The company has Strong project pipeline providing cash flow visibility, currently company has 13 ongoing projects and 3 planned Projects with 17,13,725 square feet carpet area. Recently in order to expand its portfolio of services the Company has ventured into Government as well as private sector Construction Contracts, leading to a conglomerate diversification. Further, the government is backing the sector with several initiatives like a push to develop 100 cities into smart cities, initiatives like “Housing for all by 2022”. Moreover, On the upper price band of `180 with expected EPS of `11.2 for FY18, Estimated P/E works out at 16.07x. Taking into risk consideration, company generates entire sales from certain geographical regions of Nashik, oversupply in real estate sector and non unique Business model shows that valuations are not reasonable hence, We recommend to be ‘NEUTRAL’ for this IPO.