The real estate inventories of Robert Vadra firm Sky Light Realty zoomed nearly 10 times in three years since it previously filed the balance sheet.
According to the balance sheet for financial year ending March 2014 (FY14) filed last month, Sky Light Realty reported stock in trade of Rs 21.48 crore (Rs 214.8 million), up from Rs 2.55 crore (Rs 25.5 million) in FY11.
Sky Light Realty had become famous a couple of years ago, when Aam Aadmi Party leader Arvind Kejriwal listed its investments in several apartments of luxury projects of realty major DLF.
Citing earlier balance sheets of Sky Light Realty, Kejriwal had alleged that the firm held luxury apartments in DLF luxury projects such as DLF Magnolias, DLF Aralias and Country Greens.
While nine apartments in these projects had a book value of around Rs 11 crore (Rs 110 million), Kejriwal had alleged their market value was several times over.
According to the balance sheet for financial year ending March 2014 (FY14) filed last month, Sky Light Realty reported stock in trade of Rs 21.48 crore (Rs 214.8 million), up from Rs 2.55 crore (Rs 25.5 million) in FY11.
Sky Light Realty had become famous a couple of years ago, when Aam Aadmi Party leader Arvind Kejriwal listed its investments in several apartments of luxury projects of realty major DLF.
Citing earlier balance sheets of Sky Light Realty, Kejriwal had alleged that the firm held luxury apartments in DLF luxury projects such as DLF Magnolias, DLF Aralias and Country Greens.
While nine apartments in these projects had a book value of around Rs 11 crore (Rs 110 million), Kejriwal had alleged their market value was several times over.
Sonia Gandhi and Rahul with Vadra and Priyanka during their
wedding
in 1997.
However, the filings showed this potential market value had not really translated into income for the company so far.
Operationally, FY11 remained the best year for the company.
That year, profits from operations boosted reserves from Rs 2.4 crore (Rs 24 million) to Rs 12 crore (Rs 120 million).
Significant growth in income on realty to Rs 16.54 crore (Rs 165.4 million), up from Rs 4.6 crore (Rs 46 million) was a major contributor.
Though the company did not file the FY12 balance sheet, the previous year’s figures, given in the FY13 balance sheet filed on October 16 this year showed the firm reported a loss of Rs 4.65 crore (Rs 46.5 million).
Operationally, FY11 remained the best year for the company.
That year, profits from operations boosted reserves from Rs 2.4 crore (Rs 24 million) to Rs 12 crore (Rs 120 million).
Significant growth in income on realty to Rs 16.54 crore (Rs 165.4 million), up from Rs 4.6 crore (Rs 46 million) was a major contributor.
Though the company did not file the FY12 balance sheet, the previous year’s figures, given in the FY13 balance sheet filed on October 16 this year showed the firm reported a loss of Rs 4.65 crore (Rs 46.5 million).
In FY13, it managed to get back in the black by reporting a profit of Rs 58 lakh (Rs 5.8 million) after tax after disposing of a land parcel in Bikaner.
Rahul Gandhi accompanied by his brother-in-law Robert Vadra enters his house in New Delhi.
In FY14, the firm also exited its Palwal land parcel, which was valued in the books at Rs 42.2 lakh (Rs 4.22 million).
This transaction again did not seem very profitable, as the firm reported a loss of Rs 33.38 lakh (Rs 3.38 million) for the year.
This eroded the reserves of the firm which as per the latest balance sheet stood at Rs 7.4 crore (Rs 74 million).
An e-mail sent to Vadra's office on Monday did not elicit any response.
Apart from these, the firm also seems to have exited investments apartments in DLF luxury projects such as Aralias and Magnolias.
An e-mail sent to Vadra's office on Monday did not elicit any response.
Apart from these, the firm also seems to have exited investments apartments in DLF luxury projects such as Aralias and Magnolias.
For example, Sky Light had a property at DLF Aralias, which was worth Rs 10.22 crore (Rs 102.2 million) as of March 2011.
This no longer appears under head the fixed assets in the balance sheet of FY14.
This file photograph shows Robert and Priyanka Vadra with Nelson Mandela in in New Delhi March 16, 2001.
DLF Aralias is a luxury residential development located in close proximity to the 18-hole DLF Golf and Country Club.
“Owners are able to plan and design the layouts of their apartments.
"Each apartment benefits from amenities such as a car-calling (valet) system, car washing facilities, day-care and playschool facilities.
"The development also provides club house facilities, including a multipurpose room, a swimming pool and changing rooms, squash and tennis courts, a gymnasium, a convenience shop and centralised services,” an offer document filed with Securities and Exchange Board of India in January 2007, said.
The document further added, “The Aralias project consists of 252 residential units with approximately 1.6 million sq ft of saleable area in 11 buildings of 15-17 floors each. The total area of the development is 9.8 acres, with apartment sizes ranging from 5,822 sq ft to 10,803 sq ft. All the apartments in The Aralias have already been sold.”
The initial public offer document had described the Magnolias project as “one of the first assignments for DLF Laing O’Rourke”.
The document further added, “The Aralias project consists of 252 residential units with approximately 1.6 million sq ft of saleable area in 11 buildings of 15-17 floors each. The total area of the development is 9.8 acres, with apartment sizes ranging from 5,822 sq ft to 10,803 sq ft. All the apartments in The Aralias have already been sold.”
The initial public offer document had described the Magnolias project as “one of the first assignments for DLF Laing O’Rourke”.
“The project consists of 402 residential units in five buildings of 19 floors each, covering approximately 2.5 million sq ft of saleable area.
"The total area of the development is 22.77 acres, with apartments ranging from 5,825 sq ft to 9,800 sq ft in size.” Sky Light had seven apartments in this project as of FY 2010 balance sheet.
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