Ladies and gentlemen, good day, and welcome to Prestige Estates Q3 FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Sir Pritesh. Thank you, and over to you, sir. Yeah, thank you. Good afternoon, everyone. Apologies for the delay. On behalf of Axis Capital, I welcome everyone to the call. From the management of Prestige Estates, we have Mr. Irfan Razack, Chairman and Managing Director, Mr. Zaid Sadiq, Executive Director, and Mr. Amit Mor, the Chief Financial Officer. I'll now hand over the call to management for their initial remarks, and then we can open the floor for a question and answer. Thank you. Over to you. Hi, good afternoon, everyone. I'll ask Zaid to give his opening remarks, and then we'll continue with questions. Thank you. Good afternoon, everybody, and thank you for joining us on today's earnings call for the third quarter and nine months ending FY 2026. I'll begin with a brief overview of our operational and financial performance, followed by updates across our residential, office, retail, and ESG platforms, after which we will open the floor for questions. Q3 and the first nine months of this financial year have been defining periods for the company, marked by strong execution, healthy demand visibility, and continued diversification across geographies and asset classes. Starting with our residential business, we recorded pre-sales of INR 4,184 crores during Q3, reflecting a 39% year-on-year growth. For the nine-month period, pre-sales stood at INR 22,327 crores. This is a growth of 122% year-on-year. Importantly, this is the highest sales ever achieved by the company and exceeds our previous full year peak sales, all within just 9 months. This year, the performance indicates strong resonance of our portfolio across markets and depth of demand, for well-located, high-quality developments. Sales volumes for the quarter stood at 2.99 million sq ft, taking cumulative sales for the 9 months to 16.95 million sq ft, with over 8,500 units sold year to date. Our geographic mix remains well-diversified, led by Mumbai, Bangalore, Hyderabad and NCR, providing resilience across market cycles. Average realizations improved to INR 14,459 per sq ft, up 6% year-on-year, while our plotted developments continue to see strong traction, with realizations increasing by over 30%. Collections remained robust, reflecting the quality of sales and disciplined cash flow. We achieved collections of INR 4,584 crores in Q3 and INR 13,283 crores over the nine-month period, the highest collections recorded by the company and higher than full year totals in the past. On the supply side, during Q3, we launched 5.02 million sq ft, taking total launches for the nine months to 23.83 million sq ft, with a residential GDV of over INR 19,600 crores. Completion during the quarter stood at 4.72 million sq ft and 12.71 million sq ft for the nine-month period, reflecting steady progress and disciplined execution across our projects. Moving to our commercial office portfolio, leasing during Q3 stood at 0.56 million sq ft, with occupancy across the operating portfolio remaining strong at over 95%. Exit rentals from the office portfolio for FY 2026 are expected to be approximately INR 829 crores, with completion of our ongoing pipeline. Office annuity income is projected to scale to around INR 4,000 crores by FY 2030. We also recently completed Prestige Lake Ridge, Prestige Tech Hub and Prestige Capitol in Bangalore. Premium office developments totaling 3.7 million sq ft, which will shortly begin contributing meaningfully to our annuity income. Our portfolio continues to perform consistently well. During Q3, mall footfall stood at 5.2 million, and gross turnover grew 14% year-on-year to INR 702 crores. Occupancy across malls remains exceptionally strong at over 99%. Exit rentals for FY 2026 are expected to be around INR 275 crore, and with 14 malls in the pipeline, retail annuity income is projected to scale to approximately INR 1,175 crore by FY 2030. Turning to the financial performance, revenues for Q3 stood at INR 3,886 crore, up 128% year-on-year, with EBITDA at INR 873 crore and PAT at INR 245 crore. EBITDA margin for the quarter stood at 22.5%. For the nine-month period, revenues were INR 9,052 crore, EBITDA at INR 3,104 crore and PAT at INR 1,015 crore, reflecting healthy profitability and operating leverage. EBITDA margins for the nine months stood at 34.3%. It's also pertinent to note that our unrecognized revenue as of December 31, 2025, stood at INR 61,922 crore, providing strong visibility for revenue recognition over the coming few years. Finally, on ESG, we continue to make steady progress across environmental, social and governance parameters. Key highlights include India's first Net Zero energy operational mall at Forum South Bengaluru, multiple LEED IGBC and WELL certifications across our portfolio. Progress under our Prestige Green Promise, with a commitment of 1 million saplings and plantations underway and several national safety awards across residential, commercial and retail projects. Overall, our performance in Q3 and the first nine months of FY 2026 reflects the strength of our diversified platform, disciplined capital allocation, and focus on execution. We remain confident about sustaining momentum while continuing to scale our annuity portfolio and delivering long-term value to all stakeholders. With that, I will now open the floor to questions. Thank you, Zaid. Well done! Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, am I audible? Yes, sir, you are. Yes, yes. Hi, sir. Congratulations on a good performance. My first question is on the margins for this quarter at roughly 22%. What was the reason behind that? Second is also on the cash flows. I think the investment in land, the outflow of cash this quarter was also on the higher side at INR 27 billion. What was the reason behind that? That's my first question. Yeah. The margin reduction was mainly because of the product mix. If you see last quarter, we had couple of projects where the margin was slightly higher. In the current quarter, there were a couple of projects where the margins were in the single digit. Basically, if you see, we completed one project during the year called Prestige Siesta- That's right. Wherein there were legacy customers whom we have sold at, it's an NCLT takeover, so it was a old rate. So that has resulted in a lower margin for the quarter. Okay. And, outflow of cash this quarter, on the investment in land at roughly INR 27 billion, that was also on the higher side. So what was the reason behind it? Yes. Yes. So basically, this quarter we had couple of good opportunities, especially on the 10, bidding and some corporate deals. So one land parcel we had tied up in, Hyderabad, called, the Knowledge Park. There we have invested close to INR 1,000 crores, okay? And then in the Chennai market, we have picked up one land for INR 800 crores. So these two were the major contributors, but otherwise, the total deployment was close to INR 2,700 crores. Understood. My second question is on the launch pipeline for fourth quarter. And how should we think about your pre-sales number in FY 2027? So it's fairly certain, I think, that we will achieve our FY 2026 guidance. How are we thinking about demand and launches, the big launches in FY 2027? Thank you. Now, this current quarter, we've got three launches coming in Bangalore. One we've already done, which is Evergreen, at the Prestige Raintree Park. In the pipeline is Eden Park and Fernvale in the Prestige City, two more components, where the approval will come in hand in a couple of days, and then we get RERA, and we get launched this quarter. We also have a plotted development called the Prestige Marigold in Bangalore. And then Hyderabad, we are very confident of launching two developments. One is the Rock Cliff, which is in Banjara Hills, and the second is the- Golden Grove. Golden Grove. Again, that is in Tellapur. It's a very large development, and there again, we believe we'll be able to launch this quarter. So all in all, we should cross top line sales in this quarter of about INR 8,000, which will take us through to INR 30,000 for the year, if not more. Understood, sir. How should we think about FY27, and your thoughts on the real estate demand, please? The demand continues, but FY 27, it's all work in progress. We have a pipeline, and I think it's too early for us just now to spell out all the projects that are there, which, of course, the list is there, but it's all work in progress in the sense which project and in which quarter. And I believe that once the product comes to market, it will definitely be sold. Understood, sir. Thank you so much, and best of luck. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, and hi, congratulations on a good quarter. So if I look at your numbers for FY 2026, you will cross or reach INR 30,000 crore. But the large component, almost one third, is coming from NCR, so which is INR 9,000 crore, which was a hit product this year. But we start FY 2027, at least a shortfall of INR 9,000 crore, and to reach or achieve or exceed INR 30,000 crore, some other products have to contribute. So how does one think in FY 2027, how do you intend to make up? Because in NCR, we don't have much of a pipeline as of now. Oh, no, there is pipeline. The teams are working on it. There is a strategy, and we have tied up some land in NCR also. We can't be just one product, wonder in the NCR. We have tied up two large, tracts in, in the Gurgaon region, which will sell out as we go along. So I don't see them in the business development pipeline, GDV additions. So how much will be the value of the GDV added in these two projects? Sir, if you just look at the slide number 26 in our investor presentation, that tells you the GDV of new acquisitions. That's totaling to around INR 40,000 crore. And if you look at existing pipeline that we already have, where approvals are nearly finalized or and planned for upcoming quarters, we have about 16 projects there, of which 1, 2, 3, 4, 5, 6 projects should get launched this quarter. That balance is around about how much, Amit? Around INR 15 billion. About INR 15,000 crore will be there, over there as well. So 15 plus you have INR 40,000 crore. That was different more from the NCR, I think, which you finally touched upon, that you have tied up some land parcels, which is NCR. Sir, NCR, we already have Sector 150, which the legal issue which was there, had been cleared, and the plan should get approved in a couple of months. And apart, that will come for the next financial year, that's why we haven't planned it for this quarter. But for sure, in the next quarter, that will come. We've got, I can't spell out the other two sectors in Gurgaon, which we have finalized. We have a term sheet. We are, we are working on the legal due diligence, and that will surely hit in the next financial year. They are something that, at the appropriate time, it will be announced. In terms of GDV, how much will be the value of these two projects in Gurgaon? If you take that, it will be again, a bigger, if not as big as what we've already done in Indirapuram. Okay. So the GDV will be more than INR 10,000. All three put together. Okay. All put together will be about INR 10,000 crore. More than 10,000. Okay. Can we on, commercials and all, I think, I think you have on, on the television spoken about the commercial assets earlier, a few days back. Just wanted an update on, the BKC Prestige Liberty Towers assets. So how has been the lease traction in these two assets? So what kind of pre-leasing we have already achieved into these, these two assets? Yes. So what happens is, now in BKC, the good news is, the construction is underway at a pretty fast pace, and we should top out the X tower in BKC by April, May of this year. And we should top out the Y tower by August, September, in this particular calendar year. And similarly for the third tower, which is the Prestige Liberty Towers, which is called The Prestige, both the towers should get topped out by the end of the year, that is December. So we have things are moving at a very, very healthy pace. And then, of course, after we top out, there will be a lot of work in terms of finishing, which will take another year. But having said all that, if you ask me on pre-leasing, I think the teams have worked really well. In BKC, we have commitments, firm commitments with deposit for about 1.4 million sq ft of office leasing. Similarly, in the third tower, we would have around 400,000 sq ft of pre-leased commitments. That is, a property that is under construction, which I would say is a great achievement. Once it's ready, the demand will be much more, because the type of product that we're going to deliver will be not seen in previous. Okay. And just lastly, on the data center, I think you signed some MOU with the Maharashtra government. So any update on that? So what are you exactly planning to do there, and what kind of investments you should look into the data center which we have announced? Yeah. So that's a work in progress. The land will be allocated to us, so we're just waiting for that to be done. Hopefully, at the end of this quarter, we should have a further update on that. Okay. But we are looking to build-to-suit or so. Will it be an It'll be a combination, because it's close to 100 acres. So it'll be a complete build-out, and it'll be completely master planned. So we'll be open to doing either or. Just lastly, if I may squeeze in. So next year, so in FY 2027, I mean, I think in your media interview today, you said that we intend to better off FY 2027. So but are we looking at any growth, or you think that 30,000 will be kind of a peak number, at least for the mid- to near-term, in terms of pre-sales? No, FY 2027, now see, once we arrive at our number for FY 2026, we hopefully we are, I think, more or less sure to cross that 30K mark. We will take stock, we'll take fresh start, and I think, once you are at the peak, I think we need to evaluate, do all our homework, and work out from which market, what-- Like you also asked about the NCR market. So we are, looking at seeing which market, how much can come from. But I believe the 30K mark itself, what we're going to reach, is going to be pretty high. We'll give a guidance when we come to April, Sure. In the next quarter, when we have our conference, maybe we'll have our guidance also ready. As of today, it's too early for me to say anything. So, sir, that's all from my side. Thank you, and wish you the best. Thank you. The next question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, hi, thanks for the opportunity. Just a couple of questions from my side. Firstly, Mr. Razack, you spoke about INR 30,000 crore of pre-sales for FY 2026, which effectively means about INR 7,000 crore-INR 7,500 crore in the fourth quarter. If I look at the launch pipeline, so largely all the four projects are in Bangalore. And if I look at the quarterly sustaining sales of about INR 3,200 crore-INR 3,300 crore, effectively, you're looking at a 50%-60% kind of a sale on the launch of these projects. If you can provide some color on the health of the Bangalore real estate market, what's the sense that you're getting on ground, in terms of footfalls and conversions, that should take you comfortably to the INR 30,000 crore mark? I, that's the reason why I said we will cross it quite comfortably. We just launched in this month the Evergreen at Prestige Raintree Park, which is an INR 5,000 crore GDV, out of which this has met with a really, really good response. In the first two weeks itself, we have done fairly good sales, I think almost about INR 1,500 crore-INR 2,000 crore. Of course, we'll total up as that sales stabilize. And I think this quarter on that particular project should do very well. Now, we also have the Prestige City, two components, Eden Park and Fernvale. Even those, we believe that once the approval comes in hand, which is likely to happen this week, or early, I mean, early next week, and they're here up, we should be able to get a fairly decent sellout, like it's at 50%-60%. And we have a large development in Hyderabad, which again, is going to contribute very big, which is the Golden Grove in Tellapur. So all this put together, we should cross the line very, very comfortably. There won't be any struggles. Palm Court. Uh? Palm Court in Chennai. Palm Court in Chennai. Court in Chennai. Palm Court also just got approved in Chennai. But Chennai market... See, now, looking at markets, I'll tell you, Bangalore is still pretty fizzy, very good. It's fast. Hyderabad is also fairly decent. Chennai is steady, very steady, and it'll not give me an instant results, but depends on which micro market, the demand is still there because of the brand itself. Sure, this is helpful. Secondly, on new BD, can you provide some color on what IRRs are you penciling in by signing up new business development? And for the INR 40,000 crore, which was signed so far in 9 months, FY 2026, what does the margin look like? And in the last call, you mentioned you're looking to sign 1 large BD in Mumbai. So if you can provide an update on that. I think, ask Amit to answer this. The IRR, what we're expecting on our, recently signed, projects is in the range of, around 20%-30%. So most of the projects are in that range itself. So if you see a blended rate for our upcoming and our ongoing projects also, it's in that range. So it will be- we'll be maintaining that margin levels. The BD that you're looking at in Mumbai, if there's any update that you are seeing here? BD is a work in progress. Every day, there's something new that happened. Now, see, the biggest BD in Mumbai is we already have the land, which is the and we've cleaned it up, and very hopefully, in the next financial year, we launch, which is the Prestige Jijamata Nagar, which is Jijamata Nagar. The entire, four thousand homes which are there have been cleaned up. Yeah. First, is our responsibility to build that 4,041 homes. Second is, the, as soon as the, the plans and the concepts are almost getting finalized, there we are going to have a hotel, we are having, office, we are having a retail mall, plus 2.5 million sq ft of, residential. I believe that will be a big number mover, and that also will happen in the next financial year. We're also having a large office development, which we are going to sell in Bandra, that is called the MIG, which we call it the Business Bay. Even that approval will come in the first quarter of next year in Mumbai. So the BD is many things are happening. Everything can't be spelled out, but there is a lot of traction, and there is a lot of opportunity. Like you see now, you saw Hyderabad, we bought that 11-acre land in HITEC City, out of which 3 million sq ft will be built. 2 million will be office, 1 million will be residential. The residential tower will give us at least INR 2,500 crore GDV, and I believe that will be a luxury tower, and that there's a vacuum for that type of a product. I think that will also meet with a good response. Sure. This is helpful, Mr. Razack. I'll come back in with you. Thank you, and all the best. Welcome. Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, Razack. Thanks for taking my question. My first question is on the DIAL project at the Delhi airport. Would be great to get some status update about that. Yeah. What about the DIAL project? I mean, timelines and how is the leasing- Ah, timelines. Okay, now that's good news is that the teams are really putting a lot of focus. First is the 600,000 sq ft of office that we have has been almost all fully leased out, and the customers are waiting to move in for their fit outs. And the project itself I would say it's the completion of the hotel block will be by July of this year. And of course, there will since it's a very large hotel and a lot of rooms there will be some simulation time, 4-5 months. We've already appointed the general managers for both the hotels, that is, the St. Regis and the Marriott Marquis, the huge convention. So, I believe the hotels, per se, should start trading, like a soft launch, end of this calendar year. The office component, we should be able to hand it over to the tenants in April, as soon as we get the occupancy certificate. Sure, sir. Second, on the housing side, I mean, you did give a color about the various markets, like Bangalore is still good, Chennai CD. Wanted to get your views on price increase. I mean, is there a scope for further price increases, or do you think we are more or less near the top? No, I think we've topped up on the price. We should not allow the price... You see, now, what's happened is, what components go into price? It is, A, the raw material, which is land, B, it is the cost of construction, and, C, it's the approval cost. These three. Like, it varies from city to city. Mumbai, they more than the land cost, it is the approval cost, because the premiums and the TDR and the other components are pretty huge. Like in Hyderabad and Bangalore, the approval cost is not that high. But then we have to be very, very careful on what we commit, and we don't over-commit, overpay, and overprice the land. Once you pay too high a price for land, then in case the market corrects itself or there's no demand at a certain level, there is going to be pain. But as of now, at the level that we've reached, I think, according to me, we've more or less peaked out. We should not allow prices to rise more than this. Sure. And, one last question for Amit. For the BD deals that we have already entered, what is the pending land CapEx that needs to be? Thank you. Yeah, Amit? Yeah. Just give me a moment. It's close to INR 1,800 crore. Sure. And all the best. Yeah. Thank you. The next question is from the line of Tarang Agrawal from Old Bridge Capital. Please go ahead. Hello, sir, good evening. Couple of questions from our end. One, sir, just to get a sense, how conservative or aggressive are we when it comes to, you know, calibrating our upcoming GDVs and costs associated with it? Typically, what are the moving parts which costs are most vulnerable to? And similarly, when it comes to the GDV. No, no, I think we can't get too aggressive and too optimistic. Whenever we calculate anything, whenever we tie up a deal, we are very conservative. We take the worst case scenario and make any commitment for any land, and in case we believe that it's just not possible, we just let it go. There's no ego in doing business. As long as it makes sense to the company, as long as there is a confirmed bottom line, and as long as we believe that there's going to be success, we touch it. Otherwise, it's best thing is to just move away and then live to fight another day. Okay. Historically, you've seen an upmove in most of your projects, where the GDV that you had penciled in at the time of conceiving the project versus the GDV that you actually realized, is that how the trend's been? No, no, that has happened. You see, now, when we launched Indirapuram, before when we tied up the transaction, we thought we'll get a GDV of about INR 8,500-9,000 crores. Today, we are getting INR 12,000+ crores. Of course, on the other side, flip side, even construction cost also has gone up. So if we hadn't got that plus, obviously we would have got hit on our bottom line if the construction cost went up. So there's an insurance. So that's why we are very conservative. That's why I meant we are conservative. We have to be careful and conservative. We can't throw caution to the wind and look only at the volumes. We have to look at the bottom line. Got it. So second, you know, just to get a sense on your cash deployment going forward, you know, given your CapEx commitment of about INR 15,000 crore between your commercial and retail business- Yeah. Given the reasonable visibility that you have on your resi cash flows, obviously it's split in three buckets, sold, unsold, and upcoming. Unsold and upcoming will have certain risks associated with it. Basically... The fact that your commercial portfolio in itself will start generating anywhere between INR 3,500 crore-INR 4,000 crore of free cash. So how should we see cash deployment going forward? Because both, office as well as retail seem to be at a point where there'll be self-sustaining, reasonable amount of, cash flow generation from the resi business. So how should we see you deploying this cash going forward? This is not from a year or two perspective, from a slightly, longer term horizon. Right now, as you mentioned, we have close to INR 15,000 crore of capital to be spent, okay? Of which, what we are envisaging close to 40% will be from debt, and 60% from our internal accruals, basically residential and whatever surplus cash flows from our amenity business. So that should this is how we should be allocating our capital. Most broadly, if you see whatever we are allocating, around 70% will be on the residential segment and 30% will be on the CapEx amenity business. Got it. But, you know, I mean, if I just put the entire business together, resi and commercial together, and just look at the consolidated entity and the underlying characteristics of the resi business, you know, there will be a sizable free cash that is likely to get generated. So is there a potential for you to have an alternate line of business? I mean, data centers is something that's been spoken of. So is there where we could see you or is it something else that's going on? That's basically what I wanted to get answer. Hi. So your question towards what we'll do with the free cash flow is very simple. I think each line of the business is giving us quite good return on capital. So we'll continue to deploy it accordingly. And also, yes, to answer your question, data centers as well is something we're looking at. But of course, you know, I think it's very nascent right now. And so we have also looked at acquiring these large parcels of land where the requisite power can also be provided to. And based on demand, we can also ramp up the supply. But yeah, we are very agnostic in how we look at things. And if there are some new alternatives also, we're happy to look at it. But as of now, in these 4-5 business lines is where we would feel we can deploy most of our capital. Last question. Is there an update on Pallavaram, Chennai? Because that seems to be moving a bit slow. And similarly, in Nautilus, I think about INR 3,500 crore were sold out of the GDV at the time of launch, about INR 87 crore. So how are you looking at Nautilus and an update on Pallavaram? Thanks. No, no, Pallavaram has, according to me, done, performed quite well. They've done more than INR 1,000 crore worth of sales there. They're just doing excavation and maybe just foundations are going on. Like I said, like in Bangalore, I can't compare a Chennai to a Bangalore, Bangalore to a Hyderabad or Hyderabad to a Bombay. All have done in the different spaces. You asked something about Nautilus. What was that? So Nautilus, I think, absorption till date has been in the ballpark of about INR 4,500 crore that's about 55% of the GDV. So how are we looking at I mean, are we consciously going slow on the project, given that it's been established, fairly well known? I just wanted to get a sense. No, there's nothing to go slow about. Construction will go whole hog, because there again, I think excavation itself will take me a year plus. We've started it at full speed, but still one year more for excavation, and then obviously the foundations and everything will happen. In fact, on the other side, the society building is up and about. That's why my society members are pretty happy. And on the sales front, as Nautilus is concerned, I still have to load some more the slum component and some more FSI, all those things. So, as we keep loading, we'll get more and more inventory to sell. Just now, my sales guys don't have that inventory, and I believe that there's no question of going slow. As and when we can and as and when we will get the approval, we'll keep selling. And the demand, and we don't wait for the demand, I don't keep inventory hoping for a better price. See, here, always our thing is, if the going is good, if there's a product, there's a demand for the product, sell it. Got it. Thank you. Thank you, sir. All the best. Thank you. The next question is from the line of Pritesh from Axis Capital. Please go ahead. Yeah, thanks. Just a couple of questions. First on, you know, we've gone a bit aggressive, this year on building a pipeline in Hyderabad and, Chennai. Some of our peers, you know, are struggling in, in those markets. I wouldn't say struggle, but a bit slow in that market in terms of scale-up. You know, how should we see, you know, our target segment in that market? And what, according to you, is the right fit for individually, you know, those markets to have a good sales or launch? Because I think morning in the interview, you said that if project doesn't sell 30%-50%, in the first month of launch, you know, then, it's not a successful project. That's where we are quite wary of. What would be our strategy in Hyderabad and Chennai, so that we are successful in these two markets as well? Yeah, that's a good question. See, in, Chennai, I can't hope to have a 50-60% sale on the first month of launch. I believe there, if I am getting a 20%, sale in the first one or two months of launch, I would say it's a good project. And another thing is, we have not gone aggressive. We didn't have any inventory at all in that market, so we have picked up 3-4 very good priced properties. The opportunities did come, and, now those will start coming in and that, start fructifying. And since we've been in that market for quite long, I believe there's that opportunity. Even in Hyderabad, really speaking, our Prestige City, Hyderabad, is more or less getting closed out and sold off. So we needed some large ones, so the Golden Grove with a 9 million sq ft project, which if launched, I think at the right pricing, the location is just tremendous. I think it should be a big hit. We've just now also tied up another land in Kompally. Even that, it'll take me about 6-9 months for approval. That also will come in the next financial year. Of course, Bangalore, we have a big pipeline again. I don't see any reason why we can't bringing in more and more inventory in Bangalore. What should be the size in these two markets? You know, at peak level, what kind of pre-sales can we generate from both of these? The pricing we haven't yet decided. I wouldn't want to speculate or just hazard any guess on the pricing. No, I'm talking about the pre-sales run rate in these two markets, on a steady state basis. Hyderabad is around 10,000. No, I think optimistic, too optimistic. I would say 7,500 in Hyderabad is what I would expect, and Chennai, I would expect around 4,000-5,000. For the whole financial year. Yeah. Yeah, got it. And just one last on the pricing bit, right? I think it gets into a chicken and egg kind of a situation when prices don't increase, we don't get, you know, rush from the home buyers. So when you say a kind of a flat top-out in terms of pricing, are you also discounting, discarding those gradual price increases, you know, that are needed for customers to, you know, make those buying decisions rather quickly? So what's your thought process when you say prices have topped out? Actually, listen, I don't think anybody buys a home looking at price getting higher every month or every quarter. That's not the way a customer looks at it. They look at location, they look at the product, they look at the opportunity, they look at the affordability. When I said top-out, what I meant was that we have reached at certain levels. I, I personally wouldn't want the pricing to go up further and further because it'll be counterproductive. The only thing would be that if price does go up, obviously it will, it'll be correcting itself against inflation. So that is the thing that's happened. We've seen it year on year every two, three years, there's that big high jump. As of now, we've got that high jump, and I think we should be content with what we have, and if we are able to play within those numbers, and the customer also is looking to buy a home. And that's how the customer thinks. It's not that we're looking at... I mean, I don't want investors to come in thinking that they'll buy today, sell tomorrow, make some money. I think that will be an artificial market. Very clear, sir. Thank you. All the best. Thank you. Thank you. Thank you. The next question is from the line of Eesha from Axis Securities. Please go ahead. Hi, sir, congratulations on a great year. I think most of my questions have been answered. Just one thing, I wanted to understand the corpus that we spend on, new acquisitions of BD this year up till now, and what is the kind of corpus that we're expecting for the remainder of the year? And, if you can throw some color on the corpus for the next financial year as well. Yeah, over to you, Abid. Yeah, hi. For the nine months, we have spent INR 4,700. We had actually guided INR 4,500, but then as we mentioned, there were certain good opportunities during the quarter. We have deployed INR 2,700 crores for the quarter, which is on a higher side. For the next quarter, what we have allocated is close to- In the next quarter, the backup call, copy details. Pritesh. I think, sir, your line is on, this one. You can mute it. Yeah. So for the Q4, we have allocated close to INR 1,000-INR 1,300 crore, so we'll end up, financial year 2026 with close to INR 5,500-INR 6,000 crore of BD spend. In financial year 2027, right now, what we are budgeting is close to INR 4,000 to INR 4,500 to INR 5,000 is what we are allocating for financial year 2027. Okay, sure. Next question is on the debt side. So, I think on the call we spoke about having 40% debt, CapEx, 40% debt coverage. So just wanted to understand what is the kind of debt we are expecting by this year end, and also if we are planning on taking on more debt for the next year. See, again, debt, if you see, we have been managing our CapEx and business development through our operating cash flows itself, the exception being this quarter because of the opportunities. Going forward, also, we, what we are budgeting is we'll- we should be able to manage our operating- From the operating cash flows, CapEx spend and the business, whatever debt we'll take is basically to service the interest and repayment of the loans. So current finance, just to answer that, in 2026, we don't expect to go up significantly. It should remain at 0.53-0.55 levels itself. Okay. Okay, and, just one last question, like, how we are witnessing a little bit of slowness in micro markets of Chennai or Hyderabad. A, are we seeing any oversupply in those micro markets? And, B, are we exploring any new micro markets for the coming years, since we want that kind of growth for the coming years? Is it just the Delhi, Mumbai markets that we're looking at, or are we discovering any new micro markets? That's it. Thanks. We're looking at the Pune market as well, apart from the markets that we are operating in. Hopefully, we should have some BD in this new market in the next financial year. Okay. Okay. Thank you. Thank you for answering. That's it from me. Thank you. The next question is from the line of Yash Gupta from Koticha Family Office. Please go ahead. Sir, how we are looking at Jijamata project GDV? It's nearly six months of land clearing. And along with that, any thoughts on, Lonavala? I think it's more than one and a half year, we have talked about. Any challenges we are facing? I think Lonavala land procurement is almost completed, but it will still take a few months more. Once we have a fix on the entire total land, then we'll probably get on to the drawing board and design a product there. On Jijamata, the property is clean. Now, the planning is going on, the product mix also has been decided. So it's only a matter of fixing the overall product, getting the approvals, and moving. That's it. Earlier we have discussed the GDV of this Jijamata will be around INR 20,000 crore-INR 25,000 crore, but now the prices has increased in those markets. So any upgrade in those GDV? No, no. It's, it's, it is just not residential there. It's a total 4.5 million sq ft, but out of which, 2.5 million will be residential. The rest 2 million will be hotels, that they're getting the Waldorf Astoria, the Hilton, a convention center. We're getting a city club, residential office of about 500,000, and 1 million sq ft plus retail. So, there will be a lot of CapEx. We are looking at the inflows coming out from the residential, also to take care of the CapEx here. So far, on that particular project, there is no debt. Again, it's in partnership, so we are, at the moment, holding 50% equity there, and our partners also have to contribute equally. We'll take it, we'll play it by ear as we go along. Okay. When we said free cash flow from residential project is around INR 50,000 crore and revenue recognition of INR 61,000 crore, so, what other investment has gone into this project? Any guidance on the residential revenue recognition for FY 2027? No, we've already said that, that's work in progress. We'll announce that in April. Okay, sir. Sir, last thing is this, Prestige Quantum, is this Sahar Road project? Yes. Of 1.63 million sq ft? Yeah, I think whatever total area, once the approval comes, we'll know. But that's, I think, 1.2 to 1 point whatever. I don't know who wrote 1.6, That is TDA, sir. Yeah. 1.6 is total developable area. Your leasable will be exactly that 1.2. Okay, sure. Thank you, sir. Thank you. The next question is from the line of Jeet from Pinpoint. Please go ahead. Hi, sir. Am I audible? Yes. Yeah, yeah. Hi, sir. Congratulations on a great quarter. Just want to understand, it seems for this upcoming quarter, your Bangalore launches alone will help you meet or beat that INR 30,000 crore number. So are you still aggressively trying to push those Hyderabad products for this quarter itself, the large project, in particular, Golden Grove? No, I think we have to bring in Golden Grove. It will come. And, only thing is, we have to keep our fingers crossed that it meets the imagination of our customers, and the demand comes from there. Okay. Sure, sure. And sir, secondly, for the Jijamata product, the 2.5 million sq ft of residential, is that on saleable area or carpet area? Carpet. Okay, sure. Thank you so much. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for the closing comments. Thank you. It's been an amazing interaction. Anything further, Raj is always available, Amit is available for an interaction, wherever any clarifications. For us, at the company, the teams are working hard to produce better and better results. I think we've done that over the several quarters, and we do hope the next quarter also will be as good. Thank you so much. Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.