Trescon is a Mumbai real estate developer that builds homes and commercial spaces under a brand stitched together from a 40-year family legacy - the Triveni Group - and a corporate entity that began life in 1995 as a floriculture company before being renamed and refocused entirely on property. It operates through an asset-light model: instead of owning construction machinery or a permanent labour force, it hires globally recognised architects and contractors for each project while keeping a tight in-house team of 70 people to oversee design and execution. That same approach - buy the land, control the project, outsource the building - now extends into a growing web of controlled partnerships, through which the company is acquiring land and development rights across the Mumbai suburbs. # Business segments A single engine - residential and commercial real estate development in the Mumbai region - run through an outsourcing model and a widening network of controlled land-holding partnerships. ## 1. Real estate development: building homes and shops on Mumbai's suburban land **The company buys plots, hires architects and contractors to build on them, and sells the finished apartments and commercial units - it owns the project, not the construction machinery.** - **Land first, then building** - Trescon acquires plots directly, such as the 3,772-square-metre site it bought in Kalyan, Thane, in September 2023 for a residential and commercial project. As of March 2025, its land inventory stood at roughly ₹22 crore, up from about ₹8 crore a year earlier, reflecting a deliberate move from holding no land at all in prior years to stocking development-ready sites. - **Designed by outsiders, run by insiders** - the company appoints globally renowned architects and contractors for each project, which lets it scale up or down without owning construction equipment, while its own design and project-management teams keep quality and timelines in check. That is how a 70-person firm can deliver over 3,800 residences across 24-plus locations. - **Revenue recognised as the building rises** - Trescon books income over time, from the point it earns the right to payment for work completed, which means it must forecast total project costs and track changes in scope throughout construction. It acts as the principal in every sale, not as an agent for someone else. - **Cash-flow discipline built into the model** - the company describes its structure as one that generates continuous cash flows from development properties, supported by conservative borrowing and enough cash on hand to seize new land opportunities when they appear. It has no debt instruments, warrants or convertible bonds outstanding. - **A single project pipeline, not multiple divisions** - the entire business falls under one reported segment: "Development of Real Estate Property". The current active project is Triveni Pearl, a mixed residential and commercial development in Kalyan, launched during FY25. # Group structure and partners **Trescon has no subsidiaries, but it has built a ring of controlled LLPs and a partnership firm - all acquired from its own promoters - that hold land and development rights, effectively extending its reach without putting everything on its own balance sheet.** - **Three LLPs acquired in a single year** - in May 2024 the company took a 69% controlling interest in Golden ARC Ventures LLP at nil consideration, gaining voting rights over an entity with a total capital commitment of ₹25.5 crore. In September 2024 it acquired 97% of Triveni Dwellwell Realtors LLP for under ₹10 lakh, and in April 2025 it picked up 85% of newly formed Uprise Homes LLP and 60% of Triveni Housing Associates LLP for nominal sums. - **A partnership firm added in March 2025** - Trescon also holds an unquoted investment in Triveni Associates, a partnership firm, with control acquired as of mid-March 2025 and a carrying value of roughly ₹1.9 crore. - **All deals are promoter-related, all at arm's length** - every one of these acquisitions involves entities where the promoter group's interest is limited to capital contributions or voting rights, and each was conducted on an arm's-length basis with the stated purpose of strengthening the company's structure. - **A wider network of related-party contractors** - beyond the controlled LLPs, Trescon has loans and advances outstanding to related parties such as Renaissance Buildcon (₹11.7 crore as of March 2025) and trade payables to entities like Triveni Uplife Realtors LLP, forming a broader ecosystem of development and construction partners that operate alongside the company.