family leadership, with a recent generational shift** - the Chairman, Managing Director and CEO are three Thakker brothers; in March 2026 the CEO’s daughter, a law graduate with real-estate legal expertise, was appointed Whole-Time Director, replacing a departing family member on the board.