Ladies and gentlemen, good day, and welcome to the Q1 FY24 earnings conference call of Godrej Properties 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, please signal an operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kshitij Jain of Godrej Properties. Thank you, and over to you, sir. Yeah, good evening, everyone, and thank you for joining us on the Godrej Properties Q1 FY 24 results conference call. We have first, Mr. Pirojsha Godrej, Executive Chairperson; Mr. Gaurav Pandey, Managing Director and CEO; and Mr. Rajendra Khetawat, CFO of the company. Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation emailed to you earlier. I would now like to invite Mr. Godrej to make his opening remarks. Good afternoon, everyone. Thank you for joining us for Godrej Properties First Quarter Financial Year 2024 conference call. I'll begin by discussing the highlights of the quarter. We then look forward to taking your questions and suggestions. After recording a record sales performance in the fourth quarter of the last financial year, bookings were muted in the first quarter, with a decline of 11% year-on-year to INR 2,254 crore. This was due to several of our planned launches slipping out of the quarter due to delays in regulatory approval. Sales from existing inventory, however, grew by 19% year-on-year to INR 1,816 crore. Godrej Splendour in Bengaluru, launched in the previous quarter, recorded sales above INR 350 crore for the second consecutive quarter. We remain confident of meeting our annual bookings guidance of INR 14,000 crore. We delivered 4.9 million sq ft for the quarter across four regions. This indicates 39% achievement of our annual target of 12.5 million sq ft of delivery in the first quarter alone, setting us up well to meet our annual target. From a business development perspective, I'm happy to report that we started the financial year with four new project additions to our portfolio, with an expected combined revenue potential of approximately INR 6,450 crore, or 43% of our annual business development target of INR 15,000 crore of expected booking value. All four of these projects are outside purchases in the premium to luxury segment. We believe these projects will support our efforts to maintain rapid top-line growth rates while substantially improving the margin profile of our company. One of the projects, at New Alipore, will expend, excuse me, expand our presence in Kolkata, while three others in Gurgaon will help us strengthen our position in the National Capital Region. We now have our strongest-ever project pipeline. The most important objective going forward will be to get all of our recently added projects launched in the upcoming quarter. We believe this can dramatically accelerate our bookings and earnings growth trajectory in the years ahead. Our reported earnings for the first quarter showed healthy growth, with total income increasing by 251% to INR 1,315 crore, EBITDA increasing by 98% to INR 230 crore, and net profit increasing by 174% to INR 125 crore. Before I conclude, I also want to update you on the project, Godrej Summit, located near Dwarka Expressway in Gurgaon, developed by our wholly-owned subsidiary, Godrej Projects Development Limited. It is a residential project which was completed in phases between 2017 and 2018. The on-ground project team recently appointed an external expert to undertake a detailed independent assessment of the project due to a concern recently discovered in one of the apartments. This assessment identified the presence of chloride in the concrete used in the project, which could have happened because of the presence of chloride in the water or aggregate used in concrete. The chloride, when in contact with water, leads to corrosion of steel reinforcement. The external expert further advised that with the required repair and maintenance framework, the building is expected to perform as per its intended design life. Accordingly, an estimated amount of INR 155 crore towards repair, maintenance, claims, or any other ancillary costs has been provided for in the first quarter. GPDL believes that it has the ability to claim against the contractor who constructed Godrej Summit. GPDL has also made an offer to buy back units or provide rentals to all the apartment owners of the project for the period of repairs and will account for the buyback if and when the intending customers execute the relevant documentation. Excluding the provision, our net profit for the quarter would have been INR 241 crore, a 424% increase. On that note, I conclude my remarks. Thank you all for joining us on the call. We'd now be happy to discuss any questions, comments, or suggestions you may have. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may enter star one on their touchtone telephone. If your questions have been answered and you wish to withdraw yourself from the queue, you may enter star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask a question, you may enter star one. We have the first question from the line of Puneet Gulati from HSBC. Please go ahead. ...Yeah, thank you so much for the opportunity. My first question obviously is, is on the INR 155 crore provision that you made. What is the max liability that you see here in terms of legal liabilities or a long drawn case, cross case, which, which can potentially hurt, you know, extremely good brand equity that you enjoy? How are you looking at it? How are you protecting the interests of the company here? Thanks, Puneet. I think, of course, we've taken the matter very seriously. We're doing our best to immediately ensure the teams on the ground have responded effectively and do what is needed to first ensure customers' safety and also ensure that they feel financially secure through the buyback offer. Our current sense is that, you know, this estimate that we've got, the provision that we've provided for, is our current best estimate of the impact. We do feel that, and our legal team feels strongly, that we have strong claims against the contractors who constructed the project, but we have not, you know, accounted for any potential receipts from those, so that could be an additional benefit. It's very hard to comment on, you know, what, if any, legal liabilities there could be. As of now, this is our, our best estimate of the impact from this. Who are the contractors and their ability to pay if needed? Yeah, there are a couple of contractors. I think, you know, in the interest of our own, we have yet to initiate our legal action. We, we keep that, keep that to ourselves for now. They're well, well-regarded, these contractors. Understood. My second question is on the collections, which were, you know, a bit weaker. Is it possible to get a breakup of what part of collections came from the new launches and what part from the sustaining sales? Similar numbers for last year, yeah, if possible. Puneet, it is a long list, you know, maybe we can connect offline and give you the number. Okay, great. That's, that's fine. Lastly, if you can, you know, talk a bit about your thought process in buying back the stake of the partner in the Bhandup project. What, what is driving these kind of decisions? Is it being driven by, at your end or at the partner's end, and, and, and how are, the, you know, financials, managed there? I think obviously it's a, it's a combination, and so any, you know, terms or any contract to be changed, both, both sides would have to agree. I think, as you're aware, since the time we've added some of these projects, our focus has been on increasing our economic interest in the projects and we've been less interested in developing projects where our economic interest has been quite, quite moderate. I think in line with that thinking, we saw an opportunity here with the partner, also happy to receive upfront cash, cash flow to convert this into an outright project. We're quite confident that, you know, the valuation will, will provide us an opportunity to make healthier returns. That was kind of the thinking there. Okay. That's helpful. Thank you so much, and all the best. Thanks, Puneet. Thank you. We have the next question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah, hi, Pirojsha. Thanks for the opportunity. My first question is on Godrej Summit. If you can help us understand what was the total sales value of this project when it was launched, and whether now it's equally in the money for the investors or the buyers, because you've also given a buyback offer. If there's not much of a difference, investors at least may panic and re-offer it on the buyback. Just want to understand how big can that be in terms of liability? I think we had sales of a little over INR 1,000 crore total in the project. Our sense is that, you know, only a small proportion of that is likely to come back based on what we are seeing in the buyback. Of course, the offer is open to any customer, so you should treat the potential liability as all customers potentially avail of it. So far, you know, we're talking about it's now been a few weeks since this offer has been made. Only about 60 customers are seriously exploring it as of now, and we've executed, you know, about 10 agreements already. I think we'll have to wait and watch. Our sense is from what our teams on the ground are explaining in their interactions with the customer, that most customers are for now interested in remaining in the project, and looking forward to us carrying out these, these repairs. That would be the, the total amount. We of course, once we -- so for any of these units that we do end up buying back, we will have the opportunity to resell them post completing the required repairs under the guidance of these external experts. So we're reasonably confident of being able to achieve, you know, the same price, when we sell these, these units as, as we would be buying them back for. What is the pricing formula of buyback, and what was the launch price of these apartments? The buyback price is linked to the price at which they were sold, and it's usually depending on when that specific unit and when the customer bought it, largely in the range of between INR 5,000-INR 7,000. What would be the prevailing prices right now in that micro market and for the same product, like, if you would have to resell it? As I said, you know, I think it's very hard to. Our current best guess is that, we're reasonably confident of being able to achieve the same price at which we buy back the units for. Obviously, for a newer development, et cetera, in the same location, we might be able to get a better prices. I think in this situation, I don't think we're thinking of making, you know, any, any, any positive return on this, but we also don't expect, this would not be a good use case unit. Okay, this is my last question on the launch pipeline. Any update on the Ashok Vihar project and the South Mumbai project? When you expect them to bring around in terms of launches? Thanks for the question. Ashok Vihar, you know, seems to be on track now. It's, it's like I updated in the last call, it seems to be heading towards sort of a launch in the H2 of this year. We've seen some very interesting breakthroughs in the last six to seven weeks. Fingers crossed, if it continues in its momentum, you'll hear some good news. Okay, then on the South Mumbai projects? You're referring to which specific one, Carmichael? Mahalakshmi project and then Worli project. Mahalakshmi, you know, should get launched likely in this quarter. I mean, this will be a sort of a phase-wide strategy that we have thought of. Starting from this quarter, we're looking at, we're seeing a lot of interest in the market, so yeah, likely we'll hit the market from this quarter, and we'll continue to even see even in the next quarter. The other project that we have is in Carmichael, that's going on track, and again, that will be launched in the H2 of this year. Okay. Thank you, Bharat. Thanks for answering. Thanks. Thank you. Participants, if you have a question, you may enter star and one. We have the next question from the line of Kunal Hirani, from DSP Asset Managers. Please go ahead. Hi, this is Vivek Ramakrishnan. My question was around the peak net debt levels that you'll go up to, it's now INR 5,300 crore. Are we near the peak? Especially we look at the rating rationales, where ICRA said that if the fund flow from operations to net debt to fund flow from operations is over 2.5, it's a negative rating trigger. Just want to get a sense of how we expect the operational cash flows to be. That's my only question. Thanks. We are quite confident this operating cash flow would be, you know, better in the coming quarters, because, you know, a couple of our launches, high impact launches, has been delayed due to delay in approval. The collections are little pushed forward. Once and, and the construction outflows are consistent, if you see, you know, outflows has been consistent quarter-on-quarter. We expect this operating cash flow to be better in second half of the financial year. We don't see any concern as far as the rating rationale is concerned, so we would be able to, you know, meet our rating rationale guidance. Excellent, sir. Just wanted to know, is the debt likely to increase from here, or is this the peak kind of debt levels that we expect to see till, till we get to the next phase? I think you will see some increase, likely, given the, the, the business development over the next couple of quarters. We think, you know, where after next year, we think it's, the calendar year 2024, is when there's a lot of these project launches happening, both in the next couple of quarters, but in next year itself, we expect very strong, positive operating cash flows. Thank you very much, and wish you luck. Thank you. Thank you. We have the next question from the line of Pritesh Sheth from Motilal Oswal. Please go ahead. Hi. Yeah, thanks for taking my question. First is on our Gurgaon pipeline, which is lined up, you know, pretty well after our recent acquisition. What sort of launch timelines we are targeting across the projects, that we acquired recently? Should we see any of them coming this, this year? Yeah, thanks for the question. you know, Gurgaon should start seeing launches, within the financial year. likely we should see launches, in quarter four. we've actually internally tracking the approvals. They are not just on track, they are tending to do a little bit better than what we had initially envisaged from an approval point of view. you will see launches starting from quarter four itself. Sure. Got it. Just to continue on the previous question, we are at a very healthy spend on land and acquisition, and that will continue because of our strong business development plan. One part is, you know, how should we expect the business development going ahead in this year? How much do we envisage to spend on, on the business development this year? Yeah, essentially, if you see, you know, we've been noticing a consistent trend that whenever we are able to get our launches by way of approvals on track, we are seeing stellar launches, and which is where the need for business development is kicking in. Initially, first part of the BD strategy was that we had a lot of opportunities to invest because we were not having the kind of inventory or presence in some of the cities we were present. Like the Gurgaon, you would clearly see a lot of expansion-specific focus on it. You would have seen Mumbai, a lot of focus on transactions. That was the first phase of strategy to, you know, kind of get into a point of arrival in these cities, and that has given us a very good base. From a future BD strategy, I think it's more about calibration, right? You will see focused effort on some specific markets where we are seeing our inventory getting sold out faster than, you know, we are able to replenish it. Case in point would be, say, Bangalore. You know, it is going to be more dictated now in terms of, you know, inventory, lack of inventory in the market, than just a secular BD expansion. There's a sort of a shift in our strategy. It would be fair to say that it is going to be more calibrated, more about specific micro markets or cities where we're not present that much, and you'll not likely see too many BD in those cities we've already made presence now. Sure. We'll stand by the INR 15,000 crore, or, you know, we can also exceed that number, given the way the pipeline is looking at right now. I think we are, at the moment, frankly, more confident in the INR 15,000 crore. It, of course, all depends on the opportunities that we get to see in the market, but we will stick to our guidance right now. Sure, the amount of spending that you would do this year, any comment on that? I mean, INR 15 crore-INR 25 crore already done, would this be like another INR 4,000 crore-INR 5,000 crore of spend in land and approvals this year? Not really. I mean, we're not looking, you know, that kind of investment right now, because, you know, we do have very strong pipeline. We want to get into a bit of also in the execution stage of some of these launches, which you should actually start seeing even this quarter itself. You know, you would see, within this quarter, one of the prominent investments we made in Noida will get into launch within this quarter. Idea is not to go aggressive in terms of capital deployment. Idea is to, you know, ensure that markets where we're not present, we, just target those opportunities and conclude opportunities on that. We're not at all looking at something of the capital side you're talking about. Sure. Just lastly, you know, you have certain market share in mind for every market, and, you know, where we are on that target right now. Are you happy with the CD pipeline across the market? Just firstly on the market share for your targeting. If I take a very macro view, it's a good question. In a very macro view, I think not now, but I think it's a very long run. In any industry, you see market leaders, you know, tend to operate between 30% - 60% in any organized structured businesses. Real estate, of course, is a very, very, very nascent stage. The headroom for growth to any developer is massive. You know, wherever we are present from a market share point of view, between 3.5% - 5%. I think what we are looking at is a sort of a, you know, easily double-digit kind of a market share, you know, kind of an opportunity. It will how we will balance the prudence, you know, we would like to do it, one step at a time, ensuring that we keep, while we aspire for aggressive growth, but we ensure we deliver profitable returns and manage our balance sheet within a particular range we're comfortable with. I think it is. The direction of opportunity, if you ask me personally, in the long run, in the very long run, would be something we're getting into really, that kind of scale, once this, this continues to consolidate more. Sure, got it. That's perfect. That's it from my end. All the best. Thank you. Thank you. Before we move to the next question, we would like to remind participants to ask a question, you may enter star and one. We have the next question from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi, just few questions. On the market side itself, how are we looking at pricing in the last, you know, three odd months and going forward from here? Thanks, Abhinav, for the question. You know, we are happy to report that, you know, we are able to still see consistent price increase in our portfolio. To give you a sort of a directional sense, you know, in north, we are seeing close to about 3%-5% of market, you know, price appreciation in most of our portfolio. Mumbai is seeing close to about 2%-4% of price appreciation. You know, market like Pune and all, about 3%-5%, and south about 2%-3%. While it's, while, you know, this is very early days, but seems like even in the early times of Q2, market is looking very exciting from this opportunity of price appreciation. You, you meant this is the QOQ sort of trend, right? Yes, quarter on quarter. Yes, yes. Okay. Gaurav, while we are on the same, I mean, with the large sort of pipeline, you know, now acquired, and you seem to be reaching the end of this broadly, you know, INR 50,000 crore-INR 60,000 crore, how are we looking at margins on this portfolio? That. See- Yeah, sorry, go ahead. Yeah, at a very macro level, our endeavor is to, you know, generate PAT margins close to about, in the range of 12%-15%. That's the kind of range we look at, generating long-term profitability. Of course, there are some projects where, you know, it would be significantly higher, and there could be some of, some projects which is within this range would be in the lower side. I would say it's fair to expect that's the kind of direction, because that will translate into a sort of a 20% return equity in the long run for us. Okay, 20% on this. Okay. Gaurav on, on, you know, on the second half, I mean, it, we do seem to be, you know, fairly heavy, biased towards the second half of the year, at least on the pre-sale side. How will be the, you know, the deliveries be spread out? You know, we've seen a good 1Q, from here on, can you give us some sort of guidance on how the deliveries will happen? See, largely, you know, we will have, you know, each quarter seeing some amount of OCs. I think it will be fairly larger in the later part of the year. I think you will see some good amount of OCs, hopefully, even, you know, if we are able to secure all the approvals on time, even in quarter two. Unlike the last year, where, you know, we got practically all the OCs only in the quarter four, I think this will be a, a sort of a shift in terms of being able to have more predictable OC calendar. Yes, it will be spread out. I think it will be a bit of, if I were to say, aspiratively, we'll have a good quarter 2, quarter 3 will be visibly balanced, Quarter 4 will be an upside. If, if at all something slips in quarter 2, we'll have a quarter 3 more exciting. It will be slightly different than the previous year. Great. Thanks a lot, and all the best to the team. Thanks, Abhinav. ... We have the next question from the line of Kunal Lakhan from CLSA. Please go ahead. If you can give some color on, you know, what was the land payment related to the projects that we, that we acquired in, you know, first quarter with GDV of INR 6,650 crore? Specific to these projects. Yeah. Kunal, you know, like we have mentioned in our investor presentation, we, you know, got this Bandra project, so we spent around INR 250 crore on this Bandra. Then obviously in NCR, we acquired, you know, three projects. On that, we have spent another INR 300 crore, you know. Plus there were some milestone link payment for the deals which we have acquired in the last financial year. Those were, you know, on balance, INR 600 crore, you know. Then obviously, then there are various approvals, you know, in terms of FSI, TDR, those accounted for the balance. You're trying to say that, the Gurgaon three projects that we acquired, we spent about INR 300 crore for a GDV of closer to INR 5,000 crore or more than? No, no, I'm not, I'm saying whatever we have incurred in Q1, we are saying that the total land payment would be somewhere close to INR 1,600 crore, of which we have spent INR 300 crore. For this, INR 6,450 crore, the total land payment will be INR 1,600. Three Gurgaon deals. Three Gurgaon deals. Okay, INR 5,000 worth, out of INR 5,000 crore of GDV. Yeah. Okay. just again, trying to understand, like on the Gurgaon projects again, which sectors are these? Because, you know, because your, the second and the third land parcel seem to be a lot more expensive versus the first one. I, I, you know, I'm not, you know, I'm missing the location. Why don't we just connect offline? I'll give you the location. You know, exactly finding out. The first two are prime location. Yeah. Okay. Okay, just some color on the land prices, actually, since these, since 2 of these projects were bought in a, bought in auction, just, you know, how are the land prices behaving, you know, in the last, say, couple of years? Because we have been quite active in terms of acquisition in Gurgaon, so. Yeah, I think prices have definitely moved up, which is good on all the GD we've been doing things like, you know, Ashok Vihar, Noida land parcels last year, the other Gurgaon parcels we, we got last year as well. I think what gave us a lot of confidence on these two is, you know, it is sort of a land value to booking value ratio is reasonably high for these because of the very prime location. These are projects we think will sell at, you know, 25,000 plus per sq ft. Also, it's also project sizes are quite optimal, we're about, you know, 500,000 per piece each, which we think can be turned around quite quickly. The return on capital we think will be quite fast and meeting our threshold. Certainly, land prices in NCR have been trending upwards. Sure, sure. Secondly, like, on the, on the, the Summit project, are we also, like, doing some audits, you know, in, in projects in and around the vicinity and, or, or, you know, being done by the same contractors for, you know, any such glitches? Yeah, we will certainly, you know, I think, take the learning from this and ensure we implement them both in any projects around the vicinity, but also on our national portfolios. We've been doing a lot of work, even predating this, on ensuring that as we, we operationally scale to the level we'd like to, that we, we remain laser focused on quality and improving our processes and standards there. Yes, I think we will, as a part of that, you know, do as you suggested. Sure. Again, I have one last bookkeeping question. On the Kolkata land, what was the payment? Kolkata land, we paid a very small amount, which was just EMD amount. The balance payment has to be made. Total is around INR 225 odd crore. Okay, great. Thanks. All the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may enter star and one. We have the next question from the line of Puneet Gulati from HSBC. Please go ahead. Yes, thanks so much for the opportunity again. In terms of the new projects which you've acquired in the auction, what stage of approval are they and how soon can you launch these? Thanks for the question. you know, any auction land, you know, it needs a series of... The government usually does auction. We got, government did auctions, and typically, you have to apply for buildings and approvals, and thereafter, you have to take, you know, environmental approvals, you have to take the rail approval. it's a, you know, it's a typical process that any land goes through. When we underwrite a deal, of course, you know, we take a very conservative sort of a view towards approval, because approval is a sort of a very unpredictable trajectory. When we get into a bit of an execution stage, our entire strategy is to pre-pone as much as we can. Just to give you one or two examples about it, you know, if you remember, we did a Noida acquisition very, very recently through auction, you know, it was sector 146. Immediately, if you would have asked me this question just one or two quarters back rather, when it was done, you know, I would have given you a guidance about Q4. What is heartening to note right now, we're in Q2 right now, and this is already under launch. Yes, from underwriting point of view, as you like to like conservative kind of a thing, but endeavor is always to pre-pone launches to the best possible use. Yeah, we should see, hopefully the similar trend will continue even in the subsequent quarters. I'm just trying to understand the perspective of how RLDA behaves. Is this auction authority also likely to behave similarly or is it more progressive? Well, I think this is a very different type of project. I think in our experience, you know, very large projects, with the land area being quite large, a lot of green areas, et cetera, do take longer to launch. We've seen that both in our own large projects as well as many of our peers when they have large project launches. We certainly don't see these as anything like that. Very. They're already in very urban areas, relatively small land sizes. We would, we would expect these to actually pick up sooner than the, than the usual. Understood. That's very helpful. Lastly, if you can, you know, give some color on the market demand, which market, in your view, is, you know, stronger than the others? Are you worried about Gurgaon market at all, given the kind of price increase and, and the euphoria that is going on there on the demand side? Thanks. Thanks for question. It's a good question. See, essentially, if you see, you know, wherever we are able to get our launches on time, approvals on time, we are able to see, sort of record breaking, things consistently in terms of all parameters that we look at, from a launch point of view. That's sort of a secular trend. While, you know, quarter one was muted, but frankly, it was purely because we didn't have launches, the big bang ones that you were looking at. It was. Yeah. Which is why 60% of Q1 was actually postponed. We are not at all seeing, from a macro point of view, any market selling less or more. It is just about whichever market we're able to get approvals on time, and it's available, we're able to sell. Coming to the second part of the question, which is more Gurgaon specific. When you sort of take a position from an investment point of view, you do not assume the world is going to be very, very exciting always. You take a sort of a very prudent view on terms of underwriting, pricing and all. Mm-hmm. It just happens that, you know, if market continues what it is, I think we'll have some very good surprises. I'm very, very confident that whatever we have underwritten, we will easily deliver on that. We are seeing very strong demand even on the existing portfolio. There are projects that were not as exciting for us in terms of sales velocity and business, have practically got sold out. Mm-hmm. It's a good problem to have, to be very frank. With Gurgaon, we are, you know, we don't have practically much of inventory without these new BB. Very strong market, very, very, consistent, demand and price appreciation, I think so. Yes, it's be fair to say that whenever we underwrite, we want to be very cautious and very conservative, but from a delivery point of view, we should be able to deliver it. Just to add to that, Puneet, I think it, it is also fair to say that we feel business development has really clicked in Gurgaon. We now have the, the portfolio we need. I think certainly from a going forward perspective, I think, you know, there are areas we'll be more focused on, such as Bangalore, say, Noida, plotting projects, et cetera. And Gurgaon, I think the, the BB work is largely now behind us. Understood. That's very helpful. Thank you so much, and all the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, we will take one last question from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah, good evening, everyone. Thanks for the opportunity. I had a few bookkeeping questions. First, you mentioned Ashok Vihar launch is now likely this year. Could you help remind us now in, out, out of the outstanding total land payment, how much has been incurred so far? With the project launch coming up, what sort of land payments you need to make to the authorities for that project? That is one. My second question is: When do we see a launch in the Vikhroli project... Will it happen sometime this year? When is the hotel expected to open? If you could help remind us, what are the commercials regarding the, whatever, the revenue share or whatever arrangement you have with the Taj Hotels? Yeah, thank you. Thank you. I, I think Ashok Vihar, you know, we expect, if, if the launch happens, as we hope over the next few months, this to be a key driver for the company, both on the PNL front as well as cash flow front, because of how well the, the, the, the, the market overall has done and given the kind of scale we have there. I think, I, I think we've got INR 500 crore of the remaining land payments, but the kind of positive operating cash flow we can expect there over the next two years, if this project launch now happens, as we hope, in the next few months, will be, will be much more than, than any further land payment amount. On Vikhroli, we do expect to launch the project this financial year. I'm looking forward to having the inventory in Vikhroli once again. On the hotel, we are actually very close to now opening the hotel. I think it probably, well, it will open actually in October. We've already received the occupation certificate there recently. The hotel is owned outright by Godrej Properties, with the point being as the manager for the hotel. Okay. This will be fully consolidated in our books, right? Just to understand this clearly. Yes. Okay. sorry on... Yeah, yeah, on Ashok Vihar, this INR 500 crore balance is again payable in tranches, right? It is not at one go, right? We will not have to make this right now. It will again be spread out over the milestones, right? No, the, the land payments are spread over eight years, you know. What Pirojsha Godrej mentioned was the, you know, the land payment, which is falling due, you know, which will fall due, you know. Obviously, there will be future land payments, you know, which we'll have to make for next two to three years. Okay. Okay, sir. Fine. Fine. That's it all, from my side. All the best. Thank you. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference back to the management for closing comments. Please go ahead. I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we'd be happy to be of assistance. On behalf of the management, thanks again for taking the time to join us today. Thank you, members of the management. Ladies and gentlemen, on behalf of Godrej Properties Limited, that concludes this conference call. Thank you for joining us, you may now disconnect your lines. Thank you. Thank you.