Confidential · Private Placement Memorandum · 2025
Aranya
Architect-Curated Micro-Villa Clusters
on India's Konkan & Sahyadri Coast
on India's Konkan & Sahyadri Coast
₹20 Cr
Total Raise
22–26%
Projected IRR
5-Year
Exit Horizon
Navi Mumbai · Design + Build + Operate · Phase 1: Kashid / Sahyadri
Aranya
Confidential
01 · The Problem
Mumbai's 3.8 lakh HNIs want
an escape. No one has built it right.
an escape. No one has built it right.
India's weekend hospitality market is growing at 18% annually, driven by affluent urban families seeking curated, private, nature-immersive getaways within 100 km of Mumbai. Yet the options are either sterile resort chains or unbranded, poorly managed farmstays.
The quality gap: Existing villas near Alibaug/Kashid are built by contractors, not architects. Design is an afterthought.
The management gap: Individual villa owners earn 3–4% yield from self-managed Airbnb. Institutional management unlocks 12–15%.
The brand gap: No micro-villa cluster brand near Mumbai commands a premium the way Amã Stays, Postcard Hotels, or Svaara do.
The land window: Alibaug land has already risen 41.7% in 10 years. Sahyadri foothills still offer ₹1–2 cr/acre before the next infrastructure wave hits.
₹11,800 Cr
India's branded residences market by 2030
Savills Report 2025–26. Weekend homes in Goa, Alibaug, Coorg leading growth.
13.8%
Alibaug residential land appreciation, 2024
Institutional players — Emaar, Oberoi, Lodha — have entered. Window for early land acquisition is now.
3–4%
Yield: unmanaged villa, self-listed
vs. 12–16% for architect-branded, professionally managed clusters in Goa. The gap is the opportunity.
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02 · Global Proof
Architect-led clusters. Proven globally.
Not yet replicated near Mumbai.
Not yet replicated near Mumbai.
Bodrum, Turkey · 1987–Present
Demir Holiday Village
Turgut Cansever, Architect · Developer · Executor
Phase 1 units35 villas
Site area2.7 ha / 50 ha master
MaterialsLocal stone, timber, lime
RecognitionAga Khan Award 1992
Cansever acquired the land, designed, built, and developed — the original architect-developer. Jury: "refined yet simple... high standard for architectural design, craftsmanship, and commercial viability."
Goa, India · 2015–Present
Grounded
Anjali Mangalgiri, Architect · Developer (AD100 2022–25)
ModelSource land → permit → design → build → sell
CertificationIGBC Green Building
CoverageDezeen, AD, Wallpaper, Dwell
Rental yield (N. Goa)12–16% (managed)
The closest Indian analog. Grounded is the architect-developer — handling every function in a single practice. Now expanding to NYC and Singapore. This model is the direct playbook for Aranya.
Bali, Indonesia · 2019–Present
Bali Architect-Led Villa Clusters
Canggu · Uluwatu · Ubud — Fractional + Rental Model
Occupancy (prime zones)75–80%+
Gross rental yield10–20%
Fractional entry$25,000–$50,000 / 1/8 share
Capital appreciation5–10% annually
Bali proves the fractional + branded model at scale — 6.3M international visitors in 2024 (+19.5% YoY). Same blueprint applies to Konkan's 2M+ Mumbai-weekend-traveller pool.
In every case, the architect's design authority + developer's control over land and construction created a 2–3× premium over generic villa product — in both sale price and rental yield.
2–3×
Design Premium
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03 · The Market
Alibaug / Kashid / Sahyadri.
The timing has never been better.
The timing has never been better.
Land Market
Alibaug (prime, NA): ₹8–10 cr/acre. Apartments ₹15,000–17,000/sq ft. Villa tickets ₹7–15 cr.
Alibaug (agricultural): ₹3–5 cr/acre (JLL 2024). Inland Kashid: ₹1.5–2.5 cr/acre.
Sahyadri foothills: ₹80L–1.5 cr/acre. Pre-infrastructure pricing. This is our target zone.
10-year appreciation: +41.7% in Alibaug. Foothill zone still early-cycle.
Connectivity Tailwind
Ro-Ro Ferry: Gateway of India → Mandwa in 45 min. Operational today.
Virar–Alibaug Corridor: ₹37,013 cr MSRDC project. Phase 1 construction 2026.
NMIA (Navi Mumbai Airport): Operational 2026. Dramatically changes regional access.
Coastal Highway: Maharashtra Sagari Mahamarg — strengthening Konkan linkages.
Rental Market Benchmarks
₹50–60K
Peak nightly rate, Kashid premium villas
₹15–25K
Off-peak rate, 3BR villa Alibaug
60–65%
Achievable occupancy, managed, Mumbai-weekend-market
12–14%
Net yield, architect-branded managed cluster
"Alibaug has crossed the line from weekend whim to strategic asset."
Thane Real Estate News · Luxury Villa Market Analysis, Sept 2025
Key institutional entries validating the market: Emaar India (84-villa enclave, ₹9–15 cr/unit) · Oberoi Realty (luxury hotel + branded residences, 81 acres) · Lodha, HoABL, Hiranandani in active development.
Aranya
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04 · The Model
Design + Build + Own the Entire Stack.
Three revenue streams. One brand.
Three revenue streams. One brand.
Stream 01
Development Profit
→ Source & acquire land at pre-infrastructure pricing
→ Obtain NA conversion + all statutory approvals
→ Design + build 15 micro-villas as a cluster
→ Sell 5–6 select villas at 40–60% gross margin to investor exits or end-users
₹4–6 Cr
Gross profit, Phase 1 villa sales
Stream 02 · Core
Hospitality Operations
→ Retain 9–10 villas in a managed rental pool
→ Premium listing on Airbnb Luxe, Amã, direct brand site
→ On-site GM + hospitality team (3 staff)
→ 60–65% occupancy at ₹20,000 blended ADR
→ EBITDA margin: 55–62%
₹3–3.8 Cr
Annual EBITDA at stabilisation (Yr 3)
Stream 03
Design IP & Licensing
→ Proprietary micro-villa cluster blueprint (replicable)
→ Phase 2: Sahyadri deep interior (lower land cost)
→ Phase 3: Konkan south (Ratnagiri, Ganpatipule)
→ Brand licensing to other developers (fee + royalty)
→ Architecture studio earns 8–10% design fee on each phase
Phase 2+
IP value unlocks at scale — Year 4+
Why Architect-Led?
The promoter-architect controls design, selects contractors, supervises build, and manages the asset — eliminating the 15–20% contractor markup and the 10% architect fee paid by conventional developers. The design studio owns the cost, captures the margin.
Exit Options
① Individual villa sale to end-users (liquid, anytime). ② Portfolio sale to hospitality fund at 10–12× EBITDA. ③ REIT/InvIT listing (Year 7+ with scale). Hard asset backing means no capital erosion scenario.
Aranya
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05 · The Product
15 micro-villas. 4 acres.
One curated cluster — not a resort.
One curated cluster — not a resort.
Each Micro-Villa · Type A
650
Sq ft built-up area
300
Sq ft private deck + outdoor bath
1 BR
+ Loft mezzanine + living
Solar
Off-grid capable. Rainwater harvest.
Materials Palette
Laterite stone — locally sourced, thermal mass, zero transport carbon
Bamboo structural elements — canopy shading + deck framing
Lime plaster — breathable walls, no VOC, period-appropriate texture
Reclaimed teak — doors, furniture, ceiling elements
Natural stone floors — Kadappa + Kota, thermally comfortable year-round
Cluster Plan · 4 Acres
Zero-car interior: Electric golf carts only. Pedestrian pathways, natural landscaping.
Commons: Infinity pool, farm-to-table dining pavilion, yoga + meditation deck, fire pit, herb garden.
IGBC Green certification target. Compost, greywater, solar — full sustainability loop.
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06 · Unit Economics
Phase 1: 15 Villas · 4 Acres
The complete financial model.
The complete financial model.
| Capital Deployment — ₹20 Cr Raise | |
| Land acquisition (4 acres, Sahyadri zone) | ₹6.00 Cr |
| NA conversion + title + legal + survey | ₹0.75 Cr |
| Construction & Development | |
| 15 micro-villas × ₹55L each (build + fit-out) | ₹8.25 Cr |
| Common pavilion + pool + infrastructure | ₹2.00 Cr |
| Landscaping + site works + roads | ₹0.75 Cr |
| Soft Costs | |
| Design fees (promoter studio, at cost) | ₹0.50 Cr |
| Approvals, environment, CRZ compliance | ₹0.35 Cr |
| Marketing + branding + photography | ₹0.40 Cr |
| Working capital (18-month operations buffer) | ₹1.00 Cr |
| Total Project Cost | ₹20.00 Cr |
| Revenue Model (Stabilised Year 3) | |
| 15 villas operating at 62% occupancy | 226 nights/villa |
| Blended ADR (peak ₹38K + off-peak ₹12K) | ₹20,000/night |
| Gross Revenue (15 villas) | ₹6.78 Cr |
| Operating Costs (Annual) | |
| OTA + platform commissions (15%) | ₹1.02 Cr |
| Staff (GM + housekeeping + chef + maintenance) | ₹0.45 Cr |
| Utilities + maintenance + insurance | ₹0.40 Cr |
| Marketing + direct channel | ₹0.20 Cr |
| Management fee (promoter, 5% gross) | ₹0.34 Cr |
| Total OpEx | ₹2.41 Cr |
| EBITDA (Stabilised) | ₹3.37 Cr |
| EBITDA Margin | 49.7% |
| Cash yield on ₹20 Cr capital | 16.9% |
Development Upside (Phase 1 Exit)
Optional: selling 5 villas at ₹1.8–2.2 Cr each (vs all-in cost of ₹1.25 Cr/villa) generates an additional ₹2.75–4.75 Cr developer profit from asset monetisation, independent of rental operations.
Aranya
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07 · Investor Returns · Dedicated Analysis
The Numbers. Conservative. Verified. Asset-Backed.
Structure
Vehicle: Private LLP. Promoter holds 20%; investors hold 80%.
Ticket: ₹2 Cr per investor. 10 investors maximum.
Distribution: Quarterly, from Month 18 onward.
Hurdle rate: 12% preferred return before promoter carry.
Exit: Portfolio sale at Year 5 or individual villa liquidation anytime.
Returns vs. Alternatives
Fixed Deposit (SBI)
6.5%
Fractional RE (SEBI SM-REIT)
8–10%
Unmanaged Villa (Alibaug)
3–4%
ARANYA (Base Case IRR)
22%
5-Year Cash Flow Projection (₹ Crore)
22–26%
Base IRR (5 Yr)
2.8–3.2×
MOIC (Money Multiple)
16%
Conservative IRR
Exit Scenario: Year 5 Portfolio Sale
| Stabilised EBITDA (Year 5) | ₹3.8 Cr |
| Exit Multiple (10× EBITDA — hospitality RE norm) | 10× |
| Portfolio valuation | ₹38–42 Cr |
| Cumulative distributions (Y2–Y5) | ₹12 Cr |
| Total investor proceeds (80% equity) | ₹40–43 Cr |
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08 · Operating Structure
Three entities. One integrated machine.
Built for transparency and scale.
Built for transparency and scale.
Legal Entity 01
Aranya Land & Build LLP
Holds land title + built assets
All investor capital flows in here
Issues profit-share certificates to partners
Quarterly P&L statements + NAV report
Capital vehicle
Asset owner
Legal Entity 02
Aranya Hospitality Pvt. Ltd.
Operates rental pool under lease from LLP
Handles all OTA listings, pricing, revenue management
Employs on-site staff (GM + team of 6)
Remits 80% of EBITDA to LLP monthly
Retains 5% management fee
Operator
Revenue earner
Promoter Entity
Architect's Design Studio
Provides all design services to LLP at cost (no markup)
Retains design IP and brand trademark
Earns licensing fee for Phase 2, Phase 3 expansions
20% carried interest (post 12% hurdle to investors)
Based in Navi Mumbai — 45–90 min to site
Design authority
Brand owner
Revenue Distribution Waterfall
Gross Revenue → OTA commissions → Operating costs → Management fee (5%) → Preferred return (12% p.a. to investors) → 80/20 split (investors / promoter)
Investor Governance
Monthly management accounts. Quarterly investor call. Annual independent audit. Any exit of villa asset requires 66% investor approval. Promoter has no unilateral rights over capital.
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09 · Risk & Mitigation
Every risk, pre-addressed.
Hard assets. Legal rigour. Pre-sales.
Hard assets. Legal rigour. Pre-sales.
Land & Title Risk
Mitigation: Only NA-converted land with clean title chain (minimum 30-year encumbrance search). Legal opinion mandatory before any capital deployed. Title insurance obtained. FEMA compliance for any NRI investor verified at entry.
Regulatory / Approval Risk
Mitigation: Full statutory package (CRZ clearance if applicable, Gram Panchayat NOC, environment clearance, NA order) obtained before construction commences. Structural drawings peer-reviewed. Budget contingency of 12% for regulatory delays.
Demand / Occupancy Risk
Mitigation: Pre-sales of 3–4 villas at cost + 20% margin before groundbreaking — validates demand and de-risks land cost. Booking waitlist from architect's network before public launch. Direct corporate tie-ups (offsite retreats, wellness weeks) for floor occupancy.
Construction Cost Overrun
Mitigation: Fixed-price EPC contracts with penalty clauses. Architect-promoter has direct contractor relationships. Materials pre-quoted before financial close. 12% contingency built into ₹20 Cr budget. Phased releases tied to construction milestones.
Exit / Liquidity Risk
Mitigation: Individual villas can be sold independently at any time — not a single monolithic exit. Hospitality fund interest (REITs, family offices) confirmed by existing market transactions. Minimum floor: land + structure value > 70% of capital at any time.
Management / Operational Risk
Mitigation: Promoter-architect proximity (Navi Mumbai, 45–90 min from site). Experienced GM hired from established hospitality brand. Property management software (PMS) deployed from Day 1. Hospitality consultant engaged for first 18 months.
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10 · The Founder Advantage
A Navi Mumbai architect building
what only an architect can build.
what only an architect can build.
Design authority: No external architect. The promoter's studio designs every element — saving ₹1.5–2 Cr that any developer would pay a design firm, while retaining creative control and brand integrity.
Site proximity: Based in Navi Mumbai. Project site (Kashid / Sahyadri) is 45–90 minutes away. Site supervision, contractor management, and issue resolution happen in person — not on phone.
Contractor network: Existing relationships with Konkan region masons, laterite stone suppliers, and bamboo fabricators — reduces procurement risk and inflated contractor margins.
Replicability: The cluster blueprint is proprietary and documented. Phase 2 (Sahyadri deep interior) and Phase 3 (South Konkan) are pre-designed — reducing lead time from 18 months to 9 months per phase.
Skin in the game: Promoter contributes design services (valued ₹1.5 Cr) in lieu of cash — aligned with investor interests at all times.
"Development is not an add-on. It is a second business. Those who succeed are architects who become the client — and take full responsibility."
EntreArchitect · Architect as Developer, April 2026
The Playbook: Phase Roadmap
Ph.1
Kashid / Alibaug Zone
15 villas · 4 acres
₹20 Cr raise
IGBC green cert.
Proof of concept
2025–27
Ph.2
Sahyadri Foothills
20 villas · 6 acres
Lower land cost
Wellness + nature focus
₹22 Cr raise
2027–29
Ph.3
South Konkan
Ratnagiri / Ganpatipule
Brand licensing model
50+ villas portfolio
REIT-eligible scale
2029–32
Long-term vision
A portfolio of 60–80 Aranya villas across 4 Konkan / Sahyadri clusters, generating ₹15–20 Cr annual EBITDA. Exit or partial listing at 10–12× EBITDA implies a portfolio value of ₹150–240 Cr — from a ₹20 Cr first-mover investment.
Aranya
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11 · The Ask
₹20 Crore. 10 investors.
One decision that changes the landscape.
One decision that changes the landscape.
₹20 Cr
Total Raise — Phase 1
Private placement. Minimum ticket ₹2 Cr. Maximum 10 investors. Closing Q1 2026.
₹2 Cr
Per Investor. LLP partner unit.
Directly backed by titled land + built asset. Not a fund unit. You own a piece of a real place.
Use of Funds
Land Acquisition
34%
Construction & Infrastructure
55%
Design + Legal + Marketing
11%
Immediate Next Steps
01
Site Visit & Land Inspection
Shortlisted 3 parcels in Kashid / Sahyadri zone. Investor site visit arranged within 2 weeks of expression of interest.
02
Legal Due Diligence Packet
Title search, NA status, CRZ map, encumbrance certificate — full packet shared with investor legal counsel.
03
LLP Deed Execution
Standard LLP agreement drafted by independent solicitor. Capital call on completion of 3 statutory pre-conditions.
04
Construction Commencement
Target Q2 2026. First villa cluster complete Q4 2026. Soft launch Q1 2027. Rental pool at scale Q3 2027.
This is not a fund. This is a
partnership between architects and investors
building something that will endure.
partnership between architects and investors
building something that will endure.
Aranya — Designed to Last
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