Ladies and gentlemen, good day and welcome to Aditya Birla Real Estate Limited Q2 FY 2027 earnings call. As a reminder, all participants' line will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Karan Khanna from Ambit Capital Private Limited. Thank you, and over to you. Thank you, Ikra. Good evening, everybody. On behalf of Ambit Capital, I would like to welcome you all to the Q2 and H1 FY 2027 earnings conference call of Aditya Birla Real Estate. From the management team we have with us today Mr. R. K. Dalmia, Managing Director, Aditya Birla Real Estate, Mr. K. T. Jithendran, MD and CEO, Birla Estates, and Mr. Keyur Shah, CFO, Aditya Birla Real Estate. I will now hand over the call to the management team for the opening remarks, post which we will have the forum open for Q&A. Thank you, and over to you, gentlemen. Thank you, Karan. I am R. K. Dalmia. A very good evening to you all. India's economy maintained strong momentum in Q2 FY 2027, supported by resilient domestic demand and investment activity. Q1 FY 2027 GDP growth stood at 7.8%, ahead of the RBI's earlier estimate with healthy PMI readings and GST collections. Reflecting this resilience, the RBI revised its FY 2027 GDP growth forecast upward to 7.1%. The external environment continued to face headwinds from geopolitical tension, elevated energy prices, and tighter financial condition. Headline CPI inflation rose to 4.45% in July to 5.4% in September. Nevertheless, the domestic growth demand remains supportive of the real estate sector. MMR remained the largest residential market, with sales of approximately INR 59,500 crores, up 11% YoY. Pune and Bengaluru also maintained healthy momentum, and with absorption growing 3% YoY and prices increased 3% in Pune and 8% in Bengaluru. Together, MMR, Bengaluru, Pune, and NCR accounted for around 65% of pan-India sales by value. The commercial office segment remained strong with Q2 FY 2027 leasing of approximately 21 million sq ft, up 6% YoY, taking nine months leasing to a record 66.4 million sq ft. The GCCs remained the key demand driver, accounting for around 41% of leasing, alongside robust demand for Grade A and green-certified assets. Against this backdrop, we delivered a strong H1 FY 2027 performance. The total income increased 309% YoY to INR 355 crores, including INR 268 crores in Q2, up 755% YoY. Collection increased 39% YoY to INR 1,465 crores in H1 FY 2027, with Q2 collections of INR 5,752 crores, up 47% YoY. We also crossed the landmark milestone of INR 10,000 crores in cumulative collection across our project. Our profitability, Birla Niyaara, recognized EBITDA of INR 181 crore at a 28% EBITDA margin, while Birla Navya contributed to INR 39 crore at 35% EBITDA margin. Our financial position also strengthened with CARE improving BEPL credit outlook from AA stable to AA positive. Q2 FY 2027 booking value stood at INR 298 crore, with Birla Taranya and Birla Niyaara in MMR being the largest contributors, supported by sustenance sales across our key markets. Our business development. In October 2026, we announced JDA 5.6 acres prime residential land parcel in Hinjewadi phase I, Pune. The GDV potential of approximately INR 1,650 crore, further strengthening our Pune portfolio and future development pipelines. At our flagship Worli development, we have chosen to redesign Tower C to unlock its full potential. The revised plan adds approximately INR 1,900 crore of net GDV and is expected to be highly accretive of profitability, while the resultant deferment of the launch to the next financial year may impact current pre-sales. This reflects our disciplined focus on long-term shareholder value over near-term launch timeline. We continue to strengthen our redevelopment portfolio and are in active discussion to close the additional opportunities across high demand MMR micro markets. This remains an important avenue of growth, supported by trusted partnerships and disciplined capital allocation. ESG remains integral of our operation. In 2026 GRESB assessment, Birla Estates scored 95.9 out of 100, and a five-star rating for standing investments and 100 out of 100 for development. We were recognized as a global sector leader in both Benchmark and ranked first in Asia for management score. Looking ahead, we remain focused on disciplined growth and consistent execution, supported by strong balance sheet and a robust opportunity pipeline. Our priorities are to expand selectively across key markets, deliver high-quality development, strengthen our portfolio through business development and redevelopment, and create sustainable long-term value for all stakeholders. Thank you. We will now open the floor for Q&A. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jainam Shah from Equirus Securities. Please go ahead. Hello, am I audible? Yes, sir. Yes. Hi, sir. My question would be, firstly, on the pre-sales. We did around 300 pre-sales. What could be the cancellation during this particular quarter across the projects, and what would be our gross pre-sales for the particular quarter? I think we are really talking about net sales only, so we do not track the gross. I think, suffice to say that the focus is clearly on net sales, so the net sales has been about INR 300 crores, INR 298 crores. Okay. Given our current inventory, I think it's been a steady performance, and once the launches start kicking in, I think we'll really accelerate on this. Got it, sir. One more thing, sir. Just wanted to understand one more thing, which is our collection is largely in line with our construction. We have all the collection linked with the construction. Is this understanding correct? Yeah. Largely. Okay. Yeah, collections are very pretty strong. Got it, sir. Sir, what could be, let's say, largely unbilled EBITDA margin that we generally see at the project level? Any broader number that you can suggest for the same? Broader EBITDA margins you are talking about? At the project level. Yeah, our EBITDA for every project is ranging from 25%-30%. Yeah, this would be our EBITDA margin. Good. Sir, just two more things on this. If you see our cash flow that you started giving over last two quarters, in that particular thing, when we see our collection versus our construction cost as well as other project-related outflow and corporate costs, we combine everything, then we are not making any major margin if you exclude the leasing inflow as well as our construction and collection has been largely in the similar line. Then how this collection and construction-related outflow differs from the margin that we provide? Also on the slide number 27, the cash flow that we are giving about the remaining estimated project cost, that also suggests that for all the launch project, our margin post-launch is somewhat around 35% odd percentage, which excludes the land, stamp duty, and approval cost. Just wanted to check on these two parts for the 25% odd EBITDA margin number at the project level. See, the cash flow which we have given, this is what we've collected and less what is the construction spend and the other spends we've got. We also charge off all the sales, marketing, and all expenses are charged off to the P&L, including for projects which are yet to be launched. All the expenses which are overheads are charged off to the P&L. Only the direct liaison or operations-related expenses are inventorized. In a way, it's not like to like. The collections are only for the launched projects, but the expenses which are incurred are for the entire portfolio. That's the way one needs to look at it. Now, coming to slide number 27, where you talk about the future potential, we have excluded all the costs, or we have included all the costs we need to incur on the launched projects, including the unsold inventory, and thereafter the surplus cash flow potential has been determined. Yeah. This INR 12,963 crore amount which is remaining estimated cost of the project, this includes the admin overheads and the corporate cost into it, or it will be excluding those? No, it includes all the costs. It includes the entire cost. Approval, mainly approval cost, everything. All the costs related to the projects which have been launched. Okay. Just one thing, sir. If you see, total sales that we have done for all the launched projects combined is somewhat of INR 24,500 crore. Our collection is almost around INR 900 crore, which suggests that around, you can say, 35% collection has been done, whereas 65% collection is pending across the portfolio. If I apply this similar to the construction cost as well, at 35% construction cost would have incurred all the cost, and balance 65% would have been left out. Then our construction cost on, let's say estimated project cost will be around INR 2,000 crore number, versus INR 3,000 crore of total launched inventory. This also suggests we are making some 35% margin, and this is all the cost which we are going to incur going forward. Anything that I am missing, because this also gives me the 35% odd number over here. Jainam, let's take this offline. We have the other participants also waiting in queue. As I mentioned, the INR 12,000 which we have considered for the estimated project cost includes all the projects, all the entire project costs of the launched inventory and not necessarily of the sold inventory. We will take the balance questions offline. Sure. Thank you so much. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your question to two per participant. The next question is from the line of Harsh Pathak from Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Hi, K.T. and team. Good evening. Hi, Harsh. Hi. My first question is on the Niyaara project. So we have received some additional area. What has led to this new area flowing through, and what is the consideration paid? Because even if I see the PPT, it says a net GDV addition of INR 1,900 crores, but if I take the difference of GDV between the Q1 and Q2 presentation, it indicates that the GDV addition is close to INR 3,000 crores. So where am I missing? So essentially, Harsh Pathak, what we have done is that Niyaara first plot and the second plot that we acquired later from the Wadias, we have been able to amalgamate both of them. And we have been able to use some of those FSI from the other plot, we have been able to load it onto the current Tower C. So actually, we are bringing forward what we otherwise would have launched at a later date, and we are now creating and optimizing this product, Tower C, and therefore, we are increasing the GDV of Tower C by INR 3,000 crores. So partly of that is coming from the adjacent plot, which we have now been able to amalgamate. So therefore, now this being a very vantage location, we are redesigning the product to a better configuration and optimizing it. And with that, we are pretty confident that we are able to attain much better value, which is resulting in a net increase of GDV by INR 1,900 crores. Understood. So in our entire Worli land parcel, we should see that the entire GDV goes up by INR 1,900 crores. Yeah. Net GDV goes up by INR 1,900 crores, but for Tower C, the GDV goes up by INR 3,000 crores. Understood. When can we now expect the launch happening in FY 2028, and which are the- Yeah, we are trying to do it as quickly as possible. With this redesign, I think we should be ready to come into the market by Q2 of next year. Q2, okay. Understood. Which are the other projects that we are planning from the pipeline for FY 2028? Also wanted to check when are we launching this Khar project in the current year? Yeah. Khar should be coming sometime in January, February, the coming year. We have Vashi, which we have finalized as a new launch, new phases of Taranya, new phases of Punya. We have also now finalized a new project in Pune, in Hinjewadi, so that also hopefully by Q4 of next year, we should be able to launch. Understood. Just wanted to check on this Hinjewadi project. What is our share in this project, and what considerations have we paid towards this? It has been a pretty attractive deal for us. The top line is about INR 1,650 crore. It is a rev share of 75% to us and 25% to the partner. The upfront is about INR 50 crore. Understood. INR 50 crore. Okay. In Niyaara, have we paid some consideration to load the additional FSI? No, no. It is just a reconfiguration of the FSI. Understood. Okay. My last question is on the NCR projects. For both Birla Arika and Pravaah, we have seen some cancellations happening. Arika, this quarter also, we have seen some INR 114 crores of cancellations. Both the quarters put together, it is INR 120 crores. Even in Birla Pravaah, we have seen some INR 7 crores of cancellations. I wanted to check what is happening at these projects and how do you see the NCR sales panning out, because even we have Birla Navya project to be launched this year in H2. How do you see the demand in NCR per se? Yeah. Birla Pravaah, as you know, we had sold out the entire inventory of about INR 1,850 crores. There have been three cancellations, all of them has been rebooked at higher prices. Arika, as you know that the first phase we have sold about INR 3,000 crores, and in second phase, we sold another about INR 1,700, INR 1,800 crores. Together, we have done about INR 4,700 crores or so, which is basically 323 apartments + 151 apartments, about 475 apartments. We had about 11 cancellations. That is okay. I mean, that happens. There are some of the people who do not pay, we terminate. Some of them, they cancel. This has been a 50/50 situation in our case. The good news is that about six of these apartments we have resold at least about INR 2,000 per sq ft higher price. That is the outcome. When the entire portfolio gets sold, sometimes this kind of a few projects, a few flats get canceled. Sometimes they do not pay up, we also terminate. I can assure you that all these are getting resold at much higher prices. The market of NCR continues to be very resilient and very strong, and we are very positive and optimistic about it, and we are looking for many more projects to launch in this market. Understood. Thanks a lot, K.T., for taking my questions. Thanks. Thank you very much. Thank you. The next question is from the line of Biplab Debbarma from Emkay Global. Please go ahead. Good evening, everyone. My first question is on the. You have removed Niyaara from the launch pipeline of this financial year. We have limited inventory to sell, and even if we sell well, there's a high chance of our pre-sales number falling short of last year's pre-sales number. Looks like we'll be doing some INR 6,000 crore-INR 7,000 crore this year. Is my assumption correct? Do you see, or you see our this year's pre-sales doing like last year's pre-sales? Biplab, this is exactly what I tell you when I refrain from giving guidance. A short-term guidance is very difficult because there is so many ways it could go aside. I'm more happy giving a long-term guidance because in the quest of meeting the guidances, I don't want to compromise the value that clearly we can add sometimes these opportunities which come from time to time. We will continue to add more value to our investors, stockholders, to the project, et cetera, and continue to optimize and improve the GDV and the value. Yeah, I mean it is not INR 8,000 crore for sure for this year. But as I mentioned, we'll refrain from giving a clear guidance, and rather I'll be happy giving you a long-term guidance. That is okay, sir. Second question is, we have done a revenue recognition in this year and some in NCR project. What is the expected revenue recognition for the remainder of this financial year? What kind of revenue recognition can we expect next financial year in FY 2028? Biplab, most of the revenue has already been recognized. Very few apartments, the revenue is yet to be recognized. The forthcoming revenue recognition is not going to be substantial. In this financial year? Yes. What about next year? Next year we will have other projects. Current year, we have fully considered whatever we have in our portfolio. And- Biplab, I also wanted to add and tell you that, we have been able to recognize this revenue about four months ahead of schedule. We were supposed to do it last week, but we have delivered this project about four or five months ahead of the RERA timeline and what we have committed to our customers. The project has come out very well with an NPS score of 95%. We are very happy it has come out, and customers are very delighted, and this talks a lot about our execution focus and capability. This will continue to happen in all our projects. There is no doubt about your execution capability, sir. That is great news. Sir, one final question is on the business development. You have done, correct me if I am wrong, two deals this year, GDV of INR 4,200 crore around. Our guidance is INR 10,000 crore-INR 15,000 crore. Are we on track to do that kind of business development? Yeah. If you look at the last few months, of course, as you very rightly mentioned, we did the INR 2,600 crore of Vashi, INR 1,600 crore from Hinjewadi. In March, we did about INR 1,600 crore again from Khar project. We also added about INR 1,900 crore of extra value from Niyaara Tower C. Overall, you look at it, we have added worth about INR 8,000 crore in the last few months. If you look particularly at this year, including Niyaara, we have added about INR 6,200 crore of new projects to increase the GDV. In a six months time, as I mentioned, we have guided for about INR 10,000 crore, so we have already achieved INR 6,000 crore in a way. But I am pretty confident that we should be able to cross the INR 10,000 crore guideline that we had mentioned at the beginning of the year. Thank you, sir, and all the best, sir. Thank you. Thank you. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, am I audible? Yes, sir. Yes, Akash. Hi, sir. My question is on the sustenance sales. I mean, we have INR 19 billion of inventory in Worli. We have INR 10 billion of inventory in Thane. INR 3 billion of sustenance sales on a quarterly basis, it is lower than our expectations. Just wanted to understand your thoughts as to how the offtake is going on. In your projects, is it in line with your expectations? That is my first question. Yeah. Akash, if you look at our inventory, overall, 78% is already sold. What is left is only 22%. If you look at Niyaara, et cetera, I would say we have done well because we have sold six apartments in Niyaara in this period, in combined of Tower A and C, B together. We do not have much inventory left. This number varies from project to project. We cannot generalize it. We have also done reasonably well in Taranya, as you mentioned, because we did about INR 250 crores of sales in Taranya in these two quarters. I think considering the kind of strong momentum we have been able to attain during the launches, whatever the balance inventory left, we are doing in a pretty steady state. If you know, in Taranya, we did more than INR 1,000 crores, which is one of the highest selling launch projects in Thane at the launch stage. Bulk of that momentum was snatched during the launch itself. Now whatever is the balance there, it will go at a steady pace. I think it is quite fine. There may be one or two projects like Birla Mrida, which is not fire. We need to now bring more power into pushing that across different markets to get momentum there, and also bring balance to the overall portfolio of sales. If you look at the key projects, if you look at Taranya has done well, Punya has done reasonable. Pune also has done about INR 92 crores from whatever inventory balance we had. All of them I think is reasonably firing. Barring a couple of projects that we kind of have to do some focus. I thought there have been some negative sales also, which was again, because of very strong sales in the past. There were no inventory left. That correction will happen over a course of time. Understood. Sir, my second question is on the share price. The share has corrected from 3,000 levels to roughly 1,000 right now. There is definitely a mismatch between how investors are thinking about your stock and how we are thinking about our strategy. Even FY 2027 pre-sales, I think from INR 80 billion is now going down to roughly INR 50 billion-INR 60 billion because Niyaara, which was expected to launch this year, has now been moved. Just wanted to understand how we are thinking about our long-term pre-sales guidance, because I think we were expecting roughly INR 15,000 crores in FY 2028. Now we are taking it probably to FY 2029. There is definitely a mismatch. I just wanted for you to address the question, how should investors think about the company? I think the investors should very clearly see this as a long-term investment, not a short-term linear sort of a sale company. We are continuously working for improving the long-term value of our investors. We stand firm to our commitment of reaching pre-sales of INR 15,000 crores by FY 2029. We are also, as you know, continuously adding projects, new projects. We have increased our GDV value by almost INR 7,000 crores or INR 8,000 crores in the last few months. We are also trying to extricate more value out of the current portfolio, the way you saw Tower C. Now, its GDV is going up by almost INR 3,000 crores. We are bringing in what would have happened in Niyaara II forward by putting it more into Tower C. Each of these action of ours are very carefully thought out and planned to improve the value of our shareholders and investors. It is not just pre-sales. Pre-sales is only one part of it. When we do add projects in business development, we are extremely careful how each of these projects are going to add long-term value. How is the risk framework turning out? Are we taking the right risks? Or are we speculating too much? Also in execution, we are razor sharp, we are razor-focused. Execution is going in a well-executed plan. We are delivering projects ahead of time with very high IRRs and very high margins. I think all of these goes as a complete package in building the long-term value of our investors. Understood, sir. That were my two questions. Thank you so much. Thank you. Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks for the opportunity. Just continuing on the sustenance sales part question from the previous participant. Niyaara, we used to sell 15, 20 apartments or 20, 25 apartments a year. First half, we saw we have sold six odd units. I know inventory is one side of the story, but is there also some slowdown in terms of sales because of the competition around, or you would purely attribute it to the kind of inventory that we are now left with? Pritesh, see, I had about four cancellations here, and each of these flats got sold. Together, the four flats, we got INR 15 crores of extra revenue. I think the demand is very strong. The brand Birla Niyaara has been built very strong. There is pretty strong positive demand for these projects, both Tower A and Tower B. The only issue is that lack of inventory. It will take its time. I think we have sold bulk of the inventory. We have sold 401 out of 413 in Tower A, 119 out of 148 in Tower B. I really don't see any need for any rush. I think we are looking for value now. We are cash positive. Construction is going well. We're well capitalized. It will take its time. There's no need to rush the balance inventory, as the value is continuously going up. We are sitting pretty. There's no cause for any worry as far as Niyaara is concerned. Now with Tower C, we are even adding more value. We see it in a very positive light. Sure. Just second question. While I think this year, anyways, we have not guided for any pre-sales per se on a yearly basis, but declining in a year doesn't go well with how investors perceive about our business. In that case, we have one more tower in Arika. Wouldn't have been prudent to prepone some of the launches which we have kept for future to this year, just to ensure that there is a steadiness in terms of the business rather than being lumpy of having a one very great year and then two years of flattish to decline kind of a growth. What's your thought on that please? I think we can extricate much higher value by launching Arika at a later date. We want some construction progress to happen on the other launched structures. I think there is huge value to be unlocked in the last tower of Arika. I think we are absolutely confident about that. I do not want to take any knee-jerk reaction and pre-launch Arika II. It was a well-thought-out strategy. Strategy is doing well. I do not think there needs to be any change in that philosophy. Sure. That is helpful. Just one final two questions. If you can just provide an update on Vashi launch. Will it happen this year? I know it is not there in the pipeline, but any bleak chance of doing it this year, or most likely it should be next year? That will be next year, not this year. Sure. On the business development, we spent some INR 260 odd crores this quarter for land. Was it for new acquisitions, and how should we think about the spend for rest of the two quarters in the year? We've made some payment for the Thane land also. Deferred payment. Yes, it's a deferred payment. We've paid some for the Thane land. Also, we've paid some deposit for the deals. And we've also recovered some deposits. Overall, that's the net number which you are seeing in the cash flow. Sure. How should we look at the rest of the year in terms of spends for this INR 10,000 crore+ kind of BD that you're guiding? Yeah. We are firmly positive about it. We should be able to meet that guidance. Okay, thanks. That's it from my side. All the best. Thanks. Thank you. The next question is from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. Sir, couple of questions. Firstly, on the debt trajectory. Now, with the inflows from the paper business sale, what are you thinking about it over the next few years? That's one. Secondly, if you could also include commentary on how the commercial build-out is being planned from here on in the medium term. Thank you. Yeah. Abhinav, in terms of our balance sheet is very well capitalized. We have strong cash balances, including mutual funds, for funding the acquisition. As K.T. mentioned, we have done almost INR 7,000 crores of GDV addition in the last six to seven months. We are very confident we should be able to do around another INR 3,000-INR 5,000 crores of addition. Our target is 10- 15. We are on track for that. And broadly, the acquisition cost would range between what we have been doing in the past. It has been around 15%-17% of the GDV value, which we are adding. You can accordingly assume the utilization of the cash in that manner. Abhinav, on the commercial part, I think now that we, as I mentioned also, about 1.3 million sq ft of the new commercial building, we are in the planning stage. We will start commencing the construction of that once we get all the approvals. The design is scheduling. This is a part of Birla Niyaara. We are starting commercial on that. I think we want to be, given the markets as they are currently, it is very positive. Residential is doing well. And this has gone for a long time. I think the probability of a reversal keeps increasing. I think we want to kind of hedge our bets by increasing the commercial portfolio annual income from INR 150 crores to INR 1,500 crores. The first of is to start our own commercial building, which is in our backyard. We are also simultaneously looking for acquisitions in key markets for mixed use and commercially focused projects. Okay. K.T. sir, just putting these two things. Are you willing to now run mostly a net cash balance sheet? Or we can still see gearing go back to, say, 0.5x or 1x over the medium term? Abhinav, we are not averse to gearing the balance sheet. Today we are net debt zero, so we are open to that. It depends on the acquisition opportunity. But again, to repeat what K.T. mentioned, we will be very careful in what of the BD we will do, and we will be prudent. We have a strong pipeline, and we feel confident that we will achieve the BD guidance which we have given. Okay, thanks, and all the best. Thank you. The next question is from the line of Ram Tawa from Jain Investments. Please go ahead. Yeah, hi. Thank you. Can you all hear me? Yes. Okay. I just joined late, but I am not sure if the question has been already asked or not yet. It seems it has been asked already. I just want, this phase I Niyaara, the next financial year is the RERA date, right? March 2028. Yeah. That is right. Yeah. I just want to understand, assume that there is a INR 3,000 crore pipeline pertaining to phase I Niyaara, how much does it translate into the EBITDA? Because I am very new to this revenue recognition model of this real estate, and I want to understand the revenue recognition part and how much it will translate into the EBITDA next year. I am not sure whether some part of the revenue is already recognized and some part of EBITDA is already taken. Can you just throw some light on that? We have not recognized any EBITDA for Niyaara Tower A. Yes, the RERA date is March 2028. We will start handing over, and as and when the customers take possession, that is how we will be able to recognize the revenue on the project. Some of it will come in March 2028, and some of it will come in March 2029. It depends on how the customers take the possession. Broadly, the margins for Niyaara are 40% and above. Okay. Assume that there is a INR 3,000 crore revenue realization happened pertaining to Niyaara, and 80% possession happened. That will, let us say, translate to INR 2,500. 40% of INR 2,500, around INR 1,000 crores, the EBITDA will be there in the books for next year, right? Yeah, something like that. Yeah. Okay. It will be split, yeah. That is what is the 80%. Yeah. Sorry, I didn't get you. It will be split between next year and the forthcoming year. That is what I mentioned. Okay, but March 28th is the possession date, right? By the time, RERA date, everyone should have taken the possession by March 28th, or there will be spill-over happens to the following year as well? No, the project is on schedule. The revenue recognition happens when you hand over the possession to the customer. That is why we are saying that it will be partly in March 28th and partly in March 29th. Based on the current situation, how much it may have in next financial year, and then the subsequent year, what we have sold roughly, based on your experience? Difficult to predict now, Ram. It depends on how customers take possession, how they pay up quickly. It is all completely they have to make the payments and take possession. We expect all of them to do it, but maybe half of them will do it, we do not know. Understood. From EBITDA to net profit, based on the depreciation or anything, how much percentage it may go up in rough estimates, interest or We do not give those estimates. As of now, we are net debt zero, so in that sense, you can estimate it accordingly. Okay. Got it. Thank you. Ladies and gentlemen, you are requested to restrict your question to one per participant. The next question is from the line of Bhavin Modi from Anand Rathi Share and Stock Brokers. Please go ahead. Yeah, thanks for providing me the opportunity. I just wanted to ask two questions. One is, how should we see the mix of composition for Niyaara C? Would it be somewhere the maximum units will be somewhere between the 2,500sq ft- 5,000 sq ft, configuration being the sweet spot to that micro market? The second question is more bookkeeping related. The finance cost is being shown as a nil. I do understand we do have LRD, so we may have incurred some finance cost. Am I missing out on something on that part? Yeah. The configuration for Tower C is with the additional FSI which we are launching, we are still in the process of finalizing. That would be catering to the customers who, some of the higher floors could have larger apartments and on the lower floors would have single flats, that kind of thing. It will be designed in a way so that you can combine the flats on the higher floors. Speaking about the interest, the interest is mainly inventorized in the consolidated books, and therefore, there is no charge to the interest in the consolidated books. Yes, in the standalone books also, there is an interest which is there. What happens is the allocation of the interest depends on its utilization and significant proportion is being inventorized. That is why there is no interest charge in the books for Q2. Got it. Thanks a lot, sir. Thank you. The next question is from the line of Aman K., an individual investor. Please go ahead. Sir, I just wanted to get a better idea on Birla Anayu and Mrida. Both of these projects, I think, are targeted for March 2029, and we've, I think, sold less than half of the inventory, and Anayu and Mrida is much lesser. I just wanted to understand how the business development is ongoing at these two projects. Aman, Anayu, I think your understanding is not correct because there's only eight apartments, five of them are already sold. Okay. I think that has done very well. There's no question about that. Mrida, yes, that is a project which is a plotted development. We just launched in March of this year, where of course, there has been some kind of a slowdown in sales. We are trying to catch up there. It's a plotted sale, so it's largely investor driven because it has been impacted by the current global market sentiments, et cetera. We are trying ways to improve the reach, et cetera, create a strong investment product, improve the sales. But since it is plotted, it doesn't take much time. Hopefully, it should come for revenue recognition next year itself. Having said that, we have sold almost 160 plots. I think we'll find a way to push the rest of it also. Noted. And sir, as you mentioned that there are a lot of factors that are affecting the demand right now, whether it's in terms of interest rates or global bond rates or just the geopolitical issue. Is it a pressure that's being seen in a particular segment of the market, or is it something that's been across all segments? Is luxury the only one that's insulated as of right now? Yeah. The premium and luxury market continues to grow. Strong demand. Geographically also, you look at Bengaluru, Mumbai, Pune, NCR continues to be very resilient. Strong market. Prices are increasing. Absorption is also increasing. I think any market above INR 1 crore is still showing very strong potential. The market below that is kind of contracting, showing signs of weaknesses, et cetera. But otherwise, all the markets above INR 1 crore still showing very strong resilience, largely led by launches. Launches are showing great momentum in each of these segments, above INR 1 crore. Got it, sir. Just a last question in terms of GDV addition that you guided that the INR 3,000-INR 4,000 that will be targeted till the end of the year. Is it going to be primarily MMR? What is 3,000 what, sir? It's all over. Not just MMR. It's about NCR, Pune, Bombay, and MMR, Bengaluru, all of that. Okay. So 3,000, 4,000 will be- About each of these markets. Okay. Got it, sir. Thank you, sir. Thank you. The next question is from the line of Amit Sanghi, an individual investor. Please go ahead. The person you are speaking with has put your call on hold. We will move to our next speaker. The next question is from the line of Jainam Shah. It is a follow-up question. Please go ahead. Yeah. Thanks for the opportunity again. Just one thing. During the last call, we were mentioning that we are going ahead with the approvals for the Niyaara III, and we will be launching it by mid of Q3. What exactly you can say a moment wherein we changed the plan to increase the GDV by around INR 2,000 crore, and what kind of events or design changes or something material that has eventually came up to change this altogether, because we were going ahead with it, and we were about to launch it in Q3. Just if you can give a broader sense on this particular thing. Jainam Shah, I have already spoken about it. We did amalgamation of both the plots, the original Niyaara plot and the one we acquired from the Wadias later. Suddenly we saw there is a good potential to, just because the sheer location of Tower C, we could add more FSI there and bring forward the FSI which we were planning to launch at a later date. Suddenly we saw that scope to design the product because the way the Tower C is oriented was far more advantageous than where the location of the other towers would have been eventually when the plot numbers we would have got developed. Why not take the advantage and add more value to this? That was precisely the idea of this. It so came out the design, it has come out wonderfully well. We are able to increase the GDV by INR 3,000 crore. That is INR 3,000 crore, something which is very valuable, and therefore we decided to take this call. Got it, sir. This commercial would be in line with the Niyaara III, like we were, you can say, expected to start it in the Q3 and probably the launch or you can say the rental would have been four years from that particular date. So it would be also, you can say, maybe rolled over by one year or so. Yeah. Commercials, I already started planning for it is in the design stage. Once we get all the approvals, we will start construction. It should take about four years for construction. About 9- 10 months for the approvals and another four years for construction. Got it, sir. That is from myself. Thank you. Thank you. The next question is again a follow-up question from Harsh Pathak of Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Hi, thanks for the follow-up. I wanted to check on two things. One is, what is the construction cost that you have envisaged for the current year? For the annuity assets, K.T., like you mentioned, that we are in the planning stage. When do we expect the CapEx to start, and what is the total CapEx that we think that we will be incurring? Harsh, the construction cost which we are expecting for the entire financial year would be around INR 1,300 odd crores, is what we are expecting to spend. Okay. CapEx, I mean, we start incurring CapEx from this year itself while we start designing and also applying for approval, getting the premium paid for FSI, et cetera. The total, it's for- Sorry. For commercial. Yeah. It is a combination of debt and equity, I mean, which will be around INR 1,500 odd crore is what we have. Yeah. INR 1,400, INR 1,500 crore. Yeah. INR 1,400 crore over a period of next three, four years? Yeah. That is right. Over the next four years. Understood. Lastly, on the Pune project, the Hinjewadi project, what are the margins that we have made in, at the rates that we have underwritten the project? About 30%. 30, understood. Okay, sure. Thanks a lot for taking my call. Thank you. We will take the last question from the line of Sahil Vaidya from Sakman Capital. Please go ahead. Yeah. Good evening, sir. Previously you mentioned your rentals were going to go from INR 150 to INR 1,500 crores. Is it possible, can you give the breakup? Because if you see INR 150 is for your operational commercials, and INR 800 would be coming from the 1.3. So the rest will be coming from the 2.3 million sq f t? This INR 150 itself, over a period of time, I am hoping will go beyond INR 200 crores as the premium for the rentals keeps going up. Century Bhavan's redevelopment is another thing in the offing. That should give us about INR 400- INR 450 crores of additional rent. Also we are constantly looking and participating in auctions and for the right mixed-use parcels and also focus land parcels in both Mumbai and NCR in prime locations. All of that together, I think we should be able to build a portfolio beyond INR 1,500 crores of annual income. Okay. This INR 1,500 crores of rental does not include the 2.3 Worli plot? No. Which Worli plot? 2.3 is which one? The 2.3, the 10-acre one, that you acquired from Wadia Group. No, that is part of it. No, that is amalgamated. It's part of that. Okay. So that total will be Okay. No, I'm saying that INR 1,500 rental will include that 2.3 million sq ft also. Yeah. Since now that is separate. We have estimated for Worli is we have around 1.3 commercial development. And the new plot, which was slide 14, that 2.3 is yet to be launched or decided what we will do, but initially we will start with 1.3 Yeah. commercial development. This is on slide number 14. Okay. Got it. Yeah. As it was mentioned, that doesn't include this 2.3, absolutely. It is clearly laid out in this chart. Yeah. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you everyone for taking out time and joining us today's call. We are very excited for the times to come, and we remain focused for executing our strategy with discipline, strengthening our portfolio, and delivering sustainable long-term value for our stakeholder. Thank you for your time and support to our business. Thank you so much. Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.