Archi in Georgia: Which Entity Signs Your Contract, and What the Permit Record Shows

Archi is the largest residential developer in Georgia by market share, and it is not one company. The brand sits on top of a group of more than twenty registered limited liability companies, each holding different projects, and the one named on a purchase contract is rarely the one on the billboard. Knowing which legal entity is on the other side of the signature is the practical starting point for a buyer, because that entity is what a court would look at if a project stalled.

The group's registry trail is unusually clear for the region, which makes verification straightforward. Here is what the public record shows, and where it stops.

The corporate structure

Three entities form the core of the group, all confirmed through reportal.ge, the portal of Georgia's Service for Accounting, Reporting and Auditing Supervision, whose profile data is drawn from the public registry.

LLC Archi, identification code 200120975, was registered on 5 January 2005 at the Gldani-Nadzaladevi court, with construction as its registered activity and an address at 15 Kipshidze Lane, Vake, Tbilisi. This is the original operating company. LLC Archi Development, code 404979779, was registered on 27 February 2013, also for construction, at 19 Gamrekeli Street in Saburtalo. LLC Archi Investments, code 405178294, was registered on 29 November 2016 with financial and insurance activities as its registered purpose. It is the holding company and owns both of the others outright. Tengiz Tsulaia is the registered director of all three.

Underneath the holding company sit project level entities with names such as Archi Gldani, Archi Lisi, Archi Tower, Archi Riverside and Golden Palace. A buyer in a particular development is most likely contracting with one of these rather than with the group. The identification code on a draft contract can be checked against the registry in a few minutes, and it is worth doing, because the financial strength of a group does not automatically transfer to a single project company.

Shareholding in the holding company, per a registry mirror entry dated February 2025, is recorded as Ivliane Tsulaia 33.34 percent, an entity recorded as ZP Capital 43.5 percent, and ODS Capital 13 percent. Those figures total just under 90 percent, and the balance is not shown in that record. The beneficial owner behind the 43.5 percent holding could not be identified from any registry document, which is a material gap in an otherwise legible ownership chain.

The people

The company names its principals openly on its own site, which is more than most developers in the market do.

Ilia Tsulaia is described there as "the founder and chairman of the board", having served as chief executive from 2006 to 2016. Shio Khetsuriani "joined the Archi team in the role of Chief Executive Officer in August, 2019", having previously been financial director of the House of Justice and executive director of the Public Services Development Agency. Meni Benish has been a partner since 2007 and Honorary Consul of Georgia in Israel since 2016. The former NBA player Zaza Pachulia has been a partner since 2019.

One naming point matters when matching documents. The registry and Transparency International Georgia record the founder as Ivliane Tsulaia, while company materials and press call him Ilia Tsulaia; Liberali treats the two as one person. His registry personal number also differs from that of the registered director Tengiz Tsulaia, so the two are distinct individuals sharing a surname.

The delivery record

The homepage states 55 completed projects covering 1,568,653 square metres, with 31 projects and a further 1,238,468 square metres ongoing, across 20 years. OC Media has described the company as "the largest real estate developer in Georgia with more than 18% market share". That passage reads as drawn from company material rather than independently audited, and should be treated as the company's own account. For historical calibration, Liberali reported in November 2018 that "today the company counts 17 completed projects and 14 ongoing constructions across Tbilisi".

Current named projects include Grand Avenue, King Tamar, Archi Universe, Archi Horizon, Archi Lisi Sunrise, Archi Rivertown, Kobuleti Beach Resort and Sioni Lake Resort, across Tbilisi, Batumi, Bakuriani, Rustavi, Sioni and Kobuleti. A project by project ledger of announced versus handed over, with dates, is not published and could not be assembled from public sources. One timeline is visibly open: the page for the Pompano Beach, Florida project states construction "will be completed in about two years, by 2026", and was still live in September 2026 carrying that wording, with no completion announcement.

The permit and fines record

This is the part of the record that bears most directly on delivery risk, and it comes from one detailed piece of reporting.

In 2018 the Georgian outlet Liberali cross-checked the company's published construction start dates against the database of Tbilisi City Hall's architecture service. Citing City Hall, it reported that at the Digomi B block the developer "was fined GEL 4,000 in 2015 for carrying out the project in violation". At Digomi 2, it reported that both the company and City Hall confirmed construction began without a permit, roughly seven months before the permit was issued, and that "the company was fined GEL 8,000". At Paliashvili, it reported a GEL 4,000 fine in January 2015 for building in violation of the approved project, and that "a year later, for the same reason, City Hall again fined Archi GEL 4,000". At Mtatsminda it reported that construction was nearly complete and apartments were being sold while approval had not been granted. Liberali also recorded that City Hall stated no administrative violation proceedings were underway at Gldani, and that no fine was imposed at Digomi A.

The company responded in the same article. On Mtatsminda it said the construction permit "has expired at this stage and work is underway to extend it; until then all construction works are suspended". On selling before permits are final, it said this is "generally accepted practice in the development sector", that no sale contract is concluded at such events, and that it is "accepted marketing practice used by many companies".

These are documented municipal fines from 2015 to 2018, reported by a named outlet citing the municipality, with the company's response on the record. No court case involving any of these entities, no construction suspension order after 2018, no National Bank of Georgia action and no consumer protection action could be found. That reflects what public records show rather than establishing that nothing exists.

Financing and partners

There are no bonds. Checked against the Georgian Stock Exchange securities list, which carries 20 listed securities from issuers including BasisBank, Liberty Bank and TBC Leasing, none of these entities appears. No prospectus, arranger mandate, development bank facility or credit rating was found, which means there is no independent credit opinion for a buyer to lean on.

All three core entities are registered filers with the accounting supervision service, and filing years are visible: the operating company shows filings for 2018 through 2024 with no 2021 entry, and the holding company shows gaps at 2021, 2024 and 2025. The documents sit behind a verification wall, so revenue, profit and debt could not be read. In June 2024 Georgia Today reported an agreement for Deloitte to audit the group's IFRS financial statements. An audit engagement is a governance improvement, not a published result.

Named partnerships include a strategic partnership with the Kazakh developer BI Group announced in May 2026, reported in Forbes Georgia in an article carrying a commercial placement label. The group is named among the developer and investor group for Trump Tower Tbilisi alongside The Trump Organization, the Sapir Organization, Biograpi Living, Blox Group and Finvest Georgia, with Gensler as designer, per the April 2026 announcement release. A joint development with NEXT Property is building the Swissôtel Kobuleti Beach Resort, and VTB Bank Georgia lists Archi Bagebi among its partner developer mortgage programmes. No general contractor or insurer is named in any accessible source.

What this means for a buyer

This is among the most checkable developers in the Georgian market. The identification codes are public, the principals are named, the structure is traceable and there is real reporting on its permit history. That supports specific questions rather than general reassurance: which entity code appears on my contract, does that entity hold the construction permit for this building, when was the permit issued relative to when sales opened, and will the group guarantee the project company's obligations in writing.

Bektu (https://bektu.com) keeps developer records across these markets so buyers can check company details and delivery history before signing, and this company's record is at https://bektu.com/companies/archi.

For wider context, see our overview of the top property developers in Georgia for foreign buyers, the legal guide to foreign property ownership in Georgia, and our 25 question FAQ for foreign buyers in Georgia.