Marathon Nextgen Realty Ltd — Q3 FY26

Marathon Nextgen Realty Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=rhye9rFqcGk Published: 2 months ago

0:03 3 seconds Ladies and gentlemen, good day and welcome to Marathon NextG reality limited Q3 and 9 months F26 earnings 0:10 10 seconds conference call. As a reminder, all participants line will be in listenon only mode and there will be an opportunity for you to ask question 0:17 17 seconds after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:24 24 seconds your touch phone. Please note that this conference is being recorded. I now hand over the conference to Miss Mahalakmi from EY. Thank you and over to you ma'am. 0:35 35 seconds Thanks PI. Good afternoon to all the participants on the call and thank you for joining the Q3 and 9 month FI26 earnings call of Marathon NextG Reality 0:43 43 seconds Limited. Please note that we have mailed out the results to everyone and you can also see this on our website and it's also been uploaded on the stock 0:51 51 seconds exchanges. In case you if you have not received the same you can write it to us. We'll be happy to send it over. Now before we proceed to the call, let me 0:59 59 seconds remind you that the discussions may contain some forward-looking statements and may involve known and unknown risk, uncertaintities and factors. It must be 1:08 1 minute, 8 seconds viewed in conjunction with our business that could cause the future results, performance or its achievements to differ significantly from what we have 1:15 1 minute, 15 seconds exposed or implied. To take us through the results for the quarter and answer to all our questions, we have the management of Marathon NextGen Reality 1:24 1 minute, 24 seconds Limited represented by Mr. Chetan Sha chairman and managing director Mr. 1:28 1 minute, 28 seconds Mayush Sha vice chairman Mr. Kevy Sha director and Mr. the Samyaksha director. 1:34 1 minute, 34 seconds We'll be starting the call with a brief overview for the quarter and the 9 months gone past and then we can follow it up with question and answers. And 1:42 1 minute, 42 seconds with this being said, I'll transfer the call to the management. Over to you, sir. Thank you. 1:50 1 minute, 50 seconds Good afternoon everyone and thank you for joining Marathon Next Realies quarter 3 and 9 month FY26 earnings call. 2:00 2 minutes We have delivered a strong performance in 9 months FY26 reporting our highest ever 9 month profit after tax of 161 cr. 2:11 2 minutes, 11 seconds This growth has been driven by the robust performance of our commercial portfolio complemented by steady 2:18 2 minutes, 18 seconds contributions from our residential business. It reflects our disciplined execution and the inherent strength of our diversified portfolio mix. 2:29 2 minutes, 29 seconds Friends, during the 9-month period, our area square ft sales stood at approximately 1.8 lakh square ft, 2:37 2 minutes, 37 seconds booking value at 421 cr and collections at 578 cr with commercial assets 2:45 2 minutes, 45 seconds contributing meaningfully alongside stable residential traction. Total revenue for the 9 months stood at 487 cr 2:53 2 minutes, 53 seconds on a post merger basis. Friends, you know that merger procedure is ongoing. 2:59 2 minutes, 59 seconds On a post merger basis, area sales increased to 2.46 lakh square ft. 3:04 3 minutes, 4 seconds Booking value to 628 cr and collection at 798 cr. This performance underscores the strength of our net debt-free 3:14 3 minutes, 14 seconds balance sheet and our strategic presence in high demand micro markets. 3:21 3 minutes, 21 seconds The recent union budget prints have provided a significant boost to India's infrastructure pipeline. With several 3:28 3 minutes, 28 seconds large scale projects underway in and around Mumbai, the real estate sector is set to benefit materially. Major benefit 3:37 3 minutes, 37 seconds coming to peripheral geographies in MMR where we will have significant presence post merger like pun and doi. Stable 3:47 3 minutes, 47 seconds interest rates and a clear shift in buyer pre preference toward quality developments further strengthen the 3:54 3 minutes, 54 seconds outlook for both residential and commercial segments particularly for a listed player like us. Mumbai also 4:02 4 minutes, 2 seconds witnessed multiple high value land transactions over the past year rein reinforcing confidence in its commercial 4:10 4 minutes, 10 seconds real estate market. A notable transaction is the acquisition of property approximately 1.3 lakh so 1.3 4:17 4 minutes, 17 seconds acres in lower parel for 448 crores for a grade A commercial project reaffirming 4:23 4 minutes, 23 seconds the commercial continued focus on CBD in this context marathon is strongly 4:30 4 minutes, 30 seconds positioned with nearly two lakh 24,000 square ft of post merger ready inventory in Marathon future X complex our grade A 4:39 4 minutes, 39 seconds commercial asset in lower per the project continues to attract highquality buyers and leis supporting healthy 4:48 4 minutes, 48 seconds realization. We remain firm firmly bullish on the commercial sector and expect sustained momentum through FY26 4:56 4 minutes, 56 seconds and beyond. Marathon Millennium, our commercial project in Mulon has also witnessed encouraging traction from small and medium enterprises. 5:07 5 minutes, 7 seconds Friends on our premium residential development in South Mumbai, Monte South at Bala is progressing decisively. We 5:16 5 minutes, 16 seconds have delivered marquee amenities including the swimming pool and the on the 65th floor which will be enjoyed by 5:24 5 minutes, 24 seconds more than 350 families in tower A. Tower B has secured occupation certificate approval up to 45th floor during the 5:33 5 minutes, 33 seconds December quarter with other work already advancing to 62nd floor. Tower C is also 5:41 5 minutes, 41 seconds moving at a strong pace with RDC slab work completed uh through the 17th floor. Overall execution across all towers remain robust and on track. 5:53 5 minutes, 53 seconds Additionally, Bandup has witnessed multiple land transaction in the range of 41 to 43 cr per acre in close 6:01 6 minutes, 1 second proximity to our land holding highlighting growing development developer confidence in Banduk as a key emerging residential and mixeduse hub. 6:12 6 minutes, 12 seconds Our projects Neo Valley Cavaryi, Nurmada and Neo Park Ashoka are progressing strongly. Neoi cavari is over 90% sold. 6:23 6 minutes, 23 seconds Narva is over 45% sold and Ashoka is over 70% sold. Construction is advancing 6:30 6 minutes, 30 seconds in line with our plans. Akawar is 22nd floor. RCC is nearing completion. 6:36 6 minutes, 36 seconds Nurmada has reached stage and Ashoka is finishing works for 23 stories at an advanced stage with RCC complete and finishing happening. 6:47 6 minutes, 47 seconds uh it is going to have OC in coming months. 6:52 6 minutes, 52 seconds Pun widely regarded as Mumbai 3.0 has seen a sharp surge in land acquisition and large scale development 7:00 7 minutes announcements across residential commercial data centers, plotted developments and integrated townships backed by strong foreign direct 7:08 7 minutes, 8 seconds investment interest. the commencement of commercial operations at the Navi Mumbai International Airport in December 25 and 7:17 7 minutes, 17 seconds its recent transition to 24 by7 operations and the fully operational Mumbai trans harbor link uh that is atal 7:27 7 minutes, 27 seconds zetu have significantly enhanced connectivity to south Mumbai and the airport belt with this scale of 7:34 7 minutes, 34 seconds infrastructure plan developmental is clearly emerging as the next major growth hub for the MMR region. 7:43 7 minutes, 43 seconds With respect to marathon next zone in Punwell, phase one comprising of 12 towers of 30 story each is fully 7:50 7 minutes, 50 seconds completed with full occupation certificate received and nearly 2,700 families already residing there and 7:59 7 minutes, 59 seconds enjoying the project's amenities. Phase two consisting of four towers of 30 stories each is nearing completion with occupation certificate applications 8:07 8 minutes, 7 seconds underway for select towers. We have also announced the launch of phase three comprising approximately 4.9 lakh square 8:17 8 minutes, 17 seconds ft across 4 28 story premium towers with a gross development value of about 600 cr. 8:26 8 minutes, 26 seconds The outlook for India's real estate sector friends and Mumbai in particular remain highly promising. Continued 8:33 8 minutes, 33 seconds infrastructure growth, redevelopmentdriven supply and sustained economic momentum are expected to 8:41 8 minutes, 41 seconds support healthy demand across segments while maintaining market stability. 8:47 8 minutes, 47 seconds Building on this favorable backdrop, our company is well positioned to capitalize on emerging new opportunities. Our diversified portfolio anchored by high 8:56 8 minutes, 56 seconds performing commercial assets and res resilient residential pipeline places us in a strong position to drive consistent growth and long-term value creation. 9:07 9 minutes, 7 seconds Thank you very much friends. 9:16 9 minutes, 16 seconds We can open the floor for questions now. 9:20 9 minutes, 20 seconds Okay. Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 9:30 9 minutes, 30 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answers while asking a question. Ladies 9:38 9 minutes, 38 seconds and gentlemen, we will wait for a moment while the question Q assembles. 9:58 9 minutes, 58 seconds The first question is from the line of Rahul Sharma from SB Invest. Please proceed. 10:05 10 minutes, 5 seconds Hi, good afternoon sir. I hope I'm audible. Yes, you are. 10:10 10 minutes, 10 seconds Great. Uh, thank you so much for uh taking me up, sir. Uh, sir, I have a few questions. I wanted to know uh whether 10:17 10 minutes, 17 seconds you plan to expand beyond Mumbai MMR and or uh you know do you intend to remain focused on your core markets for the foreseeable future? 10:28 10 minutes, 28 seconds Yeah. Is that the only question or you have other questions also? 10:33 10 minutes, 33 seconds Uh yes I have other but uh one okay so for for to answer your first 10:39 10 minutes, 39 seconds question uh yes we are MMR focused uh company and we intend to largely focus 10:47 10 minutes, 47 seconds in MMR we don't have immediate intention of uh going to other towns uh all our projects and future projects are also 10:55 10 minutes, 55 seconds planned in MMR there is lot of opportunities in redevelopment sphere there is lot of opportunities in terms 11:02 11 minutes, 2 seconds of uh you know peripheral areas where ships can be developed and even plotted development can happen. So we are trying 11:11 11 minutes, 11 seconds to encash on these opportunities currently. 11:14 11 minutes, 14 seconds Okay. Okay. So and uh how do you think about the booking momentum in Q4? Do you expect it to sustain or was you know Q3 11:22 11 minutes, 22 seconds headed by any oneoff or bulk bookings also which projects do you expect will be the largest contributors to the bookings and let's say collection in FI27? 11:36 11 minutes, 36 seconds So uh the booking momentum are steady. 11:39 11 minutes, 39 seconds Uh if I have to give example of one of our largest project which is uh Monte Sa. So you know we've been doing a 11:46 11 minutes, 46 seconds steady uh sales over there close to 100 cr quarter and that has been uh consistently happening for last uh 6 to 11:56 11 minutes, 56 seconds eight quarters and going forward also the kind of demand is uh consistent and we'll be selling at that same city. Uh 12:05 12 minutes, 5 seconds okay on the uh the question other question which you had on uh which project 12:13 12 minutes, 13 seconds acquisition another uh so regarding uh you know contribution of 12:19 12 minutes, 19 seconds which projects of sales from next year future our commercial ready to move in asset is actually uh going to get us a 12:28 12 minutes, 28 seconds lot of uh you know the revenue from that because it's ready to move in and also uh so zero cost is required to complete 12:35 12 minutes, 35 seconds it. So maximum revenue will be from there. In addition to it, uh Monte South as a uh residential uh will also uh be uh you know get getting us good revenue. 12:47 12 minutes, 47 seconds Uh in addition to this we have announced the launches of marathon uh next zone in pun as well as bandu neo neo series. So 12:56 12 minutes, 56 seconds these are the two projects which in terms of pre-sales you will be uh seeing good traction. Um so yeah 13:04 13 minutes, 4 seconds understood. So and uh there is uh so you are you are seeing quite good growth in inquiry to booking conversion right at 13:12 13 minutes, 12 seconds maybe current levels current price levels. 13:15 13 minutes, 15 seconds Yes. Yes. The inquiries have been very good consistent inquiries have been there and conversion is also very good. 13:24 13 minutes, 24 seconds In fact in a few places we are seeing rise in realization also mainly uh future X. Oh, that is that is good to 13:31 13 minutes, 31 seconds hear. That is good. And just last last question that I have right now. Uh sir, if you could share the breakup of let's say unsold inventory across the premium 13:39 13 minutes, 39 seconds and luxury, mid-inccome and let's say affordable segments that we give. 13:46 13 minutes, 46 seconds So uh in are you talking about ready to move in or what are you talking about? Ready? 13:52 13 minutes, 52 seconds Yeah. So in terms of uh ready inventory in uh future X and future X campus we 13:59 13 minutes, 59 seconds have around two 2.25 lakh square ft uh and this is a post merger number uh as announced by Chincha in the opening 14:06 14 minutes, 6 seconds speech. Uh regarding um um Monte South, we uh uh we have around 1 lakh square ft 14:15 14 minutes, 15 seconds in in tower A and uh in tower B we recently got OC. Uh so you know the sales are happening uh fast in terms of 14:24 14 minutes, 24 seconds ready to move in. Um and tower C you know the progress of is not ready yet. 14:30 14 minutes, 30 seconds So construction is happening uh in band as chain by mentioned in the opening speech you know a lot of inventory gets 14:37 14 minutes, 37 seconds sold in the pre-launches um and uh you know 90% for example is almost sold in 14:44 14 minutes, 44 seconds the ready to move in uh project that is getting OC so Banduk inventory is a fast moving inventory so Banduk we don't have 14:52 14 minutes, 52 seconds any in inventory at the time of occupation certificate is very negligible 14:59 14 minutes, 59 seconds always Understood. Understood. Uh all right sir. I think that's that is what I wanted to know from you. Thank you. 15:06 15 minutes, 6 seconds Thank you so much and all all the very best to you for next. Thank you. 15:11 15 minutes, 11 seconds Thank you. The next question is from the line of Mah Desai from Desai Investment. Please Ros. 15:18 15 minutes, 18 seconds Thank you. Thank you for giving me the opportunity. So firstly some generic questions on the project. Uh so if you 15:26 15 minutes, 26 seconds can walk us through uh the revised launch and execution plan for Neo Valley project including uh key milestones which have been completed. 15:36 15 minutes, 36 seconds Yeah. So uh Neo Valley uh just to give you a brief understanding of Neoer we have uh Neo Valley Narada Neo Valley 15:44 15 minutes, 44 seconds Caviar these are the two projects and the third project is NeoPath Ashoka. uh Neo Valley is in totality a 14 acre 15:53 15 minutes, 53 seconds layout where we have launched around you know three three odd acres which is what the um you know Nurmada and uh Cavary 16:01 16 minutes, 1 second are and Neo park is a 6 and a half acre layout where we have already executed Neo square as a project which is ready 16:08 16 minutes, 8 seconds and OC and it's the project is over and Neo park is around an acre of project um in terms of update of those projects uh 16:17 16 minutes, 17 seconds Neo Valley Nadada We have recently received environment clearance. So we are you know we have 16:26 16 minutes, 26 seconds already announced the launch of tower C or wing C of that tower. In terms of construction we have reached uh of that 16:34 16 minutes, 34 seconds uh tower regarding u cavary cavary we have topped out in terms of RCC uh and in terms of sales we 16:43 16 minutes, 43 seconds are beyond 90% of sales. Uh regarding Neo Park Ashoka uh the two wings uh A 16:51 16 minutes, 51 seconds and B we have uh uh we are applying for OC in the next quarter and wing C is what under construction is is on the 11th floor today. 17:02 17 minutes, 2 seconds Okay. So next on the next zone phase two what is the uh completed uh uh project 17:10 17 minutes, 10 seconds uh status and you know also the OC timeline if you can share. 17:17 17 minutes, 17 seconds Sure. Uh come up here. So uh as you may know already exone phase 2 has four towers uh out of which we have already 17:26 17 minutes, 26 seconds completed uh you know finishing work on uh three towers and one tower RCC is 17:32 17 minutes, 32 seconds completed. uh we are hoping to get uh occupation certificate of two of the four towers uh in the next uh hopefully 17:41 17 minutes, 41 seconds by end of this financial year at the most it could miss by 1 month or so and the balance two towers uh before Q2 of FI27. 17:52 17 minutes, 52 seconds Okay. So uh now I had few questions on the strategical front. So you have mentioned in the presentation regarding the amalgamation arrangement. 18:04 18 minutes, 4 seconds So uh just wanted just wanted your uh if you can throw some light on how it will 18:10 18 minutes, 10 seconds help in terms of you know uh in terms of GDV expansion for the company and how it will be a greater turnaround for the 18:19 18 minutes, 19 seconds company. Just wanted to uh if you can throw some light it would help. So this amalgamation is under uh progress uh and 18:29 18 minutes, 29 seconds uh we have already shared all the data and GDV value on the uh website. Uh but 18:35 18 minutes, 35 seconds just to briefly tell you uh that uh as infrastructure is progressing for the whole of MMR region like in my speech I 18:44 18 minutes, 44 seconds mentioned uh that the infrastructure is going to help people move easily from point A to point B. So it is going to 18:52 18 minutes, 52 seconds help the peripheral area to grow much faster than it was happening earlier uh city 19:01 19 minutes, 1 second from Fort to Pun X amount of time was being taken. 19:08 19 minutes, 8 seconds Now it is less than 1 hour. So it is like going from Viti station to say Badlapur and Vi 19:16 19 minutes, 16 seconds station to Paneail almost the same time will be taken. So that way you know all the peripheral area is coming closer to 19:24 19 minutes, 24 seconds the city and the price differential that we see in the city and the peripheral area is huge. So it is bound to the 19:32 19 minutes, 32 seconds peripheral area is bound to improve in prices. Having said that we already have uh two big parcels that is coming in the 19:40 19 minutes, 40 seconds merger. One is in panel land and another is in Diwali. And third major parcel of 19:48 19 minutes, 48 seconds land is coming is in Banduk slums. So these are the three major acreage that we will get about 400 acres 19:57 19 minutes, 57 seconds of land which is a huge potential uh for years to come uh that is going to get in 20:04 20 minutes, 4 seconds the amalgamation uh when everything uh is done within next 9 months or so. 20:11 20 minutes, 11 seconds Okay. And sir in this 400 acres what kind of projects are you eyeing like it will be a super premium premium or 20:19 20 minutes, 19 seconds these the peripheral areas it is never a super premium project super premium projects are in city of Mumbai but 20:26 20 minutes, 26 seconds having said that these are also premium projects. If you have visited our next zone pane site where 13 towers are 20:34 20 minutes, 34 seconds completed, it is no less than any premium project in city of Mumbai. But because of the location, it would not attract premium prices like say BKC or 20:44 20 minutes, 44 seconds you know or Mulun area but then all these areas are catching up. 20:51 20 minutes, 51 seconds Sure. Sure sir. So and in terms of QIP you have mentioned that uh the uh you know some of bit of the money would 20:59 20 minutes, 59 seconds utilize for the debt reduction part. So then how how are we looking at our debt position now uh having a 21:06 21 minutes, 6 seconds we have reduced debt to almost zero. So in fact it is a negative debt we have current balances. So if you say net debt 21:13 21 minutes, 13 seconds we are you know negative but uh uh currently some car loans or equipment loans and other things are about 25 uh 21:22 21 minutes, 22 seconds 20 odd cr worth of uh loan is there. Uh this is uh major reduction from what we had about 2 years ago. 21:33 21 minutes, 33 seconds Okay. Sure sir. Lastly, if you can uh throw some light on how has been the ground uh environment in the industry 21:42 21 minutes, 42 seconds and going ahead how you're looking uh at you know the demand uh if on a ground level if you're uh looking at any 21:50 21 minutes, 50 seconds slowdown or it's still strong. So just wanted the idea of on your end there's no slowdown as such because the 21:58 21 minutes, 58 seconds growth is uh tremendous but may will answer in detail. If you look at the uh annual data of last year, uh the Mumbai 22:07 22 minutes, 7 seconds MMR region is contributing roughly 30 to 40% of the real estate market. Uh and if 22:14 22 minutes, 14 seconds you look at uh Maharashtra government plan of you know integrating entire 22:21 22 minutes, 21 seconds Mumbai MMR region uh like Mumbai 3.0 and there is one uh plan of you know creating one more airport near Vadwan. 22:30 22 minutes, 30 seconds So you know these all these infrastructure projects are at a very very fast pace and it's quite visible 22:37 22 minutes, 37 seconds now and people are experiencing those advantages and in that if you look at that perspective Mumbai MMR I think will 22:46 22 minutes, 46 seconds continue to grow. uh we have if you look at even the very high-end premium markets where you know 100 cr plus 22:55 22 minutes, 55 seconds properties also booked very quickly and 5 to 7 cr type of units which we are seeing in Monte south project are you 23:04 23 minutes, 4 seconds know getting a good velocity so across the segment whether 1 cr or up to 100 cr 23:11 23 minutes, 11 seconds and Mumbai MMR is really uh going with great guns with all the infrastructure projects like airport, Calink and new 23:20 23 minutes, 20 seconds 3.2 announcement. I think really uh we have seen very good times at least for Mumbai MMR. 23:28 23 minutes, 28 seconds Just uh quickly I just wanted to add on that as well. See there is also a trend on you know consolidation in the 23:34 23 minutes, 34 seconds industry itself. So even if you know however the you know obviously the aggregate demand is increasing but we 23:43 23 minutes, 43 seconds are seeing very good instances where you know a lot of the new proposals that are coming to us are from you know uh sort 23:49 23 minutes, 49 seconds of other developers and you know there is a huge consolidation thing which is also playing out you know and we are benefiting from that trend and uh so 23:59 23 minutes, 59 seconds both these things put together I see things are going to be optimistic going forward. 24:04 24 minutes, 4 seconds Sure. Thank you for answering my question sir. If I have any queue I'll just join back. Thank you. 24:12 24 minutes, 12 seconds Thank you. 24:14 24 minutes, 14 seconds The next question is from the line of Deepak Kumar an individual investor. Please proceed. 24:20 24 minutes, 20 seconds Thank you for the opportunity. So I would like to touch base on one one of the financial question here. So can you 24:27 24 minutes, 27 seconds break down the 9 months pat contribution between commercial and residential segment and what will be the mix uh we 24:35 24 minutes, 35 seconds should assume for fi 26 fi 27 flowing red 24:43 24 minutes, 43 seconds yeah we we'll just collect the data and give you answer in 5 minutes uh before that we'll take our next question 24:51 24 minutes, 51 seconds okay no issues so on uh Monte south can you provide a clearer timeline for the OC time completion for tower B and C. 25:02 25 minutes, 2 seconds So tower B right now is actually topped out. So the entire 65 floors RCC is 25:09 25 minutes, 9 seconds completed and as an our uh you know we already taken last you know two months 25:16 25 minutes, 16 seconds ago occupancy certificate up to 45 floor. So tower B 45 floor occupancy is 25:24 25 minutes, 24 seconds already done. The full tower OC is uh expected by December 26 and tower C. 25:33 25 minutes, 33 seconds Okay. 25:34 25 minutes, 34 seconds Uh the work is already progressing. So in next one and a half year we will be 25:40 25 minutes, 40 seconds getting OC of up to 30 floors and another say totally 3 years uh we'll be taking OC up to 65 floors. 25:52 25 minutes, 52 seconds Okay. Okay. Got it. And on the future side, uh can you share the current price trend and how strong is the demand 25:59 25 minutes, 59 seconds visibility? I think you answered it uh a little bit. I just wanted to check on the price trend for the next few will answer that has been looking at the marketing and sales of the projects. 26:10 26 minutes, 10 seconds Yeah. Same. So uh future X demand has been extremely strong on both sort of uh segments you know the leasing segment as well as the uh starter selling segment. 26:22 26 minutes, 22 seconds uh if I were to just give you some perspective you know uh compared to last year the project as a whole versus what 26:31 26 minutes, 31 seconds we may complete uh this financial year with we have uh if all the transactions that we have in the uh you know Q4 get 26:40 26 minutes, 40 seconds completed obviously subject to that we are seeing about at least a 10% increase in uh sales value uh coming to the sales 26:47 26 minutes, 47 seconds price uh while uh the project has you know different pricing depending on the floor that uh you sort of select or 26:55 26 minutes, 55 seconds choose. Uh uh across the project we've seen uh from a financial year comparison uh close to 10% increase in 27:03 27 minutes, 3 seconds realizations. Uh so overall quite quite uh uh good and uh we continu see see 27:11 27 minutes, 11 seconds good demand especially also from our existing clients who are coming back and leasing again and again multiple spaces. 27:17 27 minutes, 17 seconds So that always uh shows that you know uh uh things will remain steady and positive going forward. 27:25 27 minutes, 25 seconds Okay. Okay. Thanks. Thanks for the answer and um I think I think that's it from my side. 27:33 27 minutes, 33 seconds All the best. Thank you. 27:40 27 minutes, 40 seconds The next question is from the line of Isha Sha and individual investor. Please proceed. 27:45 27 minutes, 45 seconds Uh thank you for the opportunity. So which projects do you expect will be the largest contributors to bookings and collection in FI27? 27:56 27 minutes, 56 seconds So yeah um we did answer that but that being said I'll still repeat uh in all like I mentioned uh in the pre previous 28:04 28 minutes, 4 seconds answer that Bandup and Pune we have announced recent launches uh panve around 4.9 lakh square ft will be 28:13 28 minutes, 13 seconds launched or the GDV of that is around 600 crores uh and in Bandup you know it's around uh uh of the announcement we 28:22 28 minutes, 22 seconds have already launched uh 170 crores of GDV Um so these are the two major pre-sales numbers which will be contributing in 28:29 28 minutes, 29 seconds terms of uh the numbers of next year and we have around uh in terms of future X we have around two lakh square ft which 28:37 28 minutes, 37 seconds is uh ready and ready to move in so there'll be a huge number coming from that and Monte south in terms of 28:44 28 minutes, 44 seconds residential um for yeah so around 400 crores of pre-sales will be at least 28:51 28 minutes, 51 seconds anticipated next year okay And sir, could you share the breakup of unsold inventory across premium, mid- income and affordable segments? 29:01 29 minutes, 1 second Uh, unsold. Sorry if you could repeat your question please. 29:06 29 minutes, 6 seconds Sir, could you please share the breakup of unsold inventory across premium, mid- income and affordable segments? 29:13 29 minutes, 13 seconds Yeah. So, in terms of premium, like I mentioned earlier, around 1 lakh square ft is unsold in uh Monte South Tower A, 29:22 29 minutes, 22 seconds which is a premium project. uh in terms of uh affordable uh Bandup like I mentioned is uh when it comes to OC it's 29:30 29 minutes, 30 seconds nearly sold out uh in Pune some of uh the phase one inventory on you know 29:37 29 minutes, 37 seconds higher floors is uh pending which will be around 1 lakh square ft value wise it would be around 40 to 50 cr. 29:47 29 minutes, 47 seconds Okay sir. And uh so do you plan to expand beyond Mumbai MMR or do you intend to remain focused on your core market for the foreseeable future? 29:59 29 minutes, 59 seconds So we we see enough and more demand in MMR like it was answered before. Uh uh you know there are many uh micro markets 30:09 30 minutes, 9 seconds where we are already expanding our depth and breadth uh which are already the micro markets we are in and there is lots of potential in many other micro 30:17 30 minutes, 17 seconds markets where we have very little presence so far. uh so for example uh you know the western suburbs there are 30:24 30 minutes, 24 seconds aspects in you know tan uh and many other na'vi Mumbai you know redevelopment is also happening in a very uh you know good pace so uh we 30:34 30 minutes, 34 seconds continue to evaluate across geographies and across asset classes in uh MMR that's our plan for the next few years 30:42 30 minutes, 42 seconds okay sir thank you so much that's all from my side thank 30:50 30 minutes, 50 seconds The next question is from the line of Dave AJ and individual investor. Please proceed. 31:01 31 minutes, 1 second Mr. D please proceed with your questions. 31:09 31 minutes, 9 seconds So as there is no response from this participant, can we move further with the next question? Yeah. 31:16 31 minutes, 16 seconds The next question is from the line of W an individual investor. Please proceed. 31:22 31 minutes, 22 seconds Yeah, thank you for this opportunity. Am I audible? Yes. 31:28 31 minutes, 28 seconds Uh so my question is to the management uh like this is like one thing that I got to know like we are focused on in 31:36 31 minutes, 36 seconds the MMR region only and before the QIP during the QIP process and even after the QIP many calls one thing that we 31:44 31 minutes, 44 seconds have been iterating along is that you are focusing on redevelopment right but I mean I I haven't seen any sort of uh 31:53 31 minutes, 53 seconds any launches or announcements in the redevelopment circles. I mean given the market size, I mean how big we are and 32:01 32 minutes, 1 second how much potential we have in this region even the local builder sort of are continuously launching redevelopment projects 32:08 32 minutes, 8 seconds and we are sort of like I mean my sort of a disappointment I would say from my end is that I expected a lot of 32:16 32 minutes, 16 seconds redevelopment sort of actions. I mean what I can I mean there is no sort of any announcement from the company's end 32:24 32 minutes, 24 seconds in I mean given the sort of trend that's happening in Mumbai particularly. 32:28 32 minutes, 28 seconds So one my question to I mean to put in brief why is that we are not announcing any sort of concrete you know uh you 32:36 32 minutes, 36 seconds know either a division separately or any project launches in the redevelopment division. Second my question would be on 32:43 32 minutes, 43 seconds the QIP side right we have raised somewhere around 900 crores of by from the QIP it was raised I guess in July or 32:51 32 minutes, 51 seconds June July right and you know after the QIP I mean there was some during your presentation the QIP as 33:00 33 minutes well uh the projects that we have seen and I mean and these are not something you know neither sort of very big 33:08 33 minutes, 8 seconds projects or uh you know that sort expectations of momentum or aggression from the management that you know as an investor is generally expect you know 33:17 33 minutes, 17 seconds even that we launched now the new homes Bandu or next one Pune these are around five lakhs and 15 lakhs of square feet 33:24 33 minutes, 24 seconds and given the land bank we have in pun and Bandu or Dumb Valley we have sort of development area potential of more than 33:32 33 minutes, 32 seconds 1 crores correct so I mean why is it that even after two or three quarters or 33:39 33 minutes, 39 seconds sort of six or six to 9 months. Why is that? There is no any sort of new project launches or you know aggress sort of aggression that I'm missing. 33:50 33 minutes, 50 seconds Yeah. 33:51 33 minutes, 51 seconds Yeah. So first thing uh that we would like to mention is uh out of the QIP process uh uh big chunk has gone towards 34:01 34 minutes, 1 second uh repayment of debt and uh as for the redevelopment and why no announcement on 34:08 34 minutes, 8 seconds redevelopment. Uh this is not a switch on off kind of a uh process. the due 34:15 34 minutes, 15 seconds diligence of a land related uh initial stage projects take very long time. If 34:22 34 minutes, 22 seconds we try to get into a project which is already running uh by a builder then there are other issues that we need to see you know. So the due diligence 34:31 34 minutes, 31 seconds itself is a very long process. So it's not that we have not looked at it. We have looked at you know many projects 34:38 34 minutes, 38 seconds more than 45 50 projects that we have looked at and there are projects in which we are moving forward but till the 34:46 34 minutes, 46 seconds uh definitive announcements are made uh we will not be able till the definitive agreements are made we will not be able to make any announcement uh on those. 34:57 34 minutes, 57 seconds However I would like you to add on to this uh scenario. 35:02 35 minutes, 2 seconds Yeah. So see redevelopment I think you talked about um you know we we refrain as Jan said about it that we refrain 35:11 35 minutes, 11 seconds from announcing until we really uh at a final development level. However I just 35:18 35 minutes, 18 seconds to give you an idea there are almost two cluster where we are almost at a very finality level. However, as I told you 35:27 35 minutes, 27 seconds that it it takes time. Redevelopment goes through very very stringent processes and uh recently small realist 35:36 35 minutes, 36 seconds uh redevelopment projects. We have also done an acquisition of a company SPL which is going to bring almost close to 35:44 35 minutes, 44 seconds thousand cr of project which is there also they have at a as a preferred developer level. So you know these 35:52 35 minutes, 52 seconds processes are going on and at appropriate time we will announce all these projects which we have been looking at for last 3 to four months. 36:01 36 minutes, 1 second Also to add on to it you mentioned that land the land that we have acquired or will be acquiring in neighboring doable pun through the merger process. Um you 36:10 36 minutes, 10 seconds know typically to launch a large scale in any of these areas you require multiple permissions. So which is the agenda of this year where you know 36:18 36 minutes, 18 seconds environment clearance approvals uh and all of that will be happening and hence the launches will be coming in the 36:26 36 minutes, 26 seconds fourthcoming year. So uh the groundwork has already started in all these areas. 36:31 36 minutes, 31 seconds No, no, I get completely. I mean there are sort of you know challenges when it comes to redevelopment also and including you know given the size of 36:39 36 minutes, 39 seconds land bank that we have we need to get certain commissions but my only concern is that when do we have a separate redevelopment sort of division because 36:48 36 minutes, 48 seconds you know given the pace of a I mean we generally cover a lot of companies other companies as well in real estate but given even the small local developers 36:57 36 minutes, 57 seconds continuously you know they go on to expand and you know uh get and target some new redevelopment project. You know 37:04 37 minutes, 4 seconds if you talk about Mumbai specifically if you see from the north Disar Buri to down south Mumbai. So all sort of local 37:13 37 minutes, 13 seconds builders or even prime listed large companies in stock exchange even they are you know aggressively launching the 37:20 37 minutes, 20 seconds redevelopment projects. The expectations is generally that you know it does not take sort of 9 or 10 months sort of timeline 37:29 37 minutes, 29 seconds that is with in our case. So do we have a separate division or sort of any action or road map that we have teacher 37:36 37 minutes, 36 seconds in the next one year we are s we sort of targeting this much of redevelopment projects. We cannot now you know go on in past and then again change something 37:45 37 minutes, 45 seconds but in future in coming times are we looking at something sort of internal targets or you would like to share with us? 37:52 37 minutes, 52 seconds No we already have a we already have a team uh specifically for redevelopment projects. We have team of 12 people that 38:00 38 minutes are working on it. Uh almost every tender if you'll see we'll have a marathon participation either in taking the tender and then uh you know doing 38:09 38 minutes, 9 seconds the due diligence and then we have our own internal matrix within which you know if the project fits into that then we proceed further in into that project. 38:20 38 minutes, 20 seconds How much of the tenders that is that we have participated and sort of we have you know converted. These are looking 38:26 38 minutes, 26 seconds statements or we have to you know announce it only when we have a definitive agreement with the uh 38:34 38 minutes, 34 seconds society. There are places where we are preferred developer. There are places where we are uh in you know top three. 38:42 38 minutes, 42 seconds So all these announcements are not necessary right now till we have a irreversible or binding agreement with the societies. 38:52 38 minutes, 52 seconds Right. So I mean the last one the QIP round uh could you please tell me how much what was the amount of that repayment of 900 crores 39:00 39 minutes around 340 crores 340 cr so the balance amount I mean are we uh you know sort of in panel dumb and 39:07 39 minutes, 7 seconds bandu per game given the land bank that we have also the sort of investment you know driven by the government and the 39:14 39 minutes, 14 seconds local bodies are we launching something you know aggressively in the next coming times Yeah. So announcement of launches 39:23 39 minutes, 23 seconds have already been made uh in terms of Panil Bandup and Balab and also from our QAB proceeds some of the investments we 39:31 39 minutes, 31 seconds are actually putting in the existing projects and making sure they run fast. 39:34 39 minutes, 34 seconds Uh so that is also where we have invested and balance like you rightly said you know in terms of redevelopment projects and newer acquisition is what 39:42 39 minutes, 42 seconds we are pumping in. Um yeah so if that answers your question. 39:48 39 minutes, 48 seconds Okay. Okay. Yeah. Thank you. 39:52 39 minutes, 52 seconds Thank you ladies and gentlemen. A gentle reminder to all participants. If you wish to ask a question, please press star and one on 40:01 40 minutes, 1 second their touchstone telephone. I repeat, participants who wish to ask question may press star and one now. 40:15 40 minutes, 15 seconds The next question is from the line of Dave Ajmera, an individual investor. Please proceed. 40:21 40 minutes, 21 seconds Uh hi sir. Uh good afternoon to the panel and thank thank you for giving me the opportunity to ask a question. Sir, what's the uh update of the NCT? 40:33 40 minutes, 33 seconds Sorry the what? I couldn't hear you. 40:36 40 minutes, 36 seconds What's the update of the uh what's the update of the merger and acquisition in the uh NCT? 40:42 40 minutes, 42 seconds Yeah. So the regarding the merger amalgamation arrangement that you are talking about 40:49 40 minutes, 49 seconds the process is first it gets cleared by SEBI and then it goes to NCRT. Currently 40:57 40 minutes, 57 seconds NEC BC both the exchanges where we are listed they have cleared and the SEBI is uh uh doing the due diligence. Uh three 41:07 41 minutes, 7 seconds rounds of uh question answers have already happened with SEBI also. So we are at the final stage of SEV approval 41:16 41 minutes, 16 seconds and then once that is done that will go to NCT and that is uh after NC is 41:23 41 minutes, 23 seconds receiving the application there would be about 6 to 7 months period. Okay. Okay. Thank you so much sir. Thanks a lot. 41:32 41 minutes, 32 seconds Thanks. Thank you. 41:33 41 minutes, 33 seconds Thank you. The next question is from the line of V and individual investor. Please proceed. 41:42 41 minutes, 42 seconds Yeah. Uh go ahead. 41:46 41 minutes, 46 seconds Yeah. Yeah. Again uh just one question that I have like again so there are three projects that we are continuously 41:53 41 minutes, 53 seconds again you know in every presentation that I'm hearing is Mont next zone and pitcher X. So I've been across all these projects and what I can say some of 42:01 42 minutes, 1 second these are ready and some of the like like good to good to complete or I would say uh I can expect you know they 42:10 42 minutes, 10 seconds they're about to complete in a very good time in a very in short span of time. So how uh like in the coming time let's say 42:17 42 minutes, 17 seconds in the next two year FI27 how many sort of like say three or four 42:24 42 minutes, 24 seconds or five whatever be the number sort of uh you know projects you can name or tell us these are going to be you know 42:33 42 minutes, 33 seconds our cash cows or these are going to be you know sort of revenue or cash flow generation sort of projects the Monte 42:40 42 minutes, 40 seconds other than these three other than Montes and Nexun what are the new projects that are going to contribute to our cash collections and revenue. 42:48 42 minutes, 48 seconds Steve all our ongoing projects are so huge that there are you know four or five projects within one project. If we 42:55 42 minutes, 55 seconds just talk about Montes house there are four residential towers and one commercial tower plan. Total square ft is about uh you know 4 million square 43:04 43 minutes, 4 seconds ft. So when we talk about such huge project it is going to be ongoing for a longer period of time. However, having 43:11 43 minutes, 11 seconds said that, what new projects are going to be added? Ky will add to that. 43:15 43 minutes, 15 seconds Yeah. So, uh from the uh post merger scenario, we have a project called Marathon Next Town which is in domey. 43:23 43 minutes, 23 seconds We're applying we have already applied for environment clearance. So, in that project, we have around 78 lakh square ft in terms of pre-sales that will be 43:30 43 minutes, 30 seconds coming in the fourthcoming year. And in uh next world is another project again that is in Digibali. So these are the 43:39 43 minutes, 39 seconds projects in doily in the post merger uh is what I'm talking about over there also significant pre-sales uh will be 43:46 43 minutes, 46 seconds coming in and talking about Bandu uh we have a you know yearly target of specific launches and specific 43:54 43 minutes, 54 seconds approvals. So here on your at least you know we have an internal target where we have assumed a good chunk of inventory coming from Bangalore. 44:05 44 minutes, 5 seconds So could you please tell us key around of the total in terms of the square feet 1 crores in more than 1 crores of uh 44:13 44 minutes, 13 seconds square feet in dongi pane and banduk how much of the square feet are so frankly it's based on demand uh I 44:21 44 minutes, 21 seconds mean 1 cr square ft is too much in that specific geography but that being said uh you know we are trying to hit our 44:29 44 minutes, 29 seconds maximum limit and just to get you know give you an idea that in every place while we are developing. In terms of 44:36 44 minutes, 36 seconds monetization plan, we're open to do uh some kind of a joint venture with a larger developer who can take a larger 44:44 44 minutes, 44 seconds chunk of our land and uh you know uh join do a joint venture with us or some you know something of that sort that will augment our uh you know pre-sales. 44:54 44 minutes, 54 seconds Uh and there are many other methods like selling B2B to other developers like say PTC sales. I mean there are different 45:01 45 minutes, 1 second different models of sales where in one shot we can do like 100 cr 200 cr trans transactions and these are transactions that are very live and happening in and 45:10 45 minutes, 10 seconds around uh banduk and uh u so these are some of the methods in terms of you know monetizing our land. 45:18 45 minutes, 18 seconds Okay sorry okay yeah I mean uh is there any builder that we are already 45:26 45 minutes, 26 seconds in talks with for joint venture of any large It's too early to say anything frankly. Um, yeah. 45:35 45 minutes, 35 seconds Okay. See, okay. Yeah. Thank you. Yeah. 45:40 45 minutes, 40 seconds Thank you. The next question is from the line of Vishwar Ra Kasuri, an individual investor. Please proceed. 45:49 45 minutes, 49 seconds Hi, good afternoon. So I if I remember correctly I saw one uh update that you have acquired a related party company 45:58 45 minutes, 58 seconds for 8 crores where there is no revenue for the last 3 years. I just wanted to get the details of that. 46:05 46 minutes, 5 seconds Yeah, this is uh uh Sunset Spacesh Private Limited. This is the company 46:12 46 minutes, 12 seconds that uh we are uh uh acquiring 90% uh uh uh stake in the company. The company is 46:21 46 minutes, 21 seconds valued at uh 90 lakh rupees uh and uh we will be you know this is a free money uh 46:29 46 minutes, 29 seconds uh investment of 90% which is roughly about 8 cr 10 lakhs. So post money the company's valuation is about 9 cr. In 46:38 46 minutes, 38 seconds this we already have uh two ongoing projects and those that company has been following the uh project completion 46:45 46 minutes, 45 seconds method. So there has not been any revenue recognized for last 2 years and they once they come into the fold of uh 46:53 46 minutes, 53 seconds subsidiary of uh uh our company uh the process is going to be in sync with uh 47:01 47 minutes, 1 second uh marathon's project uh completion percentage completion uh accounting process. So from this March itself the 47:09 47 minutes, 9 seconds revenue will start getting recognized in that company. So that company has uh two projects in uh Dumbiwali uh roughly 47:18 47 minutes, 18 seconds about 75,000 square ft each. Uh so that is immediately under acquisition and that company also is sort of uh 47:27 47 minutes, 27 seconds preferred when preferred developer for one of the redevelopment process. So all these things will be announced once we 47:36 47 minutes, 36 seconds have all the uh equity uh acquisition completed. Yeah. 47:42 47 minutes, 42 seconds Okay. Thank you. Thank you. 47:49 47 minutes, 49 seconds As there are no further questions from the participant, I now hand over the conference to management for closing comments. Over to you sir. 47:57 47 minutes, 57 seconds Thank you. One question probably remain uh uh unanswered was uh regarding residential commercial mix. So currently 48:06 48 minutes, 6 seconds the 9 month has roughly 60% uh residential and 40% commercial in the top line of 9 months. Uh that was one of 48:15 48 minutes, 15 seconds the question. Uh other than that uh thank you very much for participating and uh uh asking questions and uh being 48:24 48 minutes, 24 seconds involved in uh company's affairs. Uh we really appreciate uh uh all your input uh and uh we look forward to such uh 48:32 48 minutes, 32 seconds participation in future. Thank you very much. 48:38 48 minutes, 38 seconds Thank you on behalf of Marathon Max Reality Limited. That concludes this conference call. Thank you for joining us and you may now disconnect your lines. Thank you.