| The Akruti group was founded by our promoters, Mr. Hemant M. Shah
and Mr. Vyomesh M. Shah. The Company has a history of over 17 years,
commencing with the incorporation of Akruti Nirman Private Limited on
February 16, 1989 and which was subsequently converted into a public
limited company on April 11, 2002.
At the time of incorporation, the registered office address of our Company
was at unit No. 6, 2nd floor, Tardeo Airconditioned Market Building, Tardeo,
Mumbai - 400034. With effect from December 26, 1994 it was changed to
Maratha Mandir Annex, 1st Floor, Maratha Mandir Road, Opposite Bombay
Central Station, Mumbai - 400008. Thereafter, with effect from April 1, 1996,
it was changed to 2nd & 4th Floor, Mukhadhyapak Bhavan, Plot no. 6B, Road
no. 21, Sion (W), Mumbai - 400022. With effect from August 1, 2003, the
registered office of the Company was changed to the Akruti Trade Centre,
Road No. 7, Marol MIDC, Andheri (East), Mumbai - 400093, Maharashtra, which
is the present registered office of the Company.
The Akruti group, founded by Mr. Hemant M. Shah and Mr. Vyomesh M. Shah
has a history over 17 (seventeen) years. The Promoters started their activities
on March 22, 1977 under the name and style of Vishal Constructions, a
partnership firm. The Promoters and Mrs. Lata M. Shah were the partners of Vishal
Constructions. Mr. Hemant M. Shah, Mrs. Lata M. Shah and Vyomesh M. Shah HUF
were partners of the said firm sharing profit or loss in the ratio of 50%, 30% 20%
respectively. Operations were started by undertaking civil engineering and
developmental jobs for government and defence services. Vishal Constructions
was dissolved on December 27, 2001.
Over the years, the Company has decided to leveraged its experience and expertise
for making forays into the execution of real estate projects independently.
The Company has been involved as a construction company in a span of over 17
years. The Company's business activities span across residential, commercial and
retail sectors, supported by a strong management and operational team with vast
professional, educational and business experience.
Key events and milestones relating to the Akruti group
Year Event
1995 One of the few Private limited companies to join the SRA scheme with the
Government of Maharashtra. First Private limited company to receive
Transferable Development Right Certificate (TDR) bearing certificate
No. SRA/001 under the SRA scheme.
1998 Started construction of one of the first few private software parks, Akruti
Softech Park, at MIDC at Andheri (East).
1999 Award for valuable contribution to Slum Rehabilitation Project presented by
Accomodation Times.
2001 November 15, 2001, received ISO 9001:2000 rating from International Quality
Systems in relation to Design, Construction and Maintenance of the buildings-
Residential and Commercial.
2002 1. Completed construction of Akruti Arcade, a Commercial Project at Andheri (West),
Mumbai.
2. Received DA2 certification from CRISIL, on March 8, 2002.
2003 The Company completed the construction of two landmark projects, Akruti Trade
Centre and Akruti Business Port.
The Company was presented the Mother India award for excellence in IT
Infrastructure Development by Outsourcing 2India.
2004 The Company was presented an award for active participation and valuable
contribution to construction industry, presented by the Practicing Engineering,
Architecture and Town Planning Association of India.
2005 On November 25, 2005, the Company received reaffirmed "DA2" rating from
The Credit Rating Information Services of India, indicating a very good track record
of the developer to specify and build to agreed quality levels and transfer clear title
within stipulated time schedules.
2006 One of the few Private players to deliver free houses to Slum Dwellers, currently
totaling over 9,300.
2007
-Members of are hereby informed that the name of Akruti Nirman Limited shall be changed to Akruti City Limited w.e.f. November 12, 2007.
-Company has changed its name from Akruti Nirman Ltd.to Akruti City Ltd.
2008
- HDIL & Ackruti City eye creamy south mumbai redevelopment pie.
- Country's first twenty storey parking in Mumbai.
- Akruti City bags two awards at artists in Concrete Awards 2007.
2009
- Akruti's Just Perfect homes gets excellent response.
- Akruti's Just Perfect homes creates a frenzy.
- Ackruti City to set up Rs. 300 cr Textile Park.
2010
- Ackruti City BKC Project gets 3 certifications.
- Slum redevelopment to propel real estate growth.
- CNBC CRISIL-CREDAI Real Estate Awards 2009.
2011
- Ackruti Launches Premium residential project in Andheri.
- Ackruti City Changes Brand Name.
- Ackruti City launches Hillcrest project.
- Ackruti rebranded as Hubtown.
-Company has changed its name from Ackruti City Ltd. to Hubtown Ltd.
2012
- Hubtown launches 20 - 80 scheme in residential segment.
- Hubtown launches 20 - 80 payment scheme at 2 residential projects.
- Realtors rain EMI sweetners.
- Popular marketing strategy scheme by mumbai developers.
--Registered Office of the Company has been shifted to 'Hubtown Solaris', 2nd floor, N. S. Phadke Marg, Opp. Telli Gully, near Hotel Regency Andheri (East), Mumbai - 400069.
2013
-Board has recommended a dividend of Rs. 1/- (10%) per share of Rs. 10 each for the year 2013.
2014
-The Registered Office of the Company has been shifted to the following new address: Ackruti Center Point. 6th Floor Central Road, Marol MIDC Andheri (East), Mumbai 400093.
-Board has recommended a dividend of Rs. 1/- per equity share of face value of Rs. 10/- per share.
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