Ladies and gentlemen, good day and welcome to the Prestige Estates Q3 FY25 investors conference call hosted by Axis Capital. 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 the touchtone phone. Please note that this conference is being recorded. And now hand the conference over to Mr. Pritesh Sheth from Axis Capital. Thank you. And over to you, sir. Thank you. Good afternoon everyone and welcome to the call. As usual, we have with us the management of Prestige Estates represented by Mr. Irfan Razack, Chairman and Managing Director, Mr. Venkat Narayana, Chief Executive Officer and Mr. Amit Mor, the Chief Financial Officer. I'll now hand over the call to the management for their initial comments. Thank you. And over to you, sir. Good afternoon. Thank you. This is Venkat Narayana. Thank you for joining today's earnings call, and I wish you all a very happy new year. Since it's the first call of the New Year, I'll begin by providing an overview of our key performance highlights for the quarter and the nine months of this fiscal year. For our operational performance, I'll begin with Q3 FY25 sales. We've achieved sales of INR 3,013 crores with 2.23 million sq ft of real estate sold across 880 units. Our sales performance remains well diversified with Bangalore, Mumbai and Hyderabad being key contributors. Despite no new launches, we have achieved a fairly strong traction from our projects like Prestige Raintree Park, The Prestige City Hyderabad, The Prestige City Mumbai and Prestige White Meadows. Our average realizations for the quarter remained strong at INR 13,684 per sq ft, sales continues to be healthy totaling to INR 3,267 crores during the quarter. For the nine-month period we recorded a total sales of INR 10,000 crores with 8 million sq ft sold across 3,618 units. Collections for the nine months stood at INR 8,910 crores reflecting steady cash flow generation across our projects moving on to our financial performance. Revenue for Q3 FY25 stood at INR 1,697 crores. EBITDA for the quarter was at INR 633 crores translating to a margin of 37%. Cash for the quarter stood at INR 32 crore impacted by mark to market loss on our equity holdings. Given that we have a holding in Nexus for the nine-month period, total revenue reached INR 6,146 crores. EBITDA for the nine months stood at 2,342 crores with a strong margin of 8% and PAT for the period stood at 573 crores with a net profit margin of 9.34%. Something interesting that I'll share with you is our segment-wise performance. I'll take the office. Our office segment recorded leasing of 3 million sq ft of its 2.85 million sq ft of fresh leasing. I'd like to put on record that the calendar year was 4.5 million sq ft which was one of the highest in the market across the country. Occupancy levels across our portfolio remain stable at around 90%. Rental income as of December 2024 that is 22% growth for the company and we will achieve our target of around 700-plus crores for March 2025 which we have guided earlier. Our retail portfolio continues to perform well with the growth in the trading value surpassing INR 1,750 crores during nine months FY25. This is a consumption figure across our malls. Footfalls at our malls remain strong, reaching 14 million visitors while occupancy levels were at 99.2%. Our retail segment differential stood at INR 217 crores as of December 2024. For our hospitality portfolio we maintained steady performance with an average room rate of INR 14,000 and revenue per available room, which is the RevPAR, at INR 8,500 and average occupancy for the nine month period and the segment generated total revenue of INR 661 crores with an NOI of INR 238 crores for the nine month period. Looking ahead, we remain focused on executing our strategic priorities and strengthening our portfolio. We are excited to conduct our major residential project handovers in Mumbai in the coming months, which is Prestige Siesta at one of our rental assets in Mumbai. The rehab building has been completed at the Prestige Jasdan Classic, and the OC has been received at BKC. The rehab construction is underway and should be completed in the next few quarters. We are preparing, as you would all be eagerly awaiting the launch, a robust launch plan of projects across all our key geographies Bangalore, Hyderabad, Mumbai, Chennai and NCR in the next few weeks. These high velocity projects located across prime geographies should drive significant sales volume and help us regain sales momentum. The projects that we will be launching are Southern Star in Bangalore, which should be around INR 3,500 crores of GDV, Indirapuram in NCR, INR 11,500 crores of GDV, which is, we revised our guidance slightly upward as the realizations have improved in the region, Prestige Pallava Gardens in Chennai at INR 3,000 crores, Prestige Spring Heights, INR 3,000 crores in Hyderabad, and Prestige Nautilus in Mumbai at INR 8,600. This is a total of INR 50,000 crores worth of inventory, which we will definitely bring in this quarter. We are seeing this with utmost confidence as most of these products have been logged in for RERA and should be launched in the next few weeks. So I'll hand it over to Mr. Irfan Razack for any comments. Hi everyone. I think Venkat has very very nicely presented a full overview. I think he's covered all the points. And if Amit comes to add on, they'll ask him. Otherwise we are open for Q and A. We're open for Q and A. Amit has already been very clear, no? Yes sir. Yes sir. Can you hear me? Yeah, I can hear you. Yes sir. 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 the touch-tone telephone. If you wish to remove yourself from the question queue you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yeah. Hi. So Mr. Razack, so my first question is how many of you have. I think Venkat spoke about 30,000 crores of projects which will get launched. How many of these projects which are the projects which have already been. As of now has got approved. I think. Then Prestige Suncrest which is missed out here. Even that is also logged in for RERA. Prestige Pallava Gardens. The plans are approved. We have to get it in time for us to lock it in RERA and Prestige Nautilus. We just got a change of name just an hour back. So that is also there. The plans are approved and the name from the previous promoter has been done. We just have to fill in the new plans that have been done and that have been approved. The next one is Prestige Spring Heights. The approval should come in our hands today. The maximum tomorrow. After which we now enter for RERA. All these are like happening, including The Prestige City, Indirapuram in NCR. We've logged in for RERA and it's work in progress. We have some clarifications which they are seeking which we will give and we will satisfy them. But especially Indirapuram is the last project, sir. So do you think in first half of February you will be in a position to launch it? Because we have been hearing for now many weeks that queries have been coming back and forth but we've still not been able to get approval. So what is the issue there? And we have a party that probably is overstepping but we can't say that in so many words. Now they want us to. We've got a co-promoter and a previous landowner and very clearly says apart from the consideration we also give the percentage. But they want us to do a JDA so we are trying to do that and satisfy them. No other choice. It's, according to me, it's nuts. But then I can't fight, I have to just comply. Okay now just last question on the guidance. So I think you have done INR 10,000 crores in nine months and now to meet that guidance of INR 23,000 or 24,000. I mean near about INR 23,000-24,000. Yeah do run if the inventory is available which is possible because whenever we do a launch we fill about 30%-35% or 50% of the inventory. So I've got INR 30,000 crores worth of inventory that can come into the market and 40% of that is INR 12,000 and plus I've got existing inventory so it's not impossible. Now it all depends on how soon the RERA numbers come. Like you rightly said, we are at the end of January. So it's just eight weeks remaining, the short month. And the best part is the customers are waiting. It's not as though there's no interest or there's no buyer. We keep getting a lot of inquiries. But the thing is we have to follow the regulation, we have to follow the law. And if it by chance doesn't happen in this quarter it will just flow to the following quarter. But according to me in all probability we will pull it off. I don't see any reason or any doubt. I mean this project has been widely advertised on social media especially the Indirapuram. So and what we have been hearing there's a good demand. So looking at UI and the numbers that you highlighted across all these projects do you think UIs will catch up to that 30%-40% kind of demand which you earlier spoke about? I'll tell you non check it's like we'll be able to sell off almost half of it or more than that. And even we've got what is called the other project in Bangalore which is Suncrest. Even that also will be INR 800 crore but between INR 300 crore we should be able to get about INR 2,500 crore from there. And similarly Nautilus is net INR 665 crore. My team in Mumbai has promised me. But this quarter, since we all checked, there is a lot of interest on that. We should get another INR 2,000 crore there. And what remains is Pallava and Spring Heights is Chennai Pallavaram. The plans are approved. If I get my RERA today, I'm ready to go. Because even my EC is almost ready. But then it's what to do. We thought we'll actually launch it in the previous quarter. It's not happened. I only hope and pray we don't miss it. Indirapuram could be INR 56,000 crores if you are able to launch it. I mean almost INR 12,000 crores. Easily. Easily. But the thing is I should get it. There's always that. And I don't want it to linger too much. In fact I personally went to Lucknow, my friends to convince the chairman. How the chairman is receptive. But it's official what happens. Okay. Sure sir. Thank you all. That goes on my question. Thank you. Thank you. Before we take the next question, a reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. Also talk about while you'll have INR 20,000 crore worth of inventory spilling over to FY26. If you can briefly outline what is the plan for 26 in terms of launches. While we have about INR 22,000 crores highlighted from that 60-odd crore. I think we'll give you a better clarity by the end of this quarter. Because whatever we didn't launch this financial year will flow into the next financial year, next quarter and quarter that way. And also there's some new BD that we have done business development which will happen. For example, we'll be launching projects in Goa as well which is slated for the next quarter as well as many launches in Bangalore. And secondly, any thoughts on why do we need to hold on to Nexus? I presume there will be, you know, other places where you can deploy for higher IRRs. It's a sentimental thing with some 4.5% of it; there's no debt. Also on the Nexus shares they have said anytime I want to liquidate, I can. Now it's a wrong moment. Even if I want to sell, if I wanted to, probably I would have had sold it when it was in on a peak almost INR 1,000 crores. We'll see. I mean it's more sentiment than anything else I think in the larger theme of things that we do. I believe that 4.5% of the REIT is not something that I should be really worried about. And in case there is need of cash and then we want to reduce debt, we can straight away liquidate that. And it's like a liquid asset. We have a lot of funds available in the company. So right now we're not looking at liquidating the REIT unit. Whenever a good opportunity is there which we can bank on at that point of time we will evaluate liquidating the equity. No, very clear on this. Thirdly, on the land acquisition part this time there were a lot of stake buybacks etc. How is the plan going ahead? Are there more sales that you're looking at or are you going to go for land acquisition routes or could you still opt for a JV kind of model which you've always done historically. So here we remain agnostic. It depends on the opportunity that we're presented with. And based on that we either do a JDA or JV for our residential ON and an outright buy for our MOP project. Any more stake buybacks still remaining? I don't think anything planned for this quarter or whatever we have done. Whatever you have done. Apart from that, we don't have any other plans. Lastly, if you can also, you know, give some sense of collections run rate and construction run rate. So, collection run rates without new launches are very nicely settled at 100 crore. Should we assume that that's the bare minimum that you will continue to run with, and on the construction cost as well? The spend has pretty much doubled compared to previous quarter. Will that be a new run rate or is the expectation of further growth from these levels? I'll come on the construction side. In the earlier quarters, an average run rate of 1,300-1,400 was we were spending, focusing on the residential construction. In the current quarter, we have spent close to 2,100. That is mainly because of two reasons. One, we have spent significant amount on the towers for our upcoming launches. That amount is close to 350-200. We have spent 150+ on the industrial around 150-180 crores on the Nautilus Hill project itself. Apart from that we have a few projects which nearing completions being your TPC. Then we have some projects in Mumbai that is basically one project in Hyderabad region which is a Beverly Hills. At the final stages the construction spending little higher. But on the longer period we can say that around 1500-1600 will be the average construction spend for a quarter. In terms of collection, the collections have been on a steady stage for last three quarters. Last three quarters because the sales have not come down. What were the big launches we were planning have not hit the market. Once this are achieve I think the collection should grow from currently 12,000-13,000 levels to 16,000-18,000 levels per year. Right now my residential collection is around INR 12,000-13,000 crores. Around 13,000 crores. It should grow to 16,000 this year. Like all the launches what we have spoken about a few months back those and then from there you'll be able to grow collection from that. Thank you so much and all the best. Thank you. A reminder to all participants. You may press star one to ask a question. The next question is from the line of Eesha from Axis Securities. Please go ahead. Hi. Thank you for letting me ask the question. Most of my questions have been answered. I just wanted to understand the kind of growth guidance for launches for FY26 as well. For example all the launches that you mentioned in FY25 most of them may or may not in the quarter 4. Do we have any guidance for FY26 for launches and pre sales as well? This is Venkat. We'll guide on this in the end of this quarter. Okay. Hello. Am I audible? Yes, yes ma'am. And please. Yeah, no, I just wanted to understand. So in the future as well, you'll be guiding first. Let's finish this quarter. Then we'll evaluate after the dust settles. We have a big strong pipeline. We've got another 30,000 crores worth of projects that are under approval and all that. So we'll evaluate once this quarter gets done and we'll see where we've reached on that target. And based on what inventory we have we will inform you in probably the next quarter. And it's too early for us to talk about the next quarter. Just now there are things working with the big pipeline and I think there's no dearth of inventory or pipeline that can come. It's all about how quickly we can get the regulatory stuff and bring the product to the market. Like I said, the market is there, the customer is there. Only thing is we need help from the powers th at be. Okay. And anything on acquisitions and investments as well going forward. I didn't tell you. I'm not expert here. Anything? Nothing on pre-sales guidance as well. No. FY26. As I said, I can't give you guidance just now. Let's finish FY25 and then we'll go to 26. Thank you. The next question is from the line of Yash Gupta,[distorted audio]. Please go ahead. Yeah. Good afternoon everyone. So my first question is on what revenue number are we looking for in FY26 completion method and what could be the EBITDA of those projects? Amit will answer this. We would definitely like to, like in Maharashtra, auditors told us they are. They are doing a percentage completion method nicely. They are now still doing 100% completed. So it has a big bearing on the financial results. And obviously all expenses are getting debited up front. Whereas my revenue comes much much later. So we are having a chat with the officers. If they're doing it in a different territory in the country on a percentage completion method, why two different rules for the same industry? So it's a discussion that's going on. Supposing we all revert to either percentage completed or it should be 100 completed method. I believe otherwise you can't even make out what is happening. Especially for analysis. It'll be very difficult. In terms of the expected revenue for FY26. We will have some large launches. I mean project getting completed in the next financial. Which includes the Prestige. The Prestige. So the. In terms of revenue it will be in the ballpark of 10,000-12,000 crores. What we can expect next financial year. What could be the EBITDA margin for those projects? Okay, sir, so my second question is on. In the slide number 20 we are showing that free cash flow from the residential business is around to be 50,000 crore in next four to five year. Approximately. So approximately we are getting 10,000 crore every year. So how we are rewarding our shareholder going forward? Our strategy has always been whatever the peak cash flows that we generate from the residential segment we would like to redeploy a portion of it for business development to grow the residential segment and deploy the balance for my annuity business so that the reliance on that is reduced. Okay. Sir, is there any policy? Different policy we are looking for specifically? No. Currently what we will look at is completing our annuity portfolio. Okay. Because there's a significant amount which we need to spend before we start using, and at that point of time we can have a revision on how the dividend policy or the shareholder housing. Okay. Thank you sir. Thank you. The next question comes from the line of Axis Capital. Please go ahead. Yeah. Hi. Thanks. Just a couple of questions first on in general, you know the approval process. You know, are you seeing any improvement now versus where we were like two, three months ago? I mean let's keep Ghaziabad right now. But in general we have four markets like Hyderabad, Bangalore, Mumbai. How would you rate the current fuel sources, you know, in terms of trend lines? If the rules are the same, fixed, there's no leeway on how they. It's only a question of discretion. In the last three quarters, what happened is each state went into election and we had general elections. That's why this year we had this huge lag and now that's behind us. The funny thing is we just discovered that every, every state, the RERA interpretation is very different and the method they deal on giving a registration. The thing is you have to just log in on time and upload all the documents and get a RERA number, registration number. But then everybody has implications differently. So it takes its own time and we have to probably comply with what they want us to. Got it. And just second question on the retail revenue which was down this quarter by 4% YoY. We have seen other players doing well in terms of retail segment growth. Any specific thing you want to highlight for what happened for us this quarter? Retail revenue is not down. In fact, our malls have traded the best in this quarter and we had the best revenue. Right now we are operating two large malls and then two small ones and we've got almost 100% occupancy in the retail. And I think December was the best month where we got the maximum turnover. So I don't see any concern there. I don't understand which retail revenue you're talking about. As far as I'm concerned, it's 99.2% occupancy and there's not just been any revenue. Unless we are talking about the Nexus REIT which we have written off that could have brought down the profits because that mark- to- market, that's something to do with the stock market and nothing to do with the business. Talking about the disclosures that you give in presentation. I'll connect halfway for this tax information. Thank you. Yeah, we can move on to the next question. The next question comes from the line of Abhinav Sinha from Jefferies India. Please go ahead. Mr. Abhinav, you can go with your question please sir. On the upcoming launches, just wanted to check what are the project sizes that we are looking at in terms of, you know, unit, particularly for NCR and Southern Star. Nautilus is a luxury project, is that right? That's a minimum because the different sizes it is a luxury project and it's the most premium that you can get in the company. It can go much much higher. Even INR 70-80 crores. Okay. And you are expecting around INR 7,000 cr of sales at launch. Right. So roughly 50 units to be sold. Approx. Yeah. The only proof of the pudding is eating once we launch it. There is a good traction, there's a good absorption. We were also surprised that we sold 112 units and we got about INR 60 Cr. And similarly for Southern Star, what is that product? Southern Star is a mid-segment product and I believe that probably around INR 1.5-3 crores. So that will be the ticket size for. That's different things. Southern Star, Spring Heights in Hyderabad as well as Pallava Gardens in Chennai. This is the mid income products and of course Indirapuram in NCR. All mid income products. Okay. So you also added a new project in Mumbai this time can you describe where it is located and what are the expectations from that? This is. We bought the land and it has about roughly a little less than a million sq ft. About a million sq ft of available area. We have finalized and closed out on the plan. Actually design part is over now it's going for approval. Let's see the timeline. How soon you can bring it to the market where the selling price again is a quick seller because overall ticket price will be much less and your selling price will be around that INR 18,000. Okay finally on the clearing ratio what should we expect in the next few quarters? It's now the level that we will maintain or it will possibly go up a little more. No, I think it shouldn't go more at all actually as I see maybe one or two quarters may come but the amount of inventory that is coming in the sales that we are looking at we should have enough of cash flow, whatever cash flow was tied up and whatever debt was tied up for all these projects to come back. And we'll be quite flush with additional cash flows that will help us for our CapEx projects also ideally 0.5-0.75 for the next maybe one or two years. And I think we will do it. We'll pull it off. I don't think there should be any problem on that because there is a lot of positive cash flow that are going to the. Sure. Thank you to the team. Thank you. Next question comes from the line of Debbarma Antique Stock Broking. Please go ahead. Good afternoon everyone. So my first question is, is the over enthusiasm by the regulators—if I may use the term—restricted to the Indirapuram project or, you know, does it extend across projects? Are you seeing enthusiasm the regulator? Sir, I'm just trying to understand, is this approval challenges restricted to Indirapuram project or it is across? No. See, each state has their own way of functioning. And we have to learn that. This is the first time we've gone to UP and now we are learning and probably the next time we would have learned by then. Other states we are already there for many years, we have understood how they operate and we have to play to the galleries. So that means in other states or other projects. You have not seen this kind of. No, no, no. Not at all. Not at all. Okay. Okay, good news. And the second is regarding Worli. You know Worli already has significant supply in the same category, 20 crore, 30 crore category and more to come from other developers, major reputed developers. So how confident are you in the absorption? Because I believe up to 7,000 crore of GDV. So are you seeing a kind of oversupply in the market or you believe that there is enough demand to absorb all the supply that would be coming in the next one year or so? Yes. You see what happens is real estate is all about location. This location is footfall friendly and my staff at the ground level are very very confident. They already have signed up customers and they are confident that once we launch we'll get significant numbers from this project. Like I said, proof of the pudding is in the eating. And if I once they launch it and I don't get the numbers and it will be proved that there is no demand as of today there is demand as of today there is attraction and we believe and even I have to yet see. You know people, my staff was not very confident on the Ocean Towers when we launched it and they couldn't believe that it went so fast. Similarly here also we are not in such a great hurry to sell it because this product is very good. This location is the best of the best. And what is available in those micro markets. Yes, more and more supply comes in. There will be stress, and we believe that only the best can survive, and according to me our project is the best. My question is, you know, could you please update us on the progress of your key commercial project BKC, racecourse, and Delhi. When do you expect this to be completed? Because I see some visually whenever I go in that area see progress in BKC and race course. If you could give more insight on what kind of progress and by when do you expect this to be operationalized? See, the good news is that I'm actually in my rehab tower which it's not rehab rehab. It is a beautiful office tower which is the Prestige tower is ready. We've got the occupancy like opening remarks and it started handing over the units to the Turf Estate and the Evergreen Estate occupants to move in there and once they move in they will demolish these two tenements, but in the meanwhile the tall towers are already under construction and our targeted year of completion is 2028. Similarly BKC is also moving very very fast. We fortunately out of the ground even there we have EWS cover which by June will be completing about 700 apartments which we're handing over to the EWS to the authorities, and at the same time both BKC 101 X and Y are coming well and the good news there is we have done some quite a lot of substantial JD. I can't reveal the numbers nor can I reveal the name because these are both strictly confidential. But I can tell you quite a substantial amount of area has been pre-committed and so that's giving us that much more confidence. And also we are building an additional hotel there which you've seen in our Investor Presentation. Now for instance we are doing this massive hotel in Aerocity in Delhi that is the St. Regis and the Marriott. The structure for the hotel portion is ready and now the painting and the windows and the other jobs are going on including the finishes and the office portion also is coming up very fast. And the good news is that entire office portion is nearly leased and we've got some good anchor tenants even there and because of confidentiality I can't tell you the name but there the entire office is leasing; it's 100% leased out. And when. When do you think BKC and Aerocity by 2025 end our hotel will it be because it's such a large asset it will start trading in 2026, but the asset itself will be ready by 25. That means I've got 12 calendar months out of which one month is gone. 11 months to check in case there are more topics this is Aerocity in Delhi we may have some delays. Thank you and all the best sir. Thank you. Thank you. The next question comes from the line of with Nippon India Mutual Fund. Please go ahead. Hi thanks for giving me the opportunity and good afternoon questions from my side. You know you have explained that NCR geography was new for you but if I look at it even you know it's written like target geography from Bangalore. There seems to be delay in approval. Just wanted to understand the reason for that. Is it because? Yes, I'll put the approvals later because you know in the last conference call you had stated you know that we will be launching. We will be launching, okay, 10,000 crore projects just in H2. So just want to understand you know why there is an approval delay for. Especially for geographies. No, there is no delay in the other geographies. It's only as I told you there was this huge distraction for general elections and the state elections. All that is behind us. You know either the election or Bangalore went for election or the country went for election but all distraction is over and I think all the officials what happens in elections all the officials are assigned to different states, different cities for the election duty not available. Nothing works in the system. I think that behind us and I don't see any further delays and I believe that if we really focus and we can get all our projects which we were planning on into be approved and get the RERA done and then launch these. So sir, just in this, out of the 57,000 crores which we have stated during the launches, how like how much of this has been already filed in RERA? I think Irfan in his opening remark told you about 30,000 crores worth of projects are almost applied for RERA or the approval has come. We just have to file for RERA. I think all these will come like you see NCR is 11,500. I told you Bangalore will be about 4,300, Chennai will be 3,000, Hyderabad will be 3,000. So it's for me Mumbai is another 8,000. Just one thing on the Hyderabad market itself, you know we think we have quite a inventory there, you know which has been there for quite some time. So how are we looking at that market particularly because you know there seems to be a lot of supply but you know not enough traction. If I do the demand versus supply that seems to be quite severe for Hyderabad versus other versus other markets. See now if you're talking about office market I agree Hyderabad market office is saturated. It is oversupply. Fortunately we built 2.2 million sq ft in Hyderabad. In office we are left with 700,000 more sq ft to lease. We are talking to two, three large clients and my team is hopeful that in the next two-three quarters and make it 100% filled up with that. We are strongly fortunate because we did a good product and our location is good. It's already almost consumed on the residential market. The good news is we did this city Hyderabad, which has 4,700 apartments out of 4,700 apartments where we are just getting out of the formation. The company has have sold more than 3,300 apartments in a period of just about less than a year. I think that's no mean achievement and I think the rest of the thousand odd. In fact I've told my team to go slow and not to sell it off park because we need to also get some appreciation on the price. Similarly, we completed a project in Hyderabad in sold out completed. We completed just now in February 11th inaugurating a project called Prestige Beverly Hills to be sold out completed. Now the other one that is ongoing is Prestige Clairemont where we sold almost 70% of the inventory and their pricing has gone up. So I think we are pretty confident on the Hyderabad. It depends on your location, depends on your brand and of course price in April 3rd. Understood. Thanks for all the rest. Thank you. Thank you. The next question is from the line of DSP Mutual Fund. Please go ahead. Hi, this is Vivek here. Just a continuation of the previous question actually and this is virtually the last slide of your presentation. If I see the inventory, the stock drops, which is 12 million sq ft in the last quarter it's come down to 10 million sq ft. And at the price hikes that you're seeing, do you see any difficulties in liquidating the inventory? Would this 2 million sq ft be the rough run rate going forward as well? That's the only question. Thank you. Which is the slide you're talking about? Slide number page 47, 48, exits, rentals, retail and then you got residential projects free cash flow, is that right? That's the one, project free cash flows where you see the stock, it shows 12 million sq ft in the previous quarter. It shows 10 million sq ft, 10.05 and the value is 13,680. So this is across all geographies, all projects put together. That's right. So that was your question. Yes. Yeah. So the question is, you know, is this essentially the last quarter you sold 2 million sq ft. Is that the run rate that you see? Because you said you were holding off price hikes and so on and at the current price hikes, would you be able to clear off this at the same run rate? You see about 2 billion sq ft on a sustained basis. I am selling, I will sell because I don't want to dump some inventory, things like other people are doing and try to sell. There's no desperation to sell. So we are doing what we are doing in a proper manner so that the bottom line of the company doesn't get affected and actually get boosted in the other way around. So if you look at it as you rightly pointed out, the volume of work that we are doing out of 91 million sq ft, it has got 10 million sq ft. That shows it's just about 10% of the stock that we have own holding which is very, very minimal and end up going for 2 million in a quarter because we didn't have any launches. You're talking about this inventory because inventory you add up and go up further. This inventory I think on a standalone basis it should go. What is the inventory we have is basically we've got Hyderabad City, Mulund and a little bit in Bangalore. Sure sir. Thank you very much and wish you all the best. Thank you. Thank you. The next question comes from the line of Yash Gupta from Ashit Koticha Family Office. Please go ahead. So just to confirm the launch number we have 56,000 crores of launch pipeline. Out of that 32,000 crores we are expecting to launch this quarter. In the morning in the TV interview you have mentioned that another further 50,000 projects are under design stage. Is that correct understanding? Yeah, yeah. There is the pipeline, is there? No. This is what we have told. 56,000 is what is ready which is under approval with another 50,000 where we have got different land parcels which will come as we go along. That is a few, sir. Last question on. Can you shed some light on the Jijamata Nagar because the thing is in this we mentioned that 2.1 million sq ft of mall and around 700,000 sq ft of serviced. Yeah, see these are very correct. There is residential, there is hotel and there is retail. We are trying to see whether we can fit in service apartments. Also, we have appointed SOM as an architect, and they have given a preliminary design. In fact, even just the other day, my partner sent me a mail saying that IOD has been approved. We need to pay certain fees. So it's all work in progress. We have to still freeze a lot of planning there. I think it will start coming as soon as we can get approved. But now our focus in Mumbai is Nautilus and Daffodils. That is. Last one. Recently, we have done a new launch of hotel and near airport in Mumbai. So is that understanding correct? But I think we have not mentioned that in the pipeline in Mumbai near airport International Airport. We have done some launch something kind of for the hotel. Five acres, five and a half acres. No, no, no, no. There's no hotel near the international airport in Mumbai. Whereas in Sahar you are seeing there's a large future plan which we are designing in discussion. We may do office over there. But still it's work in progress. Nothing has been formalized. Thank you very much. Thank you. A reminder to all participants. You may press star and one to ask a question. Next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Thanks for the follow-up. My question is on BKC. You said that you have leased some areas. So what kind of rental rates you've been able to achieve there? That is what I said. I can't tell you the rate nor can I tell you the customer. It is, you know, a little. We have this confidentiality which we sign with the customers. But I can tell you we have leased approximately over 500,000 sq ft. I think earlier was INR 320 per sq ft. So is it better than that or like how should I? 320 is what? No, no. 320. Where is it? 320 earlier in your earlier presentations used to be the potential from Maharashtra. But I believe it can go below. But at the same time honestly I cannot tell you specifically how much we have done the transaction for. Obviously when I've given you an indication that expectation, obviously it has to be better than expectation not below. So it may be better than expectation. You are saying so. Okay. Just one more question on business development now. So you have now raised capital. Cash flows will start coming in as the launches happen. How do we business development in the quarters coming in. So how is the pipeline looking there and what kind of land bank additions one should be factoring in assumptions for next year. Business development is work in progress. Like what happens after our QIP with BKC land in Mumbai. We bought land in Goa. We've invested in Bangalore. Almost INR 1,700 crores have gone into land. And obviously that will come back once the approvals come in. It will come into the company in terms of additional cash flows. Okay. And in NCR especially on the Gurgaon, anything you were able to freeze there? In terms of business similar point. There has been a lot of work in progress going on there. And you've been talking about something. Good news will come in soon. So any progress on the JDA? There's enough and more opportunities. There's enough and more land that is offered to us on a daily basis. We have to evaluate that. Our focus now today will be to see that what we've invested in that we are able to launch and cash out and give us the confidence to do more. There's no sense in pouring more and more money into a region which is sort of getting blocked. So we don't want to get blocked. We definitely want to see that the liquidity comes in. That's how we would like to churn capital. So offers are there, plenty of opportunities there, and it has to be the right opportunity, right price, and we always have an open door policy. Okay and the last question the Trade Center I think you said that entire office is being now pre-leased so is it like the area will be point four your share will be about 0.4 right total and your share 50% 4 million sq ft share according to me and whatever it is it it's an SP so is 50% or DDA is 50% so that's how and what would be if you can give the rates here because you entirely down so can you please rental rates which you have locked in here because you told that it's entirely leased out now that's why I said I can't tell you the client's name or the rent. It will come out. It will come out very soon but it's a very decent rental. Okay. You sure sir? Thank you. Bye-bye. Thank you. A reminder to all, for questions you may press star and one to ask a question. The next question comes from the line of [Girish] from Pinpoint. Please go ahead. Hi sir. Am I audible? You're audible. Hi sir. Congratulations on the quarter. Just a request, could you please repeat what. I will give you the update on the Indirapuram project. We've applied for RERA and it's, I think, in the work in progress so I think within a month's time, the next three to four weeks we should have a launch. Okay so you still fairly confident it comes through in this quarter, right? I'm not able to hear you, you are not audible at home. Hello? Hey. Yeah, I just wanted to reaffirm that, wanted to ask if you're fairly confident that comes through this quarter, we will launch this quarter. Sure. Thanks. Good luck. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference to the management for closing comments. Thank you very much for all the feedback and questions. We understand that you are really anticipating our financial year and launches to go as per plan, and we also are mightily confident that we will make it happen. We were never disappointed, and we will not disappoint. So we wish you all the best, and thank you for participating in today's call. Thank you all for participating. Let's hope the next two months go well and we are able to launch the various plans. But I believe demand is there. The company is quite robust in their activities, and the whole team really putting extra effort to see that we succeed, and time will tell. Thank you. Thank you again. Thank you on behalf of Axis Capital. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.