Pune builder audit 2026: Lodha scores 84, VTP Realty 77.5, Nyati Group 70.5 out of 100

For homebuyers in Pune, choosing a builder by brand name alone is no longer enough. The city's real estate market has grown very large and varied. A 2026 builder audit assessed Lodha (formerly Macrotech Developers), VTP Realty and Nyati Group on the same nine-parameter framework. Lodha got 84/100, VTP Realty 77.5/100 and Nyati Group 70.5/100.

According to the audit, the three builders represent three different models of development. Lodha has national-scale institutional strength, the disclosures of a listed company and a strong financial base, but its Pune business is fairly new compared with its Mumbai legacy. The company's FY2026 investor disclosures cite national pre-sales of Rs 205.3 billion, delivery of 6,373 homes and an adjusted EBITDA margin of about 34%. Pune is only one part of this large national business.

VTP Realty is far more closely identified with Pune. Its current projects are spread across Kharadi, Mahalunge, Hinjewadi, Baner-Sus, Bavdhan, Wakad and other large residential areas. Nyati Group has worked in Pune since 1997 and describes itself as having delivered more than 40 million sq ft. Its projects extend to Baner, Bavdhan, Dhanori, Undri, Kalyani Nagar, Sadashiv Peth, Sahakar Nagar and Lulla Nagar.

On delivery and execution, Lodha scored 16 out of 20, VTP 14 and Nyati 13. The audit did not apply Lodha's national performance directly to Pune; its Pune portfolio was assessed separately. On track record the picture is closer: VTP and Nyati got 13.5 each out of 15 and Lodha 12, because this category is focused on Pune.

On MahaRERA and regulatory records, Lodha scored 12 out of 15, VTP 11 and Nyati 9. The audit says a complaint does not mean the promoter was found guilty, and an extension of a project's deadline is not a failure. In Nyati's larger dataset it found 35 projects, 25 complaints across 10 projects, six lapsed registrations and declared litigation against 18 projects. The audit says these figures are compiled across several projects and companies and are not a uniform finding against the whole Nyati Group.

On construction quality, Lodha scored 9 out of 10, VTP 8.5 and Nyati 7.5. The audit made clear that this does not mean Nyati's projects are poorly built; the evidence it saw was simply not enough to give a score like the other two. On customer experience, Lodha got 6.5 and VTP and Nyati 6 each. On financial strength, Lodha got 9.5, VTP 7 and Nyati 5.5. Lodha's investor disclosures put FY2026 collections at Rs 151.6 billion and net debt/equity at 0.23x. The audit says little public information is available on VTP and Nyati, which does not mean they are weak.

On Pune presence, VTP got a full 10, Nyati 9 and Lodha 8.5. On transparency, Lodha got 4.5 out of 5 and VTP and Nyati 3.5 each. On innovation and sustainability, Lodha and VTP got 4 each and Nyati 3.5.

The audit advises that a builder's overall score should not be treated as a measure of the risk in any single project. Buyers should check for themselves who the promoter is, what the MahaRERA number is, whether the possession date has been extended and whether approvals have been received. Speaking to residents of older projects is also recommended. The audit describes the scores as an editorial assessment, not a credit or investment rating. The research cut-off is September 2026.