Kalpataru scores 79.5/100 in Pune builder audit; Crisil cuts bank facility rating to BBB

Few names in real estate in Mumbai and Pune are as old as Kalpataru. In the 2026 builder audit, Kalpataru Ltd has been given 79.5 marks out of 100. This is a working editorial score, not a permanent ranking. It can change when new MahaRERA filings, possession records or a response from the builder arrive. The research cut-off date is September 2026.

The company describes itself as an integrated real estate development company. It says it is more than five decades old and has completed more than 130 projects in Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru and Jodhpur. According to the company's website, its growth of more than 57 years covers 34.45 lakh square metres of work and more than 28,200 families. These figures are the company's own.

In Pune, the company's current project is Kalpataru Blossoms on Sinhagad Road. Completed projects include Serenity in Manjri, Exquisite in Wakad and Infinia in Wakdewadi. It also has Plaza, Gardens, Habitat, Regency and Arcade.

Marks were given on nine parameters: delivery and execution 15 out of 20, track record 14 out of 15, MahaRERA and regulatory record 10 out of 15, construction quality 8.5 out of 10, customer experience 6.5 out of 10, financial strength 8 out of 10, presence in Pune 9 out of 10, transparency 4 out of 5, and innovation and sustainability 4 out of 5.

The financial picture is mixed. According to Crisil, the company's revenue rose from Rs 2,222 crore in FY2025 to Rs 3,436 crore in FY2026. Profit after tax (PAT) rose from Rs 25 crore to Rs 80 crore. Residential debt stood at about Rs 8,000 crore on March 31, 2026, against about Rs 9,200 crore a year earlier. Even so, in September 2026 Crisil lowered the rating on its long-term bank facility from BBB+/Stable to BBB/Stable. The reasons given were that debt reduction was slower than expected, and that there were delays in environmental clearance and some project milestones. Crisil expects debt-to-CFO to stay above 3.5 times through FY2028.

On the RERA record, figures come from a third-party database. It links 55 entities and 40 PANs to the Kalpataru brand, with 128 registrations on record. Of the completed projects, 81 per cent finished on time, 18 projects ran six months or more late, and 7 registrations lapsed. A total of 460 complaints are recorded across 48 projects. The audit states clearly that these figures combine several legal entities, cities and projects. A complaint does not mean wrongdoing has been proved.

The advice for buyers is not to rely on the brand alone. They should check for themselves the correct MahaRERA registration of the project and tower, the name of the promoter entity, the possession date and the agreement. According to the audit, this article is not legal, financial or property-purchase advice.