Nila Spaces isn’t a new name in Ahmedabad’s real estate scene, but it’s certainly making fresh waves. Born out of a 2017 demerger from Nila Infrastructures, this Ahmedabad-based developer has spent the past few years carving out a niche in affordable and premium housing. Now, in 2025, it’s got its sights firmly set on India’s first smart city: GIFT City.
In May, Nila Urban Living: a wholly owned subsidiary of Nila Spaces inked a ₹129.2 crore contract with Riveria Infrastructures to bring its premium residential project to life at GIFT City. This isn’t just another tower. The land parcel was won last year through a record-breaking bid of ₹6,557 per square foot, making it Gujarat’s priciest real estate deal in absolute terms. Construction is set to wrap up in 27 months.
Nila’s vision? To blend luxury living with smart infrastructure in a city that’s being built for the future. As CEO Deep Vadodaria puts it, “We’re not just building homes, we’re crafting a lifestyle that redefines what it means to thrive in a modern city.” It’s a bet on Gujarat’s growing ambition and the idea that India’s urban future will be driven by quality as much as quantity.
By the numbers:
- Market capitalisation: ₹511 crore (as of 11th June 2025)
- Total revenues (FY25): ₹136 crore
- Net profit (FY25): ₹15 crore
- Promoter holding: 61.9%
So what’s working?
Nila’s approach is two-pronged: strong foundations in affordable housing and a push into high-value projects. Over the past few years, it’s delivered over 10 million square feet of projects and built a land bank of 18 acres in Ahmedabad. The GIFT City project, with its premium positioning and cutting-edge design, shows that Nila is willing to climb the value chain.
Financials underline this transition. In Q4 FY25, revenue from operations jumped 23.1% to ₹39.76 crore, while net profit surged 116.5% to ₹4.69 crore. Operating profit margins touched 25%, signalling that higher-value, well-managed projects are bolstering profitability.
Yet it’s not without challenges. A P/E ratio of nearly 35 suggests the market’s already pricing in a lot of optimism. Execution risks loom large for landmark projects like GIFT City, especially with complex regulatory environments and cost pressures. And while promoter holding is steady, foreign institutional interest has disappeared in recent quarters.
Key takeaway
Nila Spaces isn’t just chasing square footage. It’s building a brand around sustainability, community engagement, and future-ready design. Its bet is that India’s real estate market will shift from sheer volume to thoughtful, quality spaces especially in rapidly growing urban hubs like GIFT City.
The bottom line
Nila Spaces isn’t just another developer. It’s scaling up from affordable housing roots to premium real estate, backed by a solid land bank and smart partnerships like the one with Riveria Infrastructures. Its growth hinges on converting record land deals like the one in GIFT City into sustainable, profitable projects.
While challenges like execution risks and high valuations persist, Nila’s steady financial growth and clear focus on blending luxury with urban infrastructure make it a real estate story to keep an eye on.
