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12. Our Ongoing and Planned Projects are in the preliminary stages of planning and require approvals
or permits and we are required to fulfill certain conditions precedent in respect of some of them.
Our plans in relation to our Planned Projects are yet to be finalised and approved. We require statutory and
regulatory approvals, and permits and applications need to be made at appropriate stages for us to successfully
execute each of these projects. For example, we are required to obtain requisite environmental consents, fire
safety clearances, no-objection certificates from the Airport Authority of India and completion and occupation
certificates from the competent governmental authorities. While we believe we will obtain approvals or
renewals as they may be required, there cannot be any assurance that the relevant authorities will issue any such
approvals or renewals in the anticipated timeframes or at all. Any delay or failure to obtain the required
approvals or renewals in accordance with our project plans may adversely affect our ability to implement our
Planned Projects and adversely affect our business, results of operations and financial condition.
We plan to develop SEZs as part of our business strategy. We are currently planning the development of our
first SEZ in Kharkhoda, in the district of Sonepat, Haryana. We have no experience in developing SEZs and
have not yet filed an application for SEZ status. Our success in the development of SEZs depends upon, among
other things, our ability to acquire land, obtain required approvals and attract manufacturing, industrial or IT
units that conduct business within the SEZs. We also do not have approvals for our proposed SEZ project. We
cannot assure you that we will be able to get these approvals or attract manufacturing, industrial or IT units in
the future.
The following applications, made by our Company or Subsidiaries in relation to our Ongoing and Planned
Projects, as applicable, are pending before various authorities:
Ambience Island, Gurgaon: Applications for renewal of a license to set up an integrated colony
comprised of group housing colony and commercial use properties, among others.
“Ambience City”, Panipat: Application to the Director, Town and Country Planning, Haryana,
Chandigarh for the issuance of: (a) a commercial use license relating to IT/ITES on 5.75 acres of land
in the revenue estate of Village Taraf Insar, Panipat Haryana, and (b) a license to set up a commercial
colony on 6.86 acres of land in the revenue estate of Village Kabri and Faridpur, Tehsil and District,
Panipat, Haryana.
Shalimar Bagh, New Delhi: Application to the Deputy Director (Bldg.) DDA for the approval of a
building layout plan.
Rohini, New Delhi: Application to the Deputy Director (Bldg.) DDA for the approval of a building
layout plan.
Sector 81, 82A, Gurgaon: Application to the Director Town and Country Planning, Haryana, for the
issuance of a license to set up a commercial colony on 7.65 acres of land at Sector 82, in the revenue
estate of Village Lakhnaula, Gurgaon.
Greater Noida: Application to the CEO, Greater Noida Industrial Development Authority, under the
revised policy to reschedule installment payments and to extend the time period for the execution of a
lease deed.
Sector 50, Noida: Application to the CEO, NOIDA under the revised scheme to reschedule installment
payments.
Additionally, in some cases, parties with whom we have entered into sole development agreements are yet to
transfer the approvals obtained in relation to the projects in their names. If, as a result of any delay or failure to
obtain required permits or approvals, we are unable to use the net proceeds of this Issue as described in this
Draft Red Herring Prospectus, we will, with the approval of the shareholders of our Company, deploy the funds
for other business purposes, including towards the purchase of additional lands, construction of projects,
repayment of loans or general corporate purposes. For further details, see “Objects of the Issue” on page 65. In
respect of most of our Planned Projects, we have not yet completed the acquisitions process. We are either still
in the process of executing sale deeds or awaiting provisional allotments from authorities. In a majority of cases,
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