ASL residential receivables reach Rs 2,425.7 crore total

Arihant Superstructures Ltd. (ASL) reports Rs 2,425.7 crore of total estimated receivables across 16 ongoing residential projects, alongside Rs 1,867.9 crore of unsold inventory. The management-estimate portfolio contains 7,067 units, of which 4,129 are booked, and requires an estimated Rs 914.3 crore of balance cost to complete.

What is ASL’s ongoing residential collection pipeline?

ASL’s ongoing-project table places total estimated receivables at Rs 2,425.7 crore, based on management estimates that may change. The same portfolio has booked-area sale value of Rs 2,673 crore and amounts received of Rs 2,080.5 crore. These are distinct project metrics in the presentation and should not be treated as the same measure.

The 16 projects cover 70.70 lakh square feet of saleable area, with 42.43 lakh square feet sold. They comprise 7,067 units, of which 4,129 are booked. The portfolio’s Rs 1,867.9 crore of unsold inventory is the stated value of remaining stock, while the Rs 914.3 crore balance-cost figure is management’s estimate of construction expenditure still required.

Which ASL projects have the largest remaining values?

ASL’s two largest positions are Advika in Vashi and World Villas Phase 1 in Chowk. Advika reports Rs 354.8 crore of unsold inventory and Rs 482.5 crore of estimated receivables, while World Villas Phase 1 reports Rs 435 crore and Rs 525 crore, respectively. Together, they represent Rs 789.8 crore of inventory and Rs 1,007.5 crore of receivables, or about 42% of each portfolio total.

Avanti Phase 1 and 2 in Shilphata and Adarsh Phase 1 in Taloja are the next largest unsold-inventory positions, at Rs 167.4 crore and Rs 191.3 crore. Their estimated receivables are Rs 280.9 crore and Rs 242.2 crore, respectively. The four projects together account for Rs 1,148.5 crore of unsold inventory and Rs 1,530.6 crore of estimated receivables.

How do World Villas Phase 1 and Advika differ?

World Villas Phase 1 is earlier in its construction cycle than Advika despite having the larger remaining-value metrics. The Chowk project is 30.07% complete, has 62 bookings from 180 units, and lists Rs 181.3 crore of estimated balance cost. Its 10.58 lakh square feet of saleable area includes 4.31 lakh square feet sold.

Advika is listed at 76.69% completion, with 171 of 327 units booked and Rs 71.4 crore of estimated balance cost. Its 4.93 lakh square feet of saleable area includes 2.63 lakh square feet sold. ASL’s Advika project card describes completion as 80%, a rounded measure that differs from the detailed ongoing-project table’s 76.69% figure.

Which ASL projects are closest to completion?

ASL’s projects nearest completion include Aspire Phase 1 in Panvel at 99.90% and Aaradhya Phase 1 in Kalyan at 99.59%. Aspire Phase 1 has 1,148 bookings out of 1,210 units, Rs 48.9 crore of unsold inventory and Rs 0.3 crore of estimated balance cost. Aaradhya Phase 1 has 337 bookings out of 435 units, Rs 31.3 crore of unsold inventory and Rs 0.3 crore of balance cost.

5 Anaika in Taloja is 96.20% complete, while Aloki Phase 3 and 4 in Karjat is 93.52% complete. Their estimated balance costs are Rs 3.1 crore and Rs 2.7 crore, respectively. In contrast, Aspire Phase 2 and 3 is 56.80% complete, carries Rs 126.3 crore of estimated receivables and has Rs 115.7 crore of estimated balance cost.

How does ASL’s economic interest vary across projects?

ASL reports a 60% economic interest in seven of the 16 projects, including Advika, Aspire Phase 1, Aspire Phase 2 and 3, 5 Anaika, Aalishan Phase 2, Amisha Phase 3 and Aloki Phase 3 and 4. The other nine projects, including World Villas Phase 1, Avanti Phase 1 and 2, and Adarsh Phase 1, are listed with 100% economic interest.

The project-table totals are not restated for ASL’s economic-interest share. Advika, the largest 60%-interest project by stated receivables, has Rs 482.5 crore of estimated receivables and Rs 354.8 crore of unsold inventory. World Villas Phase 1, shown at 100% economic interest, has Rs 525 crore of estimated receivables and Rs 435 crore of unsold inventory.

What forthcoming residential pipeline does ASL disclose?

ASL discloses 14.6 million square feet of forthcoming projects with stated revenue potential of Rs 10,000 crore, subject to management estimates and regulatory plan approvals. The Mumbai Metropolitan Region pipeline lists 6,523 units and Rs 9,668 crore of potential, while the Jodhpur pipeline lists 1,968 units and Rs 690 crore. The line items total 8,491 units and Rs 10,358 crore.

Town Villas in Chowk is the largest forthcoming item, with 1,600 units and Rs 4,800 crore of stated revenue potential. The forthcoming World Villas project lists 215 units and Rs 1,200 crore of potential. These are separate from the ongoing 180-unit World Villas Phase 1, and ASL does not state launch dates or booking conversion timing for the forthcoming projects.

Conclusion

ASL’s disclosed ongoing residential portfolio combines Rs 2,425.7 crore of estimated receivables with Rs 1,867.9 crore of unsold inventory. World Villas Phase 1 and Advika account for about 42% of both metrics, but their construction positions differ: World Villas Phase 1 is 30.07% complete and Advika is 76.69% complete.

The next developments to watch are ASL’s disclosed sales and construction updates for World Villas Phase 1, Advika, Avanti Phase 1 and 2, and Adarsh Phase 1, which together carry Rs 1,530.6 crore of estimated receivables. Regulatory plan approvals and launch timing also remain relevant for the forthcoming 14.6 million-square-foot portfolio, whose stated line-item potential is Rs 10,358 crore.