Ganesh Housing plans 28.8m sq ft and Rs 21,000 crore sales

Ganesh Housing Corporation Limited, now Ganesh Housing Limited, has outlined four planned projects covering about 28.8 million square feet, with management expecting sales value of Rs 21,000 crore and free cash flow of Rs 12,500 crore. The residential, commercial and township programme is scheduled for completion between September 2026 and October 2040.

What is Ganesh Housing’s planned project pipeline?

Ganesh Housing’s planned pipeline comprises four projects with 28.8 million square feet of development across eight residential phases, six commercial phases and five township phases. The company identifies Million Minds Commercial, Million Minds Residential and Township among key planned developments, with expected completion dates from September 2026 to October 2040.

The planned portfolio is larger than both other disclosed development stages. Ganesh Housing reports about 23 million square feet across 22 completed projects and 2.1 million square feet across two ongoing projects, meaning the planned area is 5.8 million square feet above the completed portfolio and 26.7 million square feet above the ongoing portfolio.

The completed portfolio consists of 18 residential and four commercial projects. The two ongoing developments are Malabar Retreat, a residential project, and Million Minds Phase 1, a commercial project, while the planned programme adds township phases to residential and commercial development.

How do planned sales and cash flow compare with other projects?

Ganesh Housing expects Rs 21,000 crore of sales value and Rs 12,500 crore of free cash flow, or FCF, from planned projects. Management states that planned FCF includes the capitalised value of special economic zone, or SEZ, commercial projects, so the measure includes that value as well as the project portfolio’s expected cash flow.

Planned sales value is Rs 19,500 crore above the Rs 1,500 crore expected from ongoing projects, while planned FCF is Rs 11,900 crore above the ongoing portfolio’s Rs 600 crore. Compared with completed projects, the planned portfolio’s sales value is Rs 18,320 crore higher than the reported approximately Rs 2,680 crore, and its FCF is Rs 11,660 crore higher than approximately Rs 840 crore.

These are management expectations rather than reported operating results, and the planned period runs to October 2040. The presentation does not provide annual sales, FCF or launch targets for the eight residential, six commercial and five township phases, limiting visibility on how the Rs 21,000 crore value is allocated over that period.

What land reserves support Ganesh Housing’s development plan?

Ganesh Housing reports approximately 513 acres of fully paid land reserves, including about 405 acres at Godhavi Township and about 65 acres at Million Minds SEZ. The balance lies in the Thaltej and Malabar Retreat corridors, providing the stated land base for its township, commercial and residential development plans.

Godhavi Township represents about 79% of the stated 513-acre reserve, while Million Minds SEZ accounts for about 13%. This land distribution is consistent with the planned mix of five township phases and six commercial phases, although Ganesh Housing does not assign area, sales value or FCF to individual parcels or project phases.

The company acquired 10 acres during Q2 FY27. Ganesh Housing also said some parcels were under negotiation or acquisition during Q4 FY26, with part of those parcels included in the 513-acre figure and partial payments already made, but it did not disclose the additional acreage or consideration involved.

Which projects are moving toward Ganesh Housing’s future pipeline?

Million Minds Phase 2 is the nearest specifically identified future commercial project, with its plan finalised and submitted for approval. Ganesh Housing scheduled a Bhumi Pujan for Q3 FY27 for the project, which has about 1.5 million square feet of total development and 6.6 lakh square feet of carpet area.

Million Minds Phase 1 is the ongoing commercial project linked to that development sequence. It has more than 1.4 million square feet of construction area and 6.2 lakh square feet of carpet area, with about 70% of leasable area tied up, mainly with global capability centres, hybrid workspace providers and technology firms.

Ganesh Housing said fit-outs and completion work on Phase 1 were approaching, enabling lease rentals to commence by Q4 FY27. The company separately describes the project as nearing completion, with September 2026 shown as its completion date, and says Phase 1’s first-phase project cost was funded from internal accruals and it may not need debt for balance construction work.

What do current projects and financial results show?

Ganesh Housing’s ongoing projects have an expected completion range of July 2024 to June 2027, while planned projects start from September 2026 and extend to October 2040. The two periods overlap, indicating that the planned programme is scheduled to begin before the disclosed ongoing-project completion window has fully ended.

Malabar Retreat was 87% complete in Q2 FY27, with 50% booked across 76 units. Ganesh Housing reported collections of Rs 132 crore and expected balance receivables of Rs 305 crore from booked and unbooked inventory for the residential project.

In Q2 FY27, Ganesh Housing recorded revenue of Rs 121.3 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 97.9 crore, and profit after tax of Rs 66.9 crore. Revenue was down 57% from Rs 280.2 crore in Q1 FY27 and 30% from Rs 174.3 crore in Q2 FY26, while profit after tax increased 59% quarter on quarter from Rs 42 crore.

The EBITDA margin was 80.7% in Q2 FY27, compared with 39.3% in Q1 FY27 and 85.0% in Q2 FY26. The presentation therefore shows a higher sequential margin but lower revenue, EBITDA and profit after tax than in the corresponding quarter a year earlier, alongside a long-dated planned development schedule.

Conclusion

Ganesh Housing has set out a 28.8 million-square-foot planned portfolio that exceeds its disclosed completed area of about 23 million square feet and its 2.1 million-square-foot ongoing portfolio. Management’s expected Rs 21,000 crore sales value and Rs 12,500 crore FCF underscore the scale of the programme, although the FCF measure includes capitalised value from SEZ commercial projects.

The next disclosed milestones are the Q3 FY27 Bhumi Pujan and approval process for Million Minds Phase 2, and expected commencement of Million Minds Phase 1 lease rentals by Q4 FY27. Progress at Malabar Retreat, which was 87% complete in Q2 FY27, and further details on land parcels under negotiation or acquisition will also clarify how the longer-term plan develops.