VVIP has ₹1,570 crore to collect or sell across housing

VVIP has ₹1,570 crore still to convert across three active housing projects, comprising ₹670 crore of booked-sales receivables and an estimated ₹900 crore of unsold inventory. The projects span 24.79 lakh square feet, with ₹1,213.31 crore booked and ₹543 crore collected, according to the presentation.

What is VVIP’s current housing sales and collection position?

VVIP’s three active projects have ₹1,213.31 crore of bookings, ₹543 crore of collections and ₹670 crore of receivables from booked sales. The presentation also estimates unsold inventory across the projects at ₹900 crore, bringing the stated amount still to be collected or sold to ₹1,570 crore.

The ₹670 crore is associated with units already booked but not fully collected, whereas the ₹900 crore is an estimate of inventory yet to be sold. That distinction separates contracted sales from future sales potential across the 24.79 lakh square feet of active developments.

How do VVIP’s three active housing projects compare?

VVIP Namah is the most advanced of the three projects, with 89% of its 6.22 lakh square feet sold, compared with 56% for VVIP Addresses GNW and 58% for VVIP Yamuna. Namah has also collected ₹302 crore, ahead of ₹128 crore for Addresses and ₹113 crore for Yamuna.

Namah has the smallest saleable area but the highest sales progress and cash collections. Yamuna has the largest area, at 10.02 lakh square feet, and the highest booking value at ₹428.71 crore, although its February 2026 launch means its collections are lower than Namah’s.

VVIP describes Namah as a roughly ₹436 crore project, Addresses as having an estimated total sale value of about ₹900 crore and Yamuna as having sale value of about ₹750 crore. The projects therefore carry different stated sales scales as well as different construction and recognition timelines.

When could VVIP recognise revenue from active housing projects?

VVIP says its three active projects create a revenue staircase through FY26 to FY28, with recognition linked to construction milestones rather than booking value alone. Namah is stated to be about 90% complete and expected to be delivered within two to three months.

For Namah, VVIP says about ₹128 crore remains to flow through the profit and loss account as construction completes. The project had ₹367 crore booked and ₹302 crore collected, while the project table gives a September 2023 to August 2028 timeline, alongside the separate delivery expectation of two to three months.

VVIP says Addresses was launched in January 2025 and that revenue recognition begins when construction reaches 25%. The project had ₹417 crore booked and ₹128 crore collected; Yamuna, launched in February 2026 after land was acquired at auction in March 2025, had ₹429 crore booked and ₹113 crore collected.

How has VVIP’s real estate segment changed since FY24?

VVIP’s real estate revenue rose from ₹68.66 crore in FY24 to ₹169.83 crore in FY25, before decreasing to ₹154.06 crore in FY26. Earnings before interest and tax, or EBIT, increased from ₹4.37 crore in FY24 to ₹37.94 crore in FY25 and stood at ₹34.27 crore in FY26.

Revenue was ₹15.77 crore lower in FY26 than FY25, while EBIT was ₹3.67 crore lower. However, FY26 revenue remained ₹85.40 crore above FY24, and EBIT margin was 22.24%, compared with 6.36% in FY24; VVIP attributes the FY25 step-up to Namah crossing construction milestones.

VVIP’s completed-project disclosures contain different project counts. One page reports 16 fully completed projects covering 62.19 lakh square feet, while the track-record page reports nine completed projects, 62 lakh-plus square feet delivered and more than 5,000 families housed; both state that completed projects had zero unsold inventory.

What is VVIP’s upcoming housing launch pipeline?

VVIP’s disclosed pipeline comprises Madhuban-Bapudham and VVIP Namah Phase II, with estimated combined sale value of about ₹1,250 crore and about 16.20 lakh square feet of saleable area. Both projects are stated to be expected for launch within three to four months.

Madhuban-Bapudham is planned on 17,386 square metres across two parcels in Ghaziabad. VVIP estimates saleable area of about 11 lakh square feet and sale value of about ₹800 crore; the presentation identifies VVIP Realtech Pvt Ltd as the relevant entity.

VVIP Namah Phase II is planned at Aditya World City on NH-24, Ghaziabad, on 5,563 square metres of land. It is estimated to have about 5.20 lakh square feet of saleable area and sale value of about ₹450 crore, with the entity identified as a VVIP Group Company.

Conclusion

VVIP’s active portfolio combines ₹1,213.31 crore of bookings and ₹543 crore of collections with ₹670 crore of booked-sales receivables and ₹900 crore of estimated unsold inventory. Namah has the highest sales progress and is closest to delivery, while Addresses and Yamuna extend stated timelines to October 2029 and October 2030.

The next disclosed events are Namah’s expected delivery within two to three months and the planned launches of Madhuban-Bapudham and VVIP Namah Phase II within three to four months. Further disclosures on collections from the ₹670 crore receivable balance, sales of the estimated ₹900 crore unsold inventory and the differing completed-project counts would clarify progress.