Good day, ladies and gentlemen, and a very warm welcome to the Oberoi Realty Q1 FY 2022 earnings conference call. We have with us today on the call Mr. Oberoi, the Chairman and Managing Director of the company, and Mr. Saumil Daru, Director of Finance of the company. Please note that this call will be for 60 minutes, and for the duration of this conference call, all participant lines will be in the listen-only mode. This conference is being recorded, and the transcript for the same may be put up on the website of the company. After the management discussion, there will be an opportunity for you to ask questions. Should anyone need assistance during the conference call, you may signal for an operator by pressing star followed by zero on your touchtone phone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts, and may be forward-looking statements, including those related to general business statements, plans, strategy of the company, the future financial condition, and growth prospect. The forward-looking statements are based on expectations and projections, and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by such statements. I am now glad to hand the conference over to Mr. Oberoi, the Chairman and Managing Director of the company. Thank you, and over to you, sir. Thank you. Good morning, good afternoon, good evening to all of you as per the time zones from which you have logged in, and welcome to the conference call of first quarter financial year 2022 results and business updates. Firstly, let me thank you all for taking time to attend this call. I hope your family and you are doing well and keeping yourselves safe. We all know how the financial year 2021 started. We were all fortunate that financially, at least, for most of us, it ended really well. F irst quarter of 2022 started with a bit of a challenge. We saw the second wave coming in and disrupting a little bit of our business. However, keeping and given all the constraints, we were still able to operate our offices. We now see that the second wave, with the way the government has controlled, with the way our city has responded, seems to be in control. We now see that even shopping malls and restaurants are going to open up. We are very hopeful that the second quarter comes back to normalcy, and we all can hope that there is a full like the entire operations are back. I will obviously be answering most of your questions as we go along. I will now hand over the call to Mr. Saumil Daru, our Group CFO, for him to take you through the details of the numbers. Like I said, that I'll be very happy to address any individual questions during the Q&A. Thank you. Thank you, Mr. Oberoi. I guess most of you would have gone through the presentation, which is available on our website along with the results, which have been filed with the exchanges. Moving to the numbers. In terms of consolidated financials, the total consolidated revenue for Q1 FY 2022 was INR 294 crores as against INR 126 crores for Q1 FY 2021 and INR 800 crores for Q4 FY 2021. The consolidated PBT for this quarter stood at INR 109 crores as against INR 39 crores for the same quarter last year. The consolidated PAT for this quarter stood at about INR 80 crores as against INR 29 crores for the same quarter last year. Moving to the asset level performances. Beginning with the investment properties. As far as the overall mall was concerned, as you would have noted from the notes and the presentation, that there was only a limited recognition. We have not recognized any revenues for the non-operational stores. As far as Commerz, which is the office space asset is concerned, this contributed about INR 7 crores to the operating revenue for this quarter as against INR 4 crores for Q1 FY 2021 and INR 6 crores for Q4 FY 2021. As far as Commerz II is concerned, this contributed about INR 32 crores for this quarter as against INR 29 crores for the same quarter last year and about INR 32 crores for Q4 FY 2021. The EBITDA margins in this vertical are in excess of over 90%. The Oberoi Garden City, this contributed about INR 7 crores to the operating revenue for this quarter as against INR 2 crores for Q1 FY 2021 and about INR 12 crores for Q4 FY 2021. Moving onwards to the development properties. Exquisite. The total booking value for this quarter is INR 26 crores, as against INR 35 crores in Q4 FY 2021. The total revenue recognized in this quarter was INR 26 crores on account of 100% project completion. Similar numbers for Esquire. The total booking value this quarter was INR 22 crores as against INR 148 crores in Q4 FY 2021 and INR 16 crores in Q1 FY 2021. The total revenue recognized in this quarter is at about INR 11 crores. For Elysian. Of the total project of about 11.8 lakh sq ft, we booked another 10,000 sq ft in this quarter. Until date, we have booked about 5.42 lakh sq ft. Total booking value in this quarter was INR 18 crores as against INR 991 crores in the quarter of launch. The cumulative booking value till date is close to about INR 1,009 crores. The total revenue recognized for this project in this quarter is at about INR 4 crores, and cumulative revenue recognition till date is about INR 56 crores. For Prisma, the booking value during this quarter was INR 6 crores, and the total revenue recognized against stood at the same number of INR 6 crores on account of 100% project completion. For Maxima, this quarter, the total booking value stood at INR 11 crores as against INR 7 crores for the same quarter last year, and about INR 66 crores for Q4 FY 2021. The cumulative booking value till date stands at about INR 175 crores. Revenue recognition for this project in this quarter stands at INR 5 crores. Cumulative rev rec till date is about INR 90 crores. Moving on to Mulund Eternia. Total booking value in this quarter was INR 11 crores, as against INR 69 crores in Q4 FY 2022, and no bookings in Q1 FY 2021. The cumulative booking value till date is at about INR 1,133 crores, and the revenue recognized in this project in this quarter was INR 18 crores. Cumulative recognition till date is about INR 738 crores. Same location, Enigma. For this quarter, the total booking came in at about INR 19 crores, as against INR 153 crores in the Q4 FY 2021, and INR 5 crores for Q1 FY 2021. Cumulative booking value till date is about INR 1,056 crores. Revenue recognition in this project in this quarter stood at about INR 37 crores, and the cumulative revenue recognition till date stands at about INR 662 crores. Moving on to Borivali in Sky City. In this quarter, the booking value for that project was INR 54 crores as against INR 2 crores in the same quarter last year, and at about INR 443 crores for Q4 FY 2021, which as you would all recollect, included the launch of one more tower. The total revenue recognized for this project this quarter stood at about INR 101 crores, and the cumulative revenue recognition till date is at about INR 2,751 crores. For Three Sixty West, till date we have booked about 6.6 lakh sq ft, the booking value till date is at about INR 2,770 crores. For the overall residential vertical, to summarize during the quarter, the total booking value across all the residential apartments came to INR 170 crores, the collections during the quarter was at about INR 639 crores. Coming back to some key financial parameters. Our adjusted EBITDA margins for this quarter was at about 45%. PAT margins was at about 27%. As we have always said earlier, the EBITDA margins for mall and Commerz are much higher than the average, as mentioned. Excluding them, the margin for our pure residential business is 37% in this quarter. Thank you so much. With that, would like to hand the floor over to all of you for any questions that you all may have. Thank you so much. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone phone. 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 Kunal Lakhan from CLSA. Please go ahead. Hi. Good evening. Good evening. Just quickly on this, what is the traction we are seeing post easing of restrictions, say, in July, and how have the sales been, considering last quarter was a little disappointing in terms of sales? I can understand it's primarily on account of lockdown for the large part of the last quarter. July onwards, how are you seeing that restrictions? Also, I wanted to understand, are you seeing some impact of the rollback of stamp duty also in the numbers now? Frankly, we are not seeing any impact of the rollback as such, number one. Number two, let me save the good news for the next quarter call. I don't want to reveal much about this. Again, it'll look like as if I'm giving more information about the next quarter than what I should. Let's leave it at that. I can only tell you that obviously life is pretty much back and all I can say is we all are back in business. Okay, sure. Last quarter, right, you had highlighted that you're ramping up the redevelopment projects team and that part of your business. Any update on that side? Any new projects that you have signed or any update would be helpful. Absolutely. We have taken this up big time. We've increased our team of people. All these guys have two months and three months notice for their old companies. We've already set a team, put this together, and we're seriously looking at. This is a slow process. Unlike a buyer and a seller, you have anywhere between 150-500 people who make a decision about redevelopment. We have put the right kind of people in place and are simultaneously negotiating with multiple societies. Sure. Lastly, can you just update on the HBS, the Shivshahi project? There was a news article some time back about HBS seeking about INR 1,600 crores from the society for the deal getting called off. Any update there? Firstly, the society has appointed us, and now we are collectively resolving their old issues. Obviously, we will sign the development agreement once this issue is resolved. Like I said, right now, all I can say is that the society has appointed us as developers, and we are collectively looking at getting this sorted out. Sure. Thank you so much, and all the best. Yeah. Thank you. Thank you. you. The next question is from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. Just a few questions. On the cash flow front, we had a strong operating surplus. Has there been some CapEx-heavy item this quarter? The CWIP has gone up by about INR 400 crores. Hi, Abhinav. Saumil here. Yes. There will always be two components to anything in CWIP. One will be land- related or FSI- related, if I can say that, and the other will be construction- related. There was some amount of FSI purchase that happened in Comm III. A large component of the increase that you're seeing is coming from there, and the balance is coming in from both the construction costs incurred over here as well as in Borivali for the Sky City Mall. Sorry, Saumil, which project you mentioned for FSI? For Commerz III. Commerz is where we made the FSI payments. Yeah. The construction cost is for both Commerz III as well as the Sky City Mall. Just to add, Commerz III is the building where we have Morgan Stanley taking the office space. It's their building. Right. Secondly, on the retail bit itself, I think last year we were able to negotiate some settlements, and the subsequent quarter revenues were better. How are those negotiations sort of trending this time around? Frankly, we haven't even started negotiations because most people want to start the operations now. From whatever we read in the papers, I think very soon, maybe in a day or two, malls will be now made operational. The state government has taken a call. They will now ask individual municipal corporations, basis their comfort, to allow people to operate. Once that gets done, we'll all sit down. This is a partnership between both retailers and us, and we've always taken a very fair ground, and we'll have this sorted out once we know what is the extent, when will it start, and so on and so forth. Sure. I think one more, if I may ask, and this is on the project progress bit. For example, for Eternia, Enigma, we are at about 64%, 67% completion. I believe the deliveries are expected in the next three to four quarters, right? Isn't it lagging a bit in terms of percentage spend, and would you expect this to significantly pick up in the months ahead? Not really. What we have actually done is that most of the finishing is done. We were just waiting for certain approvals to come, which have already come as we speak. Now you will see the pace increase, and we are within our timelines, within the extended timelines that RERA has given. With God's grace, we will finish it within the timelines. There will be no extension to that. Even velocity and all you saw in the last year really was very good. Finally, I would say that Mulund has woken up in a big way. In fact, if you see FY 2021, it pretty much matched the sales of Borivali. It's very heartening to see that. Right. Okay. Thanks and all the best. Thank you. Thanks, Abhinav. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, sir. My first question is on the business development side. You said that you're building up the team. In terms of little more granularity on this, what kind of features potential additions you are looking for a single project potentially of what size in terms of sales, pre-sales potentials, if you can give some granularity then? Hi, Parikshit. Basically, we are looking at any redevelopment project where one could generate a revenue of anywhere between INR 5 crores- INR 700 crores. As a company, if we could make INR 200 crores, INR 300 crores out of it, is something that probably falls within our project size. This is a sweet spot. We wouldn't want to go below this. Anything bigger is obviously always welcome. These will be short-cycle projects, like single phase and go and launch it and exit in two, three years and take your money out. Correct. What we are doing is, so even internally, we have created multiple project directors. As a group, what we've done is we will now have a project director who will look after the redevelopment bit, and he will have probably anywhere between 10 and 15 such projects. He will be responsible for execution of those. We do not let go of our quality. The focus is as much as it would be in a large project, but at the same time, we'll get the scale part of it also. Okay. Second question was on the Shivshahi Cooperative Society. This has gone into litigation. Do you think that this is resolvable or at some point of time you'll have to give up this and we move on? Obviously we've got in, we are sure that it can be resolved, otherwise we wouldn't be wasting our time. Yeah, that's where we are. We are fully supporting the society to help them get out of this and then, get into the development phase. Okay. It is unfortunately a complicated project that one has got in. Not that others are not. Any brownfield project comes with its set of challenges. Like, the earlier question was that, the developer has made a claim of INR 1,600 crores, but so has the society made a counter claim of I don't know how much, another INR 2,000 crores or whatever, but all this gets contested. The society has the property back in their possession and our lawyers are talking to see how we can entirely mitigate that because, we want to start investing our money once this litigation is cleared. We are fully supporting them. We are legally with them. We are trying to structure everything, guide them also, help them as well. We want to see it settled, then we'll do the development improvement. Okay. From the launch perspective, this will be two years away from launching, this project? No. If things get sorted out, we are looking at maybe even a six to nine-month launch. Okay. Just lastly on Three Sixty West, Vikas. Just your views, last two quarters you have drawn a nil there. I think OC, the first part is on OC, when it is expected even in terms of pipeline and inquiry went footfall. How do you see the traction building up on this project with this kind of touch upon and whether in this year we can see some profit recognition happening? We are literally, I would say we are knocking on the doors for as far as occupation is concerned, we should get it any moment. It's probably days or some weeks away. We took a conscious call that we will sell only now once OC is in hand, so that there is no surprise or suspense to this. Another four weeks, we have a lot of sales that are lined up and you will see bulking up of the sale, if everything goes well going forward. In terms of profit recognition this year, is it possible that possibly it will hit the P&L this year? Sorry. Come again? In terms of profit recognition, whether this project will meet the session. Once I have occupation certificate, instantly we will recognize that entire profit and we'll do that. The way things are, it's nobody's guess that, once OC comes in, then we will obviously be recognizing that. We've already applied for occupation certificate. We've already said to the government, "Come, please have a look, check," and all that. Okay. Thank you. That's all from my side. I'm all done. Thank you. Thank you. The next question is from the line of Sameer Baisiwala from Morgan Stanley. Please go ahead. Hi, Sameer. Hi. Thanks. Hi. Good evening, everyone. Good evening. A quick thoughts, Vikas, on the pricing environment that you're seeing. Good question, Sameer. One, I want to tell everybody that input costs have gone up big time. I clearly see that, even at current prices, most developers are sweating. I don't know how they will be able to sustain the pricing. I feel that, let's say, not in immediate future, but in future, I see prices going up. The other aspect is the supply also has come down big time. Due to pandemic, a lot of work was stalled. Whatever was in the ready condition has actually got sold. You clearly see even our own Esquire, I don't think we'll have much left in some time to come. I see prices moving upward at some point in time. Today, obviously, whatever is ready, it's still priced in the old regime. People are wanting the money, they are selling and moving on. This probably won't last for too long. Frankly, if you are a buyer, please quickly buy because prices are likely to go up. Just, Vikas, in this context, Elysian is at INR 18,000, Esquire and Exquisite are INR 22,000, INR 23,000. How does the gap get filled up over next few quarters? See, Elysian, we have three schemes. One is bank subvention, we have developer subvention, and we have construction-linked plan. As Saumil told you, 50% of the sales are done. Frankly, with the amount of money I get out of Elysian, I can almost finish superstructure of all the five towers without even going to anybody. That's the kind of cash we've been able to generate out of this. They're sitting with money in the bank, as far as that goes. Was this your question? I'm sorry if I've digressed. Well, not exactly in the sense. Will you take price increases of 5%, 7% as you get more and more volumes? At some point in time, Elysian will have to converge with the pricing of the other two. Absolutely. You don't see the delta that you see between Elysian and Esquire is clearly the time Elysian will take to completion. As that time reduces, obviously, we will keep increasing the price. That's one. Two, like I said, there is a very strong likelihood of prices going up. It's actually unaffordable for most people. We are very lucky that we have margins wherein we can play. If I want to play the volume game, I can play the volume game, not really pushing the prices up. You're right, that at some point in time, it will catch up. The other natural catchup will also be that I'll run out of Esquire stock in the next maybe two, three quarters at best, maybe even earlier. Once I'm done with that, I have no choice but only this product left, and I have no control over Esquire pricing. Now, the resellers will start driving the Esquire pricing, and I've seen over time that resellers push the prices up by 10%, 20%, 30%, and once there is non-availability, then the prices even go up. Please, the next apartment that you get ready and delivered is Elysian, and there is no new supply in our entire Goregaon project. That also will play in the minds of the buyer when they will look at Esquire, and obviously, if they push that up, that gives me that much room for pushing the Elysian out as well. Okay, great. Just another one or two. Can you update us on the Borivali adjacent commercial project? The last one from my side is, any updated thoughts on the equity raise? I ask that because you made it very clear last call, but I ask it because the equity markets are doing very well. It's quite a buoyant market, and at the same time, you are seeing opportunities on the acquisition side. Your thoughts on that. Borivali, there are two commercials in Borivali. One is the mall itself that we are doing. If your question is on the mall, the mall, the superstructure should get ready any time within the next four months. We are fully topping up. It's more than 1,000,000 sq ft of retail. We have a hotel on top, we are literally holding our pen to sign the contract with one of the leading hotel management companies. Just ready. I was actually looking at Saumil. Have we signed this? We not know, we are ready to. It could be in the next two weeks, probably, we will sign the hotel contract. That part gets done. We have acquired a slum redevelopment, which is next to our property. That's where the commercial component is. Yeah, exactly. We already have the LOI. It's equivalent to an approval. I believe the site will start getting vacated in the next three to six months, and we will immediately start work there. Even there, the plans are done. That's where we are. On the fundraise, I can only tell you that you're absolutely right, there is tremendous interest in the market. We are very lucky, investors like us. Obviously, we haven't really thought about it. When we look at our own cash flows that will come out of projects, somebody said Mulund is 66% complete. Mulund is, as far as we are concerned, a lot more than that. We've only billed for 60%, but a lot more complete. I have so much inventory in Borivali, in Mulund, which is fully paid for. I see a huge cash flow coming from these projects. You guys know when we bought Thane, we bought it out of the cash flows of Esquire. Then let's say in the next three quarters, Thane will be fully paid for with zero debt. We haven't gone and raised any money. Again, like I'm saying that we keep competing within ourselves that should we play this game or should we play that? Like I said, we are very lucky. We have the convenience of playing any game out, and we haven't ruled anything out. Again, I'm saying that we keep all the channels open. Tomorrow, if I get a project which requires me to throw in $200 million, $300 million, $400 million upfront, anything is possible. We have the gunpowder ready in multiple ways to really go out there and do it. Okay. Thank you so much. Thanks, sir. Thanks. Thank you. The next question is from the line of Saurabh from JP Morgan. Please go ahead. Hi, Saurabh. Hi, sir. Saumil, just one question. As per your annual report, will it be fair that about INR 700 crores of cash was repatriated from the Worli project into Oberoi Realty? Yes. Okay. This was when we did the hotel transaction. Okay. The money came in from the Three Sixty entity into. Correct. The cash distribution which is now left is basically you will get the INR 1,100 crores- odd, which is balance left as preferential, and then the profit share starts. Yeah, absolutely. Okay, understood. One question, Vikas, is your last year pre-sales was about INR 3,200 crores. One, 1Q obviously is impacted by COVID, do you think full year basis your launch pipeline, you should be at least around that number? Again, I would love to answer your question, but it'll just look like we're speculating. I can only say that we aspire to do a lot more, but I'll leave it at that. Okay, understood. Thanks. Thanks, Saurabh. Thank you. The next question is from the line of Pulkit Patni from Goldman Sachs. Please go ahead. Thanks a lot for taking my questions. My first question is on Thane. Any update on launch timelines there? Anything you can share in terms of what is going to be the configuration of launch, commercial, residential? That would be my first question. Thane, we will be obviously launching residential. What we are looking at is probably close to Diwali launch. We are fully ready. Our show apartment, as committed by my team, should be ready by September. We will be ready with our experience center and plans are ready. I would love to disclose it, but I want to keep it tight because there's a lot of time from now till the launch. We've learned from these car companies how to see the model till the car is launched. We want to build the suspense around what we are doing. Trust me, the market has not seen anything like what we have planned for. Very confident, very happy, and very proud of what we are doing. It'll be a game changer. I'll only request you to wait, and you'll be very happy. Sure, Vikas. Since the timelines have been moving, should we assume that Diwali is confirmed in terms of all our approvals in place, plans in place, et cetera? No, our approvals are already in place. I already have an approval. We were just waiting for the right time for us to launch it. I think Diwali looks like a good time, and we will do it around then. Sure. My second question is expansion beyond Mumbai. Any thoughts there? Anything that you could share on that front? We are very bullish about moving out of Mumbai. We have a fantastic franchise. It will be a pity if we can't take this franchise and all our learnings to other parts of India. That's very clear. We continue to look for it. I would say that we are one person away from starting any office anywhere outside Mumbai. We will literally run it like a separate division. It'll be Mumbai and something parallel for outside. We'll build it from there. I'm actually in talks with people. If things materialize, then the right kind of guy takes over as CEO rest of India and grows that business. We obviously use our brand name, franchise, everything, and get him to do this. This is really our strategy there. I'm happy you asked us because it's only more and more serious when you see the good players depleting due to COVID and all that. It gives us that much more reason for us to venture out as well. It will not be at the cost of Mumbai. I will continue to run Mumbai as an MD, and I want to give fresh legs to the other than Mumbai, give a CEO this opportunity, and get them to run it. Great. No, this is good to know, Vikas. Thank you. Thanks. Thank you. The next question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah, good evening. Good evening. My first question. When do you see The Ritz-Carlton now starting up? Any soft launch date we can see? We internally have set a target for next year end. We've already started the interior work, and it will pick up pace because we have a new design guy. We are doing all the mock-ups and things like that. Anywhere between 12- 14 months is what we think we will take to finish it. Safely next year end, by December 2022. Okay, December 2022. Sorry, go ahead. No, please finish what you were saying. No. The Ritz-Carlton team for Three Sixty West is already in place because Three Sixty West is also going to be served by Ritz-Carlton. That team already is in place. They are building that team up because we're getting ready. Once OC comes in, people will start moving in, and so we will be providing them with all the services. Simultaneously, this interior work will go on. Okay, sure. Second question. This is for Saumil. For this Commerz III the FSI payment we have done, have we gotten some savings because of the FSI payment scheme, which has been extended till 31st December this year over there? Oh, yes. Absolutely. That was in line with that 50% and whatever the government has extended. That has worked in this particular case. Okay, just a follow-up on that. For our Worli Glaxo land parcel, now with, I think, the DPR also being finalized, some clauses of it. Do we have to clarify on the FSI now, and would you be going ahead with the FSI payments over there, or if you could give some clarity on the sort of saleable area we could see in that project? As far as the Worli is concerned, we've always maintained it's about 1.6 million- odd square feet kind of a development. Obviously, as we keep looking at the plans and as we keep fine-tuning the plans, we will work it out, and we will let you know at the right point of time as to what's the actual timeline and what's the size and what's the anticipated payments and all of that. Ideally, yes, for everything, leave alone Worli. For all our projects wherever this concessional FSI regime is available, we would like to take advantage of it as much as possible. You've already seen us do that for Comm III. That's something that's playing on our minds. Let's just see how things go ahead. Okay. Sir, just a final question. I think I missed that earlier in the call. This Borivali Mall, when we see it becoming operational? Borivali, our superstructure will be ready by December, and then we give it for fit-outs. I think probably anywhere around mid next year or a little later, third quarter next year. We would ideally like to see the mall trading before Diwali next year, so that the retailers are able to get advantage of that season. Just to add to what Saumil said, the mall is right adjacent to the metro, and the metro work has also gone very, very well, and the government is actually telling us that they'll probably have the metro up and running by this year end, October end. Even if that gets extended by six months, we'll have the station ready, and we'll be doing the fit-outs. That also will give us a very good boost. Okay, any chance of getting additional FSI by providing some connectivity to the metro station or something? Not really. We have enough and more FSI. What do we do with FSI anymore? Okay, fine. Okay, sounds good. Thank you. Thank you. Thank you. The next question is from the line of Parvez Qazi from Edelweiss Securities. Please go ahead. Hi, Parvez. Hi, good afternoon, sir, and thanks for taking my question. Two questions from my side. When can we see further launches in Goregaon? The second, Saumil did mention about the Glaxo project, but any kind of idea about timelines or what exactly are we planning? Goregaon, Borivali, and Thane, we will probably be launching one tower each this Diwali. Great. Thank you. Thanks. Thank you. The next question is from the line of Girish Choudhary from Spark Capital Advisors Private Limited. Please go ahead. Hi, good evening, and thanks for taking my question. A couple of questions. The first one, just on the pending cost to complete the rental project. What are the pending costs, and then where are we in terms of pre-leasing across both these properties? Sorry, you're talking about the mall or you're talking about the commercial building? Both the mall and the Commerz. I think you can take this offline with Saumil. He'll be able to tell you. In terms of costs, we have always guided the markets in terms of what the likely construction cost is per square feet. Over a period of time, you will see us expending that money. I think some bit of idea you would have already got from the March end financials. What was your second question on? Pre-leasing. The pre-leasing. Yeah. As far as the pre-leasing is concerned, as far as Comm III is concerned, the one deal that we did, which we discussed with you all last year, that was a transaction with Morgan Stanley for their requirement for office space here. Obviously, in addition to that, we continue to talk to people. As you all are aware, the building is still at construction stage. Obviously, many of these cases, and especially if you look in commercial offices, the pre-leasing interest only picks up as you keep getting closer to end of construction. Let's see how that bit goes. As far as the pre-leasing in the Borivali Mall is concerned, as it is right now, if you would have heard in terms of our response to one of the earlier questions on the Goregaon Mall. Right now, we would firstly want to talk to the retailers and ensure that the Goregaon Mall gets operational. Again, in terms of timelines and in terms of where we stand in Borivali, we know that we have a little bit of time to complete the construction. In all fairness, once we actually start closing our transactions in Borivali, it's not going to take long. In all fairness, most of your retailers in the Goregaon Mall itself are likely to follow there. Then in addition to that, whatever else. Maybe it is required, can also be done quite fast. In all fairness, if we are looking at finishing the superstructure by December or January, we know that if we are able to crank up a little bit of the pre-leasing by then that will ensure that the mall opens with a fantastically high level of occupancy at the time of opening. I hope that answers your question. Yeah. That's helpful. My second and last question, on the Mulund project, just wanted your views in terms of the momentum. Last year was pretty good, the second half, third and the fourth quarter, where you were clocking almost 65 units per quarter. This quarter, the slowdown is understandable. For the rest of the year, how would you judge the momentum coming back? What kind of expectations you are sort of building in from this project? Frankly, we don't want to speculate too much. All I can say is that, life and business both are back, and we clearly hope that this year will be better than the last year. Last year, we only got the last 6 months. Here, let's say to the second wave, we've lost out on probably only the first quarter, and there's always a catch-up that's happening. Yeah. Thank you. Thanks. Thank you. The next question is from the line of Amandeep Singh from Ambit Capital. Please go ahead. Thanks for the opportunity. Firstly, when we look at the MMR market, March saw registration of anywhere around 17,000, 18,000 units, then lockdown impacted mid-April to May. June and July also, when we see the numbers, the monthly run rate is at around 8,000- 9,000 conveyance registration each. In that context, can you help us understand what's happening on ground, whether it is more of previous agreements executed during the stamp duty cuts are now getting registered, or the resale has also increased? Are you still seeing the momentum of the demand being sustained since your area booking was at some 10% of previous quarter and 30%, 40% for other developers with the MMR exposure also? Frankly speaking, it's a bit of everything. You're absolutely right that some of these registrations are happening, which were done in the earlier regime. Some of them are new sale. Once the lockdown kind of eased out or it eases out, you continue to see that demand. The underlying theory or the fact is that people have realized that they want a good house. It's not like money in the bank is doing anything for them. That drive, and we don't see this only in Mumbai. We see this across India, and not only across India, but globally. Wherever people have been saving money, there is a huge mindset shift into spending, and spending something on something which is more tangible, which is a house. Most people clearly see house as an investment that they can consume or use, and not like an expense. That also plays a very big role. If you really put all this together, you'll then be able to decipher the fact that this is how the customer mind thinks. Whatever you just said is an outcome of that, and I feel this is going to continue to grow only. It'll grow. That's where I see that the markets itself will increase. Sure. Thanks. That's helpful. In terms of your commercial portfolio, we also note that Commerz witnessed some fresh lease-ups during the quarter. In that context, can you specify what sectors are driving higher occupancies, and what's the outlook for further lease-ups given vaccination drives now in place? Here again, if you see that kind of fad of work from home has died much faster than what people actually anticipated it to be. People are very quickly bored of being sitting at home, and they want to come back to office. You see this happen globally. It is happening in India for sure. Again, two years, there was hardly any supply. In the short run, you will see that because of the pandemic, maybe there were some people who downsized, and there will be some supply available, which probably might either check the price from growing or probably even one might see even softening of the pricing, but to a very small extent. Very quickly, you will also start seeing the rentals go up. Again here, the logic is that there is hardly any supply, and people are going back. I see this in micro markets, it's already started to happen. There is no new supply. People who will want offices will want. You clearly see some of the sectors have been beneficiaries of COVID. COVID in all has not been a super killer for every this thing. Look at the stock market is an all-time high. There are so many other businesses that are doing really well. There are people who are hiring and are being hired. All this is a huge positive, I feel. I'm very bullish on the office market also, that it will bounce back much faster than what we all anticipated it to be. Thanks. That's helpful. Lastly, if I can squeeze in one more. On new launches, you mentioned about Thane, Goregaon, Borivali around Diwali. However, can you indicate any update with respect to your I-Ven project at Worli, which you were planning to convert into residential? Again, like I said that we have enough inventory in Three Sixty. We want to first see that that part is taken care of. We continue to plan. We might even start work, but we will not launch very immediately. You don't see I-Ven launch happening instantly or anytime immediately. Sure. Thanks. That's helpful. All the very best. Thank you. Thank you. Thank you. That was the last question. I now hand the conference over to Mr. Vikas Oberoi for closing comments. Thank you all for taking time for this call. We take your feedback, and your interaction, very seriously, and we deliberate about all your questions and ideas. This only helps us perform better. You all know that our team is always available for you to interact, and we look forward to doing that with you. Thank you for all your feedback once again, and look forward to speaking with you all again. Thank you. Thank you very much. Ladies and gentlemen, on behalf of Oberoi Realty, that concludes this conference call for today. Thank you for joining us, and you may now disconnect your lines.