### **Overview** - **Headquarters**: Mumbai, India - **Registration**: Registered as a Non-Banking Finance Company (NBFC) with the Reserve Bank of India (RBI) - **Listings**: Publicly traded on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) - **Core Business Verticals**: 1. **Real Estate Development** – High-quality residential, commercial, and mixed-use projects primarily in Mumbai, Chennai, Jaipur, and Raipur. 2. **Financial Services & Credit** – OTC broking, credit lending, structured finance, and capital markets operations. 3. **Investments & Equity Portfolio** – Strategic minority stakes in high-growth sectors such as real estate, agri-food tech, and financial services. The company operates through a **capital-efficient, asset-light model**, emphasizing **joint development agreements (JDAs), project management contracts, and structured credit partnerships** to minimize upfront capital outlay and enhance returns on equity (RoE) and capital employed (RoCE). --- ### **Strategic Business Model** - **Asset-Light Approach**: Land is acquired only when projected returns meet financial thresholds. - **Partnership-Driven**: Collaborates with established developers (e.g., KBK Group) via JDAs; provides funding while managing design, planning, and execution through in-house teams. - **Geographic Focus**: Concentrated in **Mumbai Metropolitan Region (MMR)** with strategic expansion into **tier-2 cities** such as Jaipur, Raipur, and Chennai. - **Development Pipeline**: Exceeds **1.2 million sq. ft.**, with projects in various stages from pre-construction to final delivery. --- ### **Key Real Estate Projects (Ongoing & Upcoming)** #### **1. Ongoing Development Projects (Expected Completion: Q3 FY26 – FY29)** | **Project** | **Location** | **Type** | **GDV (₹ Crores)** | **Economic Interest** | **Status** | |------------|--------------|--------|-------------------|------------------------|----------| | **Crest 4 Pali Hill** | Pali Hill, Bandra (W), Mumbai | Residential Redevelopment | ₹300 | 100% | Under construction; expected FY29 | | **Crest Oaks** | Marol, Andheri (E), Mumbai | Residential (3 towers, 130+ units) | ₹265 | 11% revenue + interest | >50% sold; CC clearance received; FY26 | | **Crest Link** | Khar (W), Mumbai | Mixed-Use Redevelopment | ₹140 | 100% | 80%+ construction complete; commercial units partially leased; FY26 | | **Crest Parkview** | Bandra (W), Mumbai | Boutique Residential | ₹43 | 100% | Completed (OC received); FY24 | | **Crest Park** | Bani Park, Jaipur | Plot-Based Township | ₹225 | 3% revenue + interest | Phase 1 sold out; Phase 2 ongoing; completion by Q3 FY26 | | **One National Park** | Velachery, Chennai | Commercial Office | – | 50% JV (with Starboard Hotels) | Construction ongoing; full lease-out planned; Q2 FY26 | | **Crest @ Palladium** | Velachery, Chennai | Commercial Office (500,000 sq.ft.) | – | 50% | RCC complete; full completion expected by Dec 2024 | | **Crest Greens Phases 2 & 3** | Raipur | Township & Tower | ₹290 | 50.01% (via Ramayana Realtors) | Phase 2 underway; Phase 3 planning; Q4 FY26–27 | > **Note**: Crest completed **12+ million sq. ft. of real estate** across Mumbai, Chennai, Kolkata, and Raipur over 30 years. --- #### **Upcoming Projects (In Planning or Pre-Construction Stage)** | **Project** | **Location** | **Type** | **GDV (₹ Crores)** | **Economic Model** | **Expected Timeline** | |------------|--------------|--------|------------------|----------------------|------------------------| | **Project Lalbaug** | Parel, Central Mumbai | Residential + Commercial | >1 million sq.ft. | Details TBD | Planning phase | | **Project Central** | Parel, Mumbai | Mixed-Use | >600,000 sq.ft. | JDA with KBK Group | Planning phase | | **Crest Pantheon** | Dadar (E), Mumbai | Mixed-Use Redevelopment | ₹1,500–2,200 | 50% profit + interest | Launch Q1 FY26; development underway | | **Project Lotus** | Carter Road, Mumbai | Residential | ₹2,200 | 50% of DM fees + interest | Pre-construction; DA in progress | | **Project Saidale** | Breach Candy, Mumbai | Residential Redevelopment | ₹1,250 | 50% economic interest | Tenant negotiation phase | | **Crest Legacy** | Dadar (E), Mumbai | Flagship Redevelopment | – | 100% owned (land secured) | Pre-construction; negotiations ongoing for expansion | | **Crest Uno** | Union Park, Bandra (W) | Boutique Residential | ₹100 | 100% owned | Construction imminent; high-demand area | | **Crest Blooming Heights** | Pali Hill, Mumbai | Residential Redevelopment | ₹300 | 100% owned | Launched Jan 2025 | | **Crest Cedar** | Andheri (E), Mumbai | Residential | ₹370 | 9% revenue share | Pre-construction; sales launched Dec 2024 | --- ### **Financial Services & Investment Division** #### **OTC Broking & GIFT City** - Maintains **leading market share** in OTC markets for SLR, forex, and derivatives. - **GIFT City operations launched**, targeting growth in offshore capital markets. - Recognizes threat from **electronic trading platforms**, but counters with agility and client relationships. - Plans to strengthen e-trading platform and expand product offerings. #### **Structured Credit & Lending** - Focuses on **real estate-linked credit** with strong covenants and collateralization. - Lending book supports partnered developments, enabling timely execution. - Counterparty risks mitigated by lending primarily within promoter group; however, exposure to small, unrated entities remains a concern. #### **Thematic & Equity Investments** | **Investee Company** | **Stake** | **Sector** | **Growth Highlights** | |----------------------|---------|----------|------------------------| | **TBOF Foods Pvt Ltd** | 15% | D2C Organic Agri-Food | Series A funded in FY25; known for Desi Gir ghee, Khapli atta; CAGR ~76%; 52+ global export markets | | **Tamarind Global Services** | 23% | Events & MICE | Post-pandemic recovery achieved; exceeds pre-COVID levels | | **Ramayana Realtors Pvt Ltd** | 50.01% | Real Estate (Raipur) | Subsidiary from Nov 2023; developer of Crest Greens | | **Inga Capital (now IUI Capital)** | Formerly 100% | Boutique Investment Bank | Successfully divested; provided M&A, PE, advisory services since 2000 | | **Vascon Engineers Ltd** | Strategic exit in 2024 | EPC & Real Estate | Initial investment (2021) via preferential issue; significant returns unlocked | | **Intime Spectrum Share Registry** | Fully exited (2011) | IPO & Share Registry | Grew into India’s 2nd-largest registry; partnered with Link Market Services | > **Note**: Crest follows a **value-creation strategy** via strategic planning, leadership empowerment, and group synergy. --- ### **Subsidiaries & Group Structure** - **Subsidiaries (12 as of Feb 2025)**: - Crest Finserv Limited - Crest Fincap Private Limited - Crest Capital and Investment Private Limited (CCIPL) - Escort Developers Private Limited - Ramayana Realtors Private Limited (50.01%) - Starboard Hotels Private Limited (50% JV for Palladium Chennai) - **Geographic Presence**: Mumbai, Delhi, Bengaluru, Chennai, Jaipur, Raipur - **Exited Entities**: Supernox Infrastructures LLP (ceased July 2024) --- ### **Key Strategic Shifts & Highlights** - **Transition to Asset-Light Model**: Monetized **Phoenix MarketCity, Chennai (50% stake)** to unlock capital and refocus on high-return development partnerships. - **Shift from Ownership to Development & Credit**: Generates income via fees, profit share, or revenue share—**not dependent on full equity ownership**. - **Urban Redevelopment Focus**: Targeting high-demand, low-supply micro-markets in **Bandra, Pali Hill, Dadar, Parel, Breach Candy**. - **Infrastructure-Led Urban Renewal**: Aligns with Mumbai’s urban renewal policies and government infrastructure investments opening new corridors. --- ### **Recent Milestones (2023–2025)** - **2023**: Acquired 10.01% additional stake in Ramayana Realtors → consolidated as subsidiary. - **2024**: Unlocked value from Vascon Engineers stake; Crest @ Palladium (Chennai) RCC completed. - **2025**: Multiple project launches (Crest Blooming Heights, Cedar, Pantheon); strong sales traction in Crest Oaks, Crest Park. ---