Ladies and gentlemen, good day and welcome to the Godrej Properties Q3 FY25 Results Conference Call. 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 call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Kshitij Jain from Godrej Properties. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining us on Godrej Properties Q3 FY25 Results Conference C all. We have with us 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. The forward-looking statements are based on future expectations and may involve risk. The outcomes may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the results presentation. I would now like to invite Mr. Godrej to make his opening remarks. Over to you, sir. Good afternoon, everyone. Thank you for joining us for Godrej Properties' Q3 financial year 2025 conference call. I'll begin by discussing the highlights of the quarter, and we then look forward to taking your questions and suggestions. Calendar year 2024 was a record-breaking year for Godrej Properties. Our booking value reached ₹28,800 crore, a year-on-year growth of 69%, and this was achieved through the sale of 26.38 million sq ft of area, a volume growth of 54%. This is the highest-ever booking value and volume achieved by any listed real estate developer in India in a calendar year. Collections and operating cash flow were ₹14,779 crore, a year-on-year growth of 40%, and ₹6,043 crore, a year-on-year growth of 52%, respectively. We delivered projects aggregating 18 million sq ft across seven cities during the calendar year. Furthermore, we replenished even more than what we sold by adding 16 new projects with an estimated saleable area of 29.1 million sq ft and expected booking value of INR 36,250 crore. Our earnings were also the highest ever, with net profits of INR 1,489 crore, a year-on-year growth of 124%. Towards the end of the year, we raised INR 6,000 crore of equity for gross capital through the largest-ever QIP by a real estate company in India. As a result, our net debt-to-equity ratio has improved to 0.23, from 0.72 at the start of the calendar year. Booking value in the nine months of the current financial year grew 48% to INR 19,281 crore from a sale of 18.2 million sq ft of area, a volume growth of 54%. This is the highest-ever nine-month booking value and area sold achieved by Godrej Properties or any Indian real estate developer. GPL has now achieved 71% of its annual guidance for booking value for FY25, and we remain confident of meeting and exceeding our guidance for the year. The Mumbai region has seen very sharp growth this year, with total sales of INR 5,155 crore, a year-on-year growth of 104%. For the Q3 quarter, our booking value was INR 5,446 crore from the sale of a little over 4 million sq ft of area, a decline of 5% year-on-year in booking value, and a growth of 5% quarter-on-quarter. GPL achieved a booking value of more than INR 5,000 crore, even though a couple of new projects launched, including Godrej Madison Avenue in a new launch in Hyderabad, which is currently underway, and Godrej [Reviewing] in Sector 44 in Noida, which is also currently underway. But both of these had been planned for Q3 and ended up being launched in the early part of Q4 instead. This is the sixth consecutive quarter in which Godrej Properties has delivered more than INR 5,000 crore of booking value. For the first time in Indian real estate, we were able to deliver INR 500 crore-plus launches in five separate cities in all parts of the country, with launches of over INR 500 crore in value in the west, in Mumbai and Pune, in the north in Gurgaon, in the south in Bangalore, and in the east in Kolkata. GPL also achieved its highest-ever nine-month collections and operating cash flow of INR 10,086 crore, a year-on-year growth of 50%, and INR 3,436 crore, a year-on-year growth of 99%, respectively. Collections and operating cash flow in the Q3 were INR 3,069 crore and INR 615 crore, respectively. From a business development perspective, I'm happy to announce that Godrej Properties has added 12 new projects in the year to date, with a total estimated saleable area of approximately 16.9 million sq ft and total estimated booking value potential of INR 23,450 crore, as against our annual guidance of INR 20,000 crore. This included four new projects with an estimated saleable area of 5.9 million sq ft and expected booking value of INR 10,800 crore added in the Q3 quarter. GPL delivered projects aggregating 2.6 million sq ft in two cities in the Q3 quarter, taking the year-to-date total to 11.9 million sq ft of deliveries. The slightly lower deliveries in the Q3 were part of the reason that cash flow through the quarter saw quarter-on-quarter decline, but we have a lot of deliveries and other construction milestones planned in the fourth quarter, and expect to see a sharp growth in both collections and operating cash flow in the current quarter. For the Q3 quarter, our total income increased by 133% to INR 1,222 crore, EBITDA increased by 85% to INR 280 crore, and net profits increased by 161% to INR 163 crore. For the nine months, our total income increased by 74% to INR 4,203 crore, EBITDA increased by 144% to INR 1,336 crore, and net profit increased by 301% to INR 1,018 crore. We hope to build on this momentum through the launch of a large number of exciting new projects combined with strong customer sales. We also expect to deliver a record year from the point of view of cash flows and earnings. On that note, I conclude my remarks. Thank you again for joining us on this call. We'd now be happy to discuss your questions, comments, or suggestions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from Puneet from HSBC. Please go ahead. Yeah, hi. Thank you so much for the opportunity. My first question is, if you can share your thoughts about the sustained sales momentum, a lot of your sales are also driven by launches. How should one think about the fair number of sustained sales on a quarterly basis? Thanks, Pirojsha. I think we've seen a pretty strong track record of consistent sales. As I mentioned in my remarks, last quarter was the sixth consecutive quarter we've been able to sell over ₹5,000 crore worth of inventory. I think that's an industry record. Similarly, we saw sales of over ₹500 crore across five cities in all parts of the country. So we do see this sales growth as being quite sustainable We've done ahead of our business development targets for the year already, lining up a good launch portfolio for the next couple of years. So I don't see currently any challenge in maintaining the kind of strong sales we've seen over the last couple of years. Sorry my question is in the context of your guidance. To meet your full-year guidance, you need to do about ₹7,700 crore of pre-sales, and the balance unlaunched value of your inventory is also somewhere slightly shy of ₹7,000 crore. So how confident are you of meeting your guidance here? And you'd need a decent amount of sustained sales to run you through, isn't it? Or are you missing something? I'm pretty confident, Pirojsha. Looking at the track record of the company over the last year, Q4 has tended to be a pretty strong quarter with a larger percentage of full-annual sales than is required this year to meet our guidance. We will, of course, need good customer sales, and we're seeing strong customer sales, but we actually have a very strong launch portfolio as well for the fourth quarter. So we're already in process of launching our first project in Hyderabad, which is going very well so far. We're launching a new project in Noida, which, again, early signs are very positive. We have additional launches planned in Bangalore, Pune, Mumbai, another launch in Gurgaon. So I think the launch calendar itself is very robust, but we do have also, given the last number of launches last quarter, a healthy amount of customers' inventory. So we're extremely confident of meeting our full-year guidance. Just to add on to that, we've already crossed last full-year collections figures already. In fact, the year-on-year growth is about 40%. So the launch numbers are the ones that will drive collections inventory going on the right trajectory. With the two launches that slip from Q3 to Q4, will give us the fillip to spend in the Q4 numbers. But collections are actually quite doing rock solid. Yeah. Okay. So Gaurav, also think that your launch number for full-year will be higher than what you guided maybe start of 2025? Yes. Okay. That's helpful. Thank you so much. And secondly, if you can also talk about what you are seeing in terms of progress on your Bangalore side. So Bangalore market has picked up this time. How are you seeing your market share growing there? I think we've been very happy with the growth in Bangalore. If you look at it, I think last year as we look back, we were both extremely happy with the overall sales performance growth of 84% and hitting a total of INR 22,500 crore booking value. I think where we felt we could have done even better is that perhaps last year's sales were a little over-reliance on NCR with almost a 45% contribution from that market last year. One of the goals for this year, in addition to strong overall growth, was to see a better balance amongst the different regions we're in. So if you look at our sales both in Bangalore, which have grown our nine-month numbers, in fact, double our full-year numbers of last year, and Mumbai has also, for the first three quarters, grown at 100%. So I think both of those markets have seen very strong growth, and we've had a much more balanced sales performance this year across our top three markets. And we're hoping to also see the Pune market contribute more over these next few quarters. And I think with Hyderabad, being our new market entry, we're quite hopeful this quarter we'll see very strong kind of initial outcomes there. One project, as I said, is already in the market. We're hoping to get the final approval for the second one and launch that one next month as well. That makes sense.[crosstalk] If we're able to do that, I think that would be an excellent entry into the Hyderabad market also. Understood. Thank you so much and all the best. Thank you. Thanks. The next question is from Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Good afternoon and thanks for taking my question. First is, on the launches for Q4, you briefly highlighted some of them. Any broad number in terms of the total revenue potential that you are expecting to launch this quarter, including the couple of launches which are already in process? Thanks, Pritesh. Pritesh, just to give you a thought of insight into our Q4 launch calendar, subject to, of course, some of these are in approval stages. But some extra, like Sector 44, Noida, which is the central [PBD] market of Noida, we will have hopefully a big blockbuster launch over there. This is going to be a very meaningful launch for North Portfolio. Then we have another launch coming in the central [PBD] micro market of Gurgaon, Sohna Road, SPR, which is going to hit the market against the Sector 54. Coming down to south, apart from Pirojsha, what you just talked about, Hyderabad launches, we have something in a fairly advanced stage of approval. This is like the northern part of Bangalore. We have like 66 acres of land. Large portion of that we intend to launch within the quarter. That is, again, going to be a very significant number. On the Pune market per se, we have a launch planned in Hinjewadi. As you would know, we launched a project just last quarter, which incidentally is now Pune's highest launch ever. This is going to be very near-term micro market only in Hinjewadi itself. We're quite excited about that launch. We hope to launch something in Indore as plotted development, something near Kolkata, the recent plotted acquisition we've done. In Mumbai, we have a series of activations and launches ranging from Reserve projects that we have to Carmichael Road, to Vashi, to Bhandup, a re-launch phase of that. Yeah, I think pretty large sort of launch calendar. It is difficult to really say how much quarter inventory we would want to launch. It depends. In case we realize that some approvals are getting needed, we might open more inventory and vice versa. But, fair to say, that the guidance that we've given to you, we should be more or less able to meet that from the launch end itself. Got it. Got it. That's helpful. Just on Mumbai, Worli launch, will it happen this year or next year? We're still hoping to get it done this year, but I think the reason we haven't mentioned that as one of the launches is there is some uncertainty on final approval time. Very advanced stage of approval. So we're still hopeful we will get the approval. But then if we get the approval also, if it starts getting to March, when we get the approval, we may choose to launch it next year so that we have a few weeks to get the launch fully planned and prepared. So I'd say it's a bit of a 50/50 right now whether that gets launched this year or next. But I think it's either end of this quarter or first quarter next year. Sure. Sure. Got it. And just on the launch strategy of late, I'm seeing we are giving a little more time to the launches. Any specific strategy in place or probably we are just considering where we are in the market right now? We are taking a little bit more time to generate as much EOIs for the project and hence a little bit more time for launches? Or you can guide me on where I am, what my thought process is. Yeah. Yes. Actually, what happened in the quarter, we had two launches planned within the quarter. In fact, we did get the approval, but it was almost towards the quarter end, and there is this period where buyers don't feel like buying in these two geographies, so we took an informed call that after Makar Sankranti is when the good days for buying properties would start, so we could actually finally push that at least one of those launches within the quarter, but these are very tangible numbers whether it's the Noida launch or the Hyderabad launch, and eventually, we're not really playing a quarter game, we're playing more of a long-term game, but yes, that's the main reason behind the recent movement between the quarters. Otherwise, it is pretty much straightforward that wherever we feel there is demand. That being said, the only thing I'll say is that there is some amount of price calibration we started wanting for ourselves. So now the fact that we have sold a lot of inventory in some micro markets, our residual inventory or the launch also is not very, very massive to our total inventory size. So sometimes there is a temptation to improve profit margins and calibrate the opportunity. So yes, we do once in a while see that. But that's very tactical adjustment, nothing really strategic in that sense. Got it. And one last, and then I'll go on to the follow-up. But for NCR, I mean, we have a flattish nine months. Obviously, last year was pretty strong. And considering that now we are more into luxury side of or premium side of launches in that market, do you think that market from contribution perspective has pegged out for us and might even be lower next year? Considering we don't have any volume projects there like we used to have in general. So your thoughts on NCR market? That is a good question. But if I were to put it this way, the reason why you saw nine months reasonably flattish for NCR is also some of the launches, like Sector 44, had that happened in quarter three itself, the numbers would have looked from a nine-month performance perspective fairly different. And if you go down to the cities like Gurgaon, there are demand and pricing opportunities available on both sides of the spectrum of the market. Yes, premium also is doing very well and luxury is also doing very well. That being said, do I see that we will have multiple 3,000 crore kind of launches depending upon the BD portfolio? So if you see what we've done in Gurgaon specifically, we built a very strong portfolio on the Golf Course Road. On the Noida side, we've got something in Sector 44, phase of which we launched now and maybe the next phase next year. And then we have Greater Noida parcel. So I think the volume game most likely will be Noida portfolio. And the value-accretive game would be Sector 54. Volume growth will be in Golf Course Road. So yes, I think fair to say that we'll maintain and grow over and above whatever we deliver this year. But yes, the exponential growth of 50%, 100% that we are noticing is also in other markets also a bit of a catch-up game to NCR, right? Because that is already doing 10,000 crore last year. Bangalore, for example, is doing 2,500 crore. So of course, there will be percentage-wise very significant jump we would want other markets to do. But that being said, it doesn't mean that we would not like to grow our NCR portfolio. But yes, the percentage of growth will be different. Got it. That's very helpful. That's it from my side for now and all the rest. Thank you. Thank you so much, Pritesh. Thank you. Next question is from Praveen Choudhary from Morgan Stanley. Please go ahead. Thanks so much. Good evening, Pirojsha. Good evening, Gaurav and Rajendra. Congratulations on very strong presales this quarter. I have just one question. Are you seeing any areas, geographies, or segments where the demand is looking weaker than, let's say, six months ago? And how are you countering that? And the related question is also the land banking that you have done in the last six months and the assumption that you may have for the margin. Do you think that margin will come under pressure if demand is weaker? Thank you. Thanks, Pritesh. I think we're continuing to see very strong markets, frankly. As I mentioned earlier, we've seen INR 500 crore plus launches across five cities in all parts of the country. We've seen six consecutive quarters, INR 5,000 crore plus sales. I think these are all indications to us that markets remain strong. We've also been looking at pricing. So these are strong sales at attractive price points above what we underwrote. So in that sense, margins should expand as a result of these. That said, I think there was perhaps some level of euphoria in some markets 6, 12 months ago that perhaps calmed down a little bit. So I think the markets continue to do very well, but perhaps not to the same degree of frothiness that perhaps some of the markets were seeing. But as of now, nothing we're seeing concerns us that fundamentally the demand is weakening or that there's anything to be overly concerned about. We like that we're also very well distributed nationally and also across various micro markets within the cities we operate in. So we're not overly concentrated on any one geography or any one micro market, which will allow us, we think, to continue to show growth even if some individual markets slow down a little. So as of now, I think we think things remain healthy, which, of course, we have taken note of kind of the overall economic slowdown in India over the last few months and some of the global uncertainty that's still unfolding. But we think the government's taking the right steps. I think the budget was a positive move. We're quite hopeful that there will be an interest rate cut later this week. All of this, we think, will aid sentiment. And this is ultimately a sector that's quite driven by sentiment. So we'll keep an eye on all of this. But as of now, we think we remain in a very positive overall market condition. That's very reassuring. Thank you very much. If I have just one follow-up on collections. Year to date or calendar year, collection and operating cash flow has been strong. But just looking at the December quarter, we saw some softness. It could be just temporary. Just wanted to understand if there were any factors affecting that and the fact that next year it'll come back strongly. Can you talk about that? Nothing too important yet, Praveen. I think we expect a very, very strong Q4. I think it was a little bit low number of deliveries. We only had a couple of million square feet of delivery last time. One of the commercial projects has no collections. So there tends to be a little bit bumpiness linked to deliveries, which we will see quite a few of in the fourth quarter. Yes, I think the quarterly number was a little low, but you'll see very strong full year growth and I think very strong growth in the fourth quarter as well. Praveen, because of NGT ban, as you would be aware, in NCR, some of the billing milestones have moved from quarter three to quarter four. So as we speak from the period of time right now, some of these are hitting. So yeah, so some of this is more of a catch-up because of the NGT ban that hit the NCR region too. Very clear, Gaurav. Thank you. And thanks, Pirojsha. All the best. Thank you. Thank you. The next question is from Abhinav Sinha from Jefferies, India. Please go ahead. Hi. So a couple of questions. So firstly, given where we are on the BD side for the year, so how do you expect this unfolding in the next, say, one or two quarters? And where do we expect the net gearing to be? You're referring to BD strategies. Is that a question? That's right. BD and the corresponding net debt in the next few quarters. I think there are a few guiding principles that give kind of take for ourselves, right? One is that we want to have very robust risk management, which is why we did QIP to manage growth and risk very well. So we would like to have an upper cap of about INR 10,000 crores of net debt, and currently, our gearing is about 0.23. So we have a significant headroom to play the capital in terms of right opportunity, but also at the same time, you have to balance opportunity from potential of future. One is delivery of current, but you're also kind of predicting the market for the next one to two years. So there are certain cities and certain micro markets within those cities we are more bullish upon, and we will be more analytical driven in our decision-making than deployment pressure driven. To be very fair, if you see, generally, corporate property strategy has been that irrespective of capital availability, we've gone very aggressive in a quarter and taken pause for one or two quarters if we don't find the deals that are right. So fair to say that you will see a lot of growth and a lot of acquisitions in the next few quarters. But they can be lumpy in terms of when we feel the micro market is presenting the right opportunity to the right valuation. So yeah, you'll see a lot of action on BD, but again, very calibrated, very specific to need-based and within a particular guidance and framework that we set for ourselves in terms of risk management. Right. And Corkery, from a portfolio basis, we are now fairly premium as compared to, say, two years back. But do you see this ratio sustaining here or we, let's say, head further more on the premium ladder? See, you're looking from a growth point potential of the top line. Is that your question? Let's say more from a, how do you plan your ticket sizes? Do you want to do more of large three, four bedrooms? Got it. I think there is a combination. So let me take a step back. Which part of the market will always see very strong demand agnostic to a cycle would always be ticket size, which is between one to five crores, depending on which ticket we pick up. That's always a market that operates agnostic to a cycle. The thing is that when the cycles are in mid-stage to slightly early part of late stage, consumers always have any aspirational demand. So it's not really just a ticket size game. It is a product aspiration that most buyers have. Today, you see, because of economic growth and what we are seeing in terms of our own sales ratio, we have seen very strong demand in the premium segment and to some extent even in the luxury segment. But yes, two to three years from today, there will be, of course, an opportunity to reconfigure your product. So in certain cities, you may want to reduce the sizes. And in certain cities, you may want to, or certain micro markets, you may want to maintain your sizes. Like if I give you an example today, the most talked about market from risk management point of view is Gurgaon, right? But if you see Gurgaon's sales performance, any project which has the right developer at the right size of the unit, meaning minimum bedroom size is right, minimum balcony size is right, minimum kitchen size is right, are doing very well even if the ticket size is higher. And then there are projects which are playing a sort of a relatively smaller product game are not necessarily as successful as that. So there is no generic principle. Abhinav, I know your question is coming mostly from the previous cycle when ticket size is right demand. I do think that will happen, but currently, if you ask me, it's very micro market specific. People are more conscious about product for the moment than ticket size alone. I think there will be ticket size sensitivity sooner than later, but I don't see that immediate concern, but yes, there are cities like Pune, for example, is extremely ticket size sensitive. Pune operates still the pre-COVID model that your price accuracy and ticket price accuracy is far more important. Bangkok used to be like that, but has moved to more of aspirational product today. Right. And Gaurav, one final question. So I think you partly answered this, but broadly, on Golf Course Road, we have, I think, north of INR 10,000 crores worth of inventory with us. So how do you see this annually being sold down? Are you going to have, let's say, all four projects launched by, say, middle of next year or something? I think the good thing about the inventory that we've added is like the crème de la crème inventory because from a portfolio point of view, this is not even 10% of, say, our portfolio at a company level. So there is no pressure to sell them fast, right? These are opportunities which will create the maximum profit margin for us. So we would like to take every one project at a time, but not have that pressure to sell fast. We would rather focus on margin expansion and quality of sale. Just look at Miraya as an example. There were a series of, say, bookings which we didn't want to log in because we had very high control thresholds from quality of sale point of view. So I think Golf Course Road, till the time we are very much focused on ensuring that customers that are coming are largely end users and we are able to build extremely good products, I think these will consistently sell well. That being said, there is no reason if we see great demand and everybody being end users, we cannot sell more. But it's not driven with the pressure to exit fast. From a portfolio level point of view, this is not a very significant inventory, but very profitable inventory. Right. Thanks and all the best to the team. Thanks. Thanks, Praveen. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi, Pirojsha. Gaurav, congratulations on a great quarter. My first question is that for the year nine months and for this Q3 quarter, what has been the contribution from the new launches to the pre-sales New launches to pre-sales. Let us come back to that. Okay. So the other question is that now, I mean, in terms of your sales, so are you seeing any elongation on the sales closure cycles for new launches? I mean, customer taking. Not able to make out what you're saying. Could you just repeat that? Just wanted some data point. At your sites, when you're launching new projects, are you seeing any trend where the closure cycle is elongating or taking more time for deals to get closed? Over the last few quarters, I'm. Good responses almost across the board. I do think in more premium markets, the higher up you go the value chain in terms of price points. Of course, there's slightly longer decision-making time. So I think in some of the luxury projects, we would expect that closure time frames would move up a little bit. But other than that, I think we're seeing very strong continued response to launches. Pritesh, to your question, new launches to pre-sale is like 70% for nine months and 68% for the quarter. So the other question was that now we have only INR 7,000 crores to be launched versus the guidance of INR 30,000 crores for the year as a whole. And we have a large number. Keep in mind we do keep buffers in our guidance given the uncertainty of regulatory approval. So I think Gaurav and I highlighted earlier that the number of launches we have. So if the question is that do we have the launches to meet the guidance? No upsizing. I wanted to know how much on a conservative basis can we upsize this for this quarter? I mean, you'd have already got some sense on given that we have at least two months left, so some reasonable visibility on getting approval. So what could be the upsizing here, I mean, given that large quantum of the pre-sales is coming from new launches? I don't think we want to quantify that right now. We stick with the INR 30,000 crore of launch guidance. It will depend a little bit, as we said. Some of these can be quite large movements, like are we able to launch to any project in March or does it slip to the April quarter? So I think we stick with the guidance for now. But we're certainly looking to do a large number of launches this quarter. The two that are already definitely happening are Hyderabad, Noida, and as you mentioned, five or six other cities, we have opportunities that we're working at the final stages of approval. Okay. And just on the embedded margin, if you can highlight what has been the numbers for the nine and ten for the Q3 quarter? Yeah. So we've indicated that we'd like to do this on an annual basis rather than a quarterly basis. But as of now, it's tracking similar to slightly above last year's numbers. Okay. And just the last question on the approvals. I mean, we have seen a couple of projects getting approvals later in the quarter versus expectation. So in general, across your key markets, what has been now the trend on getting approvals? We have seen delays, especially in south in last quarter. But do you think that things are now improving and are on track for getting approvals on time? Yeah. I think we're quite happy if you look at the kind of average time to launch for the company. It's come down quite considerably over the last few years. While we said, of course, Hyderabad, we wanted to launch last quarter and slipped into this quarter, I think it's important to remember that we only added the land parcel in Q4 of last year. So actually, still a very well-timed launch and no real delays. And in fact, launched faster than we'd originally underwritten. So similarly, I think the teams have built very strong capabilities in terms of designing quickly, understanding the market, working with government departments to get approvals on a timely basis. So I'd say that wasn't a particular skill of the company's a few years ago. I think we've gotten better at that. And now I think quite satisfied with the kind of time we're taking to launch projects. Of course, we always see in this industry there is a series of projects, maybe 10% or 20% of projects that get inordinately delayed for one or the other reason. We've seen that Worli, which we hope to launch in the next couple of months, had been delayed for many years. Ashok Vihar is another example. So particularly bigger projects, we've noticed tend to take a little bit longer in the approval timelines. But overall, I think in all parts of the country, including some of these new markets like Hyderabad, quite satisfied with the progress. Okay. Sure. Thank you, Pirojsha. That answers my question. Thank you. Thank you. Next question is from Kunal Lakhan from CLSA. Please go ahead. Yeah. Hi. Good evening. Thank you for taking the question. My questions are actually pertaining to NCR market. Considering your launch Miraya, right, we've sold about 25% odd in this quarter. Do you see any slowdown there? Because until last year, we were seeing projects getting sold out at launch. And again, a related question is since we are doubling down on that on the Golf Course Road in terms of project acquisition also, do you see that as a concern considering the prices there have gone up like 100% or 150% in the last four, five years? And essentially, we are buying land there now at current prices. So do you see that as a concern considering the sales velocity in the micro market kind of slowing down versus are we doubling down on the market in terms of acquisitions? Thanks, Kunal. This is a wonderful question. Actually, every market, you tend to have a different long-term strategy. Like I was mentioning some time back, for us, Golf Course Road is a pure margin expansion play. So we have a lot of inventory in Gurgaon, which is more about asset turnover play. This is more of a pure margin play. And idea was from the first launch itself is to establish profit expansion higher than the underwriting margins we've done for the last acquisition also. So just to give you some interesting data point, from the first launch, like you rightly said, say about 25% that we sold, the profit that we had underwritten in the project, we have more or less done more than half of that underwritten. Now, try and imagine that with a 75% inventory and riding through a good product because it's a very end user product if you've kind of seen Miraya as a product, large room size and all, you feel there's a lot of opportunity to create value. And theoretically, if you sell again, this is more academic for that matter, 50% inventory, whatever you underwritten as profit, you've already logged in. So there is no risk per se after that. But we're also trying to establish a margin profile and the pricing for a future inventory that we will sell, which idea is again to do profit expansion. So this is a different product market play that we are trying to do in our portfolio. There are some players in the competition in India, not talking about not exclusively NCR, who do necessarily only this margin expansion play. We had kind of defined that in our last time we discussed things, which are one or two markets we can do this kind of a strategy has been working very well for us. So I'm not really worried about it. I'm not really targeting a booking value play from Golf Course Road for this. I'm looking more from a value-accretive and strong margin profile kind of play. Sure. Sure. Thank you for that response. Just to follow up on that in terms of if you look at the overall whole Golf Course Road as well as Golf Course Extension, I know they don't compete with each other, but still in terms of the overall micro market, right, the kind of supply that is expected from, say, the top eight to 10 developers, right, almost each of them planning to launch like 400, 500 unit projects in the next six to nine months, so close to like 4,000, 5,000 units costing, say, 7-8 crore plus. That's a huge supply in that kind of ticket size, right? Would you be worried in terms of oversupply situation in that particular ticket size over the next one year, two years or so? Sure. I think the customer segments are totally different. If I were to give you some amount of cases to that, and Golf Course Extension Road is a great micro market. We have a project practically more or less sold out in the neighborhood as to that. But Extension micro market is mostly either for people who are first-time home buyers or who are upgrading from micro markets such as Sohna Road or an SPR or a new Gurgaon market with wealth creation they are looking at buying. And while there is supply coming up and we don't really have, frankly, any large project available in that micro market, it is not at all concerning for that micro market. But Golf Course Road is frankly quite the opposite. If you see old projects of Golf Course Road, which have been completed and delivered three, four, five years back, they are currently commanding even higher premium to what we are selling, to be very frank. I mean, Miraya, we've upped the game from a pricing point of view, margin point of view, but there are many delivered products which are like 15%-20% higher to that without going to the specifics of it. S o this is more of a customer who has got into a wealth income of, say, one to two crores per annum of salary, I'm talking minimum, and has either a very stable job or a CXO or has a very tangible business. And there are sort of ticket-sized orbits that they have. You have a INR 10-20 crore kind of a game, then you have a INR 20-50 crore kind of a game, and then the latest launch of DLF is an ultra luxury, which is like 70, 80 and above. There are certain customers who are upgrading their lifestyle from Golf Course Road who look to buy these products. And they're very refined customers. They don't necessarily look at property cycles. They're more product focused. I think different segments, different cycles, and to just make it academically even more difficult just to play out a scenario that what if, and these are just scenario planning, you have extra supply issue in Golf Course Extension Road and you have price correction and just extrapolating, would you see an impact in Golf Course Road? Probably not at all. Because if you see, even in the previous cycles across most markets, markets which are aspirational and have extreme lack of land availability, they have a very different consumer base. Like in Mumbai's case, if there is a customer for Carmichael, there will always be a customer for Carmichael. He or she will not necessarily buy if the property market is low or high, right? He or she may not necessarily buy a product in, say, a Worli or a Lower Parel. He or she would definitely want to buy a product only in Carmichael. Something similar. That Golf Course Road is the most aspirational market for anyone staying in NCR, let alone just Gurgaon. So the migration for people looking from Delhi to Gurgaon or from Golf Course Road to Golf Course Road. And what we've tried is for ourselves, just Kunal just being on the sweet spot, that our lower ticket size product is the, say, slightly higher ticket size of an Extension Road, and our max ticket size is lower than, say, a very luxurious completed product of that micro market. So it's a very sweet spot we're trying to play to hedge any risk. Interesting. Thanks. Thanks so much, Gauravan. All the best. Thank you so much. Thank you. Next question is from Rahool Jain from Elara Capital. Please go ahead Hi, sir. Thanks for the opportunity. So just wanted to check on your strategy in terms of outside the tier one markets. I mean, you have already acquired two land parcels in Indore. Just want to understand what are the factors that you considered before entering a tier two market, essentially? And are there any other tier two markets that you're considering to enter? Yeah. Thanks. Thanks, Rahul. We've distributed our acquisition strategy across plotted development projects and group housing projects, and we're keeping it quite simple. So for group housing, which is the vast majority of our business, we are focused only on the larger cities. Our four core markets are Mumbai, NCR, Bangalore, and Pune. We've recently decided to enter the Hyderabad market, and that will be an important focus going forward. And opportunistically, we've said we will look at markets where we've historically had projects, places like Kolkata, Ahmedabad, perhaps Chennai. But that will be all from a group housing perspective in the near future. One of the ways that we will look to see which new cities make sense to look at for a group housing perspective is by entering the market through plotted development projects. And here, we're open to doing projects in the top 20, 30 cities in the country. We think plotted development standalone is a great opportunity with relatively low management bandwidth and quick turnaround time. But equally, it gives us an entry point into these markets and lets us start understanding how the markets are functioning and will help, we believe, in crafting our group housing expansion strategy. But for now, from a group housing perspective, we remain focused on only the top few markets I mentioned. Understood. So very clear. And one more on the Worli launch. I mean, what is the ticket size that you are targeting? I mean, please do not disclose. If we final discussion on pricing, etc., we have a partner that all of that is still underway. So let us please come back to you with that once we're ready with the launch and all the approval. Okay. Thanks. Thank you. Thank you very much. That was the last question in queue. I would now like to hand the conference back to the management team for closing comments. Thank you. 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 all of us, thank you once again for taking the time to join us today. Thank you very much. On behalf of Godrej Properties Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.