Ladies and gentlemen, good day and welcome to DLF Limited's Q3 FY 2026 earnings conference call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited, Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business, Mr. Aakash Ohri, Managing Director and Chief Business Officer, and Mr. Badal Bagri, Group CFO, DLF Limited. As a reminder, all participant lines 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 the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. Participants connected on the webcast are requested to refresh their tab in case they face any issue. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir. Good evening, everyone, and thank you for joining us today. We will begin with our overview of operational and financial performance. We are pleased to report a strong performance in the third quarter of this fiscal, with robust operating execution, strong cash flows, and a significantly strengthened balance sheet. Our performance this quarter reinforces the resilience and quality of our business model. We are extremely pleased to report that we witnessed record gross collections of around INR 5,100 crores, with sustained collection efficiency across all our projects. We believe this is one of the most critical and leading indicators of the underlying strength and quality of our sales. Net collections during the nine-month period were INR 10,216 crores, reflecting a year-over-year growth of 21%. Supported by these strong collections, our net surplus cash generation for the nine-month period was INR 6,432 crores, exceeding the entire cash generated in the last fiscal. The performance highlights a disciplined focus on cash flows as a core metric of value creation. As a direct outcome of the strong cash generation, we have achieved our goal of zero gross debt in the development business ahead of our estimated timelines. Our balance sheet remains extremely robust, with gross cash of approximately INR 11,600 crores, of which the net cash balance would be INR 10,400 crores. Recognizing the sustained improvement in our business, ICRA upgraded our credit rating to AA+ with a stable outlook, following CRISIL's upgrade in the previous quarter. New sales booking in the current quarter was INR 419 crores. A few things we'd like to highlight around this are, as previously indicated, bookings at DLF were paused during Q3 as a part of planned redesign to enhance customer experience. The bookings have now resumed. While there were no new launches, it is noteworthy that we were able to monetize almost one-fourth of our inventory, excluding DLF, within this quarter. New launches continue to be aligned with our medium-term growth plans, and we remain confident of achieving our stated sales trajectory across the medium term. A few financial highlights of the quarter: our consolidated revenue stood at INR 2,479 crores, a growth of 43% year-over-year. EBITDA stood at INR 848 crores, a year-over-year growth of 39%. Profit after tax before exceptional items at INR 1,252 crores, reflecting a growth of 29% year-over-year. Reported profit after tax of INR 1,207 crores, a 14% growth year-over-year. Now, I'll hand over to Sriram to give the highlights of our annuity business. Good evening. The annuity business continued to perform well. The take-up from the GCCs and international companies, especially in the BFSI and technology sectors, was fairly strong. Our closing vacancy as of 31st December is now in DCCDL, where about 88%-90% of the rental assets are now down to about 5%, 5.5%. However, in terms of value, now it is further down to about 3.5%. The income was fairly robust. The Downtown 4 in Gurgaon is fully leased. Downtown 3 in Chennai is fully leased. And I am further pleased to share that downtown phase two, if you may recall, we have four towers. The biggest tower is Tower Seven, which is 2.2 million out of 5.5 million total offices. We have been able to lease the entire tower already. In Atrium Place, we've been able to lease one, two, three, and four, all the towers completely. We received the OCs for Tower One, Two, and Three. The tenant fit-outs are making very good progress, and the rent commencement has started for one or two tenants in the last quarter, but will now pick up pace. The construction of Tower Four, which leads to one single GCC, has slowed down marginally because of the GRAP situation here. There, we expect a delay of about 45-60 days in its completion, but we expect the completion to be in July, August of this year. Maybe it goes to August and September beginning. In Downtown Chennai, we have the construction on the fourth and fifth tower going full speed. We have re-engaged with the international architects and redone the promenade, which is in the center of these five buildings. And I dare say it's come out to be extremely nice and good. In this also, in Tower Four and Five, which is INR 3.5 million crore, we have already leased 450,000 sq ft, and negotiations are on for further leasing in downtown here and downtown there. Therefore, as we stand today, our stock in our existing buildings is quite low. It's now down to about 1.5%. And therefore, the leasing in the next year will be restricted to either the midterm expiries that happen, the nine-year renewals, and the new build-out that is still in place. In retail, the consumption in the last quarter was much better than the consumption in the corresponding quarter in the previous calendar year. We have met our budgets in terms of our NOI and in terms of our other activity. The occupancy continues to be 97%, 98%. The three new malls, which are all in the books of DLF, two of them, Midtown Plaza and Summit Plaza, are now 95%, 96% leased. Fit-outs are going on, and within the next three months, we should open both these malls. Promenade Goa, the leasing has commenced, and I'm saying it with some cautious optimism that the initial response has been very heartening, and we have the first-mover advantage there. We have the advantage of creating the best mall in that entire region, and we are reasonably confident that we'll make a big success of it. The construction on Mall of India Gurgaon is progressing along with the other towers and offices, and there is good progress being made there. In Noida Data Center 2, as we call it, which is the third building, we have the rent commencement of that also in this quarter, and construction on Data Center 3 i s going on in full swing. We continue to create a lead in the area of ESG and in sustainability and fire safety. We became the world leaders again by the sorts of honor received from the British Safety Council. We have also got a platinum rating for WiredScore for a number of our buildings, and now we are the largest portfolio in the world. Okay. We can take the questions now. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Participants connected on webcast may click on the Ask a Question tab available on your screen. Participants connected through audio call may please press star and one on their phone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much for the opportunity. My first question is actually on your collections, which has notably gone up this quarter. Is that a sustainable run rate one should think of from a quarterly perspective, or has there been some previous quarters' dues which have got accumulated in this quarter as well? Okay, Puneet, I think from a development business perspective, it will be the best way to look at the collection will be on an annual basis rather than quarter-on-quarter basis. As you would know, most of our sales is construction-linked, and the amounts become due as in when the construction phases or the milestones are achieved. So I would say instead of looking at quarter- to- quarter, this will always be misleading. We had no significant dues of the previous quarter, which has got taken up in this quarter. As mentioned earlier in our presentation as well, our collection efficiency across all projects remains extremely high. So the way I would look at collections is we should look at a 10%-15% growth year-over-year versus what we have achieved last year on an overall basis from a collections point of view. Okay, so 10%-15% growth this year, full year, and then next year also similar number? Yeah, indicatively. Yes. Okay. Okay. And from construction spend, should that also be largely similar? I understand there is a bit of GAAP issue you are facing, but. So Puneet, I think this quarter was, as you rightly pointed out, we had issues. We had suspension of work for a good 30-40 days, 40, 45 days or so. But if you look at the nine-month trajectory, the last nine months of this year and last nine months of the previous year, our construction spends are almost 40% up, almost INR 2,400 crores versus INR 1,500 crores which we spent last year. And as we had kind of mentioned earlier, a range of 900 crores-1,000 crores is a good number to kind of look at on a quarterly basis is a number which possibly you can consider as a reasonable construction spend over the coming quarters. Puneet, just to, I mean, reiterate one more point that if you now look at the last three or four years, Q3 always gets impacted by GAAP. I mean, it could be 30 days, it could be 45 days, but effectively like between one to one and a half months in the entire year does get lost, unfortunately, to the entire pollution-related GAAP measures. I think most of it happens in Q3, unfortunately. Understood. Secondly, if you can elaborate a bit more on why did you pause the sales in Dahlias and what is the expectation of the new product into this Q4? Okay. So here, unfortunately, Aakash, while he'll be joining, he's there. Okay. So Aakash, I'll just do the intro, and then you can take it off. Normally, Puneet, this quarter would have been a reasonable quarter for us in the usual couple of thousand crores of the non-launch quarter sale. We were doing some design modifications on The Dahlias to improve the entire layout and the client experience. Then, as you know, as per RERA, if you do a design modification, you have to run it for the approval of all the existing customers. I think 75% customers need to sign off, then RERA needs to take cognizance of it. Unfortunately, about two to two and a half months of this quarter were spent in that entire process. I mean, we are very glad that in early January, RERA has given that permission after taking into cognizance all the customer approvals that came in. And now Aakash has resumed the sale. Aakash, over to you on the Dahlias piece, boss. And also, what design modifications you've done if some colors can be given there? Yeah. So Puneet, I'll tell you first, with regard, it's an enhanced design. Basically, what happens is as the codes change, you can adapt to the new ones or you can go back and work with the old ones. I think we've demonstrated a tremendous amount of strength in kind of implementing that. And every element of design and structural stability has gone up many fold. Again, I say to you that we could have continued to do what we were doing, but I think we chose, took a call that this is going to be a, since the project right now is in its inception, we decided that we'll go with the new code. And therefore, whether it was the structural part or whether it was the certain other elements in terms of facade and all, the product has come out beautifully. So I think that is one. It is accepted also by a lot of customers who've endorsed it. As you know, the process is that you have to take full endorsements from the existing customers. Now we're over 55%, almost 60% sold, and that is before launch. We've got an overwhelming response from our customers, and that's as far as the Dahlias is concerned. With regard to your point on collections, I just like to add to what Badal and Sriram Khattar already said. Our collections, if you have been tracking them, have been consistently doing well for the last over two years. That speaks clearly about the quality of sales done. As far as this particular quarter is concerned, it is, and there is no overhang or there is nothing that has added to the previous quarters that we have kind of realized this quarter. This has been primarily a schedule-based collection, and it has been more than 100%. Puneet. The design change, will it do anything material to cost of construction for The Dahlias? Yeah, it will do a material change to cost of construction a little bit for sure. But also, as you know, The Dahlias is a dynamic price point system. It is not linked to, in terms of, it's not linked to volume sales or not linked to any categories. The Dahlias will continue to rise. Just to let you know, from the past year alone, there has already been a 25% increase in Dahlias pricing. And we are selling. So both, yes, to answer your question there, plus, of course, commensurate revenues as well. Puneet, just to add one more point, our margin for this project will remain intact despite what we are doing. Intact to positive, I would just say, but I would leave it intact for this point of time, at this point of time. Yeah. Okay. And lastly, if you can also elaborate on what your plans are for this calendar year in terms of new products or phases that we should watch out for? This calendar year, we are working on as you know, the Senior Living, and we've got our schedule business to do, and then, of course, now we are back to, we've reintroduced The Dahlias, and that is before the main final big bang launch, so we will try and use this quarter as well for that and look forward to the Senior Living launch as we had talked about. Puneet, if you add on the calendar 26, the calendar 26 will see at least one major group housing launch in DLF City. It will see the next phase of West Park in Mumbai. It will see a launch in Panchkula. It will hopefully see Goa. So I mean, all of those launches will happen calendar, most of them in the calendar, maybe something carries over into Q4 next year, but I think most of them should happen this calendar. Goa should be now next year, fiscal year, not this potentially. This is fiscal year, eight weeks baaki. Let's see if eight weeks we can pull off. Okay. Okay, great. Thank you so much and all the best. Thank you. We'll take our next question from Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Am I audible? Yes, Pritesh, you are. Yes. Hi. Hi. So thanks for taking my question. Just on the Dahlias, so any specific set of inventory planned to be open for this quarter in terms of should we look at that? Yeah. The Dahlias has been open always. I don't think we've restricted any inventory or any tower. So we've been getting a phenomenal response, and I'd be happy to, at any given point of time, show you the grap h there. And so The Dahlias is doing very well. Most of that. Sir. Yeah, Aakash, you've gotten muted. Yeah, yeah. I just realized that. So, The Dahlias, there is basically, as far as sales is concerned, it is open because also please understand that these are high-value transactions. So it'll be unfair for people. Yes, the price difference between certain values, depending on the preferential location charges that they carry, obviously are different from what they will be to maybe lower apartments or lower-placed apartments or certain other things. So that's like any other kind of development that we do. But The Dahlias has got some amazing view vistas with the new Lake Park that we're building, which is one of the most phenomenal green spaces that you will see. It's a hybrid of Hyde Park and Central Park. So it's going to be one of its kind. And that carries its own price point. And then, of course, the South side carries its own. So it's open. It's by invitation. And all I can say at this point of time, we've got healthy traction. We're doing well. And now we've got great traction from the rest of India. In fact, some top equity and capital market brokers also have started to realize that, look, with all the geopolitical issues going on, converting financial assets to hard assets is prudence today. So I think The Dahlias is doing pretty well there. And also, the NRIs continue to respond. We just clocked in Super Luxury, one of the most renowned NRIs. I won't name him at this point in time, but one of the most respected, and I think in the top three NRI persons in the world has just bought DLF Super Luxury. So we continue to get good traction from across the world. The rest of India is responding extremely well. Of course, our local markets as well. Sure. And how should we think about the monetization? Obviously, we don't want you to rush on that. But in general, initially when we launched, we had a target of, I mean, we have internal targets of probably monetizing it in three years. That still holds or longer or shorter? What would we then? No. So The Dahlias, as I said, first of all, let me tell you, it's a dynamic pricing policy. As you know, the valuations, the turnover is about INR 42,000 crores. And when we started off, it was about INR 29,000 crores. So you've seen it grow. And as far as the monetizing is concerned, we had started with a four-year plan. And because we've done well what we had planned to do, we've almost doubled that target in just about one year. So I think we're not going to stop anything. But based on what the price points are going to be, I feel that it'll take its own time, and that's how super luxury should. Sure. Sure. And just to reconfirm, the Senior Living will get launched in Q4. Yes. Along with The Dahlias, next set of inventory. Yeah. Yeah. So we're working towards that. We're right now in various stages of permissions and all. So yeah, we're working towards that. What is the revenue potential, GDV potential for that? That is about close to now. It will be close to about INR 2,000 crore. Okay. Okay. Fair enough. And just on the commercial side, Sriram Khattar, what does the exit run rate look like now with this leasing that has happened in the quarter, maybe for FY 2026, 2027, if you can? Yeah. So exit run rates are now getting more and more difficult to forecast because exit run rate, which we say have in March, we multiply it by 12. And then the escalations that come up there, and then the new build-out, which keeps getting leased and the operations commence and the rentals start, it gets a little difficult to sort of only talk of the exit run rate. So as we stand today, our FY 2026 will be about the earnings for FY 2026 will be in DCCDL about INR 5,900 crores. And for DLF, will be another about INR 550 odd crores. So in that sense, 2026 for the year, it will be about INR 6,400 crores for the rental business, for the annuity business. Next year, this INR 6,400 crores will go to about INR 7,400-INR 7,500 crores. In this, DCCDL will be about INR 6,300. But DLF will take a big leap of about INR 1,150 crores because Atrium Place rentals will start coming in for the first three towers. And the rentals for the three malls will kick in also. Sure. So these are actual numbers that we project rather than the exit run rates. Forecasted numbers. I mean, the rental income forecast for the next fiscal. Yeah. Sure. Sure. That's pretty helpful. Okay. Okay. That's it from my side, and all the best. Thank you. Thank you. Ladies and gentlemen, before we take the next question, we'd like to remind you to ask a question. Participants connected on our audio call may please press star and one, and participants connected on webcast may click on the Ask a Question tab available on the screen. We'll take an audio question from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. And great to see the cash collections happening in the quarter. So just one question on the cash balance and its utilization that we have. So are we looking for a bigger jump in dividend payouts this year? Abhinav, as we have told in the past also that while obviously this cash number looks brilliant on paper, and it is, a large chunk of it unfortunately still is trapped in RERA. Frankly, we will start getting the unlocking of the RERA cycle from fiscal 2027, 2028 onwards, which is where I think meaningful cash utilization questions will come. On the dividend front, our dividend has been so two metrics have been growing the last three years, if you see, the dividend that we receive from Cyber City to DLF and the dividend that DLF distributes to its shareholders. We are hopeful that the same trajectory of growth on both of those metrics will continue. Okay. And so for DCCDL dividends, should we see it as a 75% of PAT ratio to continue, or because I guess the biggest chunk is actually given out in the fourth quarter? So what's the thought there? So the dividend payout, whatever percentage of the PAT was there last year, we at least proposed to the Board to continue at that level for FY 2026 and FY 2027. And that is the ballpark of 75%, 80%. Okay. Okay. That's helpful. So on the Kolkata IT SEZ, when is the completion expected? Yes. So Kolkata SEZ, which is, if you may please recall, Kolkata One Asset, which was in the books of DCCDL, was sold and the deal closed in December of 2025. Kolkata SEZ, which is in the books of DLF, we have got the first stage approval from the Board of Approvals. We are awaiting the state approvals on one or two issues, which we are working along with the buyers. And we are quite hopeful that we will be able to close it in the current quarter. Yeah. Okay, so the recognition should happen in the fourth quarter itself entirely? Yeah. But having said that, the deal was such that the rentals per month continue to accrue to us till the date of the final payment. So in addition to the advance we received, the rentals continue to accrue to us till the date of sale. Okay. One last question on the broader Gurgaon market. Now, I know, I mean, DLF branded products have continued to do very well. But we keep on hearing two-way news flows. Just wanted to hear your take on that. On what? Residential, retail, commercial? Residential. Look, one thing I tell you, Abhinav, which is, and I'll hand this over to Akash, obviously, and I'm saying it with semi-seriousness, semi-light, that all the Mumbai-based analysts anyway view Gurgaon market with some degree of skepticism, so that's the whole problem. Even the slightest line hidden in somebody's stock exchange release gets flared up and then is projected to cover the entire market, which is not the case. But Akash, obviously, you have a far closer connect with the market. Your view on the Gurgaon market, sir? So Gurgaon market right now, I think this was a question also raised about maybe two quarters back. Gurgaon market right now has shown its robustness over years. And also, see, basically, please, there will always be all kinds of people operating everywhere, whether it's Mumbai or Gurgaon. But if you see the kind of traction Gurgaon is getting, and as I said, as far as DLF is concerned, I'm getting business for the Gurgaon markets from the rest of India. I have a very healthy pipeline. And we've converted. So just to put it in perspective for all of you, sales are about 25% NRI, our top line, and 15% are the rest of India sales coming in for Gurgaon alone. Now, that is the kind of business that we are getting as far as Gurgaon is concerned. It is extremely, extremely well accepted. And people are across price points also, whether it's Super Luxury, Luxury, Premium, Floors, Plots, I mean, you name it. And Gurgaon is right now the most favorite investment option for people across the board. So there is enough depth in the market. People are choosing this by choice. And also a good reflection to all of this, year after year, month after month, quarter after quarter, is the collections that we report. So if there was any strain in anything that we would talk about, it will obviously, you will see a disconnect between sales and collection. So the markets are strong. People are putting their money where their mouth is. And I think the growth potential is tremendous. You see all the biggies coming to Gurgaon now. You name it, and they're in Gurgaon. So why would they come into Gurgaon if there was any lack of depth or if they had assessed it differently? But you look at all the top guys in the real estate market today, all of them are in Gurgaon now. Yeah. Thanks, Akash sir, and all the best to the team. Thank you. Thank you. Thank you. Thank you. We'll take our next question from Murtuza Arsiwalla from Kotak. Please go ahead. Yeah. Hi, sir. Just in terms of, I think part of the question you've already answered, you had a lot of commentary from peer set about Gurgaon being sort of slow, etc., but you've kind of answered that already. So that's well taken. If you could give some color on, let's say, what FY 2027 looks like, we're almost towards the end of FY 2026 in terms of the building blocks to sales just beyond Senior Living Project and The Da`hlias, that could be useful. Murtuza, as I mentioned earlier, that I mean, from now till March 27, basically, apart from the Senior Living Project, which the Senior Living, which Akash mentioned, we have one major group housing scheme in DLF City. We have the next phase of West Park. We have the next phase of Panchkula. We'll possibly have one more phase of DLF City Floors. We'll hopefully have Goa. So all of these are in the approval and launch queue in that sense. And The Dahlias will continue to be the strong underpinning for this entire piece. Fiscal 27, honestly, looks pretty strong right now. Thank you. Thank you so much, sir. Number [Foreign language] We'll wait another quarter. Thank you. We'll take our next question from Jatin Kalra from Bank of America. Please go ahead. Jatin, can you please unmute your line? Since there is no response, we'll move on to the next. I request Parvez Qazi from Nuvama to please accept the prompt on his screen. Hi. Good afternoon, sir. So one question from my side. I mean, for the next year, you gave the launch pipeline. If you leave apart Goa and take the other four projects, which is Mumbai Phase 2, Senior Living Phase 2, Panchkula, and maybe the one group housing scheme in DLF City, what will be the total sales potential of these four projects? Honestly, I think while we have the numbers, frankly, typically for the go forward fiscal, we have traditionally done that, I mean, slightly more transparent disclosures when we do the annual call. I'd like to stick to that. But broadly speaking, the DLF City group housing should be in the range of a couple of million sq ft plus to hopefully 2.5 with all the TDRs and all coming in. The West Park should be about a million sq ft. The The Senior Living is there, 500,000 sq ft. Goa, we know Panchkula will be in phases. I think there will be, and of course, Dahlias will continue to be ongoing selling. Sure, sir. Thanks and all the best. Thank you. Thank you. We have a question from Jatin Kalra from Bank of America. Jatin, can you please unmute your audio and go ahead with your question, please? Hi. Sorry, I think there was an issue earlier. My question has been answered. Thank you. Thank you so much. Okay. Thank you. We'll take our next question from the line of Akash Gupta from Nomura. Please go ahead. Hi. Am I audible? Yes, Akash. Yes, Akash, you are. Oh, perfect. So first on the 4Q FY 2026 and the FY 2026 guidance, my question is that I think we have just one project, which is the Senior Living project. So that would be roughly INR 20 billion GDV, and we have done roughly INR 160 billion. So should we expect Dahlias sales only to the extent to meet our guidance? Is that how should we think about the fourth quarter? So look, I mean, nice try, Akash, but we stick to the fact that we continue to be confident. Look, there was a time at the end of September quarter when we had done INR 15,000-odd crores of sales when your brethren were saying that now revise the guidance because we knew that you could occasionally get a rough over as well. So I think we stay confident to meet our original guidance in that sense. Whether, frankly, that guidance will lead us to INR 20,438 or INR 21,744 crores, I'm not getting into that. But we had given you a guidance train, and I think we broadly stay on grid for that. Akash, over to you, boss, if you want to add to that, sir. Yeah. No, I'd love to give you any guidance you want me to. So no problem there. The only thing is that, yes, we've given something. We're not planning to just fit that bill. But I think one thing good about our setup is that there are two things we're very conscious about. One, we're extremely cautious about compliance, and we like to make sure that everything is there before we make third-party commitments. And I think that is one thing that takes a lot of courage for a company to do. And second, as we've already been highlighting, there's a severe construction resource crunch and other issues that are going on. So there's no point just going into a situation where just you, for the number's sake and for doing things, you continue to just be on that treadmill and make commitments and then struggle to meet them in the construction. So I think that's also something that, as a company, we've taken a call that we want to make sure that our construction processes get stronger and better. So I don't see any harm in that. I think both these display a tremendous amount of strength. We have also demonstrated our sales prowess. And so I think you all need to now please look at it from that perspective. When we're asked to do what we're asked to do, we will. So I don't see numbers a problem because, as I say to you, I said it earlier also, the world is the market for me. And today, a DLF brand, painstakingly, for over years, customers have been with us and stay with us. I mean, everybody gets very excited anything new comes in, and I relate to that. But I think this is where we are. It's a very strong brand today. Grateful. I think one step at a time, ladies and gentlemen. I think that's what Mr. Tyagi also mentioned, and I'd like to say that also. I'd like to second that. Understood, sir. Actually, my next question is on Privana and the IREO land parcel. I didn't see that, I think, in the FY 2027 lineup. Is that stacked up for FY 2028 now? So the key is that, I mean, on the IREO land parcel, as I think I've mentioned last time also, that we are now getting in, hopefully, the final leg of the entire approvals, etc. And I think at some stage, it will now come up for launch. I mean, it's a huge land parcel, as we know, with potential GDV of 8 million or 7.5 million sq ft plus, which, frankly, could be in the range of INR 27,000-INR 28,000 crore. So I think that's something that will have to be handled with extreme degree of planning. So we'll clearly get the other products that I spoke about out of the way before that. But I mean, of course, I mean, that will come up for development and launch, hopefully, in the not-too-distant future, yeah. Got it. And The Privana, that's FY 2028? Privana, the last, I mean, the next phase, Akash, do you have some visibility? No, so The Privana, we may bring in The Privana in Q3, Q4. But again, as I think we're concentrating on first finishing off the three successful sold-outs that we've done, and collections are in line with all that. Construction is going on full swing. Next time when you guys are here in May, obviously, the whole thing is planned to show you there as well. So I think the next phase will be sometime in later part of Q3 or Q4. But we keep, that's the final call that we take is post this quarter when we kind of make our annual guidance. That's when we will run it by you. But see, we're okay with, as Mr. Tyagi had mentioned to you, there will be one DLF Gurgaon launch. And it can be either, it can be both. So we'll see. Just give us this, let's finish this quarter. I think we'll make those announcements. Understood, sir. And so my one final question is on the medium-term launch pipeline, which is roughly INR 600 billion. And along with the inventory we have, which is INR 200 billion, how much time do you think should we expect this entire inventory and launch pipeline to be consummated? Three to four years. So if we assume four years, that's roughly 20,000 crores annually. Is that how we should think about it? Yeah, you're absolutely right. So at INR 20,000 crores, I think we achieve all our financial and stakeholder goals. Good year, it will hopefully be a number higher than that. In a problematic year, it could be 18,000, 19,000 also. But broadly, and again, the good thing is that post INR 80,000, the next INR 40,000 is identified clearly. If the markets continue to be buoyant and if our execution continues to be strong, it's not that we have to then desperately go around scouting land. Well, [Foreign language] licenses [Foreign language] frankly. So it's on the drawing board. So in like six months, those things can be on the market. Aakash, there's one thing which we have reiterated several times, that we have an identified set of pipeline, which we have talked about the near future. And we continuously work on these identified projects. We are not dependent on anybody else except for our own assessment of how the market is and our ability to deliver. Our ability to move forward any project out of these and incrementally add more projects because land is already available with us is at our own will and flexibility. So the timing of this could be a quarter here or there. But in terms of our ability to say where all and what all projects are going to come in has always been there. Perfect, sir. Thank you so much for detailed explanation. That's all the question I have. Thank you. Thank you. We'll take our next question from Kunal Lakhan from CLSA. Please go ahead. Yeah, hi. Good evening. Thanks for taking my question. Just a follow-up on the previous question. I understand you have an identified pipeline for the next mid to long term. But just looking at your cash flows and your INR 11,000 crores of cash plus the INR 42,000-43,000 crores that you'll make from your existing projects, you have alluded towards in the past that you may look at certain markets like Noida, right? Any update on Noida firstly and then any opportunity outside of Gurgaon that you're looking at? Where your pipeline is, but outside of Gurgaon, are you looking at any other opportunities or any other markets? So as we mentioned, and I have mentioned in the past, you're right, that I think clearly Noida continues to be one area of interest. We haven't, frankly, I mean, we have one land parcel which is under litigation, as everybody knows. But beyond that, we haven't come across something which is completely clean, take-worthy, and available. But clearly, Noida continues to be one segment, and Mumbai continues to be the second segment. But again, Mumbai, we believe that the West Park parcel that we have, hopefully, if we keep on working and expanding the circle of West Park, this could potentially be a very long-term and a very deep land parcel for us in that sense. But again, if there's something else which is of interest and which comes up clearly, that will be a second thing. And then, of course, I mean, what we do with the balance of the money, I think, is an important point. Shareholder returns will be an important thing. But also, as the money comes out of RERA, frankly, land replenishment and how best to deploy it into assets with higher yield and all will be issues that will work in the next year or so. Sure, sure. But no new market besides Noida and Mumbai that you're looking at at least in the midterm? Delhi, of course, continues to be there, but beyond that, no. Okay. So just to follow up on that, again, on Delhi, right, any clarity on the second phase of Moti Nagar? No. So the issue that I'll tell you honestly is that Moti Nagar, we are working, we are sort of working with the government to see and basically to ensure that the infrastructure around Moti Nagar can actually get enhanced to truly make it like a far more upscale neighborhood. I mean, Moti Nagar is central Delhi. So we clearly, and I think that is a process which will take some time. But I think we would ideally like to hold on to the next phases of Moti Nagar launch till such time that the, I mean, the infrastructural works being planned by the government, there's a visibility on that, and there's a certain execution that has happened. But clearly, at some stage, you're right that the next phase of the Moti Nagar piece will happen. There's a 7 million sq ft plus that is available there. The Moti Nagar mall is getting commissioned this year. Midtown Plaza is getting commissioned in the next quarter, and so we continue from our standpoint to do everything to make the experience of the residents there. I mean, already now we have in excess of eight million sq ft between Capital Greens and One Midtown residents who are, I think we're almost 3,500 residents who are already staying there, so improving their quality of living and just trying to work with the authorities to see how we can improve the infrastructure, including the massive green around that area. Great. And one last question. You did give clarity on the health of the NCR market in our previous question. But just to follow up on that in terms of, I understand DLF is doing really well. You're getting response for your projects. But how is the industry or your peers doing? One of your peers earlier in the month kind of alluded towards some kind of a slowdown. Some of the other peers out of Bangalore also alluded towards a cautious outlook on the NCR market. I mean, just your thoughts on the overall market, not just your products. Beautiful. In all fairness, we don't comment on individual peers. But to just borrow from what Akash mentioned earlier, a lot of the major real estate players are coming to Gurgaon. Some of them have announced very marquee launches in the next calendar. So clearly, I think Gurgaon, I mean, again, NCR as a whole overall is three different markets. But Gurgaon specifically continues to be a market which does attract attention and holds attraction for even other players who are not present in Gurgaon so far. So I think there is an underlying thing. Yes, obviously, there will be one-off people who may have had some headwinds in that sense. But I mean, we do believe that the underlying strength of the market for credible names continues to be there. Thank you. Very helpful. And all the best. Thank you. Thank you. Our next question is from Gaurav Khandelwal from JPMorgan. Gaurav, please unmute yourself and go ahead with your question, please. Yeah, I agree. And thanks for letting me ask my questions. My first question is just to understand the company ethos a bit better. I'm just wondering, what will it take, or is there any intention or no intention to, let's say, scale up your deliveries closer to the other big listed players, right? So you're talking about 15, 18, 20 MSF of deliveries every year. So what exactly is your thinking on these lines where we are? And is there any possibility of this scale changing in the next three to five years? So I'll tell you, Gaurav, actually, million sq ft is about the most irrelevant metric, frankly, in this industry. You have to focus on the sale value we are generating. You have to focus, not only anybody, you have to focus on the margin that is being generated. You have to focus on the free cash flow that is being generated. And frankly, I truly, I'd say, appreciate that over time, if the entire community who's studying this industry moves, I can launch, I'll tell you frankly, I can launch at 10 million sq ft somewhere on the outskirts of Haryana or UP or Ghaziabad. That will add volume. That will add execution headache. Will it add cash flow? Will it add margin? And I think that's the question that at least we have asked ourselves. Frankly, yes, we have a sharper or a higher threshold of margins that meet our products. And I think we clearly have products that don't meet those margins. I mean, we ourselves have some land parcels which we have not developed so far because we believe that there is an eventual margin that those products will realize, which is not available today. So we are definitely, Gaurav, from an ethos standpoint, not going to chase volume for the sake of volume, boss. We were the original pioneers of the volume journey. And we have seen the downside of that better than anybody else. Right. That's super helpful, sir. But just as a follow-up to this, in your current business, then, is supply availability of contractors, the Grade A contractors, is that a hurdle or not really? It's not a hurdle, but it's clearly a constraint. And you have to work on that. So we do keep on expanding the pipeline of contractors. I mean, in the last 12 months, correct me, Puneet, I think we have added three or four new contractors with whom we had not worked in the past. A couple of old contractors have retired. So I think clearly, going into the contracting piece, we have ourselves strengthened our technical backbone humongously in the last 24 months in that sense. The number of senior technical people that we have taken because now we clearly realize that we are going to do a lot of that to ensure better supervision. For The Dahlias, we have lined up Samsung to do the project management. So I think we are clearly looking at all possible tools to ensure that whatever we undertake, we execute and execute it well, boss. Got it. That's very helpful, and just I have one housekeeping question. Gaurav, one quick, Sriram. May I just add? You talked of this million sq ft. I think what's probably lost is that today in the rental business, we have projects in pipeline totaling to about 12 million. So if you add that and you add the residential side of 60. 40 million. 40 million sq ft is under construction at this particular point. 40 million is under construction. I do not know if there are any developers who are doing 40 million a year in. They may need to be fair. But I think we feel that this 40-45 is what we believe we can, at today, this is what we can execute well. And hopefully, I mean, this number was a lower number three years back. And hopefully, as the competence keeps on strengthening, I'm sure this number can go up in a calibrated manner. But 40-45 million is, frankly, what we used to be at the peak in 2010, 11. I think we are where we feel we are now being, I mean, we are being constructively stretched, but I think we are still able to keep. What also happens is that we have a tremendous, I mean, we have an enormous architecture of the compliance framework below us. I mean, the total number of individual compliance items that get vetted and checked and audited every quarter is, I won't give you the exact number, but it's a five-figure number. So I mean, it's just a, I mean, it's an elaborate engine that works, unfortunately. Wow. No, that's phenomenal. And thanks for that, Kailash. And yeah, commercial, of course, I completely agree. You are the largest operator in the country. And just my final question, which is more of a housekeeping question. On slide 28 on your cash flows, there's an inflow of INR 131 crores on account of government approval and others. Can you just better understand what is this number? Yeah. Gaurav, there is an investment which was made in one of the subsidiaries, which was returned back this month of close to INR 250 odd crores. And that is included in that line. And hence, it's shown as a recovery rather than expense. Actually, it's INR 120 crores of government outflow. And INR 250 crores was the refund that. So I mean, we had given an ICD to our Mumbai project. And hopefully, because of the robust collections, that money was returned back by the JVCO to us. So that INR 250 crores came back. Got it. Perfect. Thank you. Those were all my questions. Thank you. Ladies and gentlemen, that was the last question for today. I now hand over the call to Mr. Ashok Tyagi for closing comments. Over to you, sir. Thank you. I mean, thank you so much because this was an extremely insightful conversation. I mean, yes, I mean, I'll address the elephant straight that as Badal also mentioned and Aakash mentioned. This quarter did, I mean, visually have a very low pre-sales number. So I understand that. But I mean, we explained the reason for that, which was basically the fact that we consciously and regulatorily held back the The Dahlias sales. And that anomaly has been fixed now. And hopefully, it's back in the pipeline now. Our launch pipeline continues to be exactly as we had mentioned and articulated in the past. And while obviously, I mean, Aakash and his team have to work and have worked tremendously hard in the last three or four years, I think that will continue as we bring more and more of these products into the market. The construction back engine has been strengthened over the last few years and continues to be so. But obviously, when we are not looking just at a launch, we are looking at our 100% certainty that we'll be able to bring that launch to the consumer's hands in the time period that we have mentioned. Financially, of course, we have now a five-digit surplus cash with us. It is still with RERA, but hopefully, from fiscal 2027 onward, we should begin seeing a very systemic unlocking of that. And I think that that's where things should start really strong. And the commercial engine just keeps on outperforming quarter on quarter, year on year. And hopefully, in the next 12- 18 months, with the Downtown Chennai, Atrium Place, the three malls, and then the next phase of Downtown beginning to commission, Downtown Gurgaon, I mean, this engine will just keep on growing. And really, hopefully, so we continue to be in a safe and a sweet spot. And just that's it. Thank you. Thank you, members of the management team. Thank you. On behalf of DLF Limited, that concludes this conference. Thank you for joining us. You may now exit the meeting.