Ratnabhumi Developers Ltd

History of Ratnabhumi Developers Ltd

Ratnabhumi Developers Limited was originally incorporated as 'Navratna C G Road Properties Private Limited' at Ahmedabad on July 27, 2006. Subsequently, the name of the Company was changed to 'Ratnabhumi Developers Private Limited' on July 9, 2009. Consequently upon the conversion of the Company into Public Limited, the name of the Company was changed to 'Ratnabhumi Developers Limited' on September 18, 2017. The Company is involved in the business of construction of buildings and other construction related services and renting services. Mr. Pranav Shah, Mr. Devang Shah and Corporate Promoter Navratna Organisers & Developers Pvt. Ltd. floated the Company in 2006 with the object of acquiring land, carrying out construction work, developing and organizing of immovable properties etc. In the year 2006-07, the Company took the unsecured loan of Rs. 3768.00 Lakhs from the parties belonging to original promoters and purchased piece and parcel of land at cost of Rs. 44.35 Crores which is situated in prime location of Ahmedabad city at Panchvati Panch Rasta, C.G. Road, Ahmedabad. With the intention to commence the project namely 'Turquoise' on the said piece and parcel of land, the previous promoters Mr. Jitendra Shah and Mr. Mahendra Shah (Ratna Group) took over the company by acquiring 100% Equity Share holding along with all the assets and liabilities of company from original promoters in the beginning of the year 2009-10. During the period 2009-2012, the Company completed t ...he project namely 'Ratna-TURQUOISE'. During the period 2012-17, the company's main business activities were selling and marketing of commercial offices and shops constructed in the project 'Turquoise'. Apart from selling and marketing of commercials offices and shops, the company has rented the shops, offices and spaces in the project 'Turquoise' to corporate clients for their business, commercials, advertisement and installing network equipments. On October 1, 2016, the previous promoters Mr. Jitendra Shah and Mr. Mahendra Shah (Ratna Group) have handed over their business to their next generation, i.e. Mr. Kaivan Shah and Mrs. Meghna Shah (Existing Promoters), by transferring 100% Equity Share holding along with all the assets and liabilities of the company. In December 2017, the Company came up with a Public Issue of 37,00,000 Equity Shares by raising money from public aggregating to Rs 23.31 Crore. The Company entered in to Limited Liability Partnership Agreement with Rajul Projects LLP for developing project namely -RATNA ARTEMUS II in 2017. In 2021-22, the Company launched 4 new projects under the brand name 'Turquoise' in the budding area of WAPA (Godhavi), Shela, Sindhu Bhavan and many other areas in Ahmedabad. In 2022-23, the Company launched its brand 'Turquoise' and has launched 3 projects under the said brand with the name 'Turquoise Greenz' situated at Shela, Gujarat, 'Turquoise Dreamz' near Sindhubhavan Extension, Ahmedabad, and 'Turquoise Grandeure', situated at Godhavi. The Company further acquired 100% shareholding in Ratnabhumi Techno Engg Private Limited thus making it a Wholly Owned Subsidiary Company of the Company. The Company has launched three projects under the said brand with the name 'Turquoise Greenz' situated at Shela, Gujarat, 'Turquoise Dreamz' near Sindhubhavan Extension, Ahmedabad, and 'Turquoise Grandeure', situated at Godhavi in 2025.