Hubtown Limited (Formerly known Akruti City Limited) is one of the leading construction and real estate development companies in India. The Company is engaged in real estate business of construction a
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nd development of Residential and Commercial Premises, Build Operate Transfer (BOT) Projects, etc. They are specialized in the construction, sales and lease of commercial, residential, retail and industrial property. They are currently involved in developing residential complexes, commercial properties, shopping malls, IT parks and Biotech parks across the country. The company focuses on delivering high quality real estate solutions where design, engineering, and execution dovetail into a landmark development.
Akruti City Ltd was incorporated on February 16, 1989 as Akruti Nirman Pvt Ltd and they became Public Limited Company from April 11, 2002. In the early years of growth, the company primarily undertook civil engineering and development jobs for the government and the defence forces. After completing many successful projects, the company decided to venture into residential construction projects in the year 1986. They embarked on their first Slum rehabilitation venture in the year 1995 and now they have diversified into commercial projects, infrastructure projects and retail.
During the year 2006-07, Adhivitiya Properties Ltd, Akruti Centre Point Infotech Ltd, Akulpita Construction Ltd, Arnav Properties Ltd, E Commerce Solutions (India) Ltd, TDR Properties Ltd and Vishal Tekniks (Civil) Ltd became wholly owned subsidiaries of the company. The company name was changed from Akruti Nirman Ltd to Akruti City Ltd with effect from November 12, 2007.
Akruti City Ltd is the first construction company to be awarded both the ISO 9001 as well as CRISIL rating for their quality processes and their financial as well as project management strengths. Also, they are the first private, non-governmental company to have successfully completed a slum rehabilitation project in Mumbai and the first company to have completed a Tenent?s rehabilitation project, a joint undertaking between a public amenities body, the MCGC, and a private limited company. They have the distinction of being the first private company to have completed a state of the art registered IT Park.
DLF Akruti Info Parks (Pune) Ltd, a joint venture SEZ project between Akruti City Ltd and DLF has bagged 'BAI Universal Award 2007' for Best Equipped and Mechanized Site. They also have bagged two Prestigious Awards at the Artists in Concrete Awards 2007. Their projects, Akruti Erica and Akruti Centre Point won under the residential projects category and commercial projects category respectively.
The name of Company changed to Ackruti City Limited' effective on May 27, 2009. The Company launched residential apartments like Ackruti Gardenia' at Mira Road, Ackruti Greenwoods' at Thane and Ackruti Countrywoods' at Kondhwa, Pune; completed construction of the automated car park at Mahalakshmi, Mumbai in 2009. The Company through its subsidiary Gujarat Akruti-TCG Biotech Limited embarked upon the development of Biotech Park at Savli, near Vadodara in Gujarat in joint venture with Gujarat State Biotech Mission and the TCG Group. The Phase I of the project Ackruti Corporate Park - Kanjur Marg got completed in 2009. The Company embarked upon the development of real estate project on Ghatkopar-Mankhurd Link Road, Mumbai through an associate company on public private partnership basis with the Government of Maharashtra.
During the year 2009, Infrastructure Ventures India Private Limited (formerly Infrastructure Ventures India Limited) ceased to be a subsidiary of the Company; Glamorous Properties Private Limited became an associate and Broadway Integrated Park Private Limited and Muttha Realty Private Limited ceased to be associates; and Pushpak Healthcare Services Private Limited and Urvi Build Tech Limited became subsidiaries of the Company. Subsequent to the closure of the financial year 2008-09, the companies, Akruti Campus of Research and Education Private Limited, Akruti City Farming Private Limited, Akruti City Knowledge Private Limited, Akruti City Venture Capital Private Limited, Akruti City Venture Capital Management Private Limited, Akruti Guestline Private Limited, Citygold Education Research Limited, Citygold Farming Private Limited, Harmony Erectors Private Limited and Oracle Shelters Private Limited became wholly owned subsidiaries and Akruti Security Plates Private Limited became a subsidiary of the Company.
During 2010, the Company launched Phase II of Ackruti Greenwoods, launched 3 new projects namely Ackruti Jewel', Ackruti Sunmist' and Ackruti Shikhar' located at Andheri. Construction of Ackruti Gold', building at Bandra Kurla Complex was completed. Ackruti Opal' located at Jogeshwari adjoining Western Express Highway commenced their construction activity. Robotic Car Park at Mahalakshmi, Mumbai became operational. The Company acquired management control of subsidiary, Upvan Lake Resorts Private Limited for undertaking the project for beautification of Upvan Lake at Thane under BOOT Scheme of Thane Municipal Corporation.
During the year 2010-11, Ackruti City Magnum Limited, Merrygold Buildcon Private Limited, Vega Developers Private Limited (formerly Pure Gold Developers Private Limited) and Pushpak Healthcare Services Private Limited became subsidiaries of Company. Ackruti Center Infotech Limited and E Commerce Magnum Solution Limited ceased to be subsidiaries of Company during 2010-11.
During 2011-12, Ackruti Campus of Education and Research Private Limited, Ackruti City Magnum Limited, Harmony Erectors Private Limited, Jihant Housing Private Limited, Nova Realty Private Limited, Sunmist Builders Private Limited and Superaction Realty Private Limited ceased to be subsidiaries of Company. Pushpak Healthcare Services Private Limited, ceased to be a subsidiary subsequent to the close of the year 2011-12.
During the year 2012-13, Joynest premises Private Limited became a subsidiary and Holiac Realty Private Limited and Pushpak Healthcare Services Private Limited ceased to be subsidiaries of Company. Holiac Realty Private Limited has instead, become an associate.
Subsequent to the close of the year 2013-14, the Promoter Group of Company diluted its shareholding in the Company by an Offer for Sale (OFS) through the stock exchange mechanism to increase the minimum level of Public Shareholding in the Company to 25 % of the total Paid-Up Share Capital of the Company and post OFS, the Public Shareholding stood 25.02 % and the Promoter Group Shareholding was reported 74.98 %.
In 2015, the Company completed residential projects such as Hubtown Sunmist B' Wing; Hubtown Solaris Phase- I ; and commercial project Hubtown Viva in Andheri (E), completed Hubtown Shikhar in Andheri (E) and Hubtown Countrywoods Phase I - Kondhwa, Pune in year 2016, completed residential project Hubtown Heaven A' and B' Wings - Matunga (East) in 2017.
During the year 2017-18, Giraffe Developers Private Limited again became an associate due to cancellation of the transaction for sale of the shares.
Residential projects like Hubtown Heaven - Matunga (East) C' Wing, Hubtown Greenwoods, Thane, Phase II, Hubtown Sunstone - Bandra (East) - Phase - II, Joyos Hubtown, Surat - Phase I, Hubtown Solaris - Andheri (East) - Phase II, Palmrose, Andheri (East) and Joyos Hubtown, Vadodara - Phase I were completed during 2018-19.
In 2019-20, completed Hubtown Gardenia - Mira Road, Hubtown Countrywoods Phase II - Kondhwa, Pune, Hill Crest - Andheri (East), Hubtown Vedant - Sion (East) - Phase - I, Hubtown Sunstone - Bandra (East) - Phase - I, Hubtown Sunmist - Andheri (East) A' Wing and Hubtown Greenwoods - Thane Phase - I.
In 2020-21, completed residential projects such as, Hubtown Sunstone - Bandra (East) - Phase - I& Phase I, Hubtown Solaris - Phase I & Phase II and commercial project of Hubtown Viva - Phase - II, Jogeshwari (East).
In 2021-22, the Company completed Hubtown Greenwoods - Thane Phase - I & II residential project.
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