Ladies and gentlemen, good day and welcome to Prestige Estates Q2 FY25 earnings conference call hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pritesh Sheth from Axis Capital Limited. Thank you, and over to you, sir. Yeah, thank you, Tanmaya. Good afternoon, everyone, and welcome to the call. We have with us the management of Prestige Estates, represented by Mr. Irfan Razack, Chairman and Managing Director, Mr. Zaid Sadiq, Executive Director, and Mr. Amit Mor, who is the Chief Financial Officer. I'll now hand over the call to the management for their initial comments. Thank you. Over to you, sir. Good afternoon, everyone. Good afternoon, Pratesh. And it's a pleasure for us to be on this call again. We just, all of you have seen what the performance of the company has been. As usual, the operational results, according to me, they have been very good under the circumstances that the company did not have too much inventory. In spite of that, they've done a great amount of sales top line. As far as the financial results are concerned, it's a function of how the accounting system, we are in that index, and then all our revenues are back-ended as long as the completion happens. So I think the market is good. There's a demand, and the demand continues to be there as long as we have the product and the location, which is the mid-income. And I believe that there is enough and plenty of demand that will keep coming. We at the company have a lot of launches in the pipeline for this quarter and the next quarter, and we are working relentlessly to see that we get the approvals and the RERA number for most of the projects that we want to launch in this quarter as well as in the next. With this, I'll ask Zaid to give his comments, and then Amit also, and then we'll take question and answer. Good afternoon, everyone. Thank you for joining us for the Prestige Estates Q2 and first half of the FY25 earnings call. I'll begin by providing an overview of our key performance highlights of the quarter and first half of the fiscal year. First things first, we're pleased to announce the second completion of our QIP, during Q2, raising INR 5,000 crores. This issue was met with an overwhelming response, and we extend our sincere gratitude to our investors for the confidence you've placed in us. The funds raised will be primarily used to allocate to debt reduction, business expansion, and equity investments in SPV. Of these funds, INR 872 crores have already been used to pare down debt during Q2, and INR 230 crores have been allocated towards business development and investment in subsidiaries. On our operational performance, we've achieved a total sales of INR 4,226 crores for Q2 FY25, bringing our first half of FY25 sales to INR 7,052 crores. In terms of sales volumes, we've recorded 3 million sq ft in Q2 with the half-year sales reaching 5.87 million sq ft. We sold 1,366 units this quarter, coming up to 2,730 units sold for the first half of FY25. Geographically, our sales mix for the quarter reflects 51% from Bangalore, 25% from Mumbai, and 26% from Hyderabad. Moving to average realization rates, the average realization for apartments, villas, and commercial spaces in Q2 FY25 was INR 13,782 per sq ft, while the half-year average was INR 13,010 per sq ft. On collections, we reported INR 2,737 crores for Q2 FY25, and for the first half of fiscal year, collections amounted to INR 5,653 crores. In terms of project launches, I'm happy to say we successfully launched three projects covering 8.19 million sq ft in Q2 of FY25. These include Prestige Raintree Park in Bangalore, Prestige Forest Hills Phase One in Mumbai, and Prestige Pine Forest in Bangalore. For the first half, we launched a total of 10 million sq ft across these five projects, reinforcing our presence in key markets. The gross development value of these projects launched during the first half stood at INR 10,000 crores, of which Q2 launches contributed to INR 8,067 crores. Notably, our recently launched projects, Raintree Park and Forest Hills, have performed exceptionally well despite being introduced in the month of September, the last month of Q2, and during the festive period. Even with those market conditions, we achieved sales of INR 1,600 crores in Raintree Park and INR 600 crores in Forest Hills, reflecting strong market acceptance for both the product and the price point. Additionally, our project completions remained on schedule, with 3 million sq ft completed in Q2 FY25, covering developments such as Prestige Primrose Hills Phase One and Prestige Waterford in Bangalore. Moving to financial performance, our first half revenue was INR 4,448 crores, with an EBITDA of INR 1,709 crores, reflecting an EBITDA margin of 38.43%. PAT for the first half was INR 541 crores, with a margin of 12.18%. As of September 30th, our net debt stood at INR 3,592 crores, and our debt-to-equity ratio is down to 0.21. Our other business segments have shown great progress too, starting with our office portfolio. Leasing activity remains robust, with an occupancy rate of 90% across our existing portfolio. As we approach the end of this financial year, the completion of Prestige Lakeshore Drive and DIAL, and further leasing our exit rental for office, will be at INR 720 crores. Looking further ahead, our exit rental is projected to reach INR 3,326 crores by FY28, once all ongoing and upcoming projects are completed. In terms of wellness, our ongoing achievements like the GRESB Green Star ratings, WiredScore Platinum certifications, LEED, and WELL certifications, where building spaces have prioritized well-being, digital resilience, and sustainable practices. Turning to our retail segment, we've seen a strong performance in all our malls. Foot traffic during the first half crossed nine million, with a gross turnover GOP of the retailers in our malls of over INR 1,100 crores, and an impressive occupancy rate of 99.2%. The current exit rental for our retail segment stands at INR 217 crores. With 13 additional malls in the pipeline, our exit rental in our retail portfolio is expected to reach nearly 1,000 crores by FY29, further bolstering our portfolio value. On the hospitality front, our operating hotels have delivered revenue of 415 crores, with a gross operating profit margin of 44%. We have a robust pipeline of 14 hotels, with 3,000 odd keys projected to drive our revenue to 2,346 crores in the hospitality segment. We're looking forward to the coming quarter and launches of some major upcoming developments, including the Prestige City Indirapuram in NCR, Prestige Southern Star in Bangalore, Prestige Pallava Gardens in Chennai, Prestige Spring Heights in Hyderabad, and Prestige Beach Gardens in Goa. Some smaller projects in Bangalore and Hyderabad will also be launched, and our focus remains on disciplined growth and delivering sustained value to our stakeholders as we continue to capitalize on emerging opportunities within the real estate sector. Having said that, there are a lot of business development opportunities which we are currently working on, which will add into our pipeline. With this, I thank you for your patience and hearing me out, and I'll open the floor to questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question 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 only 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 Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah, hi sir. Congratulations on a decent quarter. So the first question is on launches. So I think Zed did mention four, five launches. So in terms of timelines, so how far is the RERA number away from the launch? Like for Southern Star and Indirapuram, these are two launches, and three launches. So if you can highlight next in this quarter, which launch looks probable, and when is the RERA expected for these? We are working relentlessly, very hard to get in Prestige Pallava Gardens from Chennai, Indirapuram, that is The Prestige City, Indirapuram. We're trying hard to get Southern Star in Bangalore, Sunset Park in Bangalore. All these to be launched this quarter. Of course, the plans have progressed very well, and we should get all these plans out in the next maximum 10 days, after which is the RERA and the launch. And as far as for launch, we are all in launch readiness. We have all the data, material, everything ready. And we do believe when we launch it, we should be able to sell substantially in the first two to three weeks. So that's our hope and desire. But that's we are working quite focused on this, but these should get launched this quarter. Okay. So because the ask is very high, the first half, we have done INR 7,000 crores of sales, and to meet the guidance of 24 or 25 thousand, we need to INR 18,000-INR 19,000 in the second half in terms of clean sales. That means this quarter needs to be really strong, almost close to INR 18,000 crores. 8,000, 8,000, 16,000 in the next two quarters will be there. I think we'll definitely be able to do it. We're working hard on it. The demand is there. There is a requirement, and there is a market with something that I don't have the product, and the product is coming in. Of course, Nautilus in Mumbai will not come this quarter. It will come only in the next quarter. Parikshit, just to add on, apart from these projects, Q4 also will be launching four projects right from Nautilus, KG Marg, Sector 150. We have a project in Noida, Rock Cliff. All of this will add up to that number to reach our annual target. That way, we are not very concerned. We are pushing very hard. I don't think in the history of any real estate company they've been launching these many projects quarter on quarter. Having said that, we're very focused, and we're very confident. Each city, we have a target, and we will achieve those targets. We hope this quarter and the next. I just want to confirm, you said 16,000 or 18,000 for the second half increase sales? What happened is since we've already done 8,000, another 16,000 will come in the second half to add up to the 24,000, which was our guidance, and I think we could maybe even exceed that guidance. Great. So great, I mean, to get the reassurance on that guidance, given that we have slightly weaker H1. So just to understand, the second quarter will be because of the approvals are getting delayed? Because generally, what we understand from other developers in the market there is that there has been a significant delay in getting approvals. Even RERA has been extended. It used to come in 10 days, now it's taking 20, 25 days. So what is the current situation on approvals and? What is the say? And actually, we have to really push really hard. Even my Chennai project, every day, every week, my chap tells me, "Sir, the plan is clear. It's getting uploaded." Even this afternoon when I talked to him, he said, "It's clear." I said, "Man, from the last three weeks are telling me it's clear, but what is the next step?" So these guys, actually, they've got too many tomorrows, and unfortunately, we have no tomorrow. So there's a mismatch in how the government functions, and it's just not in Bangalore, it's across the country. But we are hopeful. We are hopeful that we'll be able to get these approvals, get the RERA number, and do the launches. Okay. Just the last question here. In this quarter, sometime I believe announced the consolidation of stakes and the related party transactions. So if you can explain us what was the rationale behind that and how do we see because still some more projects have related party stakes. And how much would the total expenditure be, whether it has factored in or it will come in Q3? I'll tell you, one company called Prestige Acres, it was 51% PEPL and 49% Silicon. Now, there are many projects in this company, Prestige Acres, including Goa and including the Southern Star. So we thought that the best is for us to dilute Silicon fully, 51%, and make it a 100% owned subsidiary of the company. And to that extent, we've done a very fair and very reasonable valuation, more in favor of the company PEPL, and that stake has been 100% bought over by PEPL. Also going forward, what we did is we also diluted out of the 40% stake of Silicon in PFBP. We diluted 16% of the stake, and the PFBP still holds only 24%. And these are payments that need to be made. It will get done. And that way, what happens is the company stake in PFBP goes up by 76%. And of course, in Acres, it's 100%. We also took over the K2K, which is a contracting arm of the company. It was holding 75%, and 25% was held by another shareholder, and we bought off that 25%. So now it's a 100% owned subsidiary of PEPL. Similarly, there's a company called PGEPL, that is Prestige Garden Estates Private Limited. They're also whatever stake of the external shareholder was. We had given some ICV. So what we did is we got back the ICV, and we bought our shares, and now PEPL is a 100% shareholder of PGEPL. Now, PGEPL is doing two projects in Hyderabad called Tranquil and Beverly Hills. And all the cash flows, inflows, everything will come accrue to PGEPL. And the good news is that both these projects, one project is completed. We just have quite a large number of money to be collected in Tranquil. In Beverly Hills, we also have a project that is almost completed. The OC will be coming in. Even that, we believe there will be a lot of positive cash flow, and there's no debt in that company. So it's a positive move for the company. Now, finally, external shareholder, which is a related party, which you rightly said, will be 24%, which is PFBP in PFBP. With maybe a period of time, we may endeavor to even buy that off and close it once and for all, so it will be a 100% owned listing. Nothing is final just now, but so far, we've done this bit of restructuring. In terms of, if Amit can come in, if he has the number handy, or I'll take it offline. How much was total Gross Development Value transferred to this stake buyout, and how much would be the payout for the same? Amit, please come in. So in PFBP, the gross development value was close to 47. So overall consolidated value is fine, sir. I don't want entity-wise. If you can give me the entire. Between these two entities, whether PFBP as well as Acres, it was around INR 70,000 crores. So INR 70,000 crores of GDV has got added to Prestige now? No. Go to the GDV of those entities. So in Acres, it is 49% what we have acquired, so 23,000 was in Acres, so 50% we have acquired additionally, so 12,500 in Acres, the total GDV is getting added in the consolidated, and in PFBP, the total GDV was 47,000, 16% we have acquired, so close to 6,500 crores is what we have. It will get added. How much you are paying? I think 1,100 is the total. How much is the total payout for the? Total payout is around INR 330 crores and INR 494 crores. So close to INR 620 crores. 330 and 290? 494, 330 and 494. So you are basically adding INR 800 crores, which is the outgo, and approximately INR 22,000 crores of GDV addition. INR 20,000 crores of GDV addition. Yes, sir, and you can fairly assume around 40% EBITDA growth of these two entities. That's average margin in these two entities, EBITDA margins. Got it, sir. So approximately 8,000. So you're paying out INR 824 crores, and you're adding INR 8,000 crores of GDV. And any debt on these entities which would come to us? That debt is already consolidated, Parikshit. So whatever debt numbers we show is the total debt. So the minority will be deduct. So considering it, we take care of 100%. So reported number is 100%. So in the consolidation, whatever happens in the future, additional debt won't come. It is already reported. INR 800 crores. Once this INR 800 crores payout, you are adding almost INR 8,000 crores of pre-tax EBITDA, which can be. It should take over four, five years to materialize. Yes. Yes. Okay. Okay, sir. Got it. Thanks a lot. And those were my questions. And wish you all a happy day. Thank you. Thank you very much. The next question is from the line of Yash from Stallion Asset. Please go ahead. Hi. Thank you for the opportunity. Am I audible? Yes, sir. Yes, so I just wanted to ask, out of the 52,000 crores GDV launches that are there in the next six months for this financial year, how much would it be in Q3, and how much would it be in Q4? Yeah, so approximately INR 25,000 crores should come in Q3, and the remaining should come in Q4. Okay. Got it. So if I assume that about, let's say, 55%-60% of the launches is pre-sales, then broadly, sir, I just feel that in second half, your pre-sales will be much, much stronger. It will be about around INR 24,000 crores of pre-sales just for the two quarters. Is my calculation right? Yes. That's why I would say that that's when we will surpass our guidance, but having said that, we're being conservative, and we'll make sure that we achieve what we have guided. Okay. That's good. So we're expecting a very good pre-sales next quarter. Thank you for that. And the last question is, is there any plans for the management for the IP of the hospitality business? Yes. The hospitality process, we will see through the process as we go along. I'm sorry. I'm not able to hear. Yeah. What you said, Razak, that was we are in the midst of working on it, and we will make sure that it happens. Okay. Okay. Okay. Got it. Got it. Thank you very much. Thank you very much. The next question is from the line of Kunal Lakhan from CLSA. Please go ahead. Yeah. Hi. Good afternoon. Just firstly, on the launches again, so in October, have you launched anything so far of this list that you have put out? Not yet, Kunal. This will be closer to the end of maybe mid or end of November and beginning of December, our launches will begin. First launch will be Prestige White Meadows. Prestige White Meadows will be our first launch. Okay. And so I'm assuming since you are giving a guidance of 25,000 crores GDV for Q3, a fair bit of these launches you should have already applied for RERA approvals. If you can share those launches where you have already applied for RERA approvals, if that helps? We'll be applying now. So very soon, we'll be logging in for approvals. Okay. Sure. And my second question was on, besides the four transactions that we did, and besides PPPL, any more subsidiaries or associates where, say, the promoters have a considerable stake that, again, these entities can come up for a purchase later on? I think there's only one more entity which is Prestige North Hills. I think so where the promoter is holding 39% stake. So that also has a minimal effect. In the future, we may look at consolidating and make it 100% transfer all the promoter holding to the main entity. But not currently, maybe in the next couple of quarters. I thought that's PGEPL where Forest Hills is like. North Hills is a separate entity. It's Prestige Falcon Mumbai Pvt., the consolidation of subsidiaries. It is housed in a SPV called Prestige Falcon Mumbai. Okay. 39% stake. Yes. Yes. Okay. Understood. And my third question was on, if you look at slide 25, right, the whole commercial buildup. So if you look at 28, 29, I'm assuming these are the BKC and the Mumbai Assets, the commissioning, and that's why the sharp jump in rentals. Just wanted to understand where we are in terms of execution, firstly, and secondly, in terms of when do you expect the leasing to start for these assets? So yeah, thanks, Kunal. On that portfolio, those projects are under construction. As you know, there is a 70-year time that it will take to put those buildings up, which is why the renters have it over FI-28 and FI-39. Having said that, we're getting a lot of interest from a lot of multinationals and institutions, and they are actively pursuing these. We will talk more about it and maybe finalize these later on. I think it's quite premature to pre-lease these. But having said that, we're open to any opportunities. Our focus right now is to complete the construction of all of these assets. Financial closure also has been reached for these assets. I'm happy to note that the construction of the rehab for the Prestige and Mahalakshmi has been completed, and we should be getting the OC also within, I think, next month, month and a half, and start handovers to all the rehab tenants over there. As well as in BKC 101, the construction of the rehab is also progressing very well, and we're very happy with the kind of product that we're delivering over there. Everything is on track, and we should be able to execute and start leasing the space out also sooner rather than later than FI-38. Sure. Sure. Just one follow-up on that. So considering the BKC, the two BKC assets, right, considering the supply itself in BKC remains kind of constrained, would pre-leasing mean giving it a discount? I mean, considering the supply. Not at all. Not at all, Kunal. I think the rates over there are pretty strong, and we will look at something close to INR 400 per sq ft, and that's what we will be benchmarking against. Sure. And it's safe to say that FI-26 is when you'll probably start this pre-leasing exercise, or? Yeah. That should be around when we look to start pushing it more. Great. Great. Thanks. Thanks a lot, and happy Diwali to all of you. Thank you. Happy New Year to you too. Thanks. Thank you very much. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much, and congratulations on your fundraise. Is there a timeline that you have in mind to deploy all that you've raised? In terms of QIP, whatever proceeds are there, mainly the debt portion maybe by December will be fully deployed, whatever we have marked for repayment of debt. As far as land, also by December, March, it should be fully deployed. Only the capital portion may take a little bit longer by June or September is the timeline we have in mind. Understood, and on the Mumbai Assets for BKC, what is the construction cost, and how much have you spent so far? Can you get back to you on this? Yeah. Sure. Just 15 days ago, you also talked about mega launches in Indirapuram. Almost 10,000 crores of launches in one shot. Is that how one should think about these launches, or will it be in a staggered manner? No. As in, when we get the RERA number, we will launch these. We are not going to wait to stagger any launches as such because each of them are in different geographies and different regions, and there will be pent-up demand for each of these products. So if you look at Indirapuram, as I said, it's about 10,000 crores GDV. Planned value of 6,000 crores. Pallava Gardens around 3,000 crores. So each of these are, I think, unique and really different. So we'll launch it as and when the RERA number comes. I understand. But what I'm trying to say is, for example, Indirapuram, which is an 11.5 million sq ft developable area, and. I'm sorry, unable to hear you. Sorry. Can you hear me now? Yes. Yeah, so I'm saying, for example, Indirapuram, which is 11.5 million sq ft developable area and INR 10,000 crores worth of GDV, will you open up the entire project for sale at one shot, or will you do it in phases? No. Yeah. We have a business plan. We have a business plan. The total realization will be 10,000 crores, and as and when the sales come in, first in, first out. My inventory will be ready. So my approval will be for the full asset. It won't be split. Understood. And lastly, if you can talk a bit about your Q2 construction spend seems to be a little lower than Q1. Anything to lead into that in terms of approvals for construction, or do you think it should pick up from Q3 onwards? Just slightly lower. Nothing to read into that approvals and all that. I think it's some last-minute certifications of the contractor deals and all that. But I don't think there's any concern on the construction. So approvals are all planned because you are very fast growing over there. The RERA number looks low. That's why. No. No. Approval time. Okay. That's all for my side. Thank you so much and all the best. Thank you very much. The next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Good afternoon, everyone. Sriram's greetings to you all. So my first question is on the approval. Mr. Biplab, may I request you to please speak a little louder and use your handset mode? Yeah. Am I louder now? I'm actually using handset. Yes. We're able to hear you. Yes. So back to approval. Sir, how do you see the approval-related risk? Is it manageable? By manageable, I mean most of the launches will happen as per our schedule, or it is a bit kind of uncertain, which means there is a good possibility of delay in launches happening, and why suddenly approval across the market has become an issue? That's my first question. We are trying hard. Everything, all approvals that plans that have been logged in is all as per the law. Sometimes across the country, there'll be some election or the other. There'll be some distraction or the other, and then the officials are assigned to some other duties. I do believe now that after Maharashtra, which is in November, there should be no problem whatsoever, and everything should start rolling in. I don't see any issues. This has been from the last one year, this has been the distraction, but hopefully it will all fall in place now. Yes. If the approval doesn't come, obviously we can't launch because if you don't have a RERA number, there's no way that I can launch the project and get revenue. But I think the teams are working hard, and I think in all likelihood they should get the approval, and we should get the RERA number, and we should launch. Okay. That's good to hear. And regarding the status of three projects, three CapEx projects: Delhi, Aerocity, Mahalakshmi, and BKC projects. Sir, when do we expect them to be fully operational? Sir, 2028. All this is Mahalakshmi as well as BKC. As far as the Delhi DIAL, we should be ready in 2025 and operational in the first two quarters of 2026. That's great. Great news. Thank you, sir, and Sriram, greetings to you all. Thank you. Sriram, greetings. Happy Diwali. Thank you very much. The next question is from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah. Hi, sir. Just a question, an observation rather. Both in terms of the business development that you've shown as well as the launches, there is a fair amount of Hyderabad projects, more so in the new business development. Recent data points that we're getting on Hyderabad is sales are a bit soft or weak, to put it politely. Is there a concern? Can you give us some flavor on how activity levels in Hyderabad are in the context of the projects that you've taken up? In fact, as far as the company is concerned, Hyderabad is selling, selling well. Yes, for about two, three weeks, there was a blip on some scare about some HYDRA which was going on. It was a rumor because that was only pertaining to people who had built on built properties without approval on the lakebed. We are not. Our company has never done anything like that ever. And we have all the approvals in place. So the customer, there was a bit of scare. But it's back to normal. And all projects, whatever the company is doing, like you see, Beverly Hills is almost sold out, three flats, they're trying to pull there some three lakhs flats. We even Clairemont which has just come out of the ground, and we have come to the only podium parking level. We have almost sold 80% of the inventory. Even Prestige City, which is a mammoth project, 4,700 units, we've already sold 3,000 units. And every week we are selling. I don't see any problem whatsoever. Of course, there are new launches, only two big new launches which are planned. One is the Prestige Spring Heights, and the other one is the prime area in Banjara Hills, which is the. Rock Cliff. Rock Cliff. Rock Cliff is a premium luxury development, whereas Spring Heights is again targeting the income target audience. So I don't see any problem at all. The attraction is good. And yes, Hyderabad, what you're saying is right where the sales are slow is where somewhere developers in Hyderabad lost sight of the product itself and started building some very, very large units like 5,000 and 10,000 sq ft and 8,000 sq ft. Now that ticket price will be pretty huge, quite massive. Those are actually slowed down. And fortunately for us in the company, we don't have any such ticket price in our team, including our villas. So I don't see any stress for us. Sure. Thank you. Thank you very much. The next question is from the line of Pratesh Seth from Axis Capital. Please go ahead. Yeah. Thanks. Just a couple of questions. Firstly, sir, on the market dynamics, are you seeing any particular pain point for certain ticket size across the markets, and what would be your focus segment from ticket size perspective? Just for example, you had a launch of Raintree Park this quarter. How happy were you with the response considering it was mostly three crore plus kind of ticket size? How happy you are with that response and what do you see as an outlook for that kind of category in Bangalore? You see, now if you ask particularly pointedly on Raintree Park, now Raintree Park is a total of 1,368 units. You start only with three bedroom, go to four bedroom, and four bedroom large. These are all ticket sizes, INR 4 crore and above. Okay. INR 4 crore, INR 4.5 crore, maybe even INR 5 crore. Now what happened was we didn't have a mix of the two-bedroom units. Now we are doing the next phase at the back. We've got more land that's going to be called Evergreen at Raintree Park. This project has already been designed, and that will come up with the smaller and medium-sized units. Now, if you ask me how happy I am with the response, I think we're extremely happy because we have almost sold about more than INR 2,000 crores as of today of Raintree Park, and that's about almost 60% of the inventory, 50% of the inventory, which is quite large, substantial because these are high-ticket value items, and high-ticket always takes a little more time for customers to decide, but the good news is because the location is good, because the overall design was good, we were able to sell, and we continue to sell, so we don't have any concerns. We've sold 600 plus units as of today out of 1,368, which I thought was a very good score, and I believe that the rest of the units also because they just launched, and I believe that there should be no difficulty. When we come in with Evergreen, that should be a sellout immediately, as is also the other quarter, which again is mid-income. Sure, and does that mean that generally you were used to seeing sellout kind of launches last year? Yeah. We did sell out Park Grove. But then we had a single bedroom. It had a two-bedroom. It had a small three-bedroom. So now that category was missing in this product. It was a completely premium upmarket, say, premium to luxury product, and it was all a ticket size of four crores above. So hence the attraction will be, I would say, for what the size and the ticket size was, the attraction has been brilliant. And I don't see any pain point on that. Sure. Sure. And your focus segment would be two BHKs, three BHKs, or you would still depend? We have to blend ourselves. This one, because the location was such, we planned it like this. Now the one right behind that. So I can't do the same, more of the same. So I have to keep on sort of tweaking the product and making it acceptable. So the next product that will come will be having a blend of one, two, three, all of that. Sure. Sure. That's perfect. And second, since you alluded to Maharashtra getting into elections in November, do you see any risk of approval delays in Nautilus, or we are fairly in an advanced stage and just a matter of time? And second. We're not planning it for this current quarter. We have planned that for the following quarter, and I don't see any delay there. And that's, inshallah, we'll launch that in the next quarter. Yeah. And progress on Jijamata Nagar? Should we see launch in FY26 most likely, or it's still? Yes. First step, let me get the entire place cleaned up. As of today, if you'd like to know the progress, we've cleaned up almost 70% plus of the tenements, and only about 27-28% is left over, and I believe that the rest of it should get cleaned up by latest by end of December. We'll have a flat piece of land. Parallelly, we have started the planning process. Once the planning process, see, for us, that's a huge, huge responsibility because we have to build 4,000 homes for all those people who have exited, and so that will be the first part. Second part is there are four sales units. There will be a retail mall there. There will be hotel as well as residential. Sure. Perfect. That sounds good. That's information on the base, and happy Diwali to you and your team. Thank you very much. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi. Hi, sir. Abhinav. Hi, sir. So just following up on the previous question from Pratesh. In Bangalore, we have seen sharp jump in pricing, and you're also selling units at four, five crores. I think this is maybe three X or four X of what we used to see a decade back. So from here on, do you think pricing growth will slow down, or we should still see double-digit pricing growth? So that's one. And secondly, similarly, I mean, we have not seen much movement in office rents, but how are they trending in Bangalore now? Abhinav, we don't want the price to jump too fast. It's already jumped up now. Since the market was accepting a certain price, we didn't want to let go of the opportunity. So that's why the Raintree Park has got us an average of around INR 14,000 a sq ft on super good area, not on carpet area. But of course, the product also will be as good. I don't want the price to go up much more than this. And definitely, all the other launches will be in line with what the market is. The next big launch will be in Jijamata Road, off Jijamata Road, which is very good, which is Prestige Southern Star. Once we approve and the RERA comes there, we'll launch that. And we do have the old one of our old projects which had got into some litigation. There's one tower which we'll be launching off Prestige right next door. And even that, everything is in place. I should get the RERA number either today, if failing which, by Monday. And we'll launch that this quarter. And these are the two big launches for Bangalore, apart from a plotted development called Prestige Sunset Park, which is in the IVC Road. But pricing, for sure, we're very, very conscious at the same. While we protect our margins, we don't want those super margins and then shoot ourselves in the feet. We want to definitely see that the consumer also gets a saving. Is there an office rent in Bangalore? What's the outlook? I think we are pretty much full with whatever they are building. There's no vacancy as such. There is only a project that is coming up, which is the OC has to come, and the work in progress is the Prestige Lakeshore Drive, which is, I think, the teams are more or less closing out on some two, three large deals there. And we have, I think, just this morning, my team was here, and they were talking about saying they said we've done some 5.2 million sq ft of leasing in this calendar year, which is pretty good. And they say we'll do another million or so by the end of the year, which is quite big. We do have a product called the Prestige Tech Cloud. We've leased out one block, and then three blocks we are doing a build-to-suit for a data center. There are some two buildings which is already, as far as the company is concerned, which is startup sold. So there is, I mean, if the rent comes also, we will have the arbitrage. More important is to protect our investors. We have to see that they get leased out as soon as possible. And I think November will be a defining month where we've got some one or two large occupants who are seriously considering this park, and that also should get justified. Overall, our occupancy is around 90% across the portfolio. But the delta is only because the Startech has some vacancy, and that will also get leased out. Startech is not going to buy the property. No question? Hello? The current participant has been dropped, so the next participant, the next question is from the line of Yash from Stallion Asset. Please go ahead. Hi, sir. Thank you again for the follow-up opportunity. So my question was that out of the 52,000 crores GDV, the launches that you have, do you have RERA approval for the majority of them, or what percentage of them have RERA approval already? No, we're in the midst of. We have RERA approval. We even already launched it. Because we don't have it, we are stuck. Okay. So all of them have RERA approval, basically. RERA approval for even INR 1 out of INR 52,000 crores. Okay. Okay. Got it. And so. I understand we should, if we are launching each other's project, we should have RERA approval for a few of the projects that we mentioned that we launched for Q3. Right. Right. And sir, just I know you've answered the question before, but I just sort of understand it a little bit better. So the INR 52,000 crore GDV that we have, I'm assuming that half, about, let's say, 50% of them are converted from launches to pre-sales. So that'll be about 25,000. So H2, basically, your pre-sales can be about 20-25 thousand, right? Just broad numbers. Just for the second half. Yeah. It could be. It could be there. Okay. But our guidance and target remains the same for the year. Got it. Got it. Thank you very much and all the best. Thank you very much. The next question is from the line of Rajiv Venkatesh, who is an individual investor. Please go ahead. Hello, sir. Sir, I have a couple of questions. Are we building a new portfolio for a data center? Because I don't get much of any response on the data center, especially in Bangalore, Mumbai, and the Chennai location. Are there any hyperscalers contacting us to build these types of data centers? Hi, Rajiv. We are very agnostic, and we are very open to exploring new opportunities. But having said that, we've done a build-to-suit for a company called NTT, and we are building a data center for them where we sold the land and took the contract to build it for them. So with that, we'll build some expertise. But the operations of a data center are completely different, and it's not our expertise. So we're happy to partner and look at opportunities on a case-to-case basis. Okay. And on the hospitality business, the merger, I hope you consider the retail shareholders also and give some sort of, I mean, to say, shareholder quota for considering the retail investors. It is too early right now. We are in the structuring process. In fact, once the structuring is done, after that, we'll take a board approval and then maybe upon the bankers and all that. So maybe how much will be the retail quota for the existing shareholders, we'll figure at that point of time once we are more advanced. Thank you, sir. Thank you very much. The next question is from the line of Aditya Chandrashekar from UBS. Please go ahead. Yeah. Hi, sir. Just a very quick question. So there was a project called Prestige Oakville in Bangalore, which was an upcoming project in the Q4 PPT of around 4.8 million sq ft. Just wanted to understand what that project is because I can't see it in the latest PPTs. Sorry if you've already mentioned something about this in the previous quarter. I didn't listen, but anything there will be helpful. Thank you. No, that's a good observation. We have dropped that project. Okay. Did we already have that land, or that was just something that was under discussion but never kind of went through? Was supposed to be a JDA, but we dropped that project. Got it. Okay, sir. That's it from my side. Thank you and happy Diwali. Thank you very much. The next question is from the line of Vaibhav Saboo from Nippon AIF. Please go ahead. Yeah. Thanks for giving me the opportunity. Is that one thing which was previously mentioned? For the Hyderabad market specifically, if I look at it, that for our portfolio boasts one of the highest inventories. So, whereas if we look at other geographies like Bangalore, Mumbai, our sales traction has been pretty strong. But Hyderabad is something which ranks higher proportionately on the basis of inventory. So any particular reason for that and what our sales strategy is going forward? Sir, our sales strategy is pretty simple, and we are very positive on the Hyderabad market. Last year, if you looked at our overall performance, we did about INR 5,000 crores from the Hyderabad market. And I think there is growth from that number onward. So based on that, we are also building our opportunities and bringing in a pipeline because we feel in the next five years, there's a huge scope to increase from that number. So that's how you'll see us looking at the Hyderabad market going forward. And our approach to designing the products and specs remains the same. We will cater to a ticket size, which is in the mid segment, and also we'll give some premium luxury products as well. And we are looking at diversifying into different asset classes in the Hyderabad market as well. So that is our approach towards the market, and it remains the same. We're very positive on the Hyderabad market. Understood. And this is a presentation on a broader industry perspective. See, what we are hearing from also other developers like that everyone is having H2's very launch heavy season, including yourself also. So do you feel that we may be in a situation where there is suddenly an oversupply in the market because everyone is, because as you mentioned before, there are approvals for a lot of projects were shut, and most were waiting for H2? So just your perspective on that. That's it from my end. Sir, we feel that the demand will be way more than the amount of supply that will come into the market. In terms of competition, yes, there will be a lot of products in the market, but Prestige product stands out from its peers. So on that, we're very secure and happy with the kind of offering that we're bringing to the table, and there's a lot of pent-up demand for the projects in each of our locations, and that gives us a lot of confidence on our performance once we launch. Understood. Sure. Thank you very much. The next question is from the line of Yash Gupta from Uncertain. Please go ahead. Sir, my first question is on Jijamata mixed development. In this quarter, we have given the breakup for the Jijamata. Can you throw some light on it, and what will be the total GDV of this project? Hi, yes. So as Mr. Razak mentioned, we are in the phase of acquiring and cleaning up the land and clearing out all the tenements. About 70% has already been cleared, and the balance 30% is left, which should be done in the next few months. After that, we will go into project planning and approval. We have already envisioned it to be a mixed-use asset with a hotel, mall, and residential. In terms of GDV for this, Amit will provide some numbers. We are expecting to realize close to INR 50,000 per sq ft and close to INR 20,000 plus growth of revenue share of GDV will be realized from the project. Okay. Sir, second question is on the launch of the H2 launch that we are looking for. A lot of this project, I think we have taken it from the NCLT. I think NCR Indirapuram was also from NCLT. So what could be the EBITDA margin for this project? Can you just repeat the question? It's been missed a bit. Sir, my question is on the launch of that 52,000 crores of launch that we are looking in the H2 of FY25. A lot of this project, we have taken it from NCLT. So I think the margin would be higher in those projects. Like Indirapuram is also, I think we have taken it from the NCLT. So overall, I just want to understand what could be the EBITDA margin for this 52,000 crores of the launch that we are looking for. I don't think so, we have taken all these projects from NCLT. Directly from NCLT, we have taken just one project, which is the Prestige City Mumbai. But having said that, the margins will be in the range of 35% for whatever we have given the guidance of the INR 52,000 crores of launches. This is the operating margin? Gross margins, yes. And EBITDA margin is around 30%. Okay. Thank you, sir. Happy Diwali to you too. Happy Diwali. Thank you very much. The next question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah. Thank you for the opportunity. Firstly, a very happy birthday to you, Mr. Razak, and season greetings to the entire team at Prestige Estates. So my first question is on the residential segment. How are you thinking about business development in the NCR market, considering you have about three launches that are planned for the second half of this year? What kind of future aspirations do you have in the NCR market? And as a follow-up, you have about INR 52,000 crores sort of launches that are planned in the second half of this year and INR 16,000 crores of inventory on the balance sheet. Of this, you're expecting about INR 23,000-INR 24,000 crores kind of a pre-sales velocity in the second half of this year. So how are you thinking about business development aspirations in FY26 for the company across markets? Thank you firstly for your greetings. As far as we are concerned, we are now relentlessly working hard to see whatever projects that are there in all the geographies that we have, we approve and come as soon as possible. As I said earlier, and I'm repeating it again, these all have been drawn up after the rules of the local bodies of those particular cities, and it's a mere function of how quickly we can push things and get them out, and yes, business development, what we now see is what this huge amount of inventory sitting there. First focus would be to see that these come to market and they get launched, and once they get launched, there are opportunities. The only thing that we do not want to do is ride any development riding the upper side of the wave and make wrong commitments in terms of commitments for this thing. Now, for instance, in Bangalore itself, even yesterday, we registered one particular piece of land in Whitefield, which is again the phase three of Prestige Raintree Park, where I believe the traction will be amazing, so we are very careful on the overall commitment that we make on BD. And anything that comes sensibly, anything that gives us, we believe will give us a correct bottom line as well as we'll be able to give a good offering to the customers. These are the projects that we are tackling, whether it's NCR, whether it's Mumbai, whether it's Bangalore or Hyderabad. The strategy is the same, and we'll continue to do that. We don't want to do business on a compulsive manner or an impulsive manner. We'll be doing it properly measured, calculatedly, and if things come our way properly, we will touch it. If it doesn't come our way correctly, we'll leave it. But then there is a pipeline. We are creating pipeline in all cities, including Chennai. Sure. This is useful. Just a follow-up. Sir, you've spoken about markets like Thane and Parel in the past. So any potential business development that we can see in these markets because most of the other listed developers and also large unlisted names are operating and perhaps adding projects in this market? Yeah. We are. In fact, we are talking about some land in Thane as well as in Dahisar. These are some of the geographies that actively we're negotiating. And if it comes at reasonable and good terms, we'll probably buy these lands. And it's a work in progress. Sure. My second question on the leasing portfolio. You have about 25.5 million sq ft of leasing pipeline in Bangalore and Mumbai that is coming online in the next two to three years. Given that annual leasing in these cities is around 15,000-16,000 sq ft each, do you anticipate any potential challenges in terms of leasing, especially with some of the competitors also accelerating their expansion in the commercial real estate segment? No, not at all. It all depends on location and product. We also have our tenants and our clients who are loyal to us. Of course, as long as we give them a good product within the time and a proper pricing, I think across geographies. See, now if you take the case of Hyderabad, which I talked about, Hyderabad market leasing is very poor. But in spite of that, out of 2.2 million sq ft, we have leased out 1.3 million sq ft. When I talk about these numbers, it also includes my landowner share, and we've got a little under a million sq ft remaining to lease out in Hyderabad, and we are also talking to two, three tenants at the same time, and I think by December, we should almost be near full, so it depends on the product. It depends on the location, price, and of course, your relationship with your various customers. And that's what's the winning point. And I don't see any stress in leasing out space. Sure. That's it from my side. Thank you, and this is the entire team. Happy Diwali, guys. Happy Diwali, sir. Thank you very much. The next question is from the line of Shivam Prashar, who is an individual investor. Yeah. I should thank you for the opportunity. Sir, I would like to know about the PAT margin percentage. You spoke about the EBITDA margin on your INR 50,000 crore thing. What is the PAT margin on that? PAT margin? Can you just repeat? You were audible, Shivam. Yeah. Now I'm audible? Yeah. Yeah. So you spoke about the 30%-35% of the EBITDA margin thing. What would be the PAT margin on that, the INR 50,000 crore GDV? It will be close to around 15%-18% on the residential segment. So if you see on the residential segment, we're running around 30% EBITDA margin. The final PAT margin will be around 15%-18%. Okay. Thank you very much. Just thank you. Thank you very much. The next question is from the line of Deepak from Delta. Please go ahead. Mr. Deepak, your line has been unmuted. Please go ahead with your question. The line for the last participant has been dropped. So we would now like to hand the conference over to the management for closing comments. Thank you again once more for all the insightful questions and the active participation. We enjoyed all your questions. If there's anything else that you'd like to know, any clarification, we are always available. Zaid and Amit will be there. And of course, now wish all of you a super Diwali and a happy New Year. And may the New Year bring you more joy in all of our lives, and may we trade better. Thank you so much. Very happy Diwali. Thank you very much. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.