Hi everybody. Hope you can hear us. We had a little bit of a technical issue because this is the first time we are following this format. Apologies for slight delay in our start and the tech issues, but we'll hopefully make it up during the conversation during the presentation. Welcome again to Mahindra Lifespaces' quarterly update. We are excited to share the highlights as we take this along. We have a few slides. Just go back, I think, on our strategy. I think it hasn't changed. You know, we launched this strategy two years ago in terms of our ambition, in terms of GDV, in terms of choices we are making on the business. The focus on business development. We'll talk more, the superior customer experience that we are striving to provide to our customers. You can't take your eyes off execution, the focus and value extraction from IC and IC, and then all doing all those things with strong financial discipline. This is our strategy, and supported by a few enablers, as you see at the bottom, so it hasn't changed, and we continue to work towards solving the challenges that we have along the way to realize the opportunity that we see in the sector. Going forward, key highlights for us has been on the Resi side, the H1 we finished roughly at INR 1,200 crores. The Q2 was INR 752 crores. Small, yet powerful launches in H1, New Haven, which is 80% sold. Marina, which is a new lot in Malad, lot B and C, 50% sold. Citadel, 80% in Pune. Lakewoods, Uncertain, 100% sold during the festival season. You haven't seen the full impact in the quarter two. It will be in quarter three. We have a sustenance sale which has contributed significantly. Some of our big launches are coming through later in this later half of this financial year, which is Hope Farm. This is in Bangalore, Mahalakshmi, Bhandup, and Citadel Phase three. So all in all, I think we have seen good progress from the sustenance side, but a lot more good news driven by H2 launches is supposed to come in the second half of this year. Our good momentum on GDV side, as you know, last year was a watershed year for us where we had significant momentum. We had done INR 18,000 crore. The question was, how should we continue the momentum? The H1 GDV additions are INR 5,200 crore. But in the last 30 days, you would have seen two announcements where the GDV addition is now totaling close to INR 9,500 crore. We have done one large one in Mahalunge, Pune, that is included in that INR 9,500 crore number. Our accumulation of GDV for us to realize our aspiration is reached INR 46,000 crore, providing multi-year visibility. A big support that has been there in this number is unlocking of Thane. If you recall, a year or so back, we had updated you that Thane land parcel has three steps of approval. Step one is getting that out of industrial line. It's called 63-1A exit. The second is getting it converted into the right zones for us to pursue, including potential IITT policy, et cetera. And the third is the RERA-related approval. We are glad to share that, while last year we had done part one, step one, now we just got the DP plan announced for Thane region, and our land is, you know, is, is now designated as R- zone, which means from a step two of the approval, it's all clear. It unlocks GDV worth 10,000-8,000 crore. So we have put 7,500 crore in the number that you see here. But for us, it's a, it's a, it's a big unlock because it was in our GDV for a long time, and now we are ready to launch it. So now the process is simple: design, go through concessions, IOD, and RERA. That part is already started in terms of development. We're trying to make it an exciting project because of the large land bank that we have. On the IC side, Just one second. Some technical issue. We're just trying to, can you come off this so that you not? Yeah. See, I didn't go to edit mode. You can do duplicate mode, Mehta. That's fine. You just check. It's fine. Yeah. You check. It's on YouTube? Yeah. Thanks. Thank you. I hope you can see us. Leave that as I can see you get the feedback. Put your comments in the chat box if you're not able to hear us or see us. First time doing it has its own challenges. Let me just continue with the third, which is third box here, IC and IC. We're seeing strong leasing activity in Jaipur and Chennai. And the positive news on that front is the healthy realization that we see so far in both these locations. We are working hard to bring other locations to the market. OC-2, which is the extended partnership with Sumitomo, is in the last stages of DTCP and EC clearances, and hoping to hear back in this financial, in this quarter of this financial year. Overall financials, H1 consolidated resi and IC sales of INR 1,419 crores. Strong PAT delivery of H1, INR 99 crores, that you see here. Resi collections has been strong, close to INR 1,100 crores. And we have maintained a very healthy balance sheet with very good net debt to equity of, actually we have cash surplus. We also have the benefit of the work that has happened over the last month is to make sure the cost of debt also comes down. So you can see it's quite healthy right now. Move forward. This is the GDV addition that you see. Lokhandwala 2, Mulund, and Navrat 2 happened in Q1. Chembur happened in Q2. And then the remaining two, Mahalunge and Marve 2, that you see here, are after September 30th, but it has happened in the first two weeks of October. So we've shown these so that, you know, we capture the full story. I think of these overall, if you look at these six, three of them are going deep into the location which we had already acquired in the past. So Lokhandwala 2 is contiguous to Lokhandwala 1. Navrat 2 is next to Navrat 1, so that we now have a bigger parcel which we are designing a large high premium project. And Marve 2 is contiguous to the Marve 1 Marina 64 that we have, which gives us a huge amount of market presence in those locations. Mahalunge, Chembur, these are strategic locations, and so is Mulund, which is giving us a strong market presence in those locations. So overall, while we are trying to add GDV, we are following two principles. Principle one is, are these the right locations for us for the long term from a demand perspective as well as from a visibility perspective, from a branding perspective? Then second is, we never bring down the guardrails for financial returns to the shareholder. And that's reflected when you do projects which are contiguous to the first set of projects. It helps you leverage the infrastructure resources and synergize with all the efforts that you're putting there. So that's a good story on GDV. I would, you know, I would say, in the past, I think the question was, are we going to continue the momentum that we have seen in last financial year? And I think this goes in the right direction of what we have seen and will continue to see more momentum on this in this direction. If you move forward, cumulatively, our GDV is reaching INR 46,000 crore, which is healthy. And as you can see, a big part of the acquisition or unlock has happened in the last few months, which is positive. That shows the momentum that our business development team, our resi team has shown in terms of signing the right set of projects, and that's very exciting for us because it gives us the ability to build a formidable business, which is in line with our brand aspiration and the strategy that we have outlined in the past. This is the launch plan. I think you largely see the launches that you've seen are smaller launches in H1, and that's why a bulk of the H1 launch is contributed by these smaller launches. But I would say a significant, significant part coming from sustenance sales of the launches that we have done in the past. Our big launches are likely to happen in H2. Not only Marina 64 that you see plot A, we are just waiting for the EC. You all know about the EC issues. That as soon as it comes, we'll be able to launch the bigger part of the inventory from Marina 64. The Hope Farm, we already have the EC Bangalore. We are waiting for the final set of approvals from BBMP, and we can go to RERA post that. Mahalakshmi, Bhandup, Citadel Phase three. They are all in progress. Mahalakshmi and Bhandup are in advanced stages. Citadel, we are waiting for some approvals, specific to the market, which we'll hear back in a few months. But I'm confident that the pipeline that we have in H2 will allow us to achieve the target that we have for this financial year on the pre-sale side. In the past, we always used to struggle with not having enough GDV. Now we are, we have the GDV and now just waiting for the approvals to come through for us to convert that GDV into pre-sales. And in the past, as we shared first time in April with you how our multi-year growth journey looks like, we have high visibility in our pre-sales plan. Year by year, as you see, this is how we built up. The overall CAGR from 25 to 30 is visible. Many of you in the past asked about what is the short-term guidance. I think for F26, we have said put a straight line on using the CAGR. But for F27, we are, as we have highlighted in the previous discussions, we're hoping that it will be somewhere between INR 4,500 crore to INR 5,000 crore. And as you can see, the building blocks now are falling in place for us to feel comfortable that we'll have enough inventory for us to achieve that guidance, comfortably. And we are working towards that goal. And I'm hoping that that goal really comes through for us to really scale this business to a level which is in line with our brand and strategic aspiration. You also see a few blues that we had in later years, 28, 29, and 30. We are systematically filling them up. But that doesn't mean that they will be launched only in that year. If we have the opportunity, for example, Mahalunge, that's a project we are hoping to bring up into the market, in F27. While we have planned it for 28, but there's always percentages happen depending on these approvals and other issues related to design, so there'll be some movement between the years that will happen. But overall, at least we have put a stake in the ground to say that this is where our targets are and let's work towards resolving them and achieving them. The other thing that you'll see at the top of the chart is our dependence on new launches is you know coming down from let's say what we saw in FY25, and that's healthy because even this year you'll see that we are dependent on our launches, but hoping that that slowly comes down and our sustained portfolio allows us to achieve a big part of the sales, which is much more predictable, much easier to model out in our financial plan. As we move forward, the IC business has been a bellwether. I think, it has supported us really well and will continue to do so. We are investing in that business. We are also bringing in partners. This almost a year back, Sumitomo gave a commitment to pursue OC2A, Origins Chennai 2A and potentially, 2B as well. This start of the year is good, both from a Chennai perspective as well as from Jaipur perspective. We will continue to mine this opportunity. We have given a guidance of somewhere between INR 400 crore to INR 500 crore annually from the IC business. And I think we are well on our way to achieve that. There are certain problems and challenges, just like any business that we have. We're resolving them as part of our growth momentum from these businesses. This is the status of our IC assets. Jaipur, Chennai, Origins Chennai 1, they're all in play right now. We are awaiting approvals for 2A and then land acquisition going on 2B. Origins Ahmedabad is relatively new. So we're looking for right size customer. All the title, et cetera, we have kind of gotten validated. We're looking for push button ready infrastructure there. Some infrastructure investments have already happened, but we're looking for one or two anchor clients that will allow us to start that location at the earliest. Origins Pune is an area where we are still doing land aggregation. We are in advanced stages of finishing some of the critical access and contiguity land parcel. But it will be a one to two year journey for us to get all the acquisition done, get all the approvals in place, put the infrastructure for us to attract a new set of clients. But the location is fantastic. I'm hoping the kind of success we have seen in Chennai or Tamil Nadu or Jaipur can actually happen in Maharashtra as well as Ahmedabad. We'll keep you updated, but at least it looks promising to us given the tailwind that we see in the market. Let me hand over to Sriram Mahadevan. As you know, Sriram Mahadevan has taken over as the CFO for Mahindra Lifespaces. Avinash is still here. He's moving to an internal role. I want to thank Avinash for amazing contributions for Mahindra Lifespaces. And then wish Sriram Mahadevan to take us to the foundation, take us to newer heights as from the foundation of Avinash as well. So over to you, Sriram Mahadevan. Thank you, Amit Sinha. Thanks. Hope everyone's able to hear me clearly. Q2 sales, as Amit Sinha highlighted, we were at 752 crores, which, compared to last year, is an 89% growth, and in H1, we were at 1,200 crores, slightly lower compared to H1 last year because we had the strong set of launches happening in Q1 of FY25. IC and IC revenues continues to be, you know, doing very well for us. In H1, we did about 219 crores of IC and IC revenues. GDV continues to be very strong for us. The momentum, as we had highlighted, in the YTD period, we are at 9,300 crores. And in H1, we did about 5,200 crores compared to 2,050 crores last year, almost two and a half times compared to last year in H1. Residential collections continues to be very healthy. In H1, we had about 1,086 crores, which indicates a 9% growth over last year. With the launches coming up in H2, it positions us very well for, you know, a continued, you know, strong journey on the residential collections. Our net debt to equity is at negative 0.17, which presents a very healthy balance sheet, you know, for future growth. Compared to Q2 last year, we were positive 0.26. And our cost of debt continues to be lower. And in Q2 of FY26, after paying off the long-term debt with our rights issue proceeds, we are currently at 6.9%. And we continue to explore opportunities to further optimize our cost of debt. Moving on to the next slide. This is a segment comparison for residential IC business in H1 FY26 versus H1 FY25. Key points to highlight, the EBITDA for the residential business, as you see, is positive for this quarter. The IC and IC business continues to generate a good amount of profitability. On an overall basis, for H1, we are at INR 99 crores of PAT versus negative INR one crore in H1 FY25, indicates a swing of about INR 100 crores. Our net debt to equity, as I had explained in the previous slide, continues to be very healthy. Moving on, on page 13, we talk about the cash flows at a consolidated level. Just to reorient, this is based on a full consolidated basis. At an overall level, we had a healthy cash position as of H1 FY26. Our operating cash flows were at INR 425 crores for the first half of the year. The launches coming up in H2, we are hopeful that, you know, this number will continue to be very positive in H2 as well. On an overall level, we had a closing cash of around INR 830 crores, compared to similar levels in H1 FY25. Moving on, these financials are prepared based on Ind AS financials. The first two columns are for Q1, Q2, and Q1 of this year. As we had highlighted, you know, on a full consolidated basis, you know, we account for the JVs and the associates and consolidate their numbers on a line-by-line basis. But as per the Ind AS financials, the profits from our associates and JV get consolidated in our share and net profit or loss of JV slash associates line. So as a result, totally our net profit for H1 is around 99 crores, as I had highlighted, which indicates a better position compared to, you know, a Q2 of FY25 and the full year of FY25 last year. Moving on, this is a consolidated balance sheet position. As you would see, the borrowings, the long-term borrowings are completely zeroed out as of 30th September 2025, which is, you know, paid from the rights issue proceeds we had. There are some short-term borrowings in the company. But that said, we have also had a healthy cash position. Overall, our net debt to equity position is in a very healthy shape. Again, this is prepared as per the Ind AS, indicating a very healthy position on the, you know, from an overall perspective. With that, I will hand it over to Amit Sinha, you know, for taking any questions. We have also completed the sharing of slides that we wanted to prepare. The rest of the slides are as well. Stop sharing. So Sriram Mahadevan did a very smart thing. All the questions will come to me. That's what you said, right? All right. We will take the questions from the chat with the stakeholders, right? And then we'll read them. Amit Sinha, the question from ICICI Securities is being around primarily on CapEx update. And I see a lot of questions coming on the CapEx update. Did you? Yeah. I think we see a healthy market. Overall, residential market, there are a lot of worries at the start of this financial year that it might take a dip given we have seen three years of 2022, 2023, 2024 or 2023, 2024, 2025. 2022 was a recovery year, right? But as you've seen, the market continues to be healthy. In some cases, we have seen some market, the volume may have come down, but the square foot apartments have become bigger or the pricing has made up for the decline in volumes. But overall, we feel that the market momentum continues. The demand is shifting favorably in terms of towards the segment that you want to participate. So if you see, we had a huge portfolio in affordable. We have exited. We had practically no portfolio on the luxury. That's actually doing decently well. But our bread and butter is the mid-premium and premium. And that has actually, as it continues to expand, as an overall share at the expense of affordable. And we feel very good that we are in a market which continues to be healthy after a very strong upcycle. It stays healthy. It is the participation from our side is a segment that is ripe from a customer point of view. One to five crore is the segment as we define as mid-premium and premium. So I think we feel good about where we are playing. Our choice of location also is suitable. Mumbai, Pune, Bangalore continue to be the top three locations in terms of volume. And then NCR, if you include NCR, which is something that we have participated in the past. We're not on new launches, but we feel that of the top four market, we are already there in three. Good, good choice in terms of where we are playing. And we are seeking depth in the market, not trying to look for breadth. So that's why we'll prioritize all of our capital allocation in markets where we see overall market momentum and we have the ability to go deep. So on the CapEx side, we are quite, quite good. The Rights Issue has helped us in terms of cleaning our balance sheet. This was just used for the growth. As we look forward, there are two avenues for, you know, for more capital. Avenue one is we have the ability to raise the healthy amount of debt. And this market is quite ripe for that. The highest debt we had taken till last year was roughly close to INR 1,400 crores, right? So I think depending on the how the market is, how the kind of projects are, I think we have the ability to take on debt for the right set of projects. We also, keeping in mind, our strength and how should we leverage our balance sheet along with the brand. So examples of society redevelopment, examples of JDA are very suitable for us. It doesn't take as much capital, but it gives us the ability to do a lot bigger projects. And we have done with Panduk, we have done with many societies already. And finally, we continue to have discussions on strategic partners for equity perspective. We had gone very far, but we had to put that on a pause given our desire to do rights and raise our own equity from the market. But I think those discussions are back. There are a huge amount of interest in terms of different types of customers or partners looking to participate in Indian resi market, Indian real estate market. And we have advanced discussions with some of them. So I think if you look at all three, like can we raise debt to support our CapEx expansion? Can we think about the right mix of projects to support our CapEx requirements? And then do we have other avenues from a strategic partner? All three have been looked at. Our goal from a volume perspective is not to slow down for right projects, right? I think this is a market which is healthy. Inventory overhang is healthy. So we want to make sure that we continue to sign a project that will give us the financial returns for the future and gives a rub off for the rest of our brand, right, across other businesses. So those things are keeping in mind. We I think 9,500, 9,300 crores is not a number that we are chasing per se. Good projects, we will do that. And that's how we have designed our systems and processes and approvals in terms. Great. So, Amit Sinha, we can take the next question from Parikshit from HDFC Securities. Quite a few questions, I will go one by one. What is the status of project approvals on Bhandup, Hope Farm, and Mahalakshmi? Yeah. I think, let me start with Bhandup. Bhandup is in the final stages of plan approvals. So, as you know, there are conditions, IOD, CC. Now for CC, you need an EC. And EC also, we got the TOR approved. For us to do RERA, there is a CC route and an EC route, and they converged in CC, which leads into RERA now. Parikshit, as you know, in the past, we could launch the project and the EC would come subsequently for us to start construction. Anyway, it's good for the customer because many times it has caused delay. While we haven't finished a year on Bhandup deal. It was November, sometime, around this time. But our feel is that in another month to two months, we'll have most of the approvals in our hand. All the consents, the final consents are undergoing right now. We've gotten many of the other approvals done. Consent leads to IOD. Then EC part comes and they both lead to CC, which leads to RERA. So, I would say, a healthy, you know, progress on approvals. It's a large project and we want to make sure the design is right and we do it in the, with all sorts of clarity on what we are trying to do. So, that's Mahalunge. The second is, Alembic, which is in Bangalore. The EC has come for Alembic already. So, that's further along. We are waiting for BBMP approval, which is the last stage before it can go to RERA. So, but the EC has come. I think I'm hoping that it is any day, and that's again a large project for us in a great location. So, like, almost there, but we are not there till we are there, right? So that's also in good shape. And similarly on Mahalakshmi, the EC meeting has happened. So, we are waiting for that, the minutes to come out for us to use it as part of our concessions and IOD. Given it's a redevelopment, we have to make sure that the vacation happens and the demolition, the process has to start for us to apply for RERA. My sense is all of these will happen in the next three months. Let me put it this way. That's what we are hoping for, shooting for, right? There could be ups and downs, but at least in our planning, we are making sure that they are happening in the, some would be earlier, some would be later. In the same breath, I just want to highlight the new Plot C, Plot A. Plot B and C had come already. But Plot A was awaiting the EC clearance, right? That's a Supreme Court issue. That meeting has also happened. The authority meeting has already happened. So we're just waiting for the minutes, the moment that minutes come out, we can attach it to our IOD, get CC and RERA for us to. Demolition has already happened. People have vacated. So that also is around INR 400-500 crore, probably more inventory that's there. So those, all those four are, you know, almost there, but we'll keep you updated. What is the value of new launches, GDV in for H2, FY26? Yeah. So roughly 7,000 crores is the value of the launches that we are planning. Or let me just say, this is the value of the launches we are seeking approval. We might tranche out the launches so that it's bite-sized, manageable, and we are not just putting so much volume that affects the pricing. So I think, you know, even a, you know, 20%, 30% penetration of that will give us a tremendous pre-sales for this financial year. So, that's INR 7,000 crore we are thinking, for this, from the, the numbers that I mentioned to you, the names that I mentioned to you. Next question, Amit Sinha, is on strong BD as we had done in for the full year for the year to date. Now, till now, do we expect the BD momentum to continue? Yeah. Absolutely. Absolutely. The BD momentum, as I said earlier in the previous CapEx question, I think, right projects, right locations, you know, which are good for our brand salience, we will continue to pick them up. So, absolutely. We also want to update that on Westera, which was a project that was getting delayed. We got the DA signed for that also. It's a marquee location. There were some issues that we had to resolve. All of that have been resolved. We expect to launch it, now that the DA is signed in the next financial year. Next question is on the balancing factor and pre-sales reported on the slide on the project data project-wise. So, Parikshit, I'll take this. I think what we had done is whenever the projects are completed, especially in Chennai, we move them out from the ongoing projects to completed inventory. So, the completed inventory sales is not probably reflected in the slide because that slide is primarily on the ongoing projects. So, the difference, as you're talking about, is primarily due to the sale of the completed inventory. Next question is on project completion and deliveries for FY26. Yeah. So, we have some that have happened, but I think the bulk of the completions are in H2, second half of this year. We have roughly eight completions that are being planned for this financial year. I think they are all across. They are in Delhi. They are in Pune. Two in Pune, actually. There are three in Mumbai, including some of the affordable projects that we are doing. There is one in Bangalore and one in Chennai, right? So, those are that's our portfolio that we are trying to complete. In most cases, the completion is either done or almost done, right? Some are places where even OC applications have been filed after CFO and consent to operate, consent to establish. So, and that is from a recognition point of view, you know, both revenue and PAT. So, we are expecting those recognitions, completions to happen that will lead to recognition of profit and revenue. So, eight of them, five of them are bigger that are there. That's Eden for us in Bangalore, Luminare for us in Delhi NCR. It's P21 in Chennai. It's Nestalgia in Pune, and then Alcove in Mumbai. These are the five bigger ones. And then there are three on the affordable side, which is Palghar. There is Kalyan One Tower, and then Tathawade in Pune. So, these are the three on the affordable side, which is a good segue into the next question, Amit Sinha. Do we expect to be EBITDA positive from which quarter or financial year? With the project completions, maybe Parikshit, I'll take this. The project OC is expected, as Amit Sinha outlined. The EBITDA, you know, you will see that getting reflected in the EBITDA for the quarter and the full year as well. You know, as these are the recent projects, like the five completions that Amit Sinha talked about, the bigger ones are all, you know, expected to get completed in this year and contribute to the revenue, EBITDA and PAT. Next question, Amit Sinha, is on execution. Ashish Agarwal from Sundaram AMC, how was the execution of the under-construction projects going on? Are all the under-construction projects expected to be completed within RERA timelines? Do we expect any impact on financials in the near term? Yeah. No, that's it. I think that's my biggest priority, Ashish, right? Ashish, yeah. Execution is my biggest priority because the construction phase is typically we get so much excited with GDV and launch that at times we forget that the longest phase is construction and delivery to the customers that creates a moment of truth for a customer. If you don't deliver a good product on time, it really affects the brand perception and the quality of the work that we do. We are particularly focused on that. Overall short answer is it's we I track it on a you know frequent basis, make sure on the quality, cost, and timeline, all those are balanced in a in the best possible way and then that's happening. We also as Sriram Mahadevan and Avinash put together a system of tracking the IRRs. IRR is capturing both the cost, revenue, as well as the timeline. From a timeline perspective, most of the projects tend to be delivered earlier unless there is an issue with approvals or something in some cases, very few that we see. But I think going forward, it's something that we had, you know, we had highlighted in our strategy that how do we actually think about our execution. We last week itself signed an MoU with Tata Projects, starting with Mahindra Vista and Kandivali. It's a large project to make sure that the quality, cost, compliance are in line with what we expect from the project. In fact, if we can overdeliver on each one of them in terms of quality, in terms of cost, in terms of compliances, in terms of timelines, I think that partnership will hopefully flourish. And that is not the only project we will do with tier one partners like Tata Projects. We'll continue. This is our second one. We did the same thing with IV Lush in Pune a few months back. I think that's one way for us to ensure the execution happens in line with the planning for the project and we meet the OC and the customer expectations. One question from Deepak from Swan Investments. After good traction in BD, how should we think about the management bandwidth going ahead, whether it'll shift to launches and execution, or and how should we think about the BD going forward? Yeah. Yeah. I think it's a good question about management bandwidth. I think I would say that all of us would do with some vacation. But I think that's the fun of building the firm from ground up, right? We were, we had tremendous potential, but it was not yet converted into business. Now we are starting to see that potential getting converted into BD, then hopefully pre-sales, and then, you know, the financial returns like cash flows and other things. We are adding, you know, management capability. We are hiring people in our construction team. We are hiring people in our sales team. We are hiring people in our, you know, all the functional design team, technology team. We just hired our, Parijat joined us as a, you know, she has joined us as a Chief Technology Officer. We see the role of technology going to be amplified significantly, even in this kind of industry. So I think, all across the functions, we are taking strong steps to create a good execution and management bandwidth, and that will continue to do so. I wish we had a situation where we create bandwidth and then build the business. I think in this case, it'll happen concurrently. And it will stretch people, to be honest, stretches all of us in the leadership team, but rather have it this way than the other way where we have too much time for not many projects, right? So we are building the capability. And I'm also thinking about capabilities that would be required in future. For example, if you're going to construct tall buildings, right? Taller buildings, right? Mahalakshmi, for example, that will be the tallest building we are constructing. How do we think about structural engineering? How do we think about learnings that can be deployed for other projects, right? From a safety, compliances, facade, right? Those capabilities are something that we have to build. We have, let's say, lower on those capabilities, but by the time these projects are launched, we would have enough experiences to make sure we support these projects with the right set of capability in the management team. Next question is from Shreyans from Equirus. This question is on BD, I think, for H2, which we talked about. The other question is on Saibaba. If we have any update on Sai Baba that we can talk about. Yeah. I think Sai Baba, the proposal, the design has been submitted. The DA was done some time back. We are facing a small issue with some road alignment with the neighboring society. I think those discussions are underway. We have to take a call whether we go ahead as is or we go back a couple of steps and do it in the right way. You know, so and if you don't have the comfort of the other societies, we'll have to either, you know, find an arrangement with them or do it from scratch. Doing from scratch has a time delay angle tied to it. We are evaluating both the options. We at the end want to do the project, which is the right project for our customers. We'll ensure alignment with all stakeholders. My expectation is this project may get launched in the next financial year, H2 of that, given, you know, it's a large project. I think I was visiting the other day, the access is amazing. And like the area is just really flourishing. Great location for us to be doing this project. Yeah, so that's more easily. On BD, I think we covered it, but I just want to highlight that we are getting tremendous response for us in redevelopment. That is an area that is capital efficient, time inefficient, if I can say. Borivali is an example. We'll continue to push that and we want to be a leader in society redevelopment for sure. One last question from Debojit. You acquired a big land parcel in Bhandup at LBS. How are you thinking of planning to construct? If you could talk about a little bit on the schedule for project completion. Yeah. Yeah. It's a large project. It's roughly 4 million sq ft overall.RERA, s o roughly 6 million sq ft, 6.5 million on the saleable side, right? So very large project. 37 acres of land. Great location. I would say one side metro, the other side train station, roads on all four sides, DP road connecting from east to west, right? So it's a beautiful setup, a mall right across. And we are doing residential. We are doing Commercial. We are doing Retail. So it's a, it's an outstanding location. In our business plan, we have planned roughly eight and a half years for sales and 10 years of construction from the time of approval. And this is not an outright acquisition. It's with, it's a JDA with GKW, Joint Development Agreement. And this is something that we align with our partner, JDA partner. Our goal obviously is to fast track that, right? Not only the sales part, but also the construction side. We have this plan in, let's say, four to five phases, three phases of Residential, one phase of Commercial, and one of retail. That doesn't mean it'll be sequential. It can be, you know, it can be concurrent depending on how we see the, the demand pull up for that. But the, the residential, the, the first launch will happen, H2 of this year as, as of, as of our current plan, as soon as we get the approval. And then we'll continue to monitor the market absorption velocity to plan for the next set of launches. So it's a large project. We are very excited. We, it's going to be one of the flagship premium projects that we would have done. I'd love for you to visit when we have the sales gallery done. Maybe we do the, one of the physical meeting in the sales gallery whenever it's ready. So I'd love to invite you and host you there. A lot of other questions are primarily on Thane and Bhandup, which I will. Okay. Yeah. Okay. So any other last questions? No, just that. Okay. So thank you so much. I think we covered, apologies for a delayed start and the interruption that we had. We are experimenting. Please share your feedback whether this format was useful or not. We try to move away from audio to video, and we will continue to do in person. I think, as per your guidance, we'll do H1 and, and, like one H1 and then the next financial year end in person because we did already two. So we thought maybe this one will be virtual. We also have meeting some of you on 20th as part of our Investor Day. So we will address questions that you might have. But really excited to be sharing the results and the plan to really grow the firm in line with your guidance and our aspirations. So thank you for all the input. Please keep the channel open. If you have any thoughts and feedback, we'd love to listen to them and address them. Thank you. Thank you.