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.
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).
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.
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”.