Vikram KapoorChief Financial Officer · Essays & perspective

Chief Financial Officer India

Vikram Kapoor

Under RERA a homebuyer's money belongs to the building it paid for, so I run a developer's finances project by project before I add them up.

Portrait of Vikram Kapoor

Leadership paper / 01

RERA and project liquidity5 min read

A developer's finances, building by building

Abstract
RERA's 70 per cent rule is often read inside developers as a limit on how much cash must be locked away. I read it as a floor, and I think boards that judge a developer on consolidated net debt are reading the wrong balance sheet.
Read the full paper

Experience in figures

Pre-sales, year to March 2026
₹4,120 Cr
₹3,480 Cr collected from buyers; ₹2,960 Cr revenue recognised under Ind AS 115
Net debt, March 2026
₹540 Cr
Down from ₹1,920 Cr in March 2020; rated A by two agencies
RERA-registered projects under construction
34
Each with its own designated account, ledger and ninety-day cash floor

Mandate

Fields of practice.

  1. 01

    RERA designated accounts and project cash

  2. 02

    Land purchase and joint development agreements

  3. 03

    Ind AS 115 revenue and pre-sales reporting

  4. 04

    Construction finance and credit ratings

  5. 05

    Related-party land transactions

  6. 06

    Audit Committee reporting for a developer

The journal

Further reading.

  1. 02

    Ind AS 115 and disclosure5 min read

    Pre-sales are a promise, not a result

    Listed Indian developers guide investors on pre-sales, the value of homes booked. The measure rewards launches and lenient payment plans; collections and handovers show whether a developer can turn bookings into finished homes.

  2. 03

    Related-party governance5 min read

    When the landowner is the promoter's family

    Promoter families in Indian real estate often own land their listed company could develop. Independent valuation is necessary but not sufficient; boards need a standing policy, agreed before the next parcel arrives, that fixes the evidence and structure such deals require.

Open to Board appointments · Speaking invitations

Start a conversation

Under RERA a homebuyer's money belongs to the building it paid for, so I run a developer's finances project by project before I add them up.

I am the chief financial officer of Mridvika Habitats Limited, a fictional residential developer headquartered in Pune and listed on the NSE and BSE. In the year to March 2026 we sold homes worth ₹4,120 crore, collected ₹3,480 crore from buyers and recognised ₹2,960 crore of revenue on the homes we handed over. Those three numbers measure different things, and much of my work consists of keeping them apart. We have 34 projects under construction in Pune, Thane, Panvel and North Bengaluru, each registered under RERA and each with its own designated bank account.

I came to this chair from the other side of the table. I audited Pune builders in the late 1990s, rated developers and road companies for a credit rating agency, appraised toll roads and ports for a private bank and spent five years building a developer-lending book at a listed NBFC. When the funding squeeze of 2018 and 2019 stopped that book from growing, I wanted to work where the risks I had been pricing were actually created. Mridvika's founding family asked me to join as CFO in November 2019, four months before the pandemic closed every site we had.

The lesson I brought with me is that a residential developer is a set of separate trusts dressed as one company. Money a buyer pays for a flat in Wakad cannot honestly fund a land payment in Bengaluru, whatever the consolidated balance sheet says. Putting that principle into our withdrawals, our borrowing and our dealings with the promoter family has cost us a land parcel, a launch season and some goodwill. It has also helped take net debt from ₹1,920 crore to ₹540 crore and our credit rating from BBB+ to A.

Withdrawals the escrow could defend

In 2020–21 we drew ₹310 crore less from project designated accounts than our certificates allowed, after spreading land cost across every phase of each layout. Every project kept funding its own construction through the lockdowns, and we declined a ₹260 crore land parcel in Baner to stay that way.

Expensive money repaid early

We prepaid ₹1,150 crore of NBFC construction loans at about 13.8 per cent, replacing them with bank construction finance and a ₹750 crore placement with institutions. Average borrowing cost fell from 12.6 to 9.4 per cent, and two agencies raised our rating from BBB+ to A.

A promoter's land priced on independent evidence

A joint development proposal for 18 acres owned by a Kirtane family LLP went to shareholders at a 35 per cent revenue share instead of the 45 per cent area share first proposed. Related parties could not vote in favour, and the resolution passed with 91 per cent of the votes cast.

Delayed buyers offered their money back

When a Thane phase fell about eighteen months behind its registered possession date, we wrote to all 640 buyers offering a refund with interest or monthly delay interest. 214 chose refunds totalling ₹223 crore; nine complaints reached MahaRERA, and all were settled.

Current focus

I am preparing the board's decision on how much land to buy outright, rather than through joint development, in North Bengaluru over the next three years, a choice worth roughly ₹900 crore of capital. Alongside it, I am moving our customer-collections team onto the same project ledgers that our lenders and auditors read, so that a late instalment shows up as a construction risk in the week it happens.

Conversations I welcome

I am not looking to leave Mridvika. I would consider one independent directorship at a listed company outside real estate and construction, joining the Audit Committee and, after a year, chairing it or the Risk Management Committee if the board wished. I can give about twenty-eight days a year, subject to my board's consent and a conflicts review, and I accept a few invitations to speak to lenders, auditors and directors.

Beyond the page

The record behind the perspective.

In the boardroom

  • Mridvika Bengaluru Projects Private LimitedDirector of a wholly owned project subsidiary, in an executive capacity · 2022–present
  • Mridvika Panvel Developers Private LimitedDirector of a wholly owned project subsidiary, in an executive capacity · 2023–present

Formation

  • Bachelor of CommerceRavikiran College of Commerce · 1995
  • Chartered accountant, after articled trainingBhide Karandikar & Co. · 1998
Vikram writes a related-party paper as if he expects the minority shareholders to read it, which is what our committee needs in a promoter-led company. When the family land proposal reached us, his evidence made our decision straightforward, however awkward it made his next conversation with the founder.
Shobhana RairikarFictional independent director and Audit Committee chair, Mridvika Habitats Limited
The full record ↗

Contact

I am not looking to leave Mridvika. I would consider one independent directorship at a listed company outside real estate and construction, joining the Audit Committee and, after a year, chairing it or the Risk Management Committee if the board wished. I can give about twenty-eight days a year, subject to my board's consent and a conflicts review, and I accept a few invitations to speak to lenders, auditors and directors.

  • Board appointments
  • Speaking invitations