As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Ms. Sakshi Garg, Head of Investor Relations for Embassy REIT. Ma'am, you may begin. Thank you. Welcome to the fourth quarter and full year FY2024 earnings call for Embassy REIT. Embassy REIT released its financial results for the quarter and full year ended March 31, 2024, a short while back. As is our standard practice, we have placed our financial statements, earnings presentation discussing our performance, and a supplemental financial and operating data book in the investor section of our Website at www.embassyofficeparks.com. As always, we would like to inform you that management may make certain comments on this call that one could deem forward-looking statements. Please be advised that the REIT's actual results may differ from these statements. Embassy REIT does not guarantee these statements or results and is not obliged to update them at any time. Specifically, any financial guidance and Pro forma information that we provide on this call are management estimates based on certain assumptions and have not been subjected to any audit, review, or examination procedures, and do not reflect the impact of any proposed acquisitions or fundraisers. You're cautioned not to place undue reliance on such information, and there can be no assurance that we'll be able to achieve the same. Joining me today are Aravind Maiya, our CEO; Abhishek Agrawal, our CFO; and Ritwik Bhattacharjee, our CIO. We'll start off with brief remarks on our business and financial performance and then open the floor to questions. Over to you, Aravind. Thank you, Sakshi. Good evening, and thank you all for joining us on the call today. We recently celebrated our 50th anniversary as a listed REIT, and I reflect back with pride as to what we have achieved in these years, notwithstanding a global pandemic that threatened the future of offices. Over these last five years, we grew our completed office portfolio by 47% to 36.5 million sq ft, added 619 keys to our total business ecosystem, increased our in-place rents by 38% from INR 63 to INR 87 per sq ft, expanded our occupier base from 165 to 255 leading companies, and our investor base from 4,000 to over 91,000 today. All these efforts have translated to annualized returns of over 11% to our Unit holders, including almost INR 9,900 crore in distributions. We are delighted to see the continued acceptance of this product class in India and have doubled our efforts to promote its further awareness by partnering with the Indian REITs Association. Coming to our annual results, FY24 was an outstanding year. With 8.1 million sq ft of total leasing, 2.2 million sq ft of new office deliveries, and INR 7,200 crore of debt refinancing at leading rates, we surpassed our leasing guidance for the year and met our financial guidance. Abhishek will shortly take us through our next year's guidance numbers, but I'm pleased to announce that FY25 is going to be a year of growth, with expected year-over-year growth of 10% for NOI and 7% for DPU at the midpoint of our guidance range. On the macro front, global capability centers continue to lead the office space takeup in India. As per recent reports, 85 such centers were set up newly or expanded further in Calendar Year 2023, taking up around 25 million sq ft space and contributing to around 40% of the total office absorption in India. Not surprisingly, around 30% of these centers were set up in Bangalore as the city continued to lead the chart in terms of office takeup globally. Even in this last quarter, Bangalore reported robust numbers, with absorption outpacing supply and market trends recording a 3%-5% year-over-year growth. With this backdrop, let me give you an annual wrap-up of our leasing performance. We leased our highest-ever annual total of 8.1 million sq ft in FY24 and exceeded our original 6 million sq ft leasing guidance by 35%. This 8.1 million sq ft was signed across 99 deals and included 4.4 million sq ft of new leases, 1.3 million sq ft of renewals, and 2.4 million sq ft of pre-commitments. GCCs contributed to over 65% of this total leasing, with the demand primarily driven by technology, BFSI, retail, and healthcare sectors. With eight new GCC entrants this year, we now have 86 GCCs in our occupier roster of 255 corporates. Another highlight this year was the return of large deals. We signed five deals over 300,000 sq ft during the year, highlighting the confidence many of these companies have regained regarding their India footprint. We also noted 3.3 million sq ft of tenant exits during the year, primarily from IT services occupiers. Of this, we have already leased around 64% of the area vacated at 19% spreads and have a promising pipeline for the remainder. With this churn in the portfolio, while our occupancy levels dropped marginally during the year, our in-place rents went up by around 10%. We also met our occupancy guidance of 85% on the portfolio level and 87% on a same-store basis at year-end. Especially Bangalore and Mumbai, our two core cities which contribute to around 86% of REIT's value, continue to see an uptick in occupancy levels with multiple demand tailwinds. Our Bangalore portfolio is now at 91% occupancy and Mumbai at 99% levels, with two properties in Mumbai 100% occupied. Our Pune and Noida markets continue to be soft, with around 70% occupancy levels and will take some more time to increase. On the SEZ front, we had applied for denotification of 1.1 million sq ft under the old regulations across two buildings in Bangalore and Pune. We've already received the State NOC for the 0.8 million sq ft building in Bangalore and are in the process of receiving the same for the 0.3 million sq ft building in Pune. We expect to complete the denotification process for these two buildings by next quarter. We had also applied for demarcation of 1.1 million sq ft area across our Bangalore, Pune, and Noida properties in January. We are in the process of computing the final duties payable as per the recent clarifications received from the Ministry of Commerce. We expect to complete the demarcation process for these spaces in the next two to three months. Moving to our development portfolio, we've received Occupancy Certificate for the 0.7 million sq ft Tower One in Embassy Oxygen in Noida. This new tower is around 30% leased and has also been successfully converted to Non-Processing Area as per the SEZ demarcation process. Our current development pipeline now totals 6.1 million sq ft, all of which is in Bangalore. Of this, 4.7 million sq ft is scheduled for delivery over the next two years and is already over 70% pre-leased, along with expansion options for another 10%. This organic growth is a key lever of our NOI and DPU expansion over the next few years. Lastly, on our hotels, our hotel portfolio continued to perform strongly with 64% occupancy in Q4, signifying a remarkable 900 Basis Points quarter-on-quarter uptick. With a 14% year-over-year ADR growth in FY 2024, our hotels delivered an annual EBITDA of INR 184 crore, much ahead of our guidance. Finally, we have recently announced the proposed acquisition of Embassy Splendid TechZone in Chennai and a proposed unit capital raise to an institutional placement, subject to unit holder approval and other conditions. We will keep you updated as we progress on that. With this, let me now hand over to Abhishek for our financial updates. Thank you, Aravind, and good evening, everyone. Let me begin with the financial highlights for FY24 and then provide some color on FY25. We met our FY24 guidance for NOI and DPUs. Our revenue from operations stood at INR 3,685 crores and NOI at INR 2,982 crores, both up 8% year-over-year. This was mainly driven by new leases at high leasing spreads, contracted rent escalations, and a ramp-up in our hotel business, which was primarily offset by the impact of exits in our office portfolio. Our commercial office margins of 84% and hotel margins of over 45% continue to lead the industry. We have declared Q4 distributions of INR 495 crores or INR 5.22 per unit, representing a 100% payout ratio. With this, our total distributions for the year amounted to INR 21.33 per unit, down 2% year-over-year. This was primarily led by an increase in our interest costs and other working capital changes, mainly relating to security deposit refunds on tenant exits. Moving to updates on our balance sheet, we are focused on active debt management and optimization of our interest costs. During the year, INR 4,100 crores of debt was due for maturity, which we successfully refinanced at an average rate of 8.2%. We also proactively refinanced an additional INR 3,100 crores of debt with low-interest rate instruments and achieved 103 basis point pro forma interest savings. We did these refinances through a combination of listed debentures, bank loans, and first-time Commercial Paper, all of which had rates locked in for less than two years on an average. We followed this tactical approach to benefit from any turn in the rate cycle. With this, we also expanded our debt investor base with 9 new entrants, including large public sector banks, private pension funds, domestic mutual funds, and insurers. Our net debt book now totals INR 16,000 crores, implying a 29% leverage ratio and a 7.8% in-place cost. Also, less than 2% of our debt matured in the first half of the financial year, limiting any refinancing exposure. Moving to an update on our year-end portfolio valuation. As per the independent values assessment, our GAV is at INR 55,000 crores and our NAV at INR 401.59 per unit. This increase was mainly driven by our new deliveries, ongoing development Capex, improved hotel performance, and an increase in the in-place rents as well as market rents for our Bangalore and Mumbai properties. Lastly, our outlook for FY25. We expect our NOI to be in the range of INR 3,215 to INR. 3,345 crore and our distributions to be in the range of INR 22.4-INR 23.1 per unit. At midpoint, this guidance implies a 10% growth in NOI and a 7% growth in DPU on a year-on-year basis. Our outlook is based on the following key assumptions for the full year. We expect 5.4 million sq ft of total leasing. This comprises 3.8 million sq ft of new leases, including new building deliveries scheduled for the year, 0.6 million sq ft of renewals, and 1 million sq ft of pre-commitments. We have 2.2 million sq ft of lease expiries due for FY 2025, implying a total of 1.6 million sq ft of likely exits during the year. We expect a year-end portfolio occupancy of 89%. However, this does not factor potential downside risks of any further portfolio optimization initiatives by an occupier in the IT services sector. We are confident of achieving contracted rent escalations of 13% on 7.7 million sq ft leases during the year. We expect our Hotel NOI to increase by around 10% year-on-year on the back of occupancy and ADR growth. Our solar park NOI may decline by around 20% year-on-year due to the revised government tariff. Finally, we expect a 15%-18% year-on-year increase in our interest costs. This will be driven by the full year impact of refinancing, 2.2 million sq ft of new deliveries in FY 2024, and the interest costs related to 2.5 million sq ft of new deliveries scheduled for FY 2025. Lastly, I want to clarify that this guidance excludes the impact of the proposed ESTZ acquisition as well as any associated fundraise. To date, we have always delivered on our guidance numbers, and going forward, our single most focus remains on delivering growth to our unit holders year after year. With this, let's now move to Q&A, please. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on a touch-tone telephone. If you wish to remove yourself from the question queue, you may press two. Participants are requested to use handsets while asking questions. We would also request participants to restrict their questions to two per participant. If you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much and congratulations on good outlook. My first question is on the demarcation part. Is the final guideline now available in writing, and are you confident that there is no risk of delays because of elections, etc.? You should be able to demarcate the area within a quarter. You want to finish the second question, Puneet? Yes. Second is on the leasing guidance of 5.4. How should we think of it? Will it likely be backward-ended, or is it likely to be evenly spread out throughout the year? Okay, sure. I'll let Abhishek take the first, and then I'll take the second one. Yeah, so Puneet, on the demarcation that was required on how to compute the duty, now the recent instruction that we have received, I think we have a landing of how to compute the duty. With this, we expect that for the buildings, it should be around, as we said, INR 400 per sq ft and an additional on the common area infra, which should be. We don't think there should be any 2-3 months because it's the first time that they are doing and post that it should be streamlined. This notification is now published? Yes. It came over 10 days back, Puneet, so it's out there in public domain, the final FAQ which gives all these answers. Understood. Yeah, just moving to your second question on leasing. It has three components. It's about 3.8 million sq ft of new lease, including the deliveries which are getting done this year, has about 1 million sq ft of pre-commitment and 0.6 of renewals. In terms of timing, I would say probably the pre-commitment would be a little front-ended, and the new lease up of 3.8 will be more or less even through the year. That's the way we are looking at it as of now in the guidance. Right. So basically, if you were to think about it, there'll be on your 5.6 million sq ft current vacant area, about 1.4 is likely to be expiry, and 2.3 should be new area addition. And roughly, for the existing portfolio, only 4.4 million sq ft should be new leasing. So that should still leave around 5 million sq ft area vacant at the end of the year. Is that right? Just a couple of clarifications. 5.6 is correct. 1.6 is the expected exits during the year, and 2.5 million sq ft is the expected completions. Of this 2.5, around 1.2 + 0.6, 1.8 is already pre-leased. So it has only 0.7 left to be leased, right, which we kind of have factored that we will lease because that's in our prime asset, Embassy TechVillage. So that's already included in the 3.8 million new lease up number which we've given. Sorry, this 1.8 is already pre-leased, or will it? Yeah. Okay. 1.8 is already pre-leased, which is nothing but 1.2 million sq ft of pre-lease done in Parcel 8 of Embassy TechVillage. 0.6 million is M3 Block B, which is fully pre-leased, which means what is left is around 0.7 million sq ft in Parcel 8 of ETV, which gets delivered in phases between October-December 2024. We believe in our guidance, the balance 0.7 also gets leased up by March 2025. This 0.7 is a part of 3.8. Is a part of 5.4, right, which is the full lease up? Yeah, part of 3.8 and part of 5.4. The numbers which have been taken to reach that 89% year-end occupancy, what remains as vacant area at March 2025 is around 4.5 million. 4.5. Understood. Great. That's all from me, sir. Thank you so much, and all the best. Thank you, Puneet. Thank you. The next question is from Mohit Agrawal from IIFL. Please go ahead. Yeah, thanks for the opportunity, and congratulations on giving good outlook and guidance. My first question is on the new leasing 3.8 million sq ft guidance. If you could give some color on which are the assets where this is coming from, or if you could give Bangalore, non-Bangalore, and does it include the entire 1.1 million sq ft area that we had applied for demarcation? So some color on that will be useful. Anything else, Mohit, or this is the only question? My second question is basically on the 2.2 million sq ft of expiries next year. So we've seen this in the last year that from the time that initially the expiries have gone up during the year, so what gives you the confidence that I think Abhishek did mention that there is a risk of expiries in that 89%. But what is the kind of visibility you are seeing? Are you in touch with your tenants, and are they giving you confidence that this 2.2 million sq ft expiries won't substantially change during the year? Sure. First is on this 3.8 million sq ft. I mean, when you look at it, if I can go city by city, Mumbai, there's nothing left for us to lease because it's 99% occupied. The big city is Bangalore, which year-end was 91% occupancy, but a substantial portion of the 1.6 million of exits is in Bangalore, and also a large portion of that is in Manyata. Obviously, a large portion of this leasing guidance comes from Bangalore and also from Manyata. I mean, roughly, you could say almost 60% of the leasing guidance is coming from Bangalore, and in that also, a substantial majority is Manyata. And then the balance is a little bit in Pune, around 1 million sq ft in Pune and around 500,000 in Noida. That's the broad split we are looking at of this leasing guidance. That's the first part. Second, in terms of expiries, I think that's a fair question considering what's happened in FY24. But the way we're looking at it is if you see FY24, a significant portion of expiries, Mohit, was coming from IT services. We had big exits in the form of Cognizant, TCS, and Accenture. Now, as we speak, IT services in the entire portfolio is just around 11%. A lot of exits have already happened. The one, I would say, from a commercial real estate point of view, one sector which has not necessarily been doing well for us is IT services. The risk has already become minimal. Having said that, Abhishek has rightly called out one specific tenant where it's still a little uncertain and could be a downside risk for us. But beyond that, while we've seen this happen over the last, say, 5, 6, 7 years, there will always be some additional expiries coming in, but we don't expect that to be substantial. That's the sense we have as we speak. Okay. Can you quantify the downside? Maybe I missed that number, but that one tenant that you're talking about. Yeah, I mean, we've not really quantified that, Mohit, but the way I would like to answer that is if this tenant were to take a different decision during the course of the year, we believe we have factored the downside risk in terms of distributions already in the range. But from an occupancy point of view, it could have an implication of 1.5%-2% downside. Okay. This is very clear. Just one last question. This is for Abhishek. So in December, SEBI had put out a revised NDCF framework, and that now kicks in from 1st of April 2024. Just trying to understand that, firstly, has that been incorporated in our estimates? And also, what kind of impact, if any, it would have had? And will it make the distribution on a quarter-on-quarter basis more volatile? So, Mohit, two things. One, we have factored that because actually, there is no impact. The revised NDCF that we have computed is based on the revised NDCF format only while computing for the guidance. It will not make any volatility come in because of just change of the presentation, the way SEBI has put out its. For us, it's just change of presentation. We don't start with the PAT. We start with the CFO. Okay. Understood. That's all from my side. Thank you so much. Thank you. The next question is from Kunal Tayal from Bank of America. Please go ahead. Great. Thank you. I have three questions if the third one is allowed. The first one is just looking at your walk-down from NOI growth of 10% to about 7% at a DPO level. I get the interest expense part of it, but I was just wondering that as security deposits worked against distribution in the past two years when your occupancy was going down, should it not have worked in favor now when it is expected to go up during FY25? So that's sort of the first question. Second, I just wanted to get some more color on this annual escalation contributing to about 3% growth this year. And we were looking at data that even next to a three-year, it's more in the handle of 3%. So, I mean, we've often thought of it as being in the range of 4.5%-5%. Any peculiar reasons as to its looking at 3% for the next few years? And then finally, just on that NOI range of 7.5%-12.5%, fair to assume that the low end would account for the exit risk related to the IT services tenant you highlighted? Thank you. So, Kunal, I'll take these questions one by one. On the escalations which you're talking about, I think the way it is is some of these tenants have 5% escalation every year, and most of the tenants standard 15% every year. So that pulls down the average to around 13%-14% every year. But if you see effectively, it is 15% largely. On the first question which you had, which is, I think, related to guidance where the NOI to NDCF, NOI is basically increasing by 10% while NDCF is not, the reason, yes, what you rightly said, there's a big impact of interest which is coming out, as I mentioned, because of the deliveries and the full-year impact of past deliveries and refinancing. Also, there is a lot of non-cash item, non-cash NOI, which will also get generated during the next year because of all the leasing guidance that we provided. Also, this current year, we had a huge amount of other income which came out because of insurance receipt and receipt of scrap sale income, which is not expected to be as high next year. On the NOI range for the guidance, I think we have considered in the lower end, we have considered the impact of that one tenant if it exits fully. Just, Kunal, if I can expand a little bit more on the first one, what's happening is, yeah, the security deposit is playing out positively, but there's also a lot of straight-line or non-cash revenue which is included in the 10% upside, which does not necessarily flow down to distribution for FY25 but will flow to 2026. So that kind of somewhere offsets each other. So you don't see the full impact flowing through. Got it. Clear. Just if I might, there's one follow-up on the escalations bit. I get the difference between 5% annual and 15% over three years, but if this is happening for 3-4 years on the trot, that feels a bit weird. I mean, do understand if one year it is more like 3%, then next year it goes up to 6%. Or is it more a case that we just had one of these prior years where the big escalations came in, and next few years is more like catch-up now? I mean, we can come back on this, Kunal. We don't see any exceptions to our 15% escalation. I mean, there are just very, very few where it might be a little lower, but we can probably pick this offline. Okay. Sure. That would be helpful. Thank you. Thank you. The next question is from Praveen Chaudhary from Morgan Stanley. Please go ahead. Hi. Thank you so much for the presentation. I have two questions. One was about EBITDA margin, which went up from 79% to 81% between FY23 and FY24. I just wanted to understand, as you continue to grow, how high can this go, or have we reached the peak? That's the first question. The second question was, this 10% and 7% guidance that you have given in NOI and DPU growth, if I were to add the Chennai acquisition and QIP, for which you had presented before that it is 2.9%-2.2% accretive, would it change the number from 10% and 7% to, let's say, 13% and 10%, or not really? Thank you. Praveen, I'll take the second one first. We are constrained from answering that considering all the things which you're working on. So probably I'll just skip that question, and I'll direct Abhishek to answer the first one on the EBITDA margin. Abhishek, over to you. Yeah. So, Praveen, what has actually happened is last year, we had certain expenses which we had done during the last quarter for the hotels. That's the reason why EBITDA margin was 79% last year and 81% this year. I think the sustainable which we expect is between 80%-81% only. Understood. Understood. If I may add one more question, you were explaining this question between 10% and 7% difference. For FY24 Q4, just for Q4 specifically, would you be able to give us a little bit more the difference between 13% NOI growth and 7% decline in DPU growth? What portion of that decline was because of interest expense, which we understand? And what were some of the other things that you mentioned, insurance, etc.? Yeah. Praveen, there are a couple of reasons due to which this declined. One is obviously the interest. Second was the other income, which is scrap income and insurance income, which was, again, lower by INR 10-INR 12 crores. The third component was the working capital change, which was significantly lower this year for this quarter also because of the security deposit payment. Also, there were some collections last year, right, Abhishek, which happened one time. Because of which the working capital went down. The last component around INR 15 crore was because of the non-cash NOI. Understood. Thank you very much. I mean, again, the question was asked before, but we are still wondering, some of these things should reverse. Except for interest expense, hopefully, that should have helped me in FY25 or FY26 if it was reversed in FY24. So. Praveen, sorry. You're barely audible. I'm sorry. I was just saying this question was asked before, but some of these things that we saw in fourth quarter, which declined versus FY23, some of that will reverse. And I'm just wondering, from a quarterly perspective or half-yearly perspective or annual perspective, which year or quarter in FY25 or FY26 we could see the benefit of DPU versus NOI? So the answer to that, Praveen, is we are already seeing the benefit of that in FY25 where because of all the lease-ups done last year, including pre-leasing plus the lease-ups done later part of the year and the guided lease-up for FY25, all of which will lead to positive working capital in the form of security deposit, all of that is baked in already. Having said that, the two negatives in the FY25 guidance is a large part of it is because of interest where Abhishek has said that the interest will increase by 15%-18%, two reasons, rate increases as well as deliveries. And second is a significant portion of FY25 lease-ups will not result in cash revenue next year, right? That somewhere kind of becomes much smaller cash increase in NOI. Just to answer it in one line, again, the guidance already bakes in the positive working capital in FY25. Yeah. That's very clear. Sorry that we are asking the same question. This is the key question. Thank you for explaining it, Abhishek. No problem. No problem. Thank you. The next question is from Pritesh Sheth from Motilal Oswal. Please go ahead. Yeah. Thanks for the opportunity. Just clarification on the new leasing part, 3.8 million sq ft. Does that include full new developments that are coming up, which is 2.5 million sq ft, or only the unleased portion, which is where we are confident that we would be able to lease that in this year itself? So why don't I loop in Amit Shetty, our Head of Leasing over here, to answer this question, Amit? Yeah. I mean, the 3.8 is the answer is yes. It includes 2.5 million sq ft full that is coming up for delivery this year? Correct. Okay. Okay. And second, again, on the NOI to NDCF flow, how much working capital change, whatever positive, negative, you would have assumed in that number if you can quantify that for me? We'll skip quantifying that exact number, Pritesh. Okay. On the interest part, that 18% kind of increase that has been assumed, you have mentioned about two components. One is interest rate increase. Does that also include the refinancing that we'll do in the second half, starting of the second half this year of INR 2,000-odd crore refinance that is due? Yes, Pritesh. We have included that also. So it includes the full-year impact of refinancing, which we did last year, the impact of refinancing, which we will do in the next year, the full-year impact of deliveries, which we had done during the last year, and the impact of deliveries, which we will do in FY25, so all four impacts considered. Sure. And part of your capital raise that you will be doing is also to repay some of the debt, right? So if that happens, whether that interest benefit is being considered in this number or no, right? No, Pritesh. As I mentioned in my prepared remarks, this guidance doesn't take any impact of any SEZ acquisition or fundraises. Sure. Sure. Got it. That's helpful. That's it from my side. Thank you. All the best. Thank you. The next question is from the line of Piyush Mittal from Kotak Alternate Asset Managers Limited. Please go ahead. Hi. Congratulations on the results. I have two questions. The first one on the acquisition that we're doing. For the development piece, I understand we are expecting a 10% yield on the asset, the under-construction piece. Similarly, when we had done the acquisition of Embassy Business Hub last year, we had done the acquisition at 12% yield on cost for the under-construction piece. So first question is around just wanted to understand why are we valuing them at different yields. That's number one. And number two is, from an equity fundraise standpoint, how do we evaluate between various avenues that we may have, say, a rights issue or a QIP? How do we choose between what we want to go ahead with? Yeah. Let me take the second one first. The only actual real avenue available for us right now from an equity perspective is a QIP. You could think about also maybe potentially doing a pref. But really, I think at this point in time, given where our stock is, given the rerating and the stock price and the fact that we have a public float, we thought it was just in our interest to go out there and continue to expand the free float to a level which allows sort of new other sort of pedigree blue-chip investors to also take advantage alongside our existing holders. So the capital markets, like I've always said, continue to evolve for us. I don't think sort of a rights issue at this point in time has the same sort of cachet it does maybe in other jurisdictions. So that's not an avenue that we really were looking to explore. So I think the QIP route was probably the best one. Secondly, I think just on yields on cost between Chennai and hub, I think they are different markets. There's different, obviously, sort of construction costs as well as sort of the rents in there. So I think at this point in time, given that we are looking at Chennai, we have sort of 61% of sort of the asset by value, but we take on the whole construction cost, that rent sort of obviously comes the yield on cost number sort of just tops out at roughly sort of 10% at this point. Just one additional point on that is Hub was, you can say, a little shorter construction time frame versus SEZ is a little longer. So the IDC also plays a part in the yield on cost. Okay. Thank you. Thank you. Thank you. The next question is from the line of Abhinav Sinha from Jefferies, India. Please go ahead. Hi. In the beginning, you had alluded to some improvement in rentals in Bangalore. Can you slightly elucidate on that? I mean, are we expecting this trend to strengthen in FY25, or what are you seeing on ground there? This is Amit Shetty. So the rentals in Bangalore are growing stronger over the last four quarters, if I have to say. The rentals, especially in micro-markets that we own and operate, are seeing upwards of about 5%-8% year-on-year. Also, the relevant supply in Bangalore is also shrinking given some of the larger deals that have been completed in the marketplace and also the fact that some of the developers are moving towards resi given the high RESI demand in the city as well. So this kind of puts us in a very, very strong position on the rental side. Just similarly for Manyata and ETV, when you are doing these pre-commitments, particularly for Manyata, how far are we above the market? Typically, we are getting about anywhere between 5%-8% above market as a premium. Okay. So we are leasing slightly north of INR 100 there roughly today? Yeah. Yeah. Yeah. Okay. Okay. Okay. I think that's helpful. Secondly, I mean, quick question on the transaction which we are looking at. What are the timelines, if you can help us with that now, for both the acquisition as well as the follow-on? Well, we put out the EGM notice on April 6th. We are doing the unitholder vote on Monday, which is April 29th. And then really, I think the fundraise is a factor of sort of market conditions and going out there and seeing what's optimal post that, both an appropriate period between the unitholder vote and us actually executing this. So think about something you've got sort of close to sort of a few weeks after the unitholder vote to do this. The asset acquisition is simultaneous, or that will take some more time? No. We'd effectively look to close everything by pretty much in a couple of months from now.