Adani Infrastructure's SPV Not A Promoter; Haryana RERA Upholds RERA Registration Rejection For Parking Project

The Haryana Real Estate Appellate Tribunal has recently upheld Haryana RERA's refusal to register Inspire Parking Nest Pvt. Ltd.'s multi-level parking-cum-commercial project. It held that the company was merely a licensee with no right to transfer any part of the property and therefore did not qualify as a promoter under the law.

A bench of Chairman Justice Rajan Gupta and Technical Member Dinesh Singh Chauhan held that the company's role was limited to developing infrastructure for Haryana Shehri Vikas Pradhikaran (HSVP). It was only entitled to recover its investment through operation of the parking facility, licensing commercial spaces, and earning revenue through advertisements and hoardings.

“The appellant being concessionaire has no right to further transfer by sale, lease or otherwise any part of the property/commercial infrastructure.”, it ruled.

The dispute arose from a concession agreement awarded pursuant to an e-tender issued on November 23, 2021, and an acceptance letter dated October 14, 2022. Under this arrangement, Inspire Parking Nest Pvt. Ltd., a special purpose vehicle of Adani Infrastructure and Developer Pvt. Ltd., was tasked with designing, financing and constructing a multi-level parking-cum-commercial infrastructure project.

The company was permitted to operate the parking facility for a concession period of 33 years. It could also permit advertisements and license commercial facilities as part of the arrangement.

However, the project site and infrastructure were to remain vested in HSVP throughout. Upon expiry of the concession period, the infrastructure would revert to the authority. The concession agreement was also determinable at HSVP's instance.

Inspire Parking had approached Haryana RERA seeking registration of the project. By an order dated October 30, 2025, the authority rejected and returned the application. It held that the proposed infrastructure did not qualify as a real estate project as the land remained vested with HSVP, the arrangement was revocable, and the company did not intend to sell units to the public.

The authority consequently held that the company did not qualify as a promoter. It said the application for registration was therefore not maintainable.

Challenging the order, the company argued before the appellate tribunal that the law was consumer-protective in nature and therefore warranted a liberal and purposive interpretation.

It relied on statutory definitions relating to allottee, building, apartment, promoter and real estate project, as well as other provisions of the statute, to contend that its project fell within the law's ambit.

The company also argued that under the concession agreement, it held rights for the concession period and qualified as an occupier under the Haryana Urban Development Authority Act. It further relied on a June 2025 Madras High Court ruling in Real Estate Regulatory Authority v. S.M. Syed Abdul Khadir Mutawalli.

Rejecting the contention, the tribunal ruled,

“The status of the appellant is that of an investor for raising infrastructure for HSVP and to recover its investment from the operation of the said parking lot and licencing out the commercial spaces, part of the infrastructure so developed. Hence, the status of appellant is not more than that of a licensee. The basic requirement of the Act to qualify as a 'promoter' is altogether missing in the case of appellant.”

The tribunal also distinguished the Madras High Court ruling relied upon by the company. It held that the earlier case concerned leasehold arrangements and the applicability of the law to such transactions.

The present dispute, however, involved a revocable infrastructure concession with no transfer rights.

Holding Haryana RERA's order to be legally justified, the tribunal dismissed the appeal.

For Appellant (Inspire Parking Nest Pvt. Ltd.): Senior Advocate Amit Jhanji assisted by Advocate Himanshu Arora.

For Respondent (Haryana Real Estate Regulatory Authority, Gurugram): Senior Advocate Puneet Bali assisted by Advocates Dhruv Lamba, Rena Kumari and Anmol.