Oberoi Realty Limited — Q4 FY26

Oberoi Realty Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=3BT2NtJzY9g Published: 2 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Oberoy Realy Q4 FY26 earnings conference call. We have Mr. 0:08 8 seconds Oberoy, the chairman and managing director of the company and Mr. Somul Daro, director of finance of the company with us for the call. Please note that 0:18 18 seconds this call will be for 30 minutes and for the duration of this conference call all participant lines will be in the listenon mode and that the conference call is being recorded. 0:27 27 seconds The transcript for the same may be put up on the company website. 0:31 31 seconds After the management discussion, there will be an opportunity for you to ask questions. 0:36 36 seconds Should anyone need assistance during the conference, you may signal an operator by pressing star then zero on your touchstone telephone. 0:44 44 seconds Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on 0:52 52 seconds historical information or facts and may be forward-looking statements including those relating to general business statements, plans, strategy of the 1:01 1 minute, 1 second company, the future financial condition and growth prospect. 1:05 1 minute, 5 seconds The forward-looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that 1:14 1 minute, 14 seconds could cause actual results, opportunities, and growth potential to differ materially from those suggested by such statements. 1:22 1 minute, 22 seconds I now hand the conference over to Mr. 1:24 1 minute, 24 seconds Oberoy, the chairman and managing director of the company. Thank you and over to you, sir. 1:29 1 minute, 29 seconds Thank you. Good morning, good afternoon, good evening to you all. as per the time zones from which you have logged in and 1:37 1 minute, 37 seconds welcome to the conference call of Q4 FY2026 results and business updates. Thank you 1:45 1 minute, 45 seconds all for taking time for this call. I will now start with some business updates uh specifically business 1:53 1 minute, 53 seconds development. FYI 2026 has witnessed a strong momentum in all parameters. We've announced business development 2:01 2 minutes, 1 second activities close to 4 million square ft of development potential areas across diverse locations in MMR 11 acres in 2:10 2 minutes, 10 seconds Bandra East uh Aramagar Versoa about 2 million square ft. We also have entered into agreements with societies in South 2:19 2 minutes, 19 seconds Bombay for redevelopment Pedro road Malbar Hill and Nepeni road. We've also received approval from NCT for our 2:29 2 minutes, 29 seconds resolution plan submitted for a company in consortium to acquire Verizon Hotel Private Limited. In fact, as we speak, 2:37 2 minutes, 37 seconds we have received possession of the property on 7th May 2026. 2:42 2 minutes, 42 seconds Uh on the operation front, the release of higher floor inventory at Ellesian Gore has received robust booking 2:51 2 minutes, 51 seconds momentum. Sky City Mall has achieved occupancy of over 72% within first year of operations. Commerce 3 continues to 3:00 3 minutes scale up strongly attracting marquee tenants and has driven robust leasing demand with an occupancy reaching 98%. 3:09 3 minutes, 9 seconds With this now I open the floor for question and answer and both Sil and I will be very happy to take your questions. Thank you. 3:18 3 minutes, 18 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 3:27 3 minutes, 27 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while 3:35 3 minutes, 35 seconds asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. 3:43 3 minutes, 43 seconds Our first question comes from the line of Punit Gulati from HSBC. Please go ahead. 3:49 3 minutes, 49 seconds Uh yeah, thank you so much and congrats on good performance. My first question is on your strategy for 360 north in 3:56 3 minutes, 56 seconds Gurugram. Do you intend to launch and and sell everything up front like most of the other Gurugram developers or do you want to follow a more calibrated 4:04 4 minutes, 4 seconds strategy of selling over a longer period of time? 4:08 4 minutes, 8 seconds You know we we haven't really uh dwelled that deep into our strategy. We want to see how the u you know how we are 4:18 4 minutes, 18 seconds received in Gura. It's a new market for us. We've set a certain internal target 4:24 4 minutes, 24 seconds which um you know given the way you know there is buzz in the market because 4:30 4 minutes, 30 seconds everybody knows we are coming. I feel u you know we are in for uh some exciting time there. 4:39 4 minutes, 39 seconds Okay. And secondly, if you can also talk a bit about uh where are you in terms of approvals for adash? 4:47 4 minutes, 47 seconds um other we are awaiting IOD I mean within like a week or 10 days or let's say two weeks 4:56 4 minutes, 56 seconds we should get any okay and and then what what's what are the steps from there on 5:03 5 minutes, 3 seconds you know business as usual uh we we we should uh we'll be applying for CC a lot of work has already been done on that 5:10 5 minutes, 10 seconds account also so three more months for CC and then we can break ground Okay. We will apply for RARA then we are good to 5:19 5 minutes, 19 seconds go. Yeah. Good to even market and any timeline for evacuation of existing residents. 5:25 5 minutes, 25 seconds As soon as we get all the approvals and that's been our strategy everywhere. Uh once we get 100% approvals, we only then ask the existing residents to move out. 5:36 5 minutes, 36 seconds Uh you know, so that gives them good mental uh comfort and security also. 5:43 5 minutes, 43 seconds Okay. And lastly, any update on the progress for the IN land passing? 5:48 5 minutes, 48 seconds Uh I in fact have applied for uh a renewed uh CC and you will physically be 5:56 5 minutes, 56 seconds seeing work in the next 30 days. Uh 6:07 6 minutes, 7 seconds question is on the line of Parikhit Kpal with HDFC Securities. Please go ahead. 6:12 6 minutes, 12 seconds Hi Vicas congratulations on a great congratulations on a great quarter sir. 6:17 6 minutes, 17 seconds So my first question if I see your premier project so 360 saw a decline 360 saw a decline in this year as a year as 6:24 6 minutes, 24 seconds a whole on the pre-sales and even the new tower in Bali did not see a great response unlike like Allesian which did 6:31 6 minutes, 31 seconds relatively much better. So are we seeing an impact of West Asia crisis on our pre-sales and will it have any impact on 6:39 6 minutes, 39 seconds our launch pipeline for this year if the uh impact gets prolonged through through the quarter and the first half. So if you can help us understand this on the demand side. 6:49 6 minutes, 49 seconds So firstly let me begin by very good observation. Firstly 6:56 6 minutes, 56 seconds we have just delivered seven I mean literally five towers we've given possession. We have uh three more towers 7:04 7 minutes, 4 seconds which uh you know FNGs you know were launched last year and then a year before that there's enough inventory in 7:12 7 minutes, 12 seconds within the project itself which is kind of ready or under construction. So obviously this eighth tower was received 7:20 7 minutes, 20 seconds but I would say it was received well. We only opened limited inventory there and it received well. We priced it high 7:28 7 minutes, 28 seconds because we ourselves didn't want to rush into too much of sales. We had created a target for that and we've been able to 7:35 7 minutes, 35 seconds achieve that. As far as Ellesium goes, uh you can see that you know 7:43 7 minutes, 43 seconds this project has been on for the last 15 years. People are staying. The base of this uh clientele is much wider and 7:51 7 minutes, 51 seconds bigger. So obviously like you know whatever we launch gets lapped up very quickly and uh yeah so that's about it 8:01 8 minutes, 1 second 360 uh also I mean there have been enough launches within so and moreover you know 8:09 8 minutes, 9 seconds whatever was the residual inventory of our partner even that's now sold so within 360 we are reasonably I can say 8:18 8 minutes, 18 seconds monopoly now and we will now start getting traction So, so what will be the launch launch 8:26 8 minutes, 26 seconds pipeline project financially and I mean high visibility projects because last year was more of a sustainance I would say where you were just releasing additional towers and that helped you 8:35 8 minutes, 35 seconds clock 5400 crores of sales but we didn't see much growth so I think this year in the reckoning I mean one of the major launches and uh if you can give some 8:42 8 minutes, 42 seconds color on the GD so we okay good idea I I'll actually tell you all we are planning to launch 8:49 8 minutes, 49 seconds uh 360 north We are planning to launch a small uh development on Carter Road Oceanic. We are we've topped up this 8:59 8 minutes, 59 seconds again another small project at Malbar Hill Fair View. We will be launching tower D of uh forest wheel. These are 9:07 9 minutes, 7 seconds all four launches in this first quarter itself. Then we have uh Jadin tower A 9:14 9 minutes, 14 seconds which will be launched in Q2. We'll launch a group mode in Q2 as well. Other 9:22 9 minutes, 22 seconds could be Q2 or Q3 you know so maybe Q3 enigma we have a commercial building we might look at doing uh strata sale that 9:30 9 minutes, 30 seconds also will be launched in Q3 a release on Pedro road could be Q2 or Q3 or something like that. Yeah. uh again if 9:40 9 minutes, 40 seconds things go well RLDA within um this year itself and then boldly we've got uh uh 9:47 9 minutes, 47 seconds you know land parcels next to ours which was an SR again land cleared SRA development happening the free sale 9:55 9 minutes, 55 seconds component of that also within the next uh three quarters or the fourth quarter probably so lot on the pipeline and 10:02 10 minutes, 2 seconds again I've not named a few redevelopment projects because uh you know The tail to launch a project is got a little longer 10:11 10 minutes, 11 seconds given one needs to take all approvals in place and uh we are very mindful of uh that that's about it otherwise uh all 10:19 10 minutes, 19 seconds these projects are uh up and running and ready to go. 10:26 10 minutes, 26 seconds Thank for more questions. Thank you. Thank you. 10:31 10 minutes, 31 seconds Thank you. Our next question is from the line of Prates from Access Capital. Please go ahead. 10:38 10 minutes, 38 seconds Hi. Uh yeah. Hi Vikas. Hi. Hi team. Uh congrats on the good year. Uh just uh 10:44 10 minutes, 44 seconds one question. Uh you know if I see the uh pending launch pipeline uh lot of 10:51 10 minutes, 51 seconds them are 80,000 per square ft uh to one lakh and above uh you know pricing kind 10:58 10 minutes, 58 seconds of product. uh just one question on how would we differentiate uh such that we don't cannibalize our uh 11:06 11 minutes, 6 seconds you know product and demand uh in each of these projects because feder road are wad snagar you know uh although they are 11:13 11 minutes, 13 seconds in different location but still in a close vicinity so so how are we going to manage uh the offing very good question in fact very mindful 11:22 11 minutes, 22 seconds of that we do have forest wheel tower D we do have jardin tower A We also have 11:29 11 minutes, 29 seconds valley wolves. These are three projects which are much lower in value like we are talking about 3 crores and 5 crores 11:38 11 minutes, 38 seconds within you know 2 and a half 3 crores and then 5 crores uh apartment like so we do have enough on that account as 11:45 11 minutes, 45 seconds well but uh yeah I mean you know and we have this luxury you know bit to 11:54 11 minutes, 54 seconds go but again here what we will be doing is even within this area uh let's say when We will launch Tardev. We have a 12:01 12 minutes, 1 second beautiful land parcel in Tardev. There we are really looking at a ticket size of 12 a 12 to 15 crores and then you 12:10 12 minutes, 10 seconds know when you go into the adashnagar and all that that probably is like the 50 cr or uh 60 cr mark 12:19 12 minutes, 19 seconds these are not 100 cr or whatever and so so we are mindful of that and and we see now the markets mature to these numbers. 12:29 12 minutes, 29 seconds Sure. Sure. And just uh on the RLDA uh you know have we decided on the mix of how much would be uh for leasing and how 12:38 12 minutes, 38 seconds much would be for for sale considering we will be you know launching it for say in Q4. So uh just one question on that. 12:46 12 minutes, 46 seconds Yeah you know um what we realize is that there are very few grade A developers willing to sell 12:56 12 minutes, 56 seconds commercial. So we feel that if we strategize and do start a sale we will 13:03 13 minutes, 3 seconds end up doing really well and it'll be great for the cash flows also. So we will focus uh uh you know on our LDA 13:12 13 minutes, 12 seconds being a a sale model uh rather than a lease model. So again the percentage is not decided. It could be 50/50. It could 13:20 13 minutes, 20 seconds be 60% sale or and 40% held back or whatever. But but by and large we want 13:28 13 minutes, 28 seconds to do a sale model. We see in fact big houses approaching us and wanting to do a standalone building for us. So there 13:36 13 minutes, 36 seconds is a big market for uh people like that also. So again you know very excited with that project. 13:45 13 minutes, 45 seconds Got it. Thank you. That's it from my side and all the best. Thank you. 13:51 13 minutes, 51 seconds Thank you. Our next question is from the line of Morta Arwala with Kotak Securities. Please go ahead. Hi Mortza. 13:59 13 minutes, 59 seconds Hi Vikas. Uh just on uh GA obviously it's a big launch and it's uh your debut in uh the north market. Um any sense on 14:09 14 minutes, 9 seconds pricing, ticket size, GBV sales value that you can give an uh are we all set for a one launch or it could move more 14:17 14 minutes, 17 seconds to the festive you know just some color on uh the goal project per se and the second one's more on you know the 14:26 14 minutes, 26 seconds balance sheet for summer um when I look at your balance sheet and other current liabilities the advance from customer 14:33 14 minutes, 33 seconds seems a smaller number and then there is other other current liability You'll see some color on that. That's moved March between March 25 and 26. 14:43 14 minutes, 43 seconds Okay. To start with 360 North, uh let pricing be a little bit of a suspense. 14:50 14 minutes, 50 seconds Uh we uh we are still uh not ready to diverge. We have a very good idea what we want, but we don't want to diverge 14:59 14 minutes, 59 seconds the price. So, we'll hold that. Uh everybody now knows that we are doing three very similar to a product that 15:06 15 minutes, 6 seconds we've done which is 360 west. So the sizes are big. These are 5,000 plus and 15:12 15 minutes, 12 seconds 8,000 plus ft² apartments and uh they they're like they're really up on 15:19 15 minutes, 19 seconds luxury. You must have read in the paper we've also appointed LNT as our contractor. So we are good to go on that 15:27 15 minutes, 27 seconds and demolition happening at uh good pace as we speak. Uh the show apartment 15:35 15 minutes, 35 seconds getting ready there on site. So physically also work has started in a way and um yeah uh but as far as prices 15:43 15 minutes, 43 seconds go like I said that uh let that be a bit of a you know suspense because we still have some more time to 15:52 15 minutes, 52 seconds go. I'll leave Sil to answer the more complex question you raised. 15:59 15 minutes, 59 seconds Hi, Sil. So the advance from customers is purely the advance that we receive from customer. This is you know at times 16:08 16 minutes, 8 seconds customers end up giving you a couple of installments in advance and all of that. 16:12 16 minutes, 12 seconds So if you look at that 82 crores versus you know 97 crores. So I think that's the smaller number that you are referring to. So not a material movement 16:21 16 minutes, 21 seconds in that one. uh the critical one as you have pointed out is in the uh other current liabilities which is from 1,855 crores to about 27 2800 odd crores. 16:31 16 minutes, 31 seconds Yes. 16:32 16 minutes, 32 seconds A large component of that or the largest component of that would basically be the unrecognized revenue. So this will flush through P&L under the percentage 16:40 16 minutes, 40 seconds completion method. This is purely uh you know billing in excess of revenue. So where we have build much more than what 16:46 16 minutes, 46 seconds we are you know recognizing. So if you look at all the projects in the initial stages so if you look at for example 16:55 16 minutes, 55 seconds both the tane projects you know in terms of billing they will be upwards of you know 45 50%. Whereas in terms of revenue 17:04 17 minutes, 4 seconds they'll be barely there at about 11 12% or something like that you know so this is basically the entire component of 17:12 17 minutes, 12 seconds unrecognized revenue over a period of time this will flush through P&L. 17:17 17 minutes, 17 seconds Sure. [clears throat] Sure. Thank you so much. Thank you. Thank you ma. Thank you. 17:23 17 minutes, 23 seconds Thank you. Our next question is from the line of Gorav Kandelwal with JP Morgan. Please go ahead. Hi Gorov. 17:30 17 minutes, 30 seconds Hi. Hi Vicash. Hi Sam. I've got three questions. I'll take I'll take those one by one. Uh my first question is with the 17:39 17 minutes, 39 seconds entire pipeline uh the launch pipeline that we're talking about. Is it fair to assume that FI 2728 we should be able to 17:47 17 minutes, 47 seconds deliver a double digit growth in sales? 17:53 17 minutes, 53 seconds You know uh frankly it could have been possible this year also had we been able to launch uh 360 north. So obviously the 18:01 18 minutes, 1 second numbers would have been much uh better but uh again like as a company since we don't give uh you know we don't give any 18:10 18 minutes, 10 seconds forward-looking statement or pass any of those I would refrain from saying anything but uh yeah I mean everybody can do their math and figure out what we 18:19 18 minutes, 19 seconds will actually be at if these things play out. 18:25 18 minutes, 25 seconds Got it. Okay. Uh no thanks for that. Uh the the next question I have is with all the deals that we've done, how much are 18:33 18 minutes, 33 seconds we looking for in terms of capeex uh cash outlay which is yet to be completed in uh FI27. 18:42 18 minutes, 42 seconds Okay. See most of our land parcels do not require us to pay cash upfront. Um 18:49 18 minutes, 49 seconds you know either it's uh like even RLDA we we have until 2038 to pay. So there's a small component that goes up front and 18:58 18 minutes, 58 seconds uh everything else is linked to revenue generated and then passed on to them or a finite date which is much later. So we 19:07 19 minutes, 7 seconds genuinely don't have any like major um cash going out for land acquisition 19:16 19 minutes, 16 seconds at least not in the current ones that we spoke about. 19:19 19 minutes, 19 seconds Mhm. Okay. Uh the the other thing I wanted to check with you is are you seeing any impact from the West Asia 19:27 19 minutes, 27 seconds conflict at all whether in terms of uh customer interest especially for the higher ticket size apartments or on your 19:36 19 minutes, 36 seconds construction front are these impacting your raw material raw raw material construction expenses or anything at all 19:43 19 minutes, 43 seconds across any part of the business? you know, thank you for asking. Yes, uh costs are going up and luckily we 19:51 19 minutes, 51 seconds literally, you know, we we really make sure we have a lot of contingency built 19:58 19 minutes, 58 seconds in when we do our budgeting. But uh yes, costs have gone up. Uh you know, energy cost has gone up, aluminum has gone up, 20:05 20 minutes, 5 seconds glass has gone up, labor's become expensive. So all these are uh and then again I mean you know availability of materials become a bit of a challenge. 20:14 20 minutes, 14 seconds So, so these are uh stressing us out. Uh but like I said, you know, it's a problem for the entire industry and we 20:22 20 minutes, 22 seconds all are grappling with it. But uh yes uh you know now it's like slowly starting 20:28 20 minutes, 28 seconds to uh you know hurt you in a way and uh yeah that's true. In that case um would it be 20:37 20 minutes, 37 seconds possible for you to quantify in terms of margins EPS any number that you can share on how bad this is? 20:46 20 minutes, 46 seconds You know frankly like I said that we we build this contingency in advance to make sure that you know our margins are 20:54 20 minutes, 54 seconds not affected but uh but you know yeah I mean like the the the contingencies are 21:01 21 minutes, 1 second getting consumed or eroded you know as we speak. Okay. No, thanks. Thanks for that. 21:10 21 minutes, 10 seconds We are really lucky. Another very important aspect is that the the the reason also we've repriced many things. 21:16 21 minutes, 16 seconds You know, somebody asked us that to our G we actually made sure that uh we now know for a fact that there will be a 21:24 21 minutes, 24 seconds cost increase and we are factoring that within uh the projects that we are doing. 21:31 21 minutes, 31 seconds Amazing. Okay. Thanks for that. And if I can just squeeze in one more and sorry if I'm being a bit naive here but when I 21:38 21 minutes, 38 seconds look at the uh residential prices I just want to tell you on the cost front uh you know on a overall cost 21:46 21 minutes, 46 seconds front about 2 to 3% is what uh we are looking at as a cost increase but we like I said you know it's within the 21:53 21 minutes, 53 seconds contingencies build so really uh it won't affect the bottom line right now. 21:59 21 minutes, 59 seconds Okay. So, two to 3% increase in cost base. Okay. Uh cool. Thanks for that. 22:05 22 minutes, 5 seconds And just a final one. Just wanted to get your thoughts here. Uh a bigger picture uh question. When I look at your residential price between Gora and 22:14 22 minutes, 14 seconds Borivi, so the price delta is not really that much. But if I were to compare the mall rentals, then there's almost 30 35% 22:22 22 minutes, 22 seconds delta. At some point over next 12 24 months do you expect this uh mall rental 22:29 22 minutes, 29 seconds delta to narrow or is it how the market structure is? 22:34 22 minutes, 34 seconds So uh you know uh Borli has just started. Gorigo has been here for more than 15 years now. 22:44 22 minutes, 44 seconds So the the rental differences also because the renewals are uh already they have already kicked in. Some of them 22:51 22 minutes, 51 seconds terms are over. So we are we are literally able to reset the numbers in Borugi they'll first have a renewal 22:58 22 minutes, 58 seconds which will probably be a 15% over whatever they signed us at and then 5 years later some 10 years later some 7 23:07 23 minutes, 7 seconds years later there's a reset of rent so that part of it will probably play out only after 5 years I'd say you'll see a 23:15 23 minutes, 15 seconds exponential change in numbers but I also want to tell you that we've been able to lease borly get a very good number and 23:23 23 minutes, 23 seconds uh so they were very close to what we were leasing Borugi at. Sorry, Gorama at 23:30 23 minutes, 30 seconds so yeah these two I would say work well. 23:37 23 minutes, 37 seconds Got thank you very much and all the best. Thanks. Thank you. Thank you. 23:43 23 minutes, 43 seconds Thank you. Our next question comes from the line of Karan Kana from Ambbit Capital. Please go ahead. 23:50 23 minutes, 50 seconds Yeah. Hi, hi Sil thanks for the opportunity. Uh just a couple of questions from my side. Uh so following up on Parikit's question if you can just 23:59 23 minutes, 59 seconds comment on the launches uh you know the overall GDV of launches that are planned for FI27 and if I recolct you didn't mention 24:08 24 minutes, 8 seconds Alibag in that. So has Alib gotten postponed into FI28? 24:12 24 minutes, 12 seconds No, no, no, no. Sorry. You know, it it still continues to be there, but u Yeah. Okay. No, it's a slip on our end. 24:22 24 minutes, 22 seconds We should have actually said Aliba could be probably third quarter this year itself. 24:27 24 minutes, 27 seconds Sure. And the overall GD of the launches that that are planned for FI27. 24:32 24 minutes, 32 seconds You want to take that up separately with S? 24:34 24 minutes, 34 seconds Sure. Sure. That has to be detailed then. 24:37 24 minutes, 37 seconds Yeah. And then secondly on C60 West you know FI26 where you sold 10 units versus 17 in FI25. So clearly there is some slowdown in the worldly luxury market. 24:48 24 minutes, 48 seconds Uh in that context how should one think of you know monetization of the balanced 2.7 lakh square ft of inventory. U earlier you were confident of exhausting 24:57 24 minutes, 57 seconds this by FI28. So should we now build in a longer period here? You know, again, like I said that now we are the only 25:04 25 minutes, 4 seconds ones holding that inventory and hopefully um at least within 360 we don't have any competition. So they should now pick 25:13 25 minutes, 13 seconds momentum. I'm hoping that it'll pick momentum now. 25:17 25 minutes, 17 seconds Sure. And lasting is everybody loves it and you know there's enough demand and we've seen um you know whether it's me 25:26 25 minutes, 26 seconds or my partner exartner they've been able to sell that. Sure. And lastly on Jardin which seems to have seen a strong uptick 25:34 25 minutes, 34 seconds this quarter. So what's driven this strong growth in sales volume in fourth quarter? And uh is there a change in strategy here or payment flexibility or 25:42 25 minutes, 42 seconds the overall marketing? And I just you know comment on future launches here in Tanya. 25:47 25 minutes, 47 seconds No you know frankly u now the building is showing up from you know it's like some of them are at ninth level uh and 25:56 25 minutes, 56 seconds so on and so forth. Plus the way we build uh forest wheel we were able to do almost uh you know 38 and 40 slabs a 26:05 26 minutes, 5 seconds year. So that kind of speed if we now people are expecting us to do that here as well and they feel that these 26:13 26 minutes, 13 seconds projects will get ready faster than what they thought they would and hence uh you know you see this entire drive. 26:22 26 minutes, 22 seconds Great. Thank you Vicas and all the best. Thank you. 26:27 26 minutes, 27 seconds Thank you. Our next question comes from the line of Kunal Lakhan from CLSA. Please go ahead. Hi Kunal. 26:35 26 minutes, 35 seconds Hi. Hi Vicas. Hi. Good evening. Um on the RLDA uh project right I understand like a large part of the payment is is 26:42 26 minutes, 42 seconds backended. Uh once the asset becomes operational it'll contribute from the from the revenue share. Uh I'm just trying to understand like you know 26:51 26 minutes, 51 seconds because uh I think the discount rate that we are using for the NPV is roughly about 10 and a half 11%. Uh would we at 26:58 26 minutes, 58 seconds some point in time once the asset is uh ready look at financing this via debt where the cost of debt is much lower compared to the discount rate uh that we 27:06 27 minutes, 6 seconds have negotiated? No. uh so it's 10.5 exactly and uh we are absolutely mindful 27:13 27 minutes, 13 seconds of that and that's why just uh you know 20 minutes ago I said that we probably will even look at strata sale of course 27:22 27 minutes, 22 seconds once we get strata sale we will ensure that we uh try and repay them faster and of course I mean you know there is a 27:30 27 minutes, 30 seconds clear delta between our cost of money versus what they are charging us and we would love to um you 27:39 27 minutes, 39 seconds make sure that we don't end up keeping this for too long. 27:44 27 minutes, 44 seconds The only advantage is that this is not a debt whereas you know you'll have to borrow and bring it. So that's how it is. But anyway, nevertheless, we we are 27:52 27 minutes, 52 seconds mindful and we will at some point make sure we pay it faster than 2028 for sure. 2038 for sure. 27:59 27 minutes, 59 seconds Sure. Sure. So I just want to pick your mind on that like on the startup sale bit right when you when we look at like because large part of the uh the outlay 28:07 28 minutes, 7 seconds is backended right uh when we look at the IRS of this project right looks quite interesting and quite lucrative right so what's the merit in doing the 28:16 28 minutes, 16 seconds starter sale versus holding the asset um and you know converting the the land payment into uh into debt once the asset 28:25 28 minutes, 25 seconds is operation I'm just trying to understand the merit of doing start a sale versus holding the asset you know just uh we want to capture both ends of the 28:34 28 minutes, 34 seconds market. This is 2 million square ft and u there is uh you know we also doing uh we are also doing berley where there's 28:42 28 minutes, 42 seconds commercial again we have enough and uh given the way we are looking at demand like if there's a nice big house which 28:50 28 minutes, 50 seconds wants 300,000 ft office we would love to do a strata sale and go ahead with it 28:58 28 minutes, 58 seconds and we have enough opportunity so we not really worried you know that we need to hold this only as such there's a lot available and we we know 29:07 29 minutes, 7 seconds how to you know build this land bank so it's really not an issue for us. 29:12 29 minutes, 12 seconds Understood. Uh my second question was on the on the launches right uh the launches that you have uh highlighted for Q1 and maybe even Q2 uh assuming 29:22 29 minutes, 22 seconds that these launches have to come through we should be uh you know in a fairly stage uh fairly advanced stage of approvals right I hopefully most of them 29:31 29 minutes, 31 seconds we should have applied for the plan approvals or maybe even RA absolutely correct 29:39 29 minutes, 39 seconds sure and you know just an update and yeah I wanted to Oceanic we already have uh approval. 29:46 29 minutes, 46 seconds Fair view you don't need approval and so on and so forth. So like you know again 360 north we are we are like we are applying as we speak and all of that. 29:57 29 minutes, 57 seconds Sure. Uh and lastly just quick update on Tardev. I think the the rehab tower there uh we are applied for OC. Uh any 30:05 30 minutes, 5 seconds update there [clears throat] when when the pre-sale portion correct? So we again 101% within this 30:12 30 minutes, 12 seconds financial year. It could be Q3 or Q4 but within this financial year for sure. 30:19 30 minutes, 19 seconds Okay. And lastly launch timeline for Aramagar and Bandra. This will be FI28 or 29. 30:25 30 minutes, 25 seconds So Aramagar you know we have to do the rehab component first. We may have some free sale component within the rehab 30:33 30 minutes, 33 seconds buildings uh because these are,000 and 2,000 ft² apartments. So we may have something going on but the large part of that development will happen once these 30:42 30 minutes, 42 seconds guys move out. So we have to build a rehab component. We will have a parallel strategy might offer them something and 30:49 30 minutes, 49 seconds say that once we start their work if they feel like moving out and allow us to launch otherwise we'll wait and and 30:56 30 minutes, 56 seconds you know what it's weekly times with the the ceiling getting ready. uh the government's also uh proposing like late 31:05 31 minutes, 5 seconds 2028 uh uh ceiling connectivity. We feel that uh you know literally driving on 31:14 31 minutes, 14 seconds the ceiling and landing onto the site is much like it's very different from just imagining how it'll be. So we have for 31:22 31 minutes, 22 seconds Aramagar we are looking more like that those dates but uh yeah Bandra will be a lot earlier 31:31 31 minutes, 31 seconds would be this in FI28 uh this one no in fact this year itself. Yeah. 31:40 31 minutes, 40 seconds Uh R&D. 31:42 31 minutes, 42 seconds No, the the slum rehab. Uh which slum rehab. 31:46 31 minutes, 46 seconds Yeah, I know. So, got it. Got it. Sorry, I got a little confused there. Um sorry. 31:50 31 minutes, 50 seconds And lastly to uh Sil uh this quarter the OCF uh del OCF was kind of flattish 31:57 31 minutes, 57 seconds compared to our you know growth in collections. Uh any reason uh for the operating cash flow being flat? 32:04 32 minutes, 4 seconds Yeah. So you know typically if you look at it we made a payment of about 250 crores to RLDA. So for me that appears as a working capital change. So the OCF 32:13 32 minutes, 13 seconds is you know for us any payments that we make uh you know typically for uh that uh for any land uh any advance towards a 32:22 32 minutes, 22 seconds TDR or towards any FSI or towards any land then all of those go towards you know your working capital changes and 32:30 32 minutes, 30 seconds correspondingly that has an impact on OCF. 32:34 32 minutes, 34 seconds Got it. Got it so much. Thank you. Thank you Vikas. Thank you. Thank you. 32:40 32 minutes, 40 seconds Thank you. Our next question is from the line of Abhinav Singha from Jeff. Please go ahead. Hi. 32:47 32 minutes, 47 seconds Hi. Uh sir just uh quick update. So firstly on hotel openings and mall occupancy uh what are our uh 32:55 32 minutes, 55 seconds expectations by the end of this year. So um early end of this year for sure Borli 33:03 33 minutes, 3 seconds probably uh you know early first quarter second quarter next year that's Marriott Ritz Carlton this financial year itself 33:12 33 minutes, 12 seconds these are two mall uh again which mall are you talking about the mall already yeah sorry 33:20 33 minutes, 20 seconds but what should be the occupancy there by the end of this year I think it'll be 100%. 33:26 33 minutes, 26 seconds Okay. So we we have now tied up uh for the stores which will open. Uh sorry 33:34 33 minutes, 34 seconds we have tied up for this year. So we have you know as we mentioned in the results we are already 33:42 33 minutes, 42 seconds at about 72%. If your question was that where we will be by 31st of March 2027 then that's what we are saying that by that date we'll be at 100%. 33:51 33 minutes, 51 seconds Okay great. Um uh the second question on Ian uh what is the final plan now? 33:59 33 minutes, 59 seconds So Ian the final plan is we do mall we do office and we do a small hotel and 34:06 34 minutes, 6 seconds you know we signed a man and it's public news so I can so and but what's the mix because you 34:13 34 minutes, 13 seconds also want to do some branded residences which you will sell uh you know we we uh we we are we are tempted to do that but still working on 34:22 34 minutes, 22 seconds it and uh once we finalize we'll come back to you. The total sailable area will be here uh you know how much 34:30 34 minutes, 30 seconds roughly between these three leable area about 14 1.4 1.5 million 1.4 34:38 34 minutes, 38 seconds million square okay okay great thank you 34:45 34 minutes, 45 seconds thank you ladies and gentlemen we will take that as the last question for today I would now like to hand the conference over to Mr. over for closing comments. 34:53 34 minutes, 53 seconds Over to you, sir. 34:54 34 minutes, 54 seconds Thank you. Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis. 35:02 35 minutes, 2 seconds Please feel free to reach out to us um or our investor relation team as and when you have any questions. Thank you again. Have a good day here, guys. 35:12 35 minutes, 12 seconds Bye-bye. Thank you. 35:16 35 minutes, 16 seconds Thank you on behalf of O I'm sorry on behalf of Oberoy realy that concludes this conference. Thank you all for joining us. 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