Ravinder Heights is a real estate company born from a pharmaceutical parent - it was carved out of Panacea Biotec in 2019 to hold the demerged property assets, listed on the Indian stock exchanges in December 2020, and today operates as a tightly held Core Investment Company with just five employees. Everything the company does flows through its wholly owned subsidiary Radhika Heights Limited and a network of step-down entities that own the land, while development work itself is handed to a partner under a collaboration agreement - the group provides the site and collects non-refundable deposits, leaving construction and sales to someone else. # Business segments A single real estate engine - an affordable plotted colony on the outskirts of Gurugram, developed through a partner on land the group already owns - plus a small portfolio of legacy properties held over from the demerger. ## 1. Affordable plotted development: landowner, not builder **The group contributes land and licences to a joint-development project and earns its revenue through non-refundable security deposits paid by the developer - it does not construct or sell a single plot itself.** - **Land bank turned into licensed plots** - the wholly owned subsidiary Radhika Heights and four of its own step-down subsidiaries together hold roughly 105.62 acres of freehold land in village Harsaru, Sector 89A, Gurugram, and have secured two DTCP licences under the state’s affordable-housing scheme (DDJAY) covering about 52 acres across two parcels. - **A partner does the heavy lifting** - under a collaboration agreement signed in December 2019, Bestech India Private Limited acts as the developer, meaning it handles construction, marketing and sales, while the Ravinder Heights group remains the landowner and licence holder. - **Paid upfront, not per plot** - the developer has paid a total of Rs. 75 crore in non-refundable, non-adjustable security deposits across three tranches (the original Rs. 25 crore plus two addendum payments in late 2025), and that deposit is how the group recognises its revenue from the collaboration. - **Licences and RERA approval are in place** - both parcels received their Letters of Intent in April 2021, formal DTCP licences by October 2021, and HARERA registration in 2023 and again in October 2025 under the project names Bestech City 1 and Bestech City 2, so the development is cleared for marketing to affordable-home buyers. - **A regulatory cloud sits over the licences** - in December 2024 the subsidiary group received a notice from DTCP Haryana about alleged misrepresentation by a GPA holder in obtaining the two licences, with a hearing scheduled for January 2025, which creates uncertainty around the project’s permits. ## 2. Legacy real estate: assets carried over from the demerger **A handful of freehold properties in New Delhi - a commercial building and a farmhouse - sit on the balance sheet as remnants of the original Panacea Biotec demerger, generating little to no operating activity.** - **Two Delhi properties with patchy title history** - the DCM building in New Delhi had its title transferred into the company’s name during FY22, while the farmhouse in New Delhi was still awaiting title transfer at that same reporting date, so ownership clarity has been a work in progress. - **The leasing business has already been hived off** - a composite scheme of arrangement that became effective in March 2023 demerged the group’s single leased property into Meyten Realtech, a Panacea Biotec subsidiary, which means the remaining legacy portfolio is no longer a rental-income story. - **One Defence Colony plot was sold early** - in March 2021, Radhika Heights agreed to sell a 325-square-yard property in Defence Colony, New Delhi, for Rs. 6 crore, showing the group is willing to monetise non-core land when a buyer appears. - **Compulsory land acquisition brought in cash** - during FY23, three subsidiaries received roughly Rs. 11.6 crore in compensation when the Haryana government acquired about 24 kanals and 14 marlas of their land for a sector road, an involuntary but liquidity-positive event. # Group structure and partners **A listed holding company with no operations of its own controls a single material subsidiary, which in turn controls five land-owning step-down entities - and the whole structure is dominated by a promoter family that holds nearly three-quarters of the equity.** - **The holding company is a shell with a purpose** - Ravinder Heights Ltd is an unregistered Core Investment Company that presents its accounts in NBFC format, holds the shares of Radhika Heights Limited, and has no interest-bearing debt, so its sole job is to sit at the top of the group structure. - **Promoter control is near-absolute** - Chairperson and Managing Director Sunanda Jain held 74.71% of the equity as of FY24, and she also holds all 165,000 compulsorily convertible preference shares, giving her effective control over any conversion-driven dilution. - **The promoter group is shrinking on paper** - between August and November 2023, several Jain-family promoter entities sought and received board approval to reclassify themselves as public shareholders, a move that changes the disclosed promoter shareholding without necessarily altering underlying control. - **Serum Institute is a notable minority holder** - Serum Institute of India held 5.45% as of FY24, having trimmed its position from nearly 14% through open-market sales in late 2023 and early 2024, making it a financial investor rather than a strategic partner.