Dev Infinity Buildcon Pvt. Ltd.

Brickwork Ratings assigns the long-term ratings of BWR BB/Stable for the Bank Loan Facilities of Rs.80.00Crs. of Dev Infinity Buildcon Pvt. Ltd.

Particulars

Facilities	Amount(Rs.Crs.)	Tenure	Rating	Regulator
Fund Based	80.00	Long Term	BWR BB /Stable Assignment	RBI
Grand Total	80.00	(Rupees Eighty Crores Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated RATING ACTION / OUTLOOK

Brickwork Ratings has assigned the long-term ratings of BWR BB/Stable to the bank loan facilities aggregating Rs.80crores of Dev Infinity Buildcon Pvt Ltd (DIBPL).

The rating assigned factors in the established track record of Dev Group and extensive experience of the promoters spanning more than two decades in the Gujarat real estate market, strategic location of the ongoing project 'The Galaxy' which comprises 492 residential and 25 commercial (shops) units, availability of requisite RERA approvals, structured payment mechanism through the maintenance of Escrow and DSRA accounts. The rating also derives comfort from a moderate funding mix, and adequate booking of units and construction progress in line with the established project implementation framework. However, these rating strengths are partially offset by project implementation risk and dependence on customer advances, exposure to geographical concentration risk, moderate brand equity, entrenched competition against highly established local developers in the region, and susceptibility to the cyclical nature of the real estate industry.

The Stable outlook on the rating reflects Brickwork Ratings' opinion that the company will benefit from the favourable location of the project, supporting the marketability of its residential projects and resulting in achievement of the envisaged collections and booking of residential units along with construction progress as per the project implementation schedule.

KEY RATING DRIVERS

Credit Strengths:

• Experienced promoters in the real estate industry :

  Incorporated in July 2004, the company has an operational footprint spanning over two decades in the Ahmedabad real estate sector under the market brand "Dev Life Spaces". The company's Directors include Mr. Pragnesh Patel, Mr. Deval Patel, and Mr. Chirag Patel, who bring more than 20 years of cumulative business experience and over 8 years of specialized real estate execution history. The company has previously completed a project, ‘Dev Aradhyam’, Ghuma, Bhopal, in 2025 and has launched new project in the name of ‘The Galaxy’ at Club 07 Road, Shela, Ahmedabad. 

• Strategic Micro-Market Location and enhanced connectivity :

  The project, "The Galaxy," is situated in Shela, Southwest Ahmedabad—a highly dynamic and fast-growing residential catchment area. Proximity to core infrastructure spines, including the 30-meter Club 07 Road and the Sardar Patel (SP) Ring Road, ensures excellent commercial visibility, robust traffic access, and strong peripheral connectivity to key business districts. Further, the project is surrounded by affluent residential colonies and is in close proximity to local markets, hospitals, and key transportation hubs such as the airport, thereby enhancing its attractiveness to customers. 

• Moderate funding mix :

  The total estimated cost of the project is Rs.271.48crore, which is projected to be met through the promoter’s contribution of Rs.9crore and unsecured loan of Rs.66.72crore, sanctioned Term Loan of Rs.80 crore and customer advances of ~Rs.115crore. The debt amount to total cost of the project is ~30%.

Credit Risks:

• Early-stage sales velocity risks and limited product diversification :

  New and early-stage real estate developments in this micro-market historically exhibit longer incubation cycles and lower initial sales velocity. Initial momentum may lag unless mitigated by aggressive pre-sales, robust marketing incentives, and structured milestone payment terms to mitigate launch-phase drag. The project of the company was launched in Sep 2025 and expected to get complete in Dec-2030. Their current pipeline is overwhelmingly tailored to a specific niche: mid-to-upper-tier 3 BHK apartments. For buyers looking for entry-level 2 BHK options, expansive 4–5 BHK luxury duplexes, or standalone plotting schemes, their catalog offers limited choices.

• Project implementation risk & dependency on customer advances :

  The project remains exposed to implementation risks, given that only 20% of the total project cost has been incurred as of 30 June, 2026, with significant construction activity yet to be completed. Funding of the balance project cost is dependent on the timely drawdown of the undisbursed term loan of Rs.67crore and the realisation of customer advances, supported by committed customer advances of Rs.115.76crore, which are linked to construction-linked milestone payments. While the project has demonstrated healthy booking traction for the launched inventory, timely and adequate inflow of customer advances remains critical for meeting the residual construction expenditure. Any delays in collections, cancellations, or slower-than-expected fresh bookings may result in funding gaps and exert pressure on project cash flows and execution timelines. Nevertheless, comfort is drawn from promoters' contribution of capital & USL, and the project's cash flow adequacy, which provides reasonable visibility towards funding the remaining project cost, contingent on the timely realisation of receivables. 

• Moderate brand equity and entrenched competition :

  A dense pipeline of upcoming developments in the Shela area creates intense inventory and pricing competition. Without strong, explicit differentiation, the developer risks being perceived as offering an undifferentiated product in a crowded field. Thus, the company's ongoing project, "The Galaxy," may face stiff brand competition against highly established local developers (such as Sundaram, Sheladia, or Sun Group) in the region, especially when buyers prioritize a long-standing delivery track record.

• Geographical concentration risk :

  The firm remains exposed to geographical concentration risk as its entire portfolio is concentrated within Ahmedabad. This makes the firm’s performance dependent on the city’s real estate market dynamics, demand-supply conditions, and overall economic environment, thereby limiting diversification and increasing its susceptibility to regional fluctuations. The fortune of the projects therefore will depend on the overall market sentiment in the region.

• Susceptible to the cyclical nature of the real estate industry :

  The real estate sector in India is cyclical, influenced by fluctuating prices, unclear transactions, and a highly fragmented market. The demand for residential developments is closely linked to interest rates and the overall economic conditions in the area. As a result, the business risk profile is vulnerable to risks stemming from a slowdown in industry.

ANALYTICAL APPROACH - Standalone

For arriving at the rating, Brickwork Ratings has considered the standalone performance of Dev Infinity Buildcon Pvt. Ltd and relied upon Audited Financial statements of the company for the last three years up to FY25, projected financials for FY26 to FY32, monitoring of the project by banks through the designated LIE, publicly available information, and clarifications provided by the management. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale). 

RATING SENSITIVITIES

Upward factors

• Timely construction progress of the project, with at least 50% physical progress by the next review, along with timely receipt of customer advances.
• Sustenance of growth in bookings of units along with healthy customer advances in line with projections leading to a comfortable financial profile.

Downward factors

• Any delay in project implementation and execution timelines and/or cost overruns beyond the estimated project cost, leading to deterioration in the project’s cash flows, debt-servicing metrics, and overall credit profile.
• Additionally, lower-than-expected booking of units, delays in customer collections, or significant delays in the disbursement of committed funding lines leading to liquidity stress would remain key negative rating sensitivities.

LIQUIDITY INDICATORS - Adequate

DIBPL has adequate liquidity for funding the construction of its ongoing project Dev 'The Galaxy' through a mix of customer advances, bank loans, and promoters' funds. Customer advances as of 31 July 2026 for its ongoing project are in line with the projections, and the same is expected to increase gradually in line with the increase in bookings of residential units. The promoters have already infused Rs.41crs out of the total promoters' margin of Rs.68.49crores which was infused upfront before the disbursement of bank Term Loans from SBI. Repayment of the proposed ₹ 80 crore term loan is scheduled to commence from Jan 2031, providing a sufficient moratorium of 60 months during the construction phase. The liquidity profile derives further comfort from the maintenance of a DSRA equivalent to one month's interest, the escrow mechanism with a defined waterfall structure for routing project collections, and the financial flexibility of the promoter group. However, any unforeseen delay in project construction and receipt of advances from customers might result in cost overruns and may significantly impact liquidity. 

ABOUT THE ENTITY

Incorporated in July 2004, Dev Infinity Buildcon Private Limited (DIBPL) is an Ahmedabad-based private limited company engaged in real estate development. Operating under the brand name Dev Life Spaces, the company specializes in RERA-registered, mixed-use developments. DIBPL is managed by its promoter-directors, Mr. Pragnesh Patel, Mr. Chirag Vishnubhai Patel, and Mr. Deval Pravinbhai Patel, who collectively bring over two decades of experience to the regional real estate sector. Their flagship portfolio includes prominent  Mid-to-high segment residential apartments like 'Dev The Galaxy' (ongoing multi-building residential complex) in Shela, Ahmedabad West, and 'Dev Aaradhyam'  in South Bopal, Ahmedabad. The company’s corporate and registered office is situated at Jodhpur Char Rasta, Satellite, Ahmedabad, Gujarat. 

ESG Profile

BWR believes that the company demonstrates an Adequate ESG profile based on its environmental, social, and governance practices.

The real estate sector has a significant impact on the environment owing to high emissions, waste generation, and impact on land and biodiversity. The sector also has a significant impact on social factors given its labour-intensive operations and safety issues in construction-related activities.

Environmental: The company has sustainable material sourcing, energy-efficiency measures, and the adoption of renewable energy sources, waste reduction (construction & demolition), and compliance with local pollution control norms.

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks, employee safety, and staff development.

Governance: Governance assessment focuses on adherence to all regulations and robustness of compliance systems, audit mechanisms, regulatory approvals, and risk-management practices.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Provisional)
Operating Revenue	Rs.Crs.	20.65	11.28	Not Available
EBITDA	Rs.Crs.	1.60	0.13	-2.29
PAT	Rs.Crs.	0.66	-0.25	-3.06
Tangible Net Worth	Rs.Crs.	3.01	2.76	5.94
Total Debt / Tangible Net Worth	Times	1.42	0.82	1.58
Current Ratio	Times	3.19	5.75	1.84

KEY COVENANTS OF THE FACILITY RATED

The terms of the sanction letter as stipulated are as follows:-

1. The borrower shall maintain USL of Rs. 66.72 crores (Rs. 59.49 crores for project construction and Rs.7.23crores for DSRA) and shall not withdraw the USL & capital during the currency of bank facilities.
2. All project cash flows and receivables to be ringfenced and escrowed with SBI RERA account.
3. 60% of promoters' margin of Rs.41crores out of total promoter's margin of Rs.68.49crores to be infused upfront before the disbursement of Bank Term Loans.
4. The sale proceeds should be credited to the designated ESCROW account or separate account as per RERA Account.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Not Available

RATING HISTORY FOR LAST THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating  (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	80.00	BWR BB/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		80.00	(Rupees Eighty Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Real Estate-Commercial
• Real Estate-Residential

Analytical Contacts
Akanksha Maindiratta Senior Rating Analyst akanksha.m@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
Media Contact | media@brickworkratings.com	Client Support | clientsupport@brickworkratings.com

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	State Bank Of India (SBI)	Term Loan - Sanctioned	80.00	_	80.00	Simple##
Total			80.00	0.00	80.00
TOTAL (Rupees Eighty Crores Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

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