Ladies and gentlemen, good day and welcome to Signature Global (India) Limited's Q3 FY25 earnings conference call hosted by ICICI Securities. 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. Saishwar Ravekar from ICICI Securities. Thank you, and over to you, sir. Good morning, everyone. On behalf of ICICI Securities, I would like to welcome everyone to the call today. Today, from the management of Signature Global, we have Mr. Pradeep Kumar Aggarwal, Chairman and Whole-Time Director, Mr. Lalit Kumar Aggarwal, Vice Chairman and Whole-Time Director, Mr. Ravi Aggarwal, Managing Director, Mr. Devender Aggarwal, Joint Managing Director and Whole-Time Director, Mr. Rajat Kathuria, Chief Executive Officer, Mr. Sanjeev Kumar Sharma, Chief Financial Officer, and Ms. Preetika Singh in Investor Relations. I would now like to hand over the call to the management for their opening remarks. Over to you, sir. Thank you. Yeah, good morning, everyone. Welcome to the third quarter and nine-month financial year 2025 earnings conference call of Signature Global. I'm happy to discuss our operational and financial performance with you today. I trust you have had the opportunity to review our investor presentation and results press release. The Indian real estate sector is witnessing great time increase by recent policy developments, with the Union Budget 2025 government indicating support for housing sector growth, with an allocation of INR 54,832 crore for Pradhan Mantri Awas Yojana and INR 1 lakh crore for Urban Challenge Fund allocation to transform cities into growth hubs, and INR 15,000 crore fund launched to complete 1 lakh additional units under the SWAMIH Fund II. Adding to this positive energy, the RBI's recent decision to reduce the repo rate by 25 basis points to 6.25% is expected to enhance home loan affordability, particularly benefiting the affordable and mid-income housing segment. These developments are particularly significant as they align with the increasing housing demand we are witnessing across key markets. This supportive macro environment is especially evident in the Delhi-NCR region, where infrastructure development is reshaping the real estate landscape. The transformation of the South Gurugram, particularly along with the SPR and Sohna Corridor, has been remarkable. These areas have emerged as preferred destinations for home buyers, driven by the improved connectivity, social infrastructure, and planned development. This growth territory aligns perfectly with our strategic focus on these high-potential markets, as demonstrated by our overwhelming response to our recent launches in these areas. Let me share our financial highlight for nine-month FY25. We have achieved strong pre-sales of INR 120.8 billion in the entire calendar year 2024. The book profit after tax of INR 400 million in nine-month FY25. Also, we have our best-ever nine-month performance with the pre-sales of INR 86.7 billion, representing an impressive 178% growth year-on-year, and this exponential performance was driven by successful launches, including Titanium SPR and Daxin Vistas on Sohna Corridor. Our operational and financial performance underscores our dedication to delivering quality products in mid-income housing and premium segments. Our strategy continues to focus on offering the right product at the right price point in the right location. A combination of these has always supported our market position. With that, I would like to conclude my remarks and hand over to our CEO, Mr. Rajat Kathuria, who will take you through our detailed financial performance. Thank you for your attention. Thank you, Pradeepji. Good morning, everyone, and thanks for taking out time this morning for our investor and quarterly results. So, like in the past, the core of our strategy has always been to focus on mid-income housing. We've kept our performance on the same lines. We're keeping our focus on mid-income housing. By and large, the consumption trends remain quite steady, and our hypothesis that supply creation does lead to demand creation is kind of holding good because, during these nine months, also, we've launched several new projects across our core markets. Now, whether this was a project by the name of Titanium SPR or Daxin in the Sohna market, City of Colours in Manesar, or Twin Tower DXP, which is just next to the Dwarka Expressway. So, all of these core markets, we've created sustained supply. We've come up with projects one after the other in tandem, and that has resulted in very strong demand creation. By and large, all these projects have shown fairly good sort of customer enthusiasm and participation. So, a lot of our sales have been driven out of this new supply which we've created. And to add to that point, even in our previous projects, we have very little unsold inventory. So, that teaches that if you come up with projects at the rightful sort of price points and capital value per unit, there is ample and more demand for these units. So, even for the nine-month period, if you look at some numbers, we've roughly sold around 3,500-odd units with an average ticket size of about INR 2.5 crore. With the quality of product and the location of these projects, the price point is very well accepted in the local market. Given that the units are being offered from a fairly large developer with a strong track record, we receive good traction from the customers. If you look at numbers in terms of pre-sales, for the previous quarter, we did about INR 27.7 billion. All these amounts are in INR billion. So, for the quarter, it was 27.7. For the first nine months, it was close to INR 26.7 billion. And most interestingly, if you look at the trailing 12 months, which is the full calendar year 2024, the numbers stood at some INR 128.8 billion, which shows that we've crossed comfortable INR 1,000 crore per month sort of sales performance. While this was the overall quantum, in terms of realization, if you look at it, our average per sq ft realization was in excess of INR 12,700-odd per sq ft. On a portfolio level, this is roughly 8% higher than what we achieved for the full financial year, which, like for FY24, that number was closer to INR 11,700. So, the pace of increase is slower, but still, given that there is a lot of demand for mid-income homes, we are still seeing a price rise happening in the market. These numbers are at a portfolio level. Even at project level, for us, we've seen a similar sort of trend in terms of project-level price increases, which we've managed to pass on to the customers during this period. Our collections are improving on a quarterly basis. For this nine-month period, the overall collection was higher than INR 32 billion. And interestingly, we've created a good surplus. Our operating surplus, after paying taxes, is almost now touching 40% of the collections. It was 38%, to be precise. But on this INR 32-odd billion of collections, we've created a surplus which was in excess of INR 12 billion, which was deployed quite evenly between new business developments, which is effectively land acquisition or land-related advances, or towards netted reduction in debt servicing. So, during these nine months, we added about close to 3 million sq ft of developable area in Sector 37D, which is, again, one of our core markets. After these nine months also, during this quarter, we announced it in the month of January that we've acquired another 16 acres of land, adding another 2.7 million sq ft of space in Sector 71, which this land was earlier held under a collaboration agreement, which we've now acquired. But getting back on the surplus side, out of this INR 1,200-odd crore or INR 12 billion of surplus, about INR 570 crore or INR 5.7 billion went towards land acquisition. About INR 4.2 billion went towards reduction in net debt, and about INR 2 billion went towards debt servicing. So, this is the reason you'll see that our net debt has also fallen. Despite growing operations, growing pre-sales numbers, growth in revenue recognition or completions, you'll see that our net debt number is kind of gradually, on a year-on-year basis, is kind of getting down. Now, while net debt is going down, our portfolio remains fairly robust. To date, we've completed projects equivalent to about 13.5 million sq ft. There's another 11 million sq ft, which is at an advanced stage of completion. At the start of the year, this number was closer to 16 million. We've come down to 11 million now, and over the next five to six quarters, this entire 11 million sq ft should be getting completed. Besides this, there is another 35 million sq ft, which is either at early stages of launches or it is yet to be launched. There's about 13.5 million sq ft, which we've launched over the last calendar year. Even if you look at the launches during this calendar year, we've done launches closer to almost INR 180 billion. This includes January to March 2024 as well. This 13.5 million sq ft is fairly early in terms of its life cycle. But besides this, also, there's another 21.6 million of land stage sort of inventory which we're sitting on, which has a staggering GDV potential of about INR 350 billion. We still have a good amount of unlaunched projects, which we launch based on market conditions and hopefully over the next two, two and a half years. If you look at the financial performance versus completions, sorry, prior to that, we will just, as of today, stick with our guidance, whether it's in terms of launches, where we've done launches worth INR 135 billion over the first nine months. So, we are hopeful, and we are keeping the launch number constant. Our pre-sales, which is at INR 87 billion, we hope to comfortably surpass INR 100 billion on that front. On collections and completion basis revenue recognition, also, we are expecting a fairly good quarter, and hence, we've kept the guidance constant at INR 60 billion and at INR 38 billion, respectively. In terms of profitability of the products being sold, we are maintaining that the implied EBITDA margin of all these sales, which is currently happening, will be at 35%, and hence, will yield a very strong PAT level margin for the company. Besides that, in terms of revenue recognized, so we roughly completed around 2.7 million sq ft, and approximately the realization per sq ft on the inventory which got completed, and hence is getting reflected in the P&L account, was sold at about INR 700,000 a foot. So, there's a huge difference, and hence, there's a delta in the underlying profitability. So, at this INR 7,000 rupee foot sort of product which kind of got completed, we've done revenue recognition of close to INR 20 billion, on which the GP margin was at 27%, EBITDA was at 12%, and we've started coming onto a positive zone in the PAT at a PAT level. So, we did a positive PAT of about INR 40 crore on this. On the net debt number as well, we are very hopeful of sticking to the guidance where our net debt should stay lower than 0.5 times the operating surplus created by the company on an annualized basis. So, just during these nine months, also, we've created a surplus of about INR 12 billion, while the net debt stood at INR 7.4 billion. So, on an annualized basis, we expect the operating surplus to be much higher and net debt to be lower than the current levels by the end of the year. So, hence, that guidance should get met. In terms of stock performance, of course, I think 2024 was a good year. Markets are quite choppy for the last two to three months, but on a calendar year 2024, from 1st of January till 31st of December, we've almost delivered about 50% sort of returns on the stock. There's been very good support from the foreign institutional investors, and we continue to see support from the domestic investors as well. So, by and large, we are sticking to our strategy of mid-income housing, working on a build-to-sell model. We feel that Gurugram market can achieve much higher scale, and in some manner, we are working on category creation rather than just looking at it as what's the market and being what our share. There is a full host of category of mid-income homes being created, and with strong supply creation, demand is kind of falling through. One added positive at this stage is that in Delhi recently, we saw BJP government kind of coming, and the market anticipation is that, so when we talk of Delhi-NCR, usually a lot of development has happened either in Gurugram or in Noida, and this is for almost the last two decades, ever since the foreign direct investment in real estate was opened up back in 2005. National Capital Region has not seen a lot of new developments, whether it be office spaces or residential spaces, and a lot of that development was happening on the outskirts. But the market anticipation is that with the BJP government both in center and at the state level, the policy framework should enable development within Delhi, which has a lot of land closer to some of very large middle-income housing areas like Dwarka or Rohini. There's a lot of land abutting it, which is in Delhi, but was not seeing any development. But we are hopeful that policy framework should enable development in those regions, and we'll try and participate in that development within the Delhi city, which looks like a fairly big opportunity to us as of today. So, these are the broad comments. Happy to answer any questions which you may have. Thank you very much, sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on the touch-tone phone. If you wish to withdraw 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'll be waiting for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Thank you for the opportunity, and I think congrats on a great nine months meeting most of the guidance across parameters. Just first question on cash flows, where probably only metric where we seem to be lagging a bit. So, how has been Q4 till date? I mean, one, one and a half months already through that. And what's giving you confidence of achieving that 6,000 crore guidance? Is it like already we have started getting good chunk of cash flows, or it's going to be back-ended with the kind of completions which are expected in Q4? So, your thoughts on cash flows or collections, I would rather say. So, Pritesh, thanks for the question. So, Pritesh, it's a mix of both the factors. There are quite a few completions which are lined up for this quarter, and collections in general are improving at a steady pace on a quarter-on-quarter basis. So, both of these things are keeping us confident to keep the guidance constant. And even at a more fundamental level, I wouldn't say all, but bulk of the sales which we have done on a life-to-date basis are mostly on a construction-linked plan basis, besides very few aberrations. So, effectively, see, if sales are happening, collections are bound to happen. And a lot of sales we have done is towards the end of some of the previous quarters. Like in the June quarter, it was a lot towards the end of June, likewise in September, while the previous quarter was quite well spread. So, we expect collections to improve significantly during this quarter, and that's why we've kept the guidance number constant. Got it. Just a small follow-up on that. So, probably till now, if I see monthly run rate was roughly INR 300-odd crore of collections every month, has that already started increasing to, let's say, INR 400, 500 crore a month for January, or probably it will still be back-ended in that sense in the quarter? I prefer not to spell out numbers beyond what we've released. But yes, I think for this quarter, the collections will be much higher than the previous one. Fair enough. Got it. And second, on the diversification bit beyond Gurugram, obviously, you stated that Gurugram has a lot of opportunity, but Delhi is kind of now opening up as an opportunity for us. So, what's the scope for us in terms of development there? Would we be looking at the land pooling policy as a scope of development, or we will be going for redevelopment of those old colonies which the new government is probably targeting to give approvals on? So, what's the sense on that? So, see, policy framework first and foremost will take shape. So, there are a lot of areas where greenfield developments are possible. So, Delhi is broken up into newer zones where there is still a lot of open areas. So, it will throw up a lot of opportunities on the greenfield development side. And what we expect or anticipate for the company is, like in Gurugram, we've picked up three micro-markets where we do kind of a sustained supply. Hopefully, in times to come in Delhi, also, we'll pick more than one kind of micro-market where we'll again try to capture a significant position so that we stay relevant within that micro-market and work over there on a longer span of time. So, hopefully, it will add a couple of micro-markets for us where we'll create positions and do sustained supply of products. Sure, sure. Got it. And just one small follow-up again there. I mean, we haven't seen too much of potential in what Delhi presents as a residential real estate. Maybe four or five years down the line, do you expect Delhi for you would be as big as what it is Gurugram right now, or probably even if it's half of it, you'll be happy with that kind of number from Delhi? Pritesh, we've never seen or rather no one seen action ever in Delhi because there was no relevant kind of bylaws through which someone could have developed new land. DDA was always auctioning very few parcels of land which were very expensive, and hence, doing mid-income housing was not very doable. These are smaller parcels of land of 1, 2, 3 acres, 5 acres. Larger parcels were often developed by DDA in an aggressive way till a point in time. But somewhere last one or two decades, DDA has not done a lot of development. A lot of open land, as in private land, has not come into development. To answer your point, it's a little premature to say how large will it become, but definitely, this is like a sizable sort of an opportunity. It could be anything, whether it be half times the existing Signature or becomes one times the existing Signature. It's tough to say at this stage, but yes, this is something which is meaningful. This will not be like seeding a new market by buying 10, 15, 20 acres of land. It's not that sort of a scenario we're talking about here. Sure. Got it. That's really helpful. That's it from my side, and all the best. Thank you, Pritesh. Thank you. A reminder to all the participants to please press star and one to ask questions. The next question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Yeah. Very good morning, sir. And thank you very much for this opportunity. So, just wanted to understand. I think in the presentation and in the speech also, you mentioned that the aim to deliver these ongoing projects in coming five to six quarters, right? Yes. That's correct. So, that is about 11 million sq ft odd. So, what would be the value of those 11 million sq ft in rupees crore? So, this will be between INR 7,000-INR 8,000 crore. So, at ASP of INR 7,000-INR 8,000. So, effectively, it means that this total value stands at which we expect to deliver is close to about INR 9,000 crore, right? Yeah. Closer to INR 7,000-INR 8,000 crore is what effectively will be the output of this 11 million sq ft. Closer to INR 8,000-INR 10,000 crore. INR 8,000 crore. Out of this INR 8,000 crore, you expect around, I mean, what, INR 1,800 crore to be realized in this quarter itself? I mean, because we are already halfway through the quarter, right? I mean, you would have a good visibility because you are maintaining your guidance of INR 3,800 crore in this year. INR 2,000 crore we have already done in nine months. Deepak, seeing in terms of completions, we are quite advanced on multiple projects. But often, in terms of revenue recognition, it is quite a binary situation because at the end of the quarter, you should have completed and collected more than 90% from the customers. It tends to stay binary. By and large, this kind of completion is happening within the 12-month span. Whether revenue recognition happens before 12 months or a little after 12 months is something we don't hardly know till the time the quarter ends and we take stock of it. But our activity level has been there to kind of achieve these kind of completion targets. Okay. And what sort of revenue recognition we are targeting for next year, FY26? FY26, a little early to comment, but yes, it would be at least 50%, 40%-50% higher than what we'll end up achieving for this year. At least 40% higher, if not more. At least 40% higher versus FY25. Yes. And just one last thing on your, I mean, we are talking about embedded EBITDA margin of 35% on current sales, right? Yeah. So, I mean, but there is always a huge difference between what you report versus what is embedded. I mean, in future, will we ever see a convergence of your embedded versus your reported margins? I mean, any thought process on that would be helpful. I know, I mean, current, whatever nine months we have done, it's done at a lower ASP of INR 7,000 odd. And these embedded, what you're talking about is at INR 11,000, maybe INR 11000-INR 12000 per sq ft. But ideally, when this pre-sales was happened, at that time also, embedded margins was at least 20%-25%, right? But it doesn't translate to your reported EBITDA margin. Yeah. So, thought would be helpful. That's a very good question, Deepak, and I'll also try to answer it in a very fundamental or layman way that, see, our numbers have grown almost in a J-shaped manner over the last three to four years. What you're seeing in terms of revenue recognition is mostly the size and scale of the company which existed about three to four years ago. However, a lot of SG&A expenses which you see pertain to the current scale of performance. That's why while the gross margins are at 27%-28%, if we were still operating at those kind of scale in terms of pre-sales today, let's say if we were doing hypothetically, let's say 25%-30% of the sales which we are currently doing, probably our SG&A expenses would have been much lower, and you would have seen an EBITDA margin anywhere between 15%-20%, more closer to 20%. But since at revenue recognition level and gross profit level, we are seeing what the company was when these projects were launched three to four years ago, right? Completion cycle is at least four years in a construction business, but your SG&A expenses are basically the current level of operation, so that's why it's kind of a double value in terms of the reported numbers that for a company which has grown so fast, but courtesy of the revenue recognition policy which makes revenue recognition quite back-ended in nature, it will take some more time before you see a good surge in the profitability levels, and yes, there will need to be some convergence between the revenue recognized and the pre-sales being done, and add to it, even in terms of volume, if you'll see, in terms of pre-sales we've done, we've sold close to 7 million sq ft. During the nine months itself, we've completed about 2.7. So, even if you were to extrapolate it, this 2.7 number for the year, we are completing close to 4 million, selling 7 million. So, the difference is maybe not as high as it is in value terms. Because value terms, if you'll see, the current sales are at INR 12,000 or close to INR 13,000 a sq ft. Completion is of INR 7,000 product. So, a couple of these things are adding up and compounding this lower number on EBITDA and profitability side which you're seeing. And that's why we are being extremely cautious while giving these implied profitability assumptions in our public sort of documents. Correct. But the scale-up will continue to happen, right? I mean, currently, we are looking to deliver 11 million sq ft, and the launches and forthcoming project is close to about 35 million sq ft. So, we'll continue to, I mean, we'll continue to scale up, right, our business, and that is the right thing to do. So, ideally, these SG&A expenses will keep coming, right? I mean, so your convergence between your reported and EBITDA will take a lot of time. I mean, ideally. See, convergence is happening or will happen, but yes, we feel it's good if convergence doesn't happen too fast because it basically represents that a lot of underlying growth is taking place in the company while completion happens in its own way. But the other part is that the pricing also moved quite swiftly in the Gurugram market over the last one or two years, which is kind of stabilizing. So, even in value terms, we don't foresee in the next couple of years prices to double from the current level. Yes, they will grow because there's still a lot of demand for the product. But we've kept everything, we've kind of disclosed everything, whether it be pre-sales, implied profitability to actually revenue recognition. And that's why it's important to read between the lines while taking calls on investment. And when we do expect for this, I mean, INR 10,000-INR 11,000 realization to start hitting, I mean, currently, we are at about whatever revenue recognition is happening is for INR 7,000 kind of a realization, right? So, how many quarters we are away, I mean, to start seeing this INR 10,000-INR 11,000 kind of a realization in? Yeah. Immediate target is to complete the 11 million sq ft portfolio. Okay? So, that will happen over the next five to six quarters. Once that has happened, see, this year we launched a couple of large township projects, whether it be Daxin, there were certain plotted development within that, or within City of Colours, there were certain, there's quite a bit of plotted areas which has been sold. So, profitability level on these products is good, and they take lesser time to complete. So, I think once we've completed this 11 million sq ft, around immediately thereafter, you'll see completion of some of these plotted developments taking place, which will have higher profitability. And this 11 million sq ft, you already mentioned it's at INR 7,000 only, I mean, next four or five quarters, right? No, it will be on an average somewhat higher, but yes, this still comprises of projects which we sold under the affordable housing policy or where we would have sold mid-income homes in Sohna or in peripheral markets of Gurugram. So, yes, I think this will be a mix of all of these products. Understood. And just one final question. I mean, for the next year then, FY26, so what sort of reported EBITDA margin range one should look at, I mean, after considering all these SG&A expenses coming through? We can compute that in separately. You can write to us, we'll respond to that. Okay. Fair enough. I think that would be it from my side. All the best to you. Thank you so much. Thank you very much. Thank you, sir. Participants, you may please press star and one to ask questions. We'll take the next question from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah. Good morning, everyone. Thanks for the opportunity. So, if you just, Rajat, if you just tell us now on the launch plans for the next two or three quarters, how you're looking to phase out, especially in Sohna and Sector 71, and if any other new markets, micro markets in Gurugram are on the anvil. And also, what is the pending cumulative GDV of the entire projects we have on hand currently? Yeah, that is the first question. Sure, Adhidev. So, see, the two larger launches which will be coming up will be one in 37D. There's about 14 acres of land, about 3 million plus sq ft of area which will come up. That's a fairly large project which we'll launch. Even in Sector 71, Adhidev, we'll be doing a phase two of titanium. So, there was always an unlaunched portion. There are almost five new towers which are expected to be launched over there. So, about 1.6-1.7 million sq ft of area is getting launched in Sector 71. And even in Sohna market, we've been gradually adding up supply of the independent floors which we've done over the last three to four months. So, in all these three markets, there is sustained supply. In addition to that, there's some more smaller sort of areas which are kind of getting launched. But most of our supply over the next six to nine months or at least six months, you'll see in some of these key micro markets which are performing as desired. Sure. Sure. And the second part on the pending GDV of whatever land we have, right? Any ballpark number? It's like a lot of INR 50,000 crore or something. Any number you have in mind? The unlaunched portion of our land resource is closer to 21.5 million sq ft, which in our view should fetch a GDV of close to 350 billion. Okay. This is apart from what we have done. Okay. Just to then on the follow-up on our land bank replenishment, right? And obviously, you talked about the possibility of expanding into the Delhi market as well. In terms of land bank addition, what is the sort of GDV additions you'll be looking at annually from here on? Now that we are only crossing almost INR 10,000 crore this year. And what is the annual sort of land spend also you're looking to do? If you could just help us understand that part. Yeah. If you look at the last nine months trend only, Adhidev, out of the surplus, about half the surplus went into land acquisition. About INR 12 billion we created as surplus. About 47% of that was deployed towards land acquisition. If you look at the nine-month pre-sale in volume terms, it was closer to 7 million sq ft. But if you look at the land aggregation over the 10-month span, including the month of January, because see, this can't be done on a monthly basis, we've added closer to 3 million in 37D, about 2.7 in 71. About 5.7 million of replenishment has also happened. We stay put on that target that we keep replenishing our land as we are selling it in Gurugram and peripheral areas. Delhi is an absolutely new plan. I would say no one had anything in Delhi, but yes, since we are local in this market, we'll be quick to add on to the opportunity which the market will throw for real estate developers. Okay. So, it is safe to say excluding Delhi, right, INR 1,500-INR 2,000 crore would suffice for us in terms of the land bank spend for the next couple of years on an annual basis. Is it a number or it could go a little higher depending on our growth aspirations? No, for Gurugram, we don't need to go higher. For Gurugram, I think up to INR 1,500 is a fairly good sort of target. Sure. Sure. Sure. And just a final question on how the health of the Gurugram market is, right? Is there any segment where you're seeing things are doing better than the other in terms of the demand? It's just a generic question, I know, but any segment, any ticket size, any pricing, any micro market which is doing fairly better, where you see demand is more buoyant as compared to the other ones? Yeah. So, Adhidev, I'll prefer to speak on our behalf. The segments we are operating, wherein mid-income housing is at the core of the strategy, and we've done some bit of experimentation, you could say. We've done products which are more towards the premium side, or we've also done slightly larger-sized products, whether it be Daxin or City of Colours. And we've seen fairly good response on both of these sort of product expansions which we've done. But we are seeing demand through consumption to be fairly steady. If you're launching products at rightful sort of price points, it's kind of staying steady, and we prefer to just kind of keep doing it. In general, we feel the market's doing reasonable. The price movement upwards has slowed down, and transaction volumes are doing good. Sure. Sure. That is pretty helpful. Yeah. I'll come back if I have more questions here. Thank you. Sure. Thank you. We'll take the next question from the line of Abhishek Khanna from Kotak Securities. Please go ahead. Hi, Adhidev. I just wanted to check for the Manesar launch that you did in the current quarter, what was the contribution to your sales? 1.5 million sq ft that you launched? I can get you the exact number, but it was closer to INR 700-INR 800-odd crore was the kind of pre-sales we've recorded out of the Manesar project. We can try to assess the exact number, but it was meaningful sales which have happened. Sure. Sure. I just wanted to understand, was this plotted development, industrial plots, what exactly was this in the form of? In the form of as in? Are these low-rise apartments that you sold, or were these plots that you sold, the INR 700-INR 800 crore that you're talking of in Manesar? Abhishek, see, we've done two large township launches during this nine-month span. In the Sohna market, the project is called Daxin, wherein we've launched two separate products. One is low-rise independent floors by the name of Daxin Vistas. And second is industrial plots just adjoining to it. It's a fairly large, very well sort of planned development just on the periphery of Gurugram. The housing in Daxin is something which we are developing and selling, whereas industrial plots are just being sold as plots. These are developed plots with basic infrastructure being laid out by the company, and the development is expected to be done by the consumer. The second project which we launched in Manesar is called City of Colours. Again, fairly large, about 129 acres. In that market, we've just sold it as plots, whether they be for residential use or industrial use. We're going to do only basic infrastructure development and sell it. Got it. Just one more clarification on this Manesar. While you say the land piece is about 150 acres, the launch potential or the development potential there is about 2 million sq ft. That seems fairly low on FSI, less than even half FSI, I think. Is that something that I'm calculating wrong, or is that how it is? Because we're just selling it as plots, Abhishek. We're not developing it. Hence, that's the. Okay. So, it's slightly lower than half or so? That's the plotted land potential. That's without any development taking place. And within that project, as we speak, during the nine-month period, our sale was about INR 920-odd crore from just sale of plots. We are not going to develop any area on top of these plots, and that's where the FSI potential is low from a company perspective. Okay. But just for clarification, is the FSI potential not 1:1, as in 43,500 into 1? Is that not how it should be, or is it even? You lay out basic infrastructure. So, on a per-acre basis, depending on efficiency of the plot, you'll not get more than, let's say, 3,100-3,200 odd square yards. So, out of 400 sq yards per acre, you'll probably be able to sell plots which will be in that range of 3,000-3,200 yards. The rest of the area will go in circulation and services. Got it. Thank you. That is helpful. The second question that I had was Sohna. Do you have the approvals for launching the fourth floor, or are we still awaiting clarity on that front? No, no. The policy is absolutely clear, and we have those approvals in place. Got it. And have you also started selling those fourth floors in the la unched area that we have? Absolutely, yes. Okay. Perfect. Then the last one that I had, for all the approvals that you spoke of in the next six to nine months, which includes 37 and 71, do you already have approvals for any of them, or are these extensions of already approved projects, or would you require their approvals for all of them separately? So, their approvals are, of course, required, but we are at fairly advanced stages of approval. So, both of these projects in Gurugram context, they're licensed projects at very advanced stages of planning and approvals. So, given the stage we are, we are very confident that these launches will happen in a short, like one or two quarters, we'll be able to launch these projects. Okay. Okay. That is helpful. Thanks a lot. Thank you. Thank you. The next question is from the line of Ayushi, an individual investor. Please go ahead. Hi, sir. So, while you've already touched upon this to a certain extent, my question to you is that, with the change in government, what impact do you anticipate on your operations and the overall ease of doing business in the real estate sector? Given the evolving policy landscape, how would you expand into the Delhi geography, and what key policy or regulatory changes would you request from the government to support your growth in this new geography? So, Ayushi, thanks for the question. So, see, as far as the Gurugram market is concerned, there's nothing new or nothing different which we anticipate. The policy framework's quite clear in terms of kinds of development which can take place in the Gurugram market. So, whatever land we currently own, we have a plan in place on how to develop it or to put it into production. What has changed now? Since land is a state subject, every state has its own set of bylaws as far as the development of land-related policies are concerned. Delhi being a separate state, but the situation is that in Delhi, for any new development-related policies to come into force, there's a role of both central government as well as the state government. Now, the opportunity here is that since we have the same party ruling the center as well as the state, the anticipation of the market is that Delhi should see rightful regulatory changes in the policy framework so that real estate development becomes more feasible or doable. And that's where the opportunity lies. So, once that takes shape, see, Delhi is such a popular state, and if you've visited or been in Delhi, there've been very few newer developments which have happened within Delhi. So, there is availability of land. There is a lot of urban consumer who's kind of staying within Delhi. One needs to have the rightful framework to develop a product. That link is missing, which we are all hoping that will start taking shape. Sir, there's enough opportunity for everyone, even with the competition that you will probably see in Delhi being the capital? We do expect competition in the market. Okay. And how do we plan on dealing with that? See, Ayushi, we are sitting in this market. We have a lot of competence and capability right from the start of identifying land till the time of handing over keys to our customer. Every key step, we are very well poised. We have probably the best of the teams to kind of handle that situation. We are today almost close to 1,200 odd people working with Signature. Local and real estate somewhere is kind of a localized business, understanding customer preferences, understanding customer needs, ability to create supply to address those needs. A lot of that understanding is very localized. And since we have good capabilities, we are fairly confident to work on this opportunity. So, it's very early to kind of anticipate a lot of competition and start fearing it. It's almost the other way around that there's such a big opportunity. We feel that if a lot of people participate, there's work for quite a few players to work and work on that opportunity. Okay, sir. Thank you. Thank you, and all the best for your next phase. Thank you. Thank you. Ladies and gentlemen, as we run out of questions, we now conclude the Q&A session. Thank you, members of the management. On behalf of ICICI Securities, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.