Ladies and gentlemen, good day and welcome to DLF Limited's Q4 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 zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir. Good evening, thank you all for joining this call today. We are pleased to report a strong close to FY 2026, wherein we have delivered robust earnings, healthy sales booking, and strong cash generation, supported by sustained demand momentum across our development business and continued strength of our annuity business. This performance reflects the underlying quality of our assets, the brand strength, prudent capital allocation, and disciplined execution across a well-diversified mix of developmental business. Some of the key operating and financial highlights would be, we had a record collection of over INR 13,500 crore in this fiscal, representing a growth of 15% year-over-year, which led to healthy cash surplus generation of over INR 7,700 crore, reflecting a growth of 25%. It's important to highlight that our collection efficiency across all our projects continues to remain extremely high, vindicating the strong underlying demand of our products and high quality of sales. Our net cash position as at end of FY 2026 stood at INR 14,155 crore, of which close to INR 11,200 crore are in the RERA escrows accounts, signifying a robust balance sheet strength. It's important to reiterate at this point of time that as per our commitment, we achieved 0 gross debt position in the development business in the last fiscal. New sales booking for the year was in line with our guidance and stood at INR 20,143 crore, led by successful sellouts of Privana North in Gurugram, Westpark in Mumbai, and very well supported by our super luxury offering in Dahlias. Q4, we had a sales of close to INR 3,967 crore, which was primarily led by The Dahlias. It's important to highlight that in a particular quarter, we were able to sell 32 apartments of The Dahlias, which by itself is a remarkable feat. We were able to meet our guidance despite of deferral of couple of our launches in the last fiscal year. Our rental portfolio stands at 50 million sq ft and continues to operate at industry leading occupancy of 95%. In terms of financial highlights, our consolidated revenue stood at INR 2,452 crore, with a gross margin of approximately 46%. Net profit for the quarter was INR 1,256 crore. Overall revenue stood approximately INR 10,000 crore with a gross margin of 39% for the fiscal. EBITDA was over INR 3,000 crore. Net profit on a reported basis was INR 4,408 crore. Excluding exception, the net profit for the financial year was INR 4,256, representing a growth of 16%. For DCCDL, I think we had another outstanding year with revenues close to INR 7,400 crore, a growth of almost 15%. EBITDA at over INR 5,700 crore, a growth of 16%. Net profit before exception of INR 22,726 crore, a growth of almost 38%. In line with our stated commitment of enhancing shareholder return, combined with strong performance and growing cash flows, the board has recommended a dividend of INR 8 per share for shareholders approval, which represents a growth of 33% year-over-year. With this, I will hand over to Sriram to talk about the annuity business. Good evening, everyone. I am pleased to share with you some of the highlights of Q4 and for the year FY 2026. Sorry about that, sir. Please go ahead. Good evening, everyone. Let me share with you the rental business highlights for Q4 mainly and some for the year FY 2026. The few highlights of Q4 are, our Atrium Place, our joint venture with Hines, is now fully leased. We have got during the year the occupation certificate for three towers, and the OC for the fourth quarter is expected in Q2 of FY 2027. Though it is fully leased, it's in the final stages of completion. The three malls, Midtown Plaza is 95% leased and operational as we speak. Summit Plaza is 95%-97% leased, and we expect to open it most likely in the second half of July. Promenade Goa, we have a line of sight of leasing to the extent of 50%. We expect the mall to be completed sometime in the month of August, and the opening will be two, three months thereafter. We've had a exceptional growth in this year. As Badal was mentioning, we have a high growth in our EBITDA or NOI as we call it, and 34%, 35% growth in PAT. This has been rather exceptional given the fact that some of our assets got completed in the previous year, end of the previous year, and their entire income came because they were 100% leased in the current year. I would request you not to take that as a basis for the future, because in our business, to construct a property and to bring it to market takes a cycle of four years, and every quarter and every year it may not be the same. However, our four- to five -year guidance remains intact that we will have mid-teens growth in NOI and 20%- 25% growth in PAT on a CAGR basis for the next four to five years. The offices business is strong. Our occupancies in the non-SEZ areas are 98%- 99%. We have SEZs which are at about 88%, 89%. However, the value of income lost because of vacancy is now down to about 3.5% in the overall portfolio, and our teams are working hard to continuously try and see how this gap can be further met. The good part is that all the newer properties where the rental rates are higher are 99 odd percent, 100% odd leased, occupied, and generating revenue. The recent issues related to AI and then the war between Iran and U.S. have not had any impact on the portfolio per se. However, there are large tenants who are reviewing their internal processes and internal decision-making, and there could be some deferral in their decision-making without in any way disturbing the structural strength of the business. The retail business continue to do well. Our ability to create experiences for the tenants and continuously improve the quality of our retail offering continues, and we see in the current year a growth of about 10%-11% in our incomes from the existing properties. Of course, the three new malls that come up, that will be the incremental growth. If there is any question after this, after Ashok finishes, we'll be happy to answer that. I think we can now open the questions. We can take the questions now. Thank you very much. We will now begin the question and answer session. Participants connected on webcast may click on Ask a Question tab available on the screen, and then click on Raise Hand option on Zoom. 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 will take our first question from Puneet Gulati from HSBC. Puneet, please unmute your microphone and go ahead with your question, please. Yeah, thank you so much for the opportunity. My first question is with respect to the cash flows first. There seems to have been some increase in marketing brokerage cost for the quarter, and also overheads. How should one think about these trends? Okay. Marketing brokerage. Our brokerage payout is linked to collections, and as in there are milestones basis which the payout happens. If you recall, there was a reasonably robust collection in the previous quarter, and thereafter the brokerage becomes due, and hence you have seen a slightly bump up in the current quarter on a sequential basis. I would say you should consider that. Marketing is a normal phenomena. And the overheads could be some year-end provisioning, et cetera, but the way you should look at is the overall number for the full year should be taken as a guidance. I don't think so we will be our overheads are going to change any further. In fact, it should be around the similar numbers going forward as well. Looking at quarter-over-quarter can always be slightly misleading. From the taxation perspective also, should one think that, you know, you've been getting the benefit of tax refunds, is that era largely over or? I think in the current year, I think we had some accumulated losses in one of the two of the legal entities where we are now comfortable, and we have recognized the deferred tax assets in the last financial year. From a refund perspective, no. I think there will be the amount which we are seeing the current year, I think we should continue to see those kind of flows coming through in the future as well. Understood. That's very clear. The more important part is how should one think about the launch pipeline for this year? Puneet, I mean, Aakash, I'm not sure. Aakash unfortunately is traveling, so his connection is patchy. Aakash, are you around? Aakash, you want to talk about the launch pipeline? Yeah. Puneet, we've got a healthy launch pipeline, almost about INR 20,000 crore. We've got some good Gurugram products. We've got Mumbai, we've got Goa, and we've got some residuals, of course w e've got The Dahlias. We've got a good set, looking forward to that. Yeah. In Gurugram, what should we target? Which all projects should we focus on, and what is the progress on Goa in terms of approvals? Gurugram. Gurugram, Okay, go ahead, Mr. Tyagi. Go ahead, Aakash. Go ahead. Go ahead. Gurugram, we've got two good projects. We've got the senior living, and we've got the Hamilton Two. These are good products. Goa, of course, approvals are all done. There is a PIL. We don't want to create third party rights, just right now. We're just gonna make sure that we are clear, then we'll bring in Goa. Goa, we are all ready to go. Privana, any chance during the year, last phase? No, no, not right now. Next year. Okay. Khattar, on the commercial side, any projects that you think will get completed, in FY 2028? Yeah. FY 2028, the 2 new towers totaling to 3.5 million in Downtown Taramani will get completed. Okay. For 2027 it's just the atrium where we should expect OC? Yeah. Please don't call just the Atrium Place. Atrium Place is 3.2 million sq ft and will generate about INR 700 crore of rent. In addition to that, the three malls will get completed and will be leased. The benefit of full rentals of all Atrium Place, Tower 4, and for the three malls, while the income accrual will start this year, the full income will come in the following year. Understood. What should be the exit rental for 2027 for the DCCDL separately and for the rest DLF assets? I don't know separately, but I think the total should be about INR 8,200 odd crore. Okay. That's very helpful. That's all from my side. Thank you so much, and all the best. Just on a lighter vein, it could have been a billion dollars at the Iran-U.S. war note. Oh, sure, one day. Thank you. Ladies and gentlemen, before we take the next question, we'd like to remind you to ask a question through the webcast, please click on the Ask a Question tab and then click on Raise Hand option on Zoom. Participants connected through audio call may please press star and one on their phone. We'll take our next question from Nilang Mehta from HSBC Asset Management. Please go ahead. Good evening, sir, and thanks for the opportunity. I just wanted to check, you know, our pipeline which we've shown on medium term. We're showing around INR 60,000 crore of medium-term pipeline for launch. I just go back to our previous presentation and go back to our FY 2023 presentation for the year end. We had INR 60,000, INR 67,000 crore of, you know, pipeline. In last three years, pipeline, at least the future pipeline seems stagnating while, obviously I understand you've done launches and grown the business of pre-sales to the current level in last three years. Just wanted to think, how are you seeing this number? It, who knows, when you look at, you know, yeah, next few years at least, maybe not next year. Why is this number not increasing? Are you not confident about the market or? Nilang, you know, this more or less is more like a status update of the 114,000, I mean, INR 114,000 crore pipeline that we had projected, I think, about two years back for a five-year cycle. Every quarter we update on how much of that 114 has been launched and what is the to-be-launched pipeline. Basically, it needs to be connected to that INR 114,000 crore that we had said. Obviously, this launch pipeline is not the end all. We have, like, the next phase also identified. We'll obviously unlock it at the pace at which the market can comfortably absorb, and we're at a pace which does not overstrain our own execution, you know, capability. Nilang, does that answer your question? I think I lost the earlier point when the. Hello, am I audible? Yeah. Please go ahead. Just I think what Puneet had asked in terms of launch pipeline for next year, I missed it. Can you just what's the number you're looking like and what's the pre-sale target for next year? Okay. Nilang, basically just to answer your earlier question also, because I think you had, I mean, the audio was slightly poor. About two years back, we had laid out a pipeline of INR 114,000 crore of launches across a medium term of five years. Every quarter we give an update against that of how much has been cumulatively launched and how much is there to be launched. That's how the INR 60,000 crore number comes in. It's not that the INR 60,000 crore is the only, I mean, launch pipeline that we have. We have projects lined up even once this is done. This is being sort of phased out in a manner where we believe the market can absorb at the, you know, the products that we are offering, and something which we believe that we can execute well. To the point that Puneet raised earlier, just to reiterate what Aakash said, next year we should definitely have one I mean, in the current year, 2026, 2027, we should have one big launch in DLF City, for sure, which should hopefully be in the INR 8,000 crore-INR 9,000 crore range, if not higher. We should have this DLF The Arbour senior living launch, which we have spoken about. We should have the next launch, the next phase launch of DLF The Westpark, and The Dahlias will continue selling, and hopefully at some stage Goa should also come into play. From a guidance standpoint, we had mentioned, I think last year as well, that we believe that we will broadly stay on this trajectory of an INR 20,000 crore of sales guidance, and ballpark about INR 9,000 odd crore of new margin creation every year. I think we should hopefully be comfortably placed on that trajectory. Obviously, this guidance can go up if there's demand, you know, and if the demand sort of continues to be strong, there is always an upward assessment for it, and an upward upside risk to it. An INR 20,000 number broadly, in that trajectory, I think we are comfortable. Okay. Thank you, sir. Thank you. Next question is from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. Thanks for taking my question. Just couple of details on the project pipeline that we were just discussing. On The Arbour senior living, what is the size and timing that we are looking at? Similarly, if you can update us on The Dahlias experience center? you know, The Arbour senior living should happen in the next year. I'd say in the next few months. It could be one month, it could be three months. We'll have to see. Clearly these projects that I mentioned, all of them, you know, have a fair chance of being launched in this calendar year, you know, very comfortably. The Dahlias experience center, I'll defer to Aakash. Aakash, what's the current timeline of The Dahlias experience center being ready? Around Diwali. Yeah. We're doing something nice, something that, you know, has not been done so far, at least, presentation-wise in the country. I think it'll be nice for everyone to see, and we'll organize a definitely a show for you all also. Yeah. Aakash, the only risk with you is that by the time the experience center is commissioned, you may actually have sold out a large number of The Dahlias. No, sir. You speak so well. I hope that happens because then, you know, the analysts are, analysts are never happy. They'll tell us The Dahlias too, so we'll at least have something to tell them during that show, huh? God is kind. I think we've done phenomenally well in The Dahlias. I'm sure you know that this quarter alone, we've done about 32, and plus, two of The Camellias. What has happened is right now that as far as this entire thing is concerned, we've been able to create a demand which is In fact, we've been able to do sales in the entire country. I don't think if we put all the developers together, I don't think anybody's crossed a double-digit in the INR 100 crore sale mark. I think this speaks volumes of The Dahlias and the commitment that DLF brings on the table on super luxury. This is huge as far as anybody is concerned. Please don't judge us with a real estate thing, I think it's phenomenal for the business and of course the industry as well. The demand people keep talking about, it's pretty large. Very well accepted, we're doing about 100 +, as you know. The Dahlias is now touching, the new stock will be about INR 135 crore per sale. Yeah. That's where we are. Sorry if there's a background noise. Sorry, can you hear me clearly now? Go ahead, Abhinav. Sir, on the dividend side, which has been increased this year to INR 8, fully appreciate that. Where do you see this setting given the current pace of FCF generation? The thing is, Abhinav, the dividend is driven by two pieces. A large chunk of this dividend is driven by Cyber City's dividend to us, frankly. I think broadly about two-thirds of this dividend has been is really Cyber City's dividend. Cyber City, like a normal proper operating rental company with its debt to NOI at a very comfortable sub 3.5 level, you know, is generating more FCF and will continue, you know, hopefully growing its own dividend cycle. DLF cash flows themselves are growing. Again, we do not offer a dividend guidance. We have never done it in the past. If you see the trajectory across the last four or five years, it has been one of continuing growth in dividend. If things stay well, hopefully, you know, that trajectory should be maintained. Again, no guidance on that yet. Thank you, sir. Thank you. Next question is from Samir Jasuja from P.E. Analytics Limited. Please go ahead. Samir, yeah. Yeah, hi. This question is for Aakash. If I can get some sense on the weighted average per sq ft sale of the last 32 Dahlias, and what was the first 10 units sold and the last 10 units sold. What's the real price appreciation that has happened over the last one and half years? Samir. How much inventory are we left? We are now In inventory-wise, we've done about 60% already done. These 32, you can safely say they've gone about almost INR 100 crore. About INR 80 crore, INR 90 odd crore because of the south and north. There's a south orientation and there's a north orientation. North looks over the lake park and everything else, and the south looks, as you know, into the Aravallis. There is a price difference between the south and north, which is about between INR 20 crore-INR 30 odd crore, depending on the size and PLC. Then, of course, we've got the north side. As far as when we started off, what was about INR 60 crore is now INR 90 crore, and what was about INR 75 crore is now about INR 110 crore. There has been a phenomenal growth, but I don't want you all to kind of look at that right now at the moment, because this is just the beginning, and I feel it's more to do with what the entire offering is going to be. Once you see the experience center and see what we're actually up to, you'd be happy to kind of acknowledge the fact that super luxury in India, the definition that is super luxury is a completely different one as far as this is concerned. You know, The Dahlias is something far more superior than The Camellias. If The Camellias has made a benchmark for the industry in the country, I think you'll all be very happy to see where The Dahlias is heading to. Also, as I said, we recently hosted a dinner for all Dahlias owners. Everybody but Mr. Ashok Tyagi attended it. It was good. It was phenomenal. It was, I won't call it a show of strength, but I think more to do with building a camaraderie. Actually, you know, a lot of people had this whole thing about, you know, they started to compare price points and all. That's what I wanted to bring out in the open, that whoever boarded this journey in the beginning, obviously have benefited enormously with the kind of in the first stage. I think that's where we are, Samir Jasuja. Just one follow-up question. We have a ready product like Camellias, so what is the price per square foot of a ready product like Camellias compared to an under-construction product like Dahlias, which of course is going to be far more superior? Just the price differentiation between a super luxury ready product and an under-construction product on a per square foot basis, if you can throw some light on that, please. The Camellias right now is trading. Now, we're talking about super or carpet? apples to apples, whatever. Okay. The Camellias today, right now, is trading between anything between INR 80 crore to about INR 150 crore. Now, the good thing is that The Dahlias has caught up much faster than we expected it to, which is, we thought we will achieve this target in about four years, but we've done it in about a year and a half in terms of per square foot realization. That's where I'm saying that if you do apple to apple, The Dahlias would be maybe almost at par at The Camellias today. Now that is actually a pain point for me for The Camellias, because I feel there's a good headroom there. I feel that we will be able to achieve the next lot as far as Camellias is concerned or the next valuation will be, I feel the next jump for Camellias will be at least INR 25 crore an apartment. It's going to be a progress driven by people who are wanting to live in immediately versus waiting out for about four years. I still didn't get that answer. Can I take Camellias at INR 120,000 on super and maybe Dahlias at, say, INR 95,000 on super? Would that be a correct estimation? You can take Camellias at INR 120,000 on super, but Dahlias, there is a South Dahlias and there's a North Dahlias. Yeah, average? The south average, right now you take about INR 1 lakh. Yeah, it makes. Yeah. Yeah. Average, you take about INR 1 lakh. Okay. Again INR 1 lakh at a 20% differential. Right. Okay, thank you so much. Samir, you know, the interesting thing, of course, since, apart from you, most other people on this call would be from Mumbai, that these prices of The Camellias or The Dahlias today, if you convert into carpet, they'll be carpet north of INR 150,000, INR 160,000 a sq ft. Frankly, compare with the super lux products in Mumbai, you know, be it Worli or South Mumbai. I mean, Gurugram pricing of the super lux has frankly caught up, if not exceeded, that in South Mumbai. we have exceeded Mr. Tyagi. Believe me, I don't want to say we exceeded, but what I'm saying is that we definitely hit that level for sure. Absolutely. Yeah. Yeah. No, I reiterate we've exceeded. Okay, cool. Thank you. Our next question is from the line of Gupta. Please introduce yourself, your company name, and go ahead with your question, please. Hi, this is Akash from Nomura. Am I audible? Yes. Yes, please go ahead. Hi, sir. My first question is on the pre-sales guidance of INR 200 billion-INR 220 billion. This is the third year we are coming up with this guidance. Peers have now gone to pre-sales of INR 300 billion-INR 350 billion. We are still at INR 200 billion-INR 220 billion. Just wanted to know your thoughts as to when should we think about growth on the pre-sales front? My advice honestly will be for all the analysts that pre-sales is about the wrongest metric that you can use to track us or frankly, any of the substantial real estate players. I mean, if you also look at, you know, some of the other, you know, players, some of them are no longer chasing pre-sales, you know, frankly. You know, I mean, we can do pre-sales of INR 50,000 crore a year also, frankly. We have the land bank, we have the demand. You know, what we have to do is chase margins, chase cash flows, and there we believe our primary objective is chasing margins and cash flows and not chasing pre-sales, frankly. We are comfortable with generating this, you know, INR 9,000 crore-INR 10,000 crore of margin every year, generating about, you know, INR 7,000 crore-INR 8,000 crore. Cash flow. actually cash flow every year on the DevCo side, and obviously building a pipeline for the future. From next year onwards, we also enter the virtuous cycle of completions from a bookkeeping standpoint and, frankly, I mean, chasing joint venture deals or deals of lower margin products or even higher margin products beyond this. I'm sure at some stage these number will grow. I am not saying it will not. We are not gonna chase the INR 35,000 and INR 30,000 numbers just for the heck of chasing them. If we have a great product, maybe we will. We will achieve. There have been years when we have been the highest in pre-sales for the year, but that was not because we were chasing pre-sales. We were chasing margins, and we were basically riding on our products. Understood, sir. Thank you so much. Also, Mr. Tyagi, if I can just add to what you said, I'd like to address the elephant in the room that most importantly, you all need to understand that the construction capabilities in our country are still limited. You know, everybody can chase their pre-sale numbers, but who's gonna deliver on time? Also please understand with the monies that you are taking from yourselves, as long as, even if you're a consumer, how would you like it if I make a commitment of four-year delivery and deliver in 8-10 years? I think that is something that this company is absolutely cognizant of. Mr. Tyagi has told you what our capabilities of sales are and across the geographies. We are invited to participate post our Mumbai success. Panchkula you already know. A lot of companies and JVs are wanting to partner with them. I don't think that is something that you all we need to prove anymore. I think we've got capabilities of selling. We've got capabilities of making sure that we have the brand out there. The delivery is something which I think we are extremely conscious of. Understood, sir. Sir, my second question is on your Mumbai strategy. I think we are launching the second phase of The Westpark this year. What after that? How are we thinking about the Mumbai market going forward? Westpark itself, you know, overall, is a total I mean, the Westpark as defined currently is a total pipeline of in excess of 5 million sq ft super area. Against which we have so far launched 900,000. We should be launching the next phase of 800 odd thousand in this fiscal, maybe the 500,000 or 600,000 the fiscal afterwards. Understood. My third and final question is on the cash balance. We are already at INR 14,000 crore of net cash balance and generating free cash flow of INR 8,000 crore. Once that RERA balance unlocks, what's the plan with the cash? We are already sitting on the land bank. Any thoughts there? Also on the revenue recognition front in FY 2027, how should we think about that? Thank you. Yeah. Akash, as you rightly pointed out of the INR 14,000 crore of cash balance, almost INR 11,200 crore are sitting in RERA balance. All of these projects will start getting unlocked from 2027, 2028 onwards. That's when this cash will be available for us do different things. As stated earlier, I think we have a three-pronged approach. Number one is increasing shareholder return from the cash perspective. Second, we have an extremely healthy pipeline in DLF as well, mothership of building an annuity business, and there is a large amount of CapEx which is already kind of committed and will be invested for building that portfolio. Third is, as you rightly pointed out, we already have a reasonable share of land bank, but we are always open for opportunistic deal whereby we'll be able What will be margin accretive in our assessment. That cash flow is always available for reinvestment. On the second question, it's linked to the first one itself. As you know, our accounting policies are fairly conservative. We follow the CCM method, which is Completed Contract Method. All our large projects, starting from The Arbour, will start getting delivered from 2027, 2028 onwards. From there'll be a virtual cycle of getting freer cash and also an extremely healthy margin, which is going to get booked in our P&L, which we always share, which is kind of getting accrued and just waiting for the final delivery. Understood, sir. Thank you so much. Thank you. Next question is from Kunal from CLSA. Please go ahead. Hi. Can you please unmute? Am I audible? Yes. Yeah. Please go ahead. Yeah. Thanks for taking my question. On the INR 200 billion guidance, how much have you budgeted in terms of contribution coming from The Dahlias in FY 2027? look, I think this year the Dahlia sales. Right was about INR 5,000 crore, and hopefully if it should stay at this INR 5,000 crore-INR 6,000 crore next year as well. Sure. You have, you said you have a launch pipeline of INR 200 billion for FY 2027. From that, you're expecting another INR 150 billion odd. Yeah. I mean, we expect that the INR 13 billion-INR 14 billion, INR 14 billion, INR 15 billion, somewhere in that ballpark of sales will come through from that pipeline. Why is that? You know, typically if you see the, you know, barring The Dahlias, whatever you've launched so far have gotten sold at launch, including Mumbai projects. Yeah understand your assumption that why INR 150 billion, INR 130 billion out of INR 200 billion of launch pipeline that you're expecting? Kunal, like to the INR 200 billion, the assumption is that maybe because of the approvals and all, you eventually may end up launching a subset of 200. You know? We, I think, you know, I mean, you're right that so far we have always sold 100%, I mean, The Dahlias is of course a calibrated sale, but we have so sold 100%. I don't think it's, you know, it's smart in today's world to bank on everything to be a three-day sale, you know, in that sense. Yeah. We do believe that of our launch pipeline, the balance INR 13,000 crore-INR 14,000 crore should come comfortably for us to hit it to be on this INR 20,000 crore stretch. Understood. Understood. My, second question was, more on the land bank side. you know, I mean, and you have articulated a plan for the next, you know, few years in terms of a 25 million sq ft pipeline. Just wanted to understand on the land bank outside of your launch pipeline, right? Especially the one in the NCR and metros, which is almost close to 40 million sq ft. How marketable that is in terms of like, say, you know, in terms of time horizon of next, say, 5-10 years? No, most of this is marketable. Most of this is marketable. The NCR and metros pipeline, most of this is marketable. It's a question of, you know, some of these pipelines may not get at the best pricing today, which hopefully they will get in the next two or three. In fact, some parts of Gurugram also, we believe it's more, it's better to wait two or three years to launch them versus today. I mean, Privana, when we launched versus had we launched it six years back, there would've been a world of difference in terms of the monetization. I mean, what is here, this 137 million sq ft of balance potential, all of this is monetizable, for sure, you know, in that sense. Sure. Lastly, any update on Moti Nagar Delhi project, the second phase of it? Moti Nagar, you know, we are hoping that the government will do some infrastructure improvements as well in, you know, in central and western Delhi, and which may be the right more opportune time for launching the next phase. The first phase is almost now completely sold out barring some small tail that is remaining. I think it will happen, but I don't think it's gonna happen in this fiscal for sure. FY 2028, you would aspire for that? Yeah, FY 2028 that's what it is. Sure. Sure. Thank you so much, and all the best. Thank you. Bye. Thank you. Next question is from Parvez Qazi from Nuvama Group. Please go ahead. Hi. Thanks for taking my question. Couple of questions for Sriram, sir. One, of the four blocks which are under construction in Gurgaon Downtown 5 to 8, what is the construction timeline? Also, same for the mall that we are making in Gurgaon. The second question is of both Downtown 5 to 8 in Gurgaon and the Block 4 to 5 in Chennai, what is the pre-leasing status considering that in our existing portfolio anyway, we don't have much to lease. Thank you. Let me start with the Downtown Gurgaon Phase 2. Downtown Gurgaon Phase 2 is an integrated development of 7.5 million sq ft, out of which two million is the mall and 5.5 million is offices split into four towers, as you rightly mentioned, 5, 6, 7 and 8. Out of this, Tower 7, which is 2.2 million, is nearly fully leased. Now we have released Tower 5 and 6, and they are in the process of being leased. The finishing timelines are later part of 2028, early 2029. This, at the end of it, will still leave Downtown One, which is in between where we have the multi-level car park today, which is in between Ambience and Tower 2, 3 and 4, and that's going to be an iconic tower that we will start the construction about two and a half years from now. As far as Downtown Taramani is concerned, the 3.5 million construction is progressing well. We are reasonably confident of its completion in Q2 of the next fiscal year. We have made certain project changes there. We have created a central atrium between tower 1, 2, 3, 4 and 5, and that's coming out to be a very beautiful place. Out of 3.5 million sq ft, we have already leased about 500,000 sq ft, and the balance leasing is on its way. Sure, sir. Thanks and all the best. Thank you. Thank you. We'll take our next follow-up question from Nilang Mehta from HSBC Asset Management. Please go ahead. Nilang? Thanks. Thanks. Yeah. Can you please use your handset? Your audio is not very clear, Nilang. Hello. Am I audible? Nilang? Hello. Am I audible? Yes. Please go ahead. Hello? Yes, Nilang, we can hear you. Yeah, this is again a question for Mr. Sriram. Please go ahead. Yeah. No, just wanted to get a some sense on, you know, the pending area we have on SEZ. How's that being deployed or rented out? That's one. Second is, based on the micro markets in which we are, if you could give some color on, you know, supply and absorption, and also the rental trends, what you're seeing. Yeah. As a concept, SEZ is not something which is growing, it is showing a declining trend. Out of our total portfolio of SEZ of about 16 -17 million sq ft, we have already converted about 4-odd million sq ft into non-processing areas, including a small portion which we have even denotified. However, there, the existing tenants who have not yet exhausted their 80-IA tax incentives, continue to take SEZs on lease. The overall vacancy is about 10-odd percent, out of which the lowest vacancy is in the Cyber City in Gurugram. We've got about 8%-9% vacancy in Silokhera or 7% vacancy between Silokhera and Chennai. Hyderabad is at about 17%-20% vacancy. As far as the rentals is concerned, we are slowly trying to close the gap between the, say, in Cyber City, Gurgaon, between the Cyber City rentals and the SEZ rentals for the new take-up, that gap has now come down to within 10%- 12%. Chennai, we continue to get marginal rental increases. Silokhera, we continue to get marginal increases, so is the case with Hyderabad. Sure. Could you give some color on supply as well, in these markets, and absorption which is happening so broadly? Gurugram, I believe we've set a certain standard and quality of the office space and we believe this is the port of first call for any global blue-blooded marquee company that comes in, especially the GCC. We've just completed leasing the entire tower of Downtown, of Atrium Place Tower 4 to a single tenant from the U.S. We believe that with the quality of offering that we have and what we create in terms of the workspace solutions and spaces, we shall continue to be a leader here. To some extent, this will also be reflective in Chennai where we have now a fairly large operating portfolio exceeding 10 million sq ft, going up to about 14 million-15 million sq ft. We also created a benchmark About two years ago in crossing a rental of INR 100 in Taramani, the 450,000-500,000 sq ft that we have leased in Tower 4 and 5, I must share that the top floors, which have a 360 view of the city and the sea, have been leased at INR 145-INR 150. We expect an average rental realization of between INR 125-INR 130 there. Thank you, sir. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand over the call to Mr. Ashok Tyagi for closing comments. Over to you, sir. Thank you once again for joining us on this year-ending call. You know, as we, as Badal Bagri and then Sriram Khattar mentioned, both on the DevCo and the RentCo pieces, you know, we continue to have a strong story. In fact, the rental business with the commissioning of the two Downtowns and the full throttle, you know, going on re-rental of Atrium Place, is actually poised to see a very, very, you know, exciting phase of growth. On the DevCo, you know, I could sense some degree of, you know, expectation that I should have given a higher pre-sales than 20,000, but frankly, I think I would still encourage that we need to not only focus on pre-sales as a, as a metric, but on the margins and cash flows. I think once, you know, that entire sustainability comes into play, hopefully, you know, the pre-sales number will grow organically. That is very clear. We have a reasonably strong launch pipeline, Delhi continues to be the base for our entire growth prospect. Our cash generation would continue to be extremely strong, as should hopefully be our dividend trajectory. Our continued focus on, you know, on the entire EHS and governance pieces, you know, continues to be extremely strong, which at times leads to a more delayed start when we launch a new project, you know, because we just go through such an exhaustive checklist of our own. I think all in all, we are poised for a strong 2026, 2027 coming on the heels of a strong 2025, 2026. Look forward to connecting with all of you through the year. Thank you. Thank you, members of the management team. On behalf of DLF Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting. Thank you. Thank you