About Valor Estate Limited 

Valor Estate Limited (formerly D B Realty Limited) is an Indian real estate and hospitality group incorporated in 2007 and listed on the NSE and BSE on February 24, 2010. The company changed its name to “Valor Estate Limited” with effect from March 8, 2024, reflecting a broadened stakeholder base and renewed strategy. It develops residential, commercial and retail projects, with a strong focus on cluster redevelopment, MHADA and SRA projects, and has expanded into hospitality through marquee hotel assets. Operations are in India, with seven operational sites across two states and two offices; exports are Nil. In FY 2023-24, the Group entered hospitality via acquisitions of Goan Hotels & Realty Private Limited (Grand Hyatt Goa) and BD & P Hotels (India) Private Limited (Hilton Mumbai), and continues to pursue large mixed-use and redevelopment projects; joint venture projects include Marriott Marquis and St. Regis at Aerocity, New Delhi (50:50 JV). The annual report provides a detailed list of the Group’s subsidiaries, associates and joint ventures; these include companies and LLPs consolidated based on control evaluation (refer to Note 55).

Valour Estate Limited Milestones 

Key milestones include the March 8, 2024, rebrand to Valour Estate Limited; entry into the hospitality segment; and the company becoming debt-free on a standalone basis in FY 2023-24, supported by equity raising and asset monetisation. The company operates through multiple subsidiaries and step-down subsidiaries across real estate SPVs and hospitality subsidiaries (see Note 55 for the full structure).

Valor Estate Limited’s Business Segments

Real Estate: 43.79% of turnover.

Hospitality: 56.21% of turnover.

Geography: Operations limited to India (100% domestic; exports Nil).

Valor Estate Limited’s Key Management

• Vinod Goenka – Chairman & Managing Director.
• Shahid Balwa – Vice Chairman & Managing Director.
• Atul Bhatnagar – Chief Financial Officer.
• Jignesh Shah – Company Secretary.

Latest Updates on Valor Estate Limited

• Name change: The Company changed its Valor Estate Limited effective March 8, 2024, signalling a refreshed identity aligned with the company’s strengthened platform.
• Strategic capital raise: Rs. 920.20 crore via Qualified Institutional Placement on March 14, 2024; proceeds earmarked for joint ventures, subsidiaries and general corporate purposes; unutilised funds kept in bank accounts/FDRs as on March 31, 2024.
• Hospitality expansion: Acquired Goan Hotels & Realty Private Limited and BD & P Hotels (India) Private Limited on September 30, 2023, and completed related purchase price allocations; also acquired DB Conglomerate Realty Private Limited (December 7, 2023) and Marine Tower Properties LLP (March 29, 2024).
• Proposed demerger: Board approved, on February 9, 2024, the proposal to demerge the hospitality business (including the above hotel companies and Bamboo Hotel and Global Centre (Delhi) Private Limited, a JV), subject to approvals.
• Portfolio actions: Exited Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP, recording gains; monetisation used to repay related-party dues and loans to Prestige Group entities.
• Segment reporting: From FY 2023-24, the Group reports two segments—Real Estate and Hospitality—reflecting the expanded business model; operations are only in India, so separate geographical segment reporting is not applicable under Ind AS 108.