I am sharing few facts that i came across while reading about some of the projects of Eldeco.
This is a project in Noida
First i was happy that Eldeco is doing a project which is selling it around 10-11000 per sqft.(checked offline)
After taking a closer look came across this
This project is using ELDECO brand name but is not a subsidiary of the listed entity. It is a separate company called Eldeco infrastructure and properties limited having the same KMPs.
Reading through the annual report, i found that this company owes ~50 crores to the listed company and accrues interest at 8% pa.
8 percent!!!
Also this 3rd party companies owns 0.51% stake in listed company. Which roughly translates to 50 crores.
Speaks a lot about intention. The related party could have sold its 0.51% stake to repay that cheap loan.
One more mystery that i encountered was eldeco la vida bella project.
This project is on their website. This project is currently quoting 10,500-11,500 per sq ft in market.(checked offline) But the promoter of this project is entirely a new firm called Eldeco Real Estate ltd, which is neither subsidiary nor related party as per annual report of the listed firm.
Tens of high realization projects are being done outside of the listed entity and all are using ELDECO brand name. As per zauba, the directors of this company are not KMP of the listed firm.
https://www.zaubacorp.com/company/ADHIKARI-INFRASTRUCTURE-AND-BUILDERSLIMITED/U45400DL2007PLC163848#:~:text=Directors%20of%20Eldeco%20Real%20Estate,Gupta%20and%20Vimal%20Kumar%20Behl.
Then why this project is listed on Eldeco group website? Why are they using same logo? According to govt data eldeco trademark is owned by the listed firm
No royalty is being paid to listed firm either from related party (Eldeco infra & properties ltd) or the unrelated party (Eldeco real estate limited).
These are only 2 projects that i have discussed. Please do your own research before trusting your money with such promoter.
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