Aristolifespaces Luxe Homes Llp

Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Rs. 180.00 Crs. of Aristolifespaces Luxe Homes Llp

Particulars

Facilities	Amount(Rs.Crs.)	Tenure	Rating	Regulator
Fund Based	180.00	Long Term	BWR BB + /Stable Assignment	RBI
Grand Total	180.00	(Rupees One Hundred 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 assigns the long-term rating of "BWR BB+/Stable", for the Bank Loan Facilities of Rs. 180.00 Crs. of Aristolifespaces Luxe Homes LLP.

The project benefits from a prime strategic location on the SG Highway in Ahmedabad, offering excellent connectivity to key civic amenities and ensuring strong market demand. However, the entity faces significant execution risks due to the massive scale of the 4 towers with mixed-use development scheduled for completion in December 2028. Furthermore, the high geographical concentration and the premium ticket pricing of the residential units make cash flow highly sensitive to localized market fluctuations and broader economic changes.

The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. BWR believes Aristolifespaces Luxe Homes L's business risk profile will be maintained over the medium term. The outlook may be revised to Positive if a sustained increase in the scale of operations and higher than envisaged profitability result in an improved financial risk profile and better gearing and debt protection metrics. The outlook may be revised to Negative if lower-than-expected revenue or profitability, a stretch in the working capital cycle, unanticipated capex or weakening gearing impact the financial risk profile.

KEY RATING DRIVERS

Credit Strengths:

• Prime Strategic Location with Superior Connectivity :

  The entity's flagship development benefits significantly from its prime location directly along the 12-meter service road of the Sarkhej-Gandhinagar (S.G.) Highway in Gota, Ahmedabad. The S.G. Highway corridor serves as a premier commercial and residential artery handling heavy daily traffic and seamlessly linking Ahmedabad to Gandhinagar and the S.P. Ring Road. Immediate proximity to renowned educational institutions, major multi-specialty hospitals, corporate parks, and upcoming metro transit routes substantially enhances the project's marketability and long-term asset value. This advantageous micro-market position ensures strong end-user demand, sustained footfall for commercial units, and superior price appreciation potential.

Credit Risks:

• Project Execution and Construction Implementation Risk :

  The project entails constructing a massive high rise mixed use development comprising four towers going up to 33 floors with a three level basement, spanning over 15.42 lakh square feet of built up area. Given the extended construction schedule running through December 2028, the entity remains exposed to execution risks, including potential construction delays, labor management challenges, and raw material cost inflation. Although civil structural work is steadily progressing, any unexpected delays in achieving physical milestones or supply chain disruptions could impact the project implementation schedule, elevate interest during construction, and temporarily strain short term project cash flows.

• High Geographic Concentration and Ticket Size Sensitivity :

  The operational footprint and project pipeline of the group exhibit high geographical concentration, as developments are primarily centered in the Gota and Sarkhej Gandhinagar Highway micro markets of Ahmedabad. Additionally, the premium positioning of the residential units, with ticket sizes ranging between 1.75 Crore Rupees and 5.63 Crore Rupees, targets a select demographic of affluent homebuyers and high net worth individuals. This concentration makes cash flow generation highly sensitive to localized real estate market fluctuations, competitive launches in adjacent micro markets, and broader macroeconomic factors such as home loan interest rate hikes, which could potentially slow down sales velocity and inventory absorption.

ANALYTICAL APPROACH - Standalone

To arrive at its ratings, BWR has considered a standalone approach. Reference may be made to the Rating Criteria hyperlinked below.

RATING SENSITIVITIES

Moving ahead, the company's ability to expand its operational scale, boost profitability, and enhance liquidity and credit standing will be critical factors influencing its rating.

Positive Factors:-

• Successful execution of all project construction up to 74% or above by June 2027.

• Timely collection of customer advances of Rs.119.00 Cr and above by June 2027 from the project.

Negative factors:-

• Significant delay in cash inflow, with collection from customers below 20%

• Higher-than-expected increase in debt, with slower-than-expected collections or delay in execution

• Significant delay in disbursement of committed line of funding.

• Delay in project completion and cost overrun.

LIQUIDITY INDICATORS - Adequate

The firm is projected to maintain sufficient level of inflow and it is expected to grow steadily with an increase in bookings. Additionally, availability of escrow mechanism along with DSRA account will ensure the smooth repayments. Further, the firm is to benefit from the resourcefulness of the partner group. Hence the overall liquidity position is expected to be at adequate level.

ABOUT THE ENTITY

Aristolifespaces Luxe Homes LLP, operating as Aristo Luxe Home, is a distinguished real estate development firm incorporated with a forward-looking vision to transform India's urban infrastructure. Headquartered at Rangat Signature, near Gota Overbridge on S.G. Highway in Ahmedabad, Gujarat, the entity specializes in delivering premium residential and commercial projects that redefine luxury and comfort. The firm is expertly led by its partners: Mr. Viral Shah, Mr. Anul Singhal, Mr. Manojkumar Madhavlal Chaudhari, and Mr. Hitendrakumar Shamaldas Raj.

ESG Profile

The company demonstrates an evolving ESG profile, reflecting its environmental, social, and governance practices.

Environmental:  Aristolife Spaces Luxe Homes LLP demonstrates a solid commitment to environmental sustainability through eco-conscious project designs and active resource management. The firm integrates energy-efficient systems and supports green mobility by dedicating 20% of its parking capacity to electric vehicle charging infrastructure, as mandated by its environmental clearance. Water conservation is highly prioritized through rainwater harvesting systems and a 275 KL/day sewage treatment plant that recycles 113.39 KL/day of domestic wastewater via a dual plumbing network. Furthermore, the project maintains a 10% green belt area to promote ecological balance and utilizes outdoor paving to minimize airborne dust pollution during construction. The development is structurally engineered to be earthquake-resistant following Indian Standards, ensuring robust climate and disaster resilience. The company strictly adheres to environmental regulations, maintaining a clean regulatory record with no history of violations or penalties.

Social: On the social front, the company prioritizes the health, safety, and well-being of its workforce and the broader community. It ensures adherence to labor laws and maintains workplace safety standards for both permanent staff and contractor labor, managed in collaboration with its primary civil contractor. While specific internal metrics regarding gender diversity or minority representation are not publicly disclosed, the firm actively engages in corporate social responsibility. Aristo Luxe Home supports local communities through dedicated welfare initiatives focusing on education, environmental improvement, and overall community development. Additionally, the project design includes socially inclusive features and practical amenities, such as dedicated dormitory accommodations for guest drivers.

Governance The governance framework of the entity is shaped by its Limited Liability Partnership (LLP) structure, which is actively managed by four experienced partners. Due to this structure, traditional corporate mechanisms such as independent directors, distinct ESG committees, or the formal separation of Chairman and Chief Executive roles are not applicable. Nevertheless, the partners maintain adequate conflict-of-interest management and a moderate internal control environment, with operational oversight strategically divided across engineering, finance, and administrative functions. Risk management is further strengthened through regular, transparent monitoring by external Chartered Accountants and a Lender's Independent Engineer. The firm upholds strong operational transparency and regulatory compliance, ensuring timely and accurate reporting to statutory bodies, including Gujarat RERA and the Ahmedabad Municipal Corporation.

 

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Unaudited)	FY 24 - 25 (Unaudited)	FY 25 - 26 (Provisional)
Operating Revenue	Rs.Crs.	Not Available	Not Available	Not Available
EBITDA	Rs.Crs.	0.27	1.88	-87.27
PAT	Rs.Crs.	Not Available	Not Available	-92.61
Tangible Net Worth	Rs.Crs.	1.22	9.58	-10.91
Total Debt / Tangible Net Worth	Times	38.07	7.74	-15.84
Current Ratio	Times	58.36	1.60	3.71

KEY COVENANTS OF THE FACILITY RATED

The key covenants are the standard terms as stipulated in the sanction letters of the rated facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

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	180.00	BWR BB+/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		180.00	(Rupees One Hundred Eighty Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Rating Criteria - Rating of Real Estate - Residential Projects
• Commercial Real Estate Rating Methodology

Analytical Contacts
Varsha Jasmin Rating Analyst varsha.j@brickworkratings.com	Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@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	180.00	_	180.00	Simple##
Total			180.00	0.00	180.00
TOTAL (Rupees One Hundred 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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