Robert Vadra's Sky Light Realty inventory zooms tenfold over three years
But the firm, which held luxury apartments in top DLF projects, has seen income and profits dry up since FY-11
Nov 05, 2014
Source : Business Standard
Robert Vadra


New Delhi: The real estate inventories of firm zoomed nearly 10 times in three years since it previously filed the balance sheet. According to the balance sheet for financial year ending March 2014 (FY14) filed last month, Sky Light Realty reported stock in trade of Rs 21.48 crore, up from Rs 2.55 crore in FY11.

Sky Light Realty had become famous a couple of years ago, when leader listed its investments in several apartments of luxury projects of realty major DLF. Citing earlier balance sheets of Sky Light Realty, Kejriwal had alleged that the firm held luxury apartments in luxury projects such as DLF Magnolias, DLF Aralias and Country Greens. While nine apartments in these projects had a book value of around Rs 11 crore, Kejriwal had alleged their market value was several times over.

However, the filings showed this potential market value had not really translated into income for the company so far. Operationally, FY11 remained the best year for the company. That year, profits from operations boosted reserves from Rs 2.4 crore to Rs 12 crore. Significant growth in income on realty to Rs 16.54 crore, up from Rs 4.6 crore was a major contributor.

Though the company did not file the FY12 balance sheet, the previous year’s figures, given in the FY13 balance sheet filed on October 16 this year showed the firm reported a loss of Rs 4.65 crore. In FY13, it managed to get back in the black by reporting a profit of Rs 58 lakh after tax after disposing of a land parcel in Bikaner.

In FY14, the firm also exited its land parcel, which was valued in the books at Rs 42.2 lakh. This transaction again did not seem very profitable, as the firm reported a loss of Rs 33.38 lakh for the year. This eroded the reserves of the firm which as per the latest balance sheet stood at Rs 7.4 crore.

An e-mail sent to Vadra's office on Monday did not elicit any response.

Apart from these, the firm also seems to have exited investments apartments in DLF luxury projects such as Aralias and Magnolias. For example, Sky Light had a property at DLF Aralias, which was worth Rs 10.22 crore as of March 2011. This no longer appears under head the fixed assets in the balance sheet of FY14.

DLF Aralias is a luxury residential development located in close proximity to the 18-hole DLF Golf and Country Club. “Owners are able to plan and design the layouts of their apartments. Each apartment benefits from amenities such as a car-calling (valet) system, car washing facilities, day-care and playschool facilities. The development also provides club house facilities, including a multipurpose room, a swimming pool and changing rooms, squash and tennis courts, a gymnasium, a convenience shop and centralised services,” an offer document filed with Securities and Exchange Board of India in January 2007, said.

The document further added, “The Aralias project consists of 252 residential units with approximately 1.6 million sq ft of saleable area in 11 buildings of 15-17 floors each. The total area of the development is 9.8 acres, with apartment sizes ranging from 5,822 sq ft to 10,803 sq ft. All the apartments in The Aralias have already been sold.”

The initial public offer document had described the Magnolias project as “one of the first assignments for DLF Laing O’Rourke”.  “The project consists of 402 residential units in five buildings of 19 floors each, covering approximately 2.5 million sq ft of saleable area. The total area of the development is 22.77 acres, with apartments ranging from 5,825 sq ft to 9,800 sq ft in size.” Sky Light had seven apartments in this project as of FY 2010 balance sheet.

Latest Realty News

Sebi-DLF case: SAT allows realty major to redeem Rs 1,806 crore worth mutual funds
Nov 05, 2014
MUMBAI: In an interim relief against Sebi order, realty giant DLF was today allowed by the Securities Appellate Tribunal to redeem mutual funds worth Rs 1,806 crore till next month
High costs, low returns inhibit developers about malls
Nov 05, 2014
New Delhi: Developers across the country are shying from building malls due to high land costs, spurt in property prices and saturation of the market
Land acquisition law may be eased for PPP projects
Nov 05, 2014
New Delhi: The National Democratic Alliance government is planning to exempt public-private partnership (PPP) projects from the need to obtain consent of affected families and the mandatory social-impact assessment, through amendments to the land acquisition law
'Exercise caution on projects in villages'
Nov 05, 2014
PUNE: Real estate developers from the city said closer supervision of construction projects and making architects and structural consultants more accountable was necessary
Chennai Tops in Housing Price Gains: Report
Nov 05, 2014
Chennai: Though the housing market overall in the country has remained sluggish over the past year, it has shown sharp gains in Chennai according to National Housing Bank
BDA makes 1000-acre infra plan for fringes
Nov 04, 2014
BHUBANESWAR: The Bhubaneswar Development Authority (BDA) has announced it will prepare a master plan for a 1000-acre government plot in the city soon, fuelling speculation in the real estate market
Singapore-based engineering group focuses on Indian smart cities
Nov 04, 2014
SINGAPORE: A Singapore-based engineering consultancy is planning to set up Centres of Excellence in smart cities
Jindals' Rs 300 crore property caught in heritage row
Nov 04, 2014
MUMBAI: Morena House, the Carmichael Road property bought by steel tycoon Sajjan Jindal six years ago and now believed to be worth Rs 300 crore, is now caught in a heritage-versus-redevelopment row
Stage set for Bengal realty project
Nov 04, 2014
Calcutta: Real estate companies Siddha Group and Eden Realty said that they had cleared the decks for the two components of the Bonhooghly Tenement Housing project being developed in partnership with the Bengal government on 18 acres
NCR sees 54% decline in new realty projects
Nov 04, 2014
NEW DELHI: The slowdown in India's real estate sector continues with the number of new construction projects declining sharply in the three biggest realty markets in the third quarter

Latest Realty News Of State

Realty Talk's