Ladies and gentlemen, good day, and welcome to the earnings call for Q2 FY 2024 financial results for Mindspace Business Parks REIT 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 conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Garewal. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining this second quarter financial year 2024 earnings call of Mindspace Business Parks REIT. At this point, we would like to highlight that the management may make certain statements that may be forward-looking in nature. Please be advised that our actual results may differ materially from these statements. Mindspace REIT does not guarantee these statements or results and is not obliged to update them at any point of time. I would now like to welcome our new CEO, Ramesh Nair, who joined us last month, and our CFO, Preeti Chheda. They will first walk you through the business update and the financial performance during the quarter gone by. We will then open the call to Q&A. I now hand over the call to Ramesh. Over to you. Thanks, Nitin. Hello, everyone. Thanks for joining us for Mindspace REIT's Q2 FY24 earnings call. I'm Ramesh Nair, and this is my first interaction with you as the new CEO. I took over from Vinod 2 months back, and I'm excited to continue the great work Vinod started in this organization. Vinod continues to support me as a mentor, as a senior colleague in the KRC overall group, and also as a board member of the Mindspace REIT. We're in a very exciting phase of growth, and I look forward to carry on the legacy of this fantastic organization going forward. Now, let's have a look at the macro picture. Globally, there are some challenges like high interest rates, inflation, but things are looking definitely better in India. Last IMF prediction on our GDP growth was 6.3% for financial year 2024. India has been seeing a strong growth, lot of business friendly policies and lots of global companies looking at us, and also the benefits which come from the China Plus One strategy. As per comments made by a few IT majors, which was carried in the media in the last one month, a lot of companies are asking employees to come back to their offices in India. And this is quite different from what we are seeing in Western economies. This is definitely creating a demand for good office spaces, especially Grade A ones, the types which we develop. We're also seeing demand from GCCs has increased, and domestic organizations, a lot of Indian organizations, especially BFSI, are preferring to move towards Grade A assets, which is again helping us. Reports suggests that the amount of office space being rented this year will be similar to last year. That could be somewhere in the 37-40 million sq ft, and everyone wants to be in a better office building. Despite some of the short-term challenges, we remain positive about the future, and we are focusing on adding top-notch assets to our portfolio. Now, let's dive into our recent performance. We leased about 0.8 million sq ft during the quarter, 0.6 million sq ft of re-leasing, and 0.2 million sq ft of new and vacant area leasing. We also achieved a re-leasing spread of around 9.7%. Our committed occupancy is around 86.5%. This is lower sequentially due to we acquired a property in Chennai of 0.24 million sq ft, which is not fully leased, and some tenant exits, which we are working on to re-lease the same. We achieved an average rent of INR 75 per sq ft per month for the leases during the quarter, which increased our in-place rent to INR 67 per sq ft per month as of 30th September, recording a growth of 6.4% year-on-year. Our PDG, a data center operator, which currently has their facility in Airoli West, have given us the go-ahead for commencement of construction of the second data center block of 0.3 million sq ft. We're working towards an early delivery of this asset. We have received we have also received board approval for entering a revised MOU with Chalet Hotels. We'll be developing a mixed-use asset in Airoli East, combining offices of 530,000 sq ft and a hotel of 280,000 sq ft, creating a nice mixed-use ecosystem, and we will then lease the hotel to Chalet. This helps us develop 500,000 sq ft of non-SEZ office offering at a park, which is currently entirely SEZ. We will continue to have a this also gives us the ability to continue our leasehold ownership of the land. Along with the upcoming High Street, this is expected to create a halo effect for the business park. Our operating performance has led to good financial growth. Our revenue from operations in Q2 FY 2024 grew by 20.6% year-on-year to INR 5,997 million. NOI grew by about 17.7% year-on-year to INR 2,912 million. Our distributions for the quarter stood at INR 2,841 million or INR 4.79 per unit. Regarding acquisitions, we acquired 0.24 million sq ft project park in Commerzone Porur, Chennai, for INR 1,816 million. Now, we own 100% of the asset and have full control of the entire park. On the development side, we are constructing 2.9 million sq ft of new buildings. We are getting buildings 7 and 8 in Madhapur ready for development, for redevelopment. Some of you would have recently heard about how we used the implosion technology to knock down these buildings quickly and efficiently. It took only 8 seconds. Typically, this takes around 3-4 months for a regular demolition. We're going to build a best-in-class building covering close to 1.6 million sq ft at the site. It'll be of the high quality, highest quality, and will be a great place for business. We're going in for LEED Platinum and also WELL certification standards for this project. We'll be finishing this building by the fourth quarter of financial year 2027, and it's probably going to be the best building in our portfolio when it's done. These developments are again, as per our plan to make our business parks better. We want to be modern, we want to have a, leave a big impact, and we want to be good, good for the environment. These, we believe, are key for our organic growth, over the next, few years. We will, continue to look for, growth opportunities within and outside our portfolio. On the sponsor side, new developments are happening in key micro markets, of the cities we are present in. These can potentially add to the REIT growth pipeline in the future. We conducted multiple entertainment and recreational activities across the parks. These, events, attracted, massive participation from, employees, across the parks. Events like these help us develop healthy, long-term business relationships with our tenants and employees of our tenants. On the ESG front, in 2023, GRESB rating Mindspace REIT became the first Indian commercial real estate entity to receive 100 out of 100 in office development benchmark with coveted title of Global Listed Sector Leader. We were ranked first in Asia in the listed companies category for commercial business development. We received five-star GRESB rating for the second consecutive year, and we scored 91 out of 100 in the standing investment benchmark, ranking as sixth amongst real estate peers across Asia, again, with a five-star rating. We truly believe that ESG is very integral to our business, and this award shows our dedication to grow in a sustainable way. We're committed to doing even better in the future, and we will work closely with tenants, our partners, and communities on sustainability projects. On the SEZ front, the proposed denotification of SEZ units statewide shall be a very positive reform from the government side, and it'll help the industry to make most of SEZ office space in the country. We look forward to the announcement of this amendment, as it will unlock idle workspace and capture demand. Now I'll hand it over to Preeti, our CFO, for financial updates during the quarter. Over to you, Preeti. Thank you, Ramesh. Good afternoon, everyone. I'm happy to present our financial performance for the second quarter of the financial year 2024. We closed the second quarter with revenue from operations of INR 6 billion, registering a growth of 20.6% year-on-year. Our net operating income stood at approximately INR 4.9 billion, recording a strong 17.7% year-on-year growth. I would also like to highlight that the revenue and NOI for Q2 FY 2024 include one-off, being compensation from a tenant and scrap income from a building demolition at Mindspace Madhapur, both together totaling to INR 120 million. Excluding these one-offs, revenue for Q2 FY 2024 grew 18.2%, and NOI grew 14.9% on year-on-year basis, respectively.... excluding the facility management business and distribution licensee business, the NOI margin stood at a healthy 87%. We announced a distribution of approximately INR 2.84 billion, which is 4.79 rupees per unit for the quarter. The distribution comprises approximately 90%, which is INR 4.3 per unit of dividend, which is not subject to tax in the hands of unit holders, and approximately 10%, which is INR 0.49 per unit of interest. Our cost of debt stood at 7.8% at the end of Q2 FY 2024. We have constantly been optimizing the mix of our fixed and variable cost debt to reduce the overall interest cost. During the quarter, we raised INR 5 billion through fixed coupon entity at the REIT level, which will carry an effective coupon of 7.94% on a pre-PM basis, taking our fixed cost debt to 56.1% of our total outstanding debt. We continue to look at the alternative ways to help us reduce our debt cost. Our net debt as of 30th September 2023, was approximately INR 56.7 billion. In addition, we have undrawn committed lines of approximately INR 6 billion from financial institutions. Our LTV continues to remain low at 19.8%. As regards to half yearly valuation of our portfolio, the gross asset value of our portfolio, as valued by the independent valuer as of thirtieth September 2023, stood at INR 287 billion, recording a growth of 2.3% versus the valuation at March 31, 2023. Approximately 92.1% of the value came from completed assets. Our NAV per unit at thirtieth September 2023, stood at INR 369.6 per unit. It's a 6% drop versus March 2023, mainly on account of changes by the valuer in assumptions of leasing and market rent in certain markets, and also increase in other liabilities. As Ramesh mentioned, we shall continue to focus on execution of the ongoing developments within the portfolio. Our asset enhancement program has helped make over the parks and re-energize them, which shall help long-term growth of NOI of the portfolio. The strength of our balance sheet gives us the headroom for both organic and inorganic growth of the portfolio. As most of you are aware, the Indian REITs Association was launched in September. IRA's primary objective is to develop REIT market in India, set high standards of governance, and to protect the interests of REITs and unitholders. As founding members of IRA, all REITs are working closely on various stakeholder engagement initiatives to create larger awareness of the product among investors, especially domestic non-institutional investors. We expect this, together with progressive policy reforms, to provide the much needed liquidity to this instrument. With this backdrop, I hand over the call to the operator to open the floor for questions. Thank you. Thank you so much, ma'am. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah. Good evening, everyone. Thank you for the opportunity. So first question is on the SEZ denotification. So, by when do you expect this to come through? And when do you see the earliest possible implementation of the same? That's the first question. Yeah. Hi, Abhidev. So on the SEZ status, we believe we are nearly at the finish line, and that's what we've been hearing from different people in the market. I think it could happen sooner than later. Okay. But, is it something by March, or what is that we are looking at? I mean, something in this financial year, or it is something which would spill over to next year? I think it'll happen sooner than, sooner than that. Okay. Okay. Thanks. Second question is on overall vacancy levels, right? Obviously, we've done the acquisition in Chennai, we've seen a bit of exits. So now here on, where do you see the overall committed occupancy trending for the portfolio, let's say, over a longer 12-18 months time horizon, considering all things considered? Yes. So occupancy has gone down from 88.8% to 86.5%. That's a drop of 2.3%. Now this 2.3%, 1.3% was in Madhapur, 0.7% was in Airoli, and the 0.7% was the Porur addition, which we spoke of. But there was also some extra leasing we did in Nagar Road and Kharadi for 120,000 sq ft. So we believe this will further improve. It will go down to 80-- go up to around 88% towards the end of the financial year. ... Okay. Sir, with all the SEZ bill, if it comes through and other whatever leasing by GCCs, so any longer term outlook you'd like to share? Directionally, I'm not asking for a number, but directionally, when do you expect to get back to pre-COVID levels or something like that? Yeah. So, after this SEZ denotification happens, we'll be effectively left with around 2 million sq ft. We're not including Pocharam, which we want to divest. And also, Gigaplex, where we have a 0.4 million sq ft building five, which will get leased automatically. So which leaves us with 2 million sq ft, which is Airoli East 0.8 million sq ft, West 0.9 million sq ft, and Madhapur 0.2 million sq ft. All this is SEZ vacancy, which I was speaking about. We believe this will go within 18-24 months. We believe the Navi Mumbai market is around 1 million sq ft per annum market. Madhapur is around 4.5-5 million sq ft market. So we believe, these, these vacancies would be done and dusted with around 18-24 months. Okay. Fine. Fine. Okay, so that was very helpful. That's it from my side, and all the best. Thank you. Thank you. Thank you. The next question is from the line of Murtuza Arsiwalla from Kotak. Please go ahead. Thank you. Welcome, Ramesh, to the team. Two questions from my side. One is, you know, when I look at the rentals, it's very encouraging to see the in-place rentals grow. But, the gap between the in-place and market rental seems to be coming down. The trend that we've seen is through the course of the pandemic until now, the market rentals don't seem to have moved too much. Any sense of how we should think of that gap, or whether the market rentals will move up, or should we worry about contractual escalations, given the gap seems as little as it is? And the second question is, you know, regarding the arrangements on the hotel lease with Chalet as well as the data center, can you give us some more indication on the commercials, et cetera? Will it be a fixed lease with Chalet or is it a revenue share? And with the data center, what are the kind of rentals and the tenure that we are looking at for the data center asset and the CapEx that will go in to build that asset? Hello, you're on mute. Sorry. So, Murtuza, on the office rental part, I'll take the question. On the office- Sure. Rental part, what we have seen is in the last 3, 4 years, there's been a lot of supply coming in compared to demand. Post-COVID, '19 was a great year. 2021, we all know what happened. 2022 again was a good year. But supply which came in 2021, 2022, supply coming in 2023, that kind of have gone up, and that, we believe, has been having an impact on the overall rentals. The other thing to also remember is, I was just checking both the CBRE data and the JLL data. This year, for the first 9 months, demand is down around 14% as per JLL data. As per CBRE data, the demand for the first nine months is down around 5%. This is why we believe the rentals haven't gone up significantly in all these markets. Preeti, you want to talk about the hotel deal and the data center? Yeah, sure. Hi, Murtuza. Hi, Preeti. The hotel, hotel deal is, we are entering the office, the hotel area to Chalet. It's a long lease. There's no revenue share. It's going to be a pure rent, similar to what we are getting, from the other tenants in the park. In terms of the cost, it will, the whole composite structure would be somewhere between INR 600 crores-INR 650 crores, which will be spent over the next three years. Data center, again, a long-term, similar terms as, in terms of tenure, similar to the earlier one. Rentals, as, as we've always said, much higher than the office rents, and that's the reason these make a lot more sense to us. In terms of cost, would be somewhere around INR 150 crores, which will be spent over the next, 18 odd months. Okay. Yeah. Thank you. Thank you so much. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Pritesh Sheth from Motilal Oswal. Please go ahead. Yeah, thanks for the opportunity. First question is on the expiry that we saw in Madhapur this quarter. By when should we expect, you know, that to be leased out, considering that, you know, SEZ demands have been stronger in Hyderabad? So what's your view on this 0.7 million sq ft? So Hyderabad has been a very strong market for us. In spite of having SEZ, we've been getting good amount of traction. I was there last week, and was pleasantly surprised by the kind of RFPs our brokerage partners were talking about. I think it's definitely gonna be less than a year where this space will go. The best thing for us is, I think it's undoubtedly not one of the best located parks in Hyderabad, but the best located park in Hyderabad, right? With the metro landing there, big business park, low-rise business park kind of a feel, lot of greenery, shopping around, hotel, hotels around, residential around. So the concept of work, live, and play, that's possible there. We are again upgrading all the older buildings. So I think, Hyderabad, we are quite comfortable. And given the current demand in the market and some of the RFPs which we have seen in the last 1-2 months, it's definitely less than a year. Got it. Second question is on your NDCF walk down. So we still saw, you know, higher debt raise versus the CapEx that we have spent, and we've been talking about, you know, removing the dividend support that we have been giving since last couple of years. So this is just a quarterly, you know, imbalance that we should look at it? Or, you know, how should we, you know, see this income support going forward? Pritesh, firstly, there's no income support. If you look at the numbers, and in fact, we put a note also to that effect. The only reason why you're seeing this addition between CapEx and the debt is because fit-out expenditure, which we do, is actually CapEx in nature. Because the way the NDCF has to be presented, and more so the cash flows have to be presented under India, the fit-out cost that we incur actually gets clubbed with working capital. We have almost INR 75 crore of CapEx that we have incurred for the tenant on fit-out, which is sitting in working capital. So if you pull that out, we're actually not having any income support, and that- Oh. is how you will have to look at this one. Okay. Okay, got it. Fair enough. And, just last, you know, continuing to Murtuza's question on market rentals. I saw in this valuation report, for a couple of our assets in Pune, The Square, Nagar Road and Yerwada, market rentals are dropping by INR 2-INR 3. You know, any particular reason? So, Pritesh, that is a call which the valuer takes based on what they see in our latest trends in the market. So that's purely the valuer's call on how they are seeing the rentals and what they want to take for the assumption. Okay. So does the MTM potential then, you know, I mean, fairly depend on, you know, that market trend, or do you think that we can have a premium on whatever the rentals that market, the valuer has, have assumed? Generally, our rentals that we have been signing in Commerzone has been around INR 10-8, depending on the size of the deal that we're doing. That's pretty much in line with those assumptions. Then, of course, it depends deal by deal as to what kind of tenant it is and how the negotiation goes. But I would say broadly, it should be in line. This is 100% leased asset, right? Yeah. Yeah. Yeah. So, here and there, when you are in the final negotiation table, you don't want to miss out on a client, so a couple of rupees here and there doesn't matter in the bigger picture. Sure. Sure, got it. That's it from my side. Thank you. All the best. Thank you. Thank you. Thank you so much. The next question is from the line of Tanwir Shura, who's an individual investor. Please go ahead, sir. Yeah, hi. Thank you so much. So I just had a question regarding the tenant mix. You know, your peers based have been reporting a lot of exits from the IT, ITES guys. And we are, I think now around 45% of our portfolio tenants are these IT guys. So just wanted to understand, are we having any plans to, you know, diversify more? Because Accenture and Cognizant, you know, together are around 8% of the contracted rental contribution. So anything... I mean, are we looking at a diversification from a sector perspective? A great, great question. What we have seen is, the GCCs, around 40% of the area, paying around 50% of the rent for us. IT services firms, tech companies are around 30% of the area, paying around 30% of the rent, and others are around 30%, paying 20% of the rent. So obviously, the focus today of everybody is to get GCCs in. And, what we have seen, especially in Kharadi and in Madhapur, which are probably there's a lot of new buildings in these campuses. We have lots of tenants who are looking for low-rise campus feel kind of buildings. We have the best ability to attract the GCC clients into our building. So going forward, we believe the percentage of GCC in our portfolio will increase. The other trend which we are also seeing is a lot of domestic companies leasing space with us. So companies like Infosys just took up space with us in Airoli. We saw Cognizant and HighRadius taking up a large space, 350,000 sq ft with us. So there's a lot of domestic companies. We had earlier part of the year, we had done the HDFC Bank transaction in Chennai. So there's good enough demand coming from domestic leasing also. So domestic companies, which used to be 16%, of our portfolio before, today is 23% of the portfolio. So that's again a good, good sign for us. Okay, that's great. And how is the leasing from, like, guys like, Accenture and Cognizant? Have they indicated anything on, like, you know, a few years down the line, they would still want to, you know, lease out, or they still are, you know, I mean, are they still strong enough to, you know, work through from the office itself, or do they want to, you know, get out? Any hints? One thing is, one good thing is, we share a very strong relationship with these tenants, and they, they were one of the earliest entrants into our parks. We are waiting and watching. We are also very closely looking at who are the tenants in our portfolio of 210 tenants who have less than 30% attendance in our parks. The attendance in our parks stand are close to 60%, which is a very healthy number. So, Okay. We are tracking that and, engaging with them, more proactively, to make sure they are retained in our parks. Okay, great. So, am I hearing this right, that domestic IT players are still in a better position than the global IT guys? See, the thing is, our parks are quite cost-effective, so that's good. And you know that all the IT companies spend at least INR 3,000-6,000 on their interiors, which is sometimes more than the money we spend on building the building. Right. That heaviness is there, and obviously, the business goes down. Some of them may go out, but given that the leasing market is reasonably robust, we would fill it up fast. Okay. Okay, thanks. Thank you. Thank you so much. The next question is from the line of Satinder Singh Bedi from EON Infotech Limited. Please go ahead. Yeah, good afternoon. First, my compliments, Preeti, for the NDCF walk-down clarification. So, that blurb that you added, okay, helps I think understand it much better, okay? And thanks for kind of taking this feedback on board. So, has the bottom been turned, okay? So is it a fair assessment to say that in terms of occupancy, we've turned the corner, okay, and then occupancy should only look up going forward? As seen from the kind of inquiries that you might be seeing for new space take up against any risks of early exits? Okay, so that's one question. Yeah, Satinder, if you look at our vacancy, 78% of the vacancy is SEZ. Balance 22% is non-SEZ. And out of this 78%, close to 85% is floor rise. So which means, if the government denotification rules come back, it makes our life easier. It's tough to predict if that's the bottom. But on the positive side, when we talk to our IPC partners, they truly believe that next year is going to be a better year than this. We can clearly say that the bottom of attendance, which is probably early, which is maybe 5-6 quarters back, and attendance every quarter has been climbing since January 2022. So which is again positive. So a lot of demand which we are seeing right now is coming from companies who thought their employees won't come back, and suddenly employees started coming back, and they have no space. So they are in need to close the deal. There are some deals where clients are coming and saying: "Can we close this, close it in the next 2-3 months also?" Because of sudden pent-up employees coming back and the companies didn't plan for it. I think bottom from an attendance is definitely there, but from a occupancy point of view, tough to comment right now. Okay. Okay, and on this, you talked of the physical attendance. So what's the physical attendance at our Hyderabad and Pune projects? And how do we measure it? Because there seems to be a lot of subjectivity, so some people look at physical attendance as coming one day a week. So how do we measure it? What is it for our Hyderabad? Bombay, we understand, will be high, but for Hyderabad and Pune, and how do we measure this? ... I just got the numbers overall from the team yesterday. The overall park, all the parks put together, is around 59% is there attendance. In Madhapur, it's 55%. This is very close to the all India attendance average for us. Okay. And what about Pune? Pune is Commerzone. Gera Commerzone is very high. It's 87%. Okay. In other parks, again, it's quite high. The Pune is done well, so 87% Commerzone, which is our biggest project in Pune. Mm-hmm. And how do we measure it, sir? So when we say it is like 87% or 55%, so how do we measure it, okay? So, broadly, we are in constant touch with the admin teams of each of these tenants. And, we reach out to them to understand the occupancy at each of them. And besides, of course, we also keep a track of things in and out at the park. So we try to match the data and figure out what these occupancy levels are. Yeah. Okay. Okay. Okay. Okay, and Preeti, our NOI this quarter was INR 34 crore higher than the NOI for the immediately preceding quarter, okay? While the flow through to the NDCF has not been there, okay. So, what do we attribute this to? Yeah. So two reasons for that. In the last quarter, we had about INR 15-20 crore of tax refund, which is not there this quarter. And then, of course, as I said, working capital movements keep changing quarter-on-quarter. So we've had a negative working capital of about INR 15 crore this time, besides the set out amount, which is also seen in that line. So I would say about INR 15 crore in the tax refund and INR 15 crore in working capital, both put together around INR 30 crore. So that's the reason why we're not seeing that INR 35 crore translating to a similar increase in the NDCF. The working capital, I thought, was getting funded out of the new debt drawdown, because the new debt drawdown almost equals the CapEx plus the working capital changes. So I thought the working capital is getting funded out of the excess of debt drawdown over the CapEx. So you also have items... You have to go a little below that, because there are also items like your finance cost, which is not on construction. So that also gets funded out of overall Funds From O perations. So when we are looking at the funds from operations, where working capital is a part of FFO, there also needs to fund even the interest cost, which is besides the interest cost, that gets capitalized. So if you account for that, then you'll not be left with anything beyond what the interest will be. Okay, fine. Thank you. One last question. So, Mr. Nair, what are the key two, three concerns that you have at this point in time, now that you have greater visibility on demand and physical attendance? So what are the key two, three concerns, okay, that you would have as the leader of REIT? Instead of calling it concerns, I'll call it opportunities. I was working on a 25-point plan on what we could do in all the 10 parks. I put these 25 points into ChatGPT and asked that to summarize that in one line. And it said, "lease rapidly, build swiftly, manage smartly, and comply fully." So that's going to be our motto going forward. So, there are lots of opportunities. We need to finish buildings faster. We need to lease rapidly. There is competition. We need to manage smartly in terms of giving the right tenant experience. How can we give the kind of tenant experience which people get when they walk into a hotel? So those are the kind of things I want to focus on, and obviously, be number one in compliance, like we have always been. Okay. Okay. Thank you very much, and all the best. Thank you. Thank you. Thank you so much. The next question is from the line of Kunal from Bank of America. Please go ahead. Sure. Thank you. One question from me. Assuming that after denotification, the leasing of SEZ assets picks up, I was just wondering what that might do to your realized rentals. You know, would it be fair to assume that after denotification, the SEZ assets would command a market rent as well? Or given the amount of supply that could potentially be available for, you know, the prospects, they might still continue to command a discount versus some of the other normal assets. Thank you. Kunal, great, great question. Our parks are definitely the premium business parks in those respective cities. The other good point is Airoli, where we have a lot of SEZ vacancy. We are probably the only SEZ vacancy there. There's only one nearby park to us. There, that vacancy is also a SEZ park next to us, which is quite, quite limited. So, we believe the SEZ vacancy there will be in our parks. In Hyderabad, obviously, we are the best, best business park in the city. And in Bombay, there is not much of supply hanging around us, so that's not a big worry at this time. Yeah, got it. Thank you. Thank you. Thanks so much. The next question is from the line of Srinivas from PGIM India AMC. Please go ahead. Yeah. Hi, Ramesh. My question is on the office space. Given the current muted demand for the office space, are you seeing any changes in the supply dynamics across your key markets, especially in Hyderabad? A good, good question. Hyderabad, there are two, two parts of the market. So one is the Madhapur side, and the other is the Gachibowli side. Luckily, our park is in the Madhapur side, where vacancy levels are much, much lower compared to the other side. I was looking at the JLL data. Vacancy in spite of, I'm looking at the all India numbers, the top, top seven cities. Vacancy has just marginally gone up. There's some good quality supply coming up. But today, if you look at all the markets, the ability to fund a commercial building and take it to completion, not too many people have in the country today. Maybe that number has dropped significantly post COVID, given that the financing environment also has not been that great for commercial developers. And I think that's definitely an area where we score much higher than our competition. But given our ability, we are probably the most financially sound commercial developer in the country. So I think these are... And all the learnings of having been in the business for so many years, we are kind of implementing it. Our parks today, in terms of amenities, and when you get time, Srini, you should come and see some of our parks. So previously, people would give things like convenience stores, salons, creches, bank ATMs. Those were the kind of typical things which was there, or gymnasiums. Today, we are pushing the boundaries, whether it's jogging tracks, cycling tracks, cricket nets. There's so much of amenities, so much of experiential retail, which we are giving. We're thinking of even opening some pet clinics in some places, physiotherapy clinics, a lot of recreational, a lot of restaurants at different price categories, cafeterias, food courts, expanding our food courts. So I think all these would be the differentiators for us, when compared to other parks in those cities. Okay. Thank you. Thank you so much. As there are no further questions, on behalf of Mindspace Business Parks REIT, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you, everybody.