Hubtown Limited is a Mumbai real estate developer that has spent 35 years turning complex, often tangled land parcels in India’s most expensive city into ultra-luxury homes and modern offices. Co-founded by brothers Hemant and Vyomesh Shah in 1989, the company built its name by mastering the difficult art of slum rehabilitation and government redevelopment projects, which gave it access to prime land that others could not unlock. That same approach now explains its pivot into the “25 Residences” brand, where it is consolidating promoter-held marquee projects to create a pure-play listed developer focused on Mumbai’s most exclusive micro-markets. # Business segments A single-engine real estate developer operating across three value stages - an ultra-luxury residential brand that defines the company, a broader premium and mid-market portfolio that diversifies its reach, and a commercial and industrial pipeline built on the same land-acquisition expertise - all underpinned by a shared capability in navigating Mumbai’s complex project approvals. ## 1. Ultra-luxury residential: the “25 Residences” brand that is reshaping the listed company **Three marquee projects in Mumbai’s most expensive neighbourhoods are being consolidated into the listed entity, creating a pure-play luxury developer with a brand built on unobstructed sea views and apartments the size of large private homes.** - **A brand for the super-rich** - the “25 Residences” label sits on three flagship projects: 25 South at Prabhadevi, 25 Downtown at Mahalakshmi, and 25 West at Bandra West, each offering apartments that start at roughly 1,500 square feet and go up to 25,000 square feet of carpet area, with ticket prices at 25 West starting above INR 20 crore. - **Land that cannot be replicated** - 25 South sits on a freehold parcel opposite the Siddhivinayak Temple and 100 metres from Mahim Bay, while 25 Downtown abuts the Willingdon Golf Club and 25 West offers unobstructed views of the Bandra-Worli Sea Link and the Arabian Sea, giving each project a natural scarcity that supports premium pricing. - **Sold before completion** - 25 South is roughly 93% sold, 25 Downtown has sold more than half its inventory, and the first tower at 25 West is about 77% sold, meaning much of the revenue is already booked even as construction continues on the remaining towers. - **Consolidation is the catalyst** - three separate promoter-held entities that own 25 South, 25 Downtown, and 25 West are being merged into the listed Hubtown through schemes of arrangement, which will add more than 5 million square feet of prime developable area and increase the total development value from roughly INR 850 billion to over INR 1,300 billion. ## 2. Premium and mid-market residential: scaling the brand across Mumbai’s suburbs **A portfolio of larger-format projects in Chembur, Ghatkopar, and the Mulund-Thane belt extends the company’s reach beyond the super-luxury buyer, often using public-private partnerships and phased launches to manage risk.** - **Chembur’s highest-end offering** - Hubtown Seasons is a roughly 10-acre development where Phase 1 is nearly sold out and Phase 2 will launch premium 4 and 5-bedroom apartments in early 2027, designed to be the largest entry-size residences in that micro-market. - **A government partnership in Ghatkopar** - Hubtown Rising City is a public-private partnership with the Maharashtra government, where Phase 1’s six towers are financially closed through a mix of SWAMIH Fund backing and a development management agreement, and five towers already have occupation certificates. - **A township in waiting** - Sunstream City is a planned gated township on roughly 141 acres of freehold land straddling Mulund and Thane, with approvals secured and a development potential of about 26.6 million square feet, though construction has not yet begun. - **Two future “25” projects in the pipeline** - the company plans to launch 25 Vistas, a lake-facing development near Upvan Lake in Thane with roughly 1 million square feet of carpet area, and 25 Estates, a luxury weekend-homes project on a 175-acre land bank about an hour from Mumbai, both still in the design or approval stage. ## 3. Commercial and industrial: built-to-suit offices and infrastructure on existing land banks **A smaller but steady segment that constructs office parks, government staff quarters, and bus terminals, now preparing to launch strata-sale office projects in underserved central suburbs using land already owned in Chembur and Ghatkopar.** - **A track record of 15-plus projects** - the company has completed 12.76 million square feet of commercial and industrial space across Mumbai, Pune, and Gujarat, including IT parks and built-to-suit offices, with another 1.6 million square feet ongoing and a pipeline of roughly 20 million square feet. - **Strata-sale offices in the suburbs** - Hubtown plans to launch two small and mid-sized office projects for individual sale in Chembur and Ghatkopar, targeting a gap in the market for office space in central suburbs where it already holds land. - **Bus terminals as a niche** - the company has redeveloped bus stations for the Gujarat government under public-private partnership, and in September 2025 it acquired voting-rights control of four bus terminal subsidiaries, resolving five long-standing litigations and making each a subsidiary. # Mumbai project expertise: the shared capability that unlocks land **The company’s real moat is its 35-year ability to navigate slum rehabilitation, urban renewal, and public-private partnership projects - the only reliable way to assemble large, contiguous land parcels in a city where land is the single largest project cost.** - **Slum rehabilitation as a land-acquisition strategy** - Hubtown has delivered about 6.7 million square feet of redeveloped slums across Mumbai, including a project in Dharavi, which gives it the credibility and government relationships to win new rehabilitation schemes that come with free-sale components. - **Multiple government partnership models** - the company has executed projects under the Municipal Corporation of Greater Mumbai, the Maharashtra Public Works Department, and the Gujarat government, working under development management agreements and equity partnerships that spread risk and bring in co-investors. - **An outsourcing model that keeps headcount low** - with only 61 employees on payroll as of March 2024, Hubtown appoints globally renowned architects and contractors for each project while retaining in-house design and project management teams to oversee execution, which allows it to scale up or down without a large fixed-cost base. # Group structure and partners **A family-founded listed company with no holding company, now in the middle of a multi-stage consolidation that will bring the most valuable promoter-held assets onto the public platform.** - **Brothers at the helm** - Executive Chairman Hemant M. Shah and Managing Director Vyomesh M. Shah are co-founders and brothers, and the company has no parent holding entity above it. - **Three merger schemes underway** - the merger of Saicharan Consultancy (which holds a stake in the Rising City subsidiary) was approved by shareholders in June 2026; the merger of 25 West Realty was also approved by shareholders in June 2026; and a composite scheme to merge Distinctive Realty, Amazia Developers, and Nitant Real Estate was re-approved by the board in December 2025 after stock exchanges returned the earlier filing. - **A web of subsidiaries and joint ventures** - as of March 2024, the company had 13 subsidiaries, 4 associates, and 5 joint ventures, including a 40.67% stake in the Sunstream City township and a 50% stake in a commercial project near the Bandra-Kurla Complex.