Real Estate Intelligence

Know your numbers
before you commit.

An independent financial analysis of your real estate project. What it will cost. What it will return. And whether you should go ahead.

Begin a conversation → Our work

portal.novakadvisory.in · encrypted

Client Portal

Vesu Commercial Tower · G+21

Novak Advisory · Mandate NVK-001 · June 2026

Strategy B Recommended

₹68Cr

Total Cost

18.2%

Base IRR

1.25×

DSCR Yr 1

55%

Rec. LTC

5-Year Cash Flow

Bear

11.4%

IRR · ₹8,100/sqft

Base

18.2%

IRR · ₹9,000/sqft

Bull

24.6%

IRR · ₹10,500/sqft

Vesu VIP Road · ₹1.2–1.5L/sq yd

GIDC Sachin · ₹45–55K/sq yd

Grade A RCC · ₹2,200–2,300/sqft

VIP Road Office Yield · 7–8% gross

Adajan Residential · ₹90–110K/sq yd

PEB Warehouse · ₹900–1,100/sqft

Vesu VIP Road · ₹1.2–1.5L/sq yd

GIDC Sachin · ₹45–55K/sq yd

Grade A RCC · ₹2,200–2,300/sqft

VIP Road Office Yield · 7–8% gross

Adajan Residential · ₹90–110K/sq yd

PEB Warehouse · ₹900–1,100/sqft

What we add

The numbers that protect
your investment.

Before you commit. An independent financial analysis that gives you a complete, verified picture of your project — what it will cost, what it will return, and where the risks sit.

What the analysis covers

Every number that matters. Verified. Before a single rupee moves.

What will this project actually cost to build — benchmarked independently against current market rates.

What will it return — modelled across three scenarios so you see the full picture, not just the best case.

What financing is achievable — structure, terms, and whether the project clears the threshold.

One clear recommendation. Go, no-go, or go with specific conditions.

What you walk away with

Clarity. Confidence. A document that works for every room you walk into.

A professional analysis delivered through a secure client portal — structured, clean, and ready to share.

Numbers you can take to your CA, your bank, or your business partner with complete confidence.

A financial model that stress-tests your project before the market does.

The certainty to move forward — or the clarity to step back.

42%

of construction projects in India exceed their budget

MoSPI, 2024

19%

average cost overrun on Indian construction projects

MoSPI, 2024

57%

project completion rate in 2024, down from 74% in 2017

Anarock India, 2024

Zero

independent advisory firms serving Tier 2 Gujarat developers today

Novak primary research

What we do

Independent financial analysis. Before you commit.

We take your project — land size, location, what you plan to build — and give you a complete, honest financial picture.

Delivered through a professional client portal. Structured, clean, and ready to share.

Every engagement is scoped individually. We review your project first, then tell you exactly what the analysis covers — before any commitment is made.

Discuss your project →

Project Cost Estimate

What your project will actually cost — independently benchmarked. Not a contractor's number. A number you can take to any negotiation.

Revenue and Yield Analysis

What the asset will earn — lease rates, vacancy, and net income built on real comparable data. Conservative and defensible.

Full Financial Model

IRR, NPV, cash flow, DSCR, and loan amortisation. Multiple strategies modelled where relevant — sell, lease, or hold.

Scenario Analysis

Three cases — conservative, expected, optimistic. You see the downside before you commit. Not after.

Financing Structure

What loan you can get, at what LTC, with which institutions. DSCR modelled at every scenario. Walk into the bank prepared.

Go / No-Go Recommendation

One page. Plain language. Go, no-go, or go with specific conditions. The honest answer, before commitment.

Quick Project Check

Get a rough sense of your project in 60 seconds.

Enter the six numbers that drive a project. Get a preliminary read on total cost, revenue, gross margin, and break-even — at current market rates.

This is a starting point — not an analysis. A full Novak engagement covers 40+ variables across three scenarios, including financing, IDC, DSCR, and timeline sensitivity. This tells you whether it is worth a conversation.

Built-up Area is the constructed area, on which construction cost is applied. Saleable Area is what buyers pay for — typically built-up multiplied by a loading factor of 1.20 to 1.40, depending on common-area share. Soft costs are taken at 12% of construction (a simplified industry assumption covering approvals, design, marketing, and contingency — excludes financing). Pre-tax. Indicative only. Not investment advice.

Project Quick Check

Preliminary indication · Not a Novak analysis

Land Area (sq yards)

Land Cost (₹ per sq yard)

Built-up Area (sqft)

Construction Cost (₹ per sqft built-up)

Saleable Area (sqft)

Expected Sale Price (₹ per sqft saleable)

Preliminary Indicators

—

Est. Total Cost

—

Est. Revenue

—

Gross Margin

—

Break-Even/sqft SA

This is indicative only. A full Novak analysis covers benchmarking, financing, DSCR, and three scenario cases. Talk to us about your project →

Who we serve

Three types of clients.
One common need.

Real Estate Developers

Developers evaluating a new project, land acquisition, or a new asset class. The independent financial layer that no internal team can provide without a stake in the outcome.

HNI Investors

Individuals deploying capital into real estate assets or development projects. An honest, independent picture — entry price, yield, IRR, and downside — before crores are committed.

NRI Investors

Investors committing capital from abroad without being able to visit sites or verify numbers independently. A professional, independent report they can rely on and share with family and their financial institution in India.

Novak Market Pulse

The intelligence the market was missing.

Published monthly. Verified land rates, construction costs, rental yields, and absorption data — sourced directly from the market.

Invite-only. Read by developers, investors, CAs, and bank relationship managers who need accurate, primary-research data.

Primary

Research only

Monthly

Without exception

Private

Invite only

Request access →

Novak Market Pulse

Issue 02 · June 2026 · Real Estate Intelligence

Private

Land Rates — Verified

Vesu · VIP Road

₹1.2–1.5L/sq yd

Watch

GIDC Sachin · Industrial

₹45–55K/sq yd

Strong

Adajan · Residential

₹90–110K/sq yd

Stable

Construction Cost Index · June 2026

Grade A RCC Commercial

₹2,200–2,300/sqft

+8% YoY

PEB Industrial

₹900–1,100/sqft

Flat

Novak's Take

Construction costs in Vesu are rising 8% year-on-year while office absorption sits at 18–24 months of inventory. Developers entering VIP Road at current land prices need to model a longer sell-down — or the returns do not hold.

Invite-only. Request access to the monthly Pulse.Request access →

How we work

Three principles.
Non-negotiable.

Independent

We have no stake in your decision. We earn nothing from any party connected to your project. Our only interest is accuracy.

Primary Research

Every benchmark in our models comes from verified conversations in the market. Not portal data. Not national averages that do not reflect local reality.

Confidential

Your project, your numbers, your decisions — never shared or referenced without your explicit permission.

Begin a conversation