Land acquisition delays due to pending approvals
Three announced acquisitions (Bangalore, Pune, Jaipur) have not closed due to conditions precedent; Jaipur has seen little progress.
ASHIANA / Q3-FY26 / risks
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Ashiana Housing · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
GRAP restrictions impacting construction timelines
Q3 was impacted by GRAP-related restrictions in Delhi NCR, causing a sequential decline in area constructed.
Ashiana Town litigation
Customers have filed litigation regarding regulatory approvals and maintenance charges; management believes they have a strong case but litigation is ongoing.
First project margin risk in new geographies
Management acknowledged that first projects in new cities (e.g., Bangalore) typically have lower margins due to learning costs, despite underwriting at 30% gross margins.