Q1 2027 DLF Ltd Earnings Call

August 4, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to DLF Limited's Q1 FY27 earnings conference call. We have with us today on the call Mr. Ashok Thiagi, Managing Director, DLF Limited.

Operator: Ladies and gentlemen, good day and welcome to DLF Limited Q1 FY27 Earnings Conference Call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited, Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business, Mr. Aakash Ohri, Managing Director and Chief Business Officer, and Mr. Badal Bagri, Group CFO, DLF Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir.

Operator: Ladies and gentlemen, good day and welcome to DLF Limited Q1 FY 2027 Earnings Conference Call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited, Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business, Mr. Aakash Ohri, Managing Director and Chief Business Officer, and Mr. Badal Bagri, Group CFO, DLF Limited.

Speaker #1: Mr. Sreeram Khattar, Vice Chairman and Managing Director, Rental Business. Mr. Akash Ohri, Managing Director and Chief Business Officer. And Mr. Badal Bagri, Group CFO, DLF Limited.

Speaker #1: 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.

Operator: As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star then 0 on your dash tone phone. Please note that this conference is being recorded.

Speaker #1: And now, hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir.

Speaker #2: Good evening, and thank you for joining us today. We are pleased to report a resilient performance during the first quarter. This performance continues to reflect the underlying asset quality, disciplined execution, our brand strength, and prudent capital allocation across a well-diversified mix of development and annuity businesses.

Badal Bagri: Good evening, and thank you for joining us today. We are pleased to report a resilient performance during the first quarter. This performance continues to reflect the underlying asset quality, disciplined execution, our brand strength, and prudent capital allocation across a well-diversified mix of development and annuity businesses. I will briefly talk about the operating highlights and thereafter the financial highlights. Overall collection for the current quarter stood at INR 2,406 crore. Operating cash flow continues to be strong at over INR 1,300 crore in the quarter. Consequently, our net cash position at the end of the first quarter stood at INR 15,200 crore. Of which close to INR 11,000 crore is sitting in the real 70% escrow accounts. New sales booking for the quarter were INR 657 crore, reflecting the timing impact of deferment of our launch of The Aureva, our senior living product.

Badal Bagri: Good evening, and thank you for joining us today. We are pleased to report a resilient performance during the Q1. This performance continues to reflect the underlying asset quality, disciplined execution, our brand strength, and prudent capital allocation across a well-diversified mix of development and annuity businesses. I will briefly talk about the operating highlights and thereafter the financial highlights.

Speaker #2: I'll briefly talk about the operating highlights and thereafter the financial highlights. Overall collection for the current quarter stood at $2,406, operating cash flow continues to be strong at over $1,300 crore, in the quarter.

Badal Bagri: Overall collection for the current quarter stood at INR 2,406 crore. Operating cash flow continues to be strong at over INR 1,300 crore in the quarter. Consequently, our net cash position at the end of the Q1 stood at INR 15,200 crore. Of which close to INR 11,000 crore is sitting in the real 70% escrow accounts. New sales booking for the quarter were INR 657 crore, reflecting the timing impact of deferment of our launch of The Aureva, our senior living product.

Speaker #2: Consequently, our net cash position at the end of the first quarter stood at $15,200 crores, of which close to $11,000 crores is sitting in the RERA 70% escrow accounts.

Speaker #2: New sales booking for the quarter was $657 crores, reflecting the timing impact of deferment of our launch of AUREVA, our senior living product. We are awaiting the final approvals and expected expecting them to be received over the next few weeks.

Speaker #2: Our rental portfolio stands at over $50 million square feet, and continues to operate at an industry-leading occupancy at over 95% in terms of space and over 97% in terms of value.

Badal Bagri: We are awaiting the final approvals and expecting them to be received over the next few weeks. Our rental portfolio stands at over 50 million square feet and continues to operate at an industry-leading occupancy at over 95% in terms of space and over 97% in terms of value. Our revenue stood at INR 1,605 crore, yielding an EBITDA of INR 476 crore for the quarter. Net profit for the quarter was INR 794 crore versus INR 766 crore in the same period last year. It is important to reiterate here that given the current applicable laws and standards, we continue to follow a conservative practice of completed contract method of accounting, which reflects the recognition of revenue and profits from the projects once it is completed in that relevant period.

Speaker #1: Ladies and gentlemen, good day and welcome to DLF Limited's Q1 FY27 earnings conference call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited.

Operator: Ladies and gentlemen, good day and welcome to DLF Limited Q1 FY27 Earnings Conference Call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited; Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business; Mr. Aakash Ohri, Managing Director and Chief Business Officer; and Mr. Badal Bagri, Group CFO, DLF Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir.

Speaker #2: Our revenue stood at $1,605 crores, yielding an EBITDA of $476 crore for the quarter. Net profit for the quarter was $794 crores, versus $766 crores in the same period last year.

Speaker #1: Mr. Sreeram Khattar, Vice Chairman and Managing Director, Rental Business; Mr. Akash Ohri, Managing Director and Chief Business Officer; and Mr. Badal Bagri, Group CFO, DLF Limited.

Badal Bagri: Net profit for the quarter was INR 794 crore versus INR 766 crore in the same period last year. It is important to reiterate here that given the current applicable laws and standards, we continue to follow a conservative practice of completed contract method of accounting, which reflects the recognition of revenue and profits from the projects once it is completed in that relevant period.

Speaker #2: It's important to reiterate here that the given the current applicable laws and standards, we continue to follow a conservative practice of completed contract method of accounting, which reflects the recognition of revenue and profits from the projects once it's completed in that relevant period.

Speaker #1: As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your dash phone. Please note that this conference is being recorded.

Speaker #2: We strongly believe that FY28 would be an inflection point from a reporting perspective, wherein all our large products starting from the arbor will start to contribute to the P&L and consequently we will start to unlock the significant gross margin potential that we have been highlighting over the last several quarters now.

Speaker #1: And now I hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir.

Badal Bagri: Good evening, and thank you for joining us today. We are pleased to report a resilient performance during the first quarter. This performance continues to reflect the underlying asset quality, disciplined execution, our brand strength, and prudent capital allocation across a well-diversified mix of development and annuity businesses. I will briefly talk about the operating highlights and thereafter, the financial highlights. Overall collection for the current quarter stood at INR 2,406 crore. Operating cash flow continues to be strong at over INR 1,300 crore in the quarter. Consequently, our net cash position at the end of the first quarter stood at INR 15,200 crore, of which close to INR 11,000 crore is sitting in the real 70% escrow accounts. New sales booking for the quarter were INR 657 crore, reflecting the timing impact of deferment of our launch of The Aureva, our senior living product.

Badal Bagri: We strongly believe that FY28 would be an inflection point from a reporting perspective, wherein all our large products, starting from The Arbour, will start to contribute to the P&L, and consequently, we will start to unlock the significant gross margin potential that we have been highlighting over the last several quarters now. Just to remind, the gross margin potential as it stands today is approximately INR 39,000 crore. It is important to highlight that in the current quarter, in the month of July, we also got the operation certificate for our mall in Goa. With this, all three malls in DLF Limited will be operational in the current financial year, leading to a significant increase in run rate of rental business within the DLF entities itself. As a result, from the current quarter, we have started reporting segment financials in DLF Limited, reflecting individual performance of both development and rental businesses.

Badal Bagri: We strongly believe that FY 2028 would be an inflection point from a reporting perspective, wherein all our large products, starting from The Arbour, will start to contribute to the P&L, and consequently, we will start to unlock the significant gross margin potential that we have been highlighting over the last several quarters now. Just to remind, the gross margin potential as it stands today is approximately INR 39,000 crore.

Speaker #2: Just to remind, the gross margin potential as it stands today is approximately $39.9,000 crores. It's important to highlight that in the current quarter, in the month of July, we also got the operation certificate for our mall in Goa, with this all three malls in DLF Limited will be operational in the current financial year.

Speaker #2: I'll briefly talk about the operating highlights and thereafter the financial highlights. Overall collection for the current quarter stood at $2,406 crore. Operating cash flow continues to be strong at over ₹1,300 crore in the quarter.

Badal Bagri: It is important to highlight that in the current quarter, in the month of July, we also got the operation certificate for our mall in Goa. With this, all three malls in DLF Limited will be operational in the current financial year, leading to a significant increase in run rate of rental business within the DLF entities itself. As a result, from the current quarter, we have started reporting segment financials in DLF Limited, reflecting individual performance of both development and rental businesses.

Speaker #2: Consequently, our net cash position at the end of the first quarter stood at ₹15,200 crore, of which close to ₹11,000 crore is sitting in the RERA 70% escrow accounts.

Speaker #2: Leading to a significant increase in run rate of rental business within the DLF entities itself. As a result, from the current quarter, we have started reporting segment financials in DLF Limited, defecting individual performance of both development and rental businesses.

Speaker #2: New sales booking for the quarter was ₹657 crore, reflecting the timing impact of deferment of our launch of Aureva, our senior living product. We are awaiting the final approvals and expect them to be received over the next few weeks.

Speaker #2: We have also added one slide in our presentation to show the combined scale of our rental business across DLF, DCCDL, and HAM from this quarter.

Badal Bagri: We have also added one slide in our presentation to show the combined scale of our rental business across DLF, DCCDL, and Atrium from this quarter. Moving to DCCDL, our consolidated revenue stood at INR 1,917 crore, reflecting a growth of 10% year over year, yielding an EBITDA of INR 1,474 crore. Net profit continues to be a strong performance of INR 717 crore, a growth of over 20% year over year. With this, I hand it over to Sriram to give you details of the annuity business.

Speaker #2: Moving to DCCDL, our consolidated revenue stood at $1,917 crores, reflecting a growth growth of 10% year over year, yielding an EBITDA of $1,474 crores, net profit continues to be a strong performance of $700.70 crores, a growth of over 20% year over year.

Speaker #2: Our rental portfolio stands at over 50 million square feet and continues to operate at an industry-leading occupancy—over 95% in terms of space and over 97% in terms of value.

Speaker #2: Our revenue stood at ₹1,605 crore, yielding an EBITDA of ₹476 crore for the quarter. Net profit for the quarter was ₹794 crore, versus ₹766 crore in the same period last year.

Speaker #2: It's important to reiterate here that, given the current applicable laws and standards, we continue to follow a conservative practice of the completed contract method of accounting, which reflects the recognition of revenue and profits from the projects once they are completed in that relevant period.

Speaker #2: With this, I hand over hand it over to Sreeram to give you details of the annuity business.

Speaker #2: We strongly believe that FY28 would be an inflection point from a reporting perspective, wherein all our large products—starting from The Arbor—will start to contribute to the P&L. Consequently, we will start to unlock the significant gross margin potential that we have been highlighting over the last several quarters now.

Speaker #3: evening. I'll very quickly take you through the rental businesses. I'll start with offices. last two good quarters there has been a fair amount of debate on the impact of, AI on the hiring of the various, multinationals and GCCs, and how it is impacting and from February onwards the war between Iran and US and the ever-changing dynamics there.

Sriram Khattar: Good evening. I'll very quickly take you through the rental businesses. I'll start with offices. Last two quarters, there has been a fair amount of debate on the impact of AI on the hiring of the various multinationals and GCCs and how it is impacting. From February onwards, the war between Iran and US and the ever-changing dynamics there. These two did slow down the decision-making of the global companies because as investors and analysts will appreciate, no one likes uncertainty. Last about four, five weeks, I personally see the green shoots of the international companies coming back and making inquiries and starting to take decisions. I believe that Q2 and Q3 will be good quarters from that point of view.

Speaker #2: Just to remind, the gross margin potential as it stands today is ₹39,900 crore. It's important to highlight that in the current quarter, in the month of July, we also got the occupation certificate for our mall in Goa. With this, all three malls in DLF Limited will be operational in the current financial year.

Speaker #2: Leading to a significant increase in run rate of rental business within the DLF entities itself. As a result, from the current quarter, we have started reporting segment financials in DLF Limited, reflecting individual performance of both development and rental businesses.

Speaker #3: these two, did. slow down the decision-making of the global companies because as you investors and analysts will appreciate, no one likes uncertainty, but last about four.

Sriram Khattar: These two did slow down the decision-making of the global companies because as investors and analysts will appreciate, no one likes uncertainty. Last about four, five weeks, I personally see the green shoots of the international companies coming back and making inquiries and starting to take decisions. I believe that Q2 and Q3 will be good quarters from that point of view.

Speaker #2: We have also added one slide to our presentation to show the combined scale of our rental business across DLF, DCCDL, and HAM from this quarter.

Badal Bagri: We have also added 1 slide in our presentation to show the combined scale of our rental business across DLF, DCCDL, and Atrium from this quarter. Moving to DCCDL, our consolidated revenue stood at INR 1,917 crore, reflecting a growth of 10% year over year, yielding an EBITDA of INR 1,474 crore. Net profit continues to be a strong performance of INR 770 crore, a growth of over 20% year over year. With this, I hand it over to Sriram to give you details of the entity business.

Speaker #2: Moving to DCCDL, our consolidated revenue stood at ₹1,917 crores, reflecting a growth of 10% year-over-year. EBITDA was ₹1,474 crores. Net profit continues to be strong, coming in at ₹717 crores, a growth of over 20% year-over-year.

Speaker #3: Five weeks, I personally see the green shoots of, the the international companies coming back and making inquiries and, starting to take decisions and I believe that, Q2 and Q3 will be good quarters from that point of view.

Speaker #2: With this, I hand it over to Sreeram to give you details of the annuity business.

Sriram Khattar: Good evening. I'll very quickly take you through the rental businesses. I'll start with offices. Last 2 quarters, there has been a fair amount of debate on the impact of AI on the hiring of the various multinationals and GCCs and how it is impacting. From February onwards, the war between Iran and US and the ever-changing dynamics there. These two did slow down the decision-making of the global companies because as you, investors and analysts will appreciate, no one likes uncertainty. Last about 4 or 5 weeks, I personally see the green shoots of the international companies coming back and making inquiries and starting to take decisions. I believe that Q2 and Q3 will be good quarters from that point of view.

Speaker #3: Good evening. I'll very quickly take you through the rental businesses. I'll start with offices. The last two quarters, there has been a fair amount of debate on the impact of AI on the hiring of the various multinationals and GCCs, and how it is impacting us. And from February onwards, the war between Iran and the US, and the ever-changing dynamics there.

Speaker #3: as, Badal has just explained to you the vacancy levels are very low and fortunately for us our newer projects which is Cyber Park, Atrium Place, Downtown Gurgaon, Downtown Chennai are nearly 100% leased.

Sriram Khattar: As Badal has just explained to you, the vacancy levels are very low, and fortunately for us, our newer projects, which is Cyber Park, Atrium Place, DLF Downtown Gurgaon, DLF Downtown Chennai, are nearly 100% leased. Our CapEx program on DLF Downtown Gurgaon phase II and DLF Downtown Chennai phase II are going at full speed. The leasing here in Gurgaon is about 40%. The leasing in Taramani, pre-leasing is at about 17%, 18%, as I said, we will see reasonable momentum in Q2 and Q3. The rentals in the portfolio grew by about 8.5%, 9% from Q1 of FY26. In retail, as Badal mentioned, the three new malls are getting operational slowly. The one in Midtown Plaza is now fully operational. It's about 85% open with more than 97%, 96% leasing. The Summit Plaza, we did the opening puja and soft launch yesterday.

Speaker #3: These two did slow down the decision-making of the global companies because, as you investors and analysts will appreciate, no one likes uncertainty. But over the last four or five weeks, I personally see green shoots of the international companies coming back, making inquiries, and starting to take decisions.

Speaker #3: our capex program on Downtown Gurgaon phase two and Downtown Chennai phase two are going at full speed and, the leasing, here in Gurgaon is about 40%, the leasing in Taramani pre-leasing is at about 17, 18%, but as I said we will see reasonable momentum in Q2 and Q3.

Speaker #3: And I believe that Q2 and Q3 will be good quarters from that point of view. As Badal has just explained to you, the vacancy levels are very low, and fortunately for us, our newer projects—which are Cyber Park, Atrium Place, Downtown Gurgaon, and Downtown Chennai—are nearly 100% leased.

Sriram Khattar: As Badal has just explained to you, the vacancy levels are very low, and fortunately for us, our newer projects, which is Cyber Park, Atrium Place, Downtown Gurgaon, Downtown Chennai, are nearly 100% leased. Our CapEx program on Downtown Gurgaon Phase 2 and Downtown Chennai Phase 2 are going at full speed. The leasing here in Gurgaon is about 40%. The leasing in Taramani, pre-leasing is at about 17% and 18%, as I said, we will see reasonable momentum in Q2 and Q3. The rentals in the portfolio grew by about 8.5% and 9% from Q1 of FY26. In retail, as Badal mentioned, the 3 new malls, they are getting operational slowly. The one in Midtown Plaza is now fully operational. It's about 85% open with more than 97% and 96% leasing. The Summit Plaza, we did the opening puja and soft launch yesterday.

Sriram Khattar: The leasing in Taramani, pre-leasing is at about 17%, 18%, as I said, we will see reasonable momentum in Q2 and Q3. The rentals in the portfolio grew by about 8.5%, 9% from Q1 of FY26. In retail, as Badal mentioned, the three new malls are getting operational slowly. The one in Midtown Plaza is now fully operational. It's about 85% open with more than 97%, 96% leasing. The Summit Plaza, we did the opening puja and soft launch yesterday.

Speaker #3: the rentals, in the portfolio grew by about 8 and a half, 9% from Q1 of, FY26. in retail, as Badal mentioned, the three new malls, we have they are getting operational slowly.

Speaker #3: Our CapEx program on Downtown Gurgaon Phase Two and Downtown Chennai Phase Two are going at full speed, and the leasing here in Gurgaon is about 40%.

Speaker #3: The leasing in Taramani pre-leasing is at about 17, 18%. But as I said, we will see, reasonable momentum in Q2 and Q3. the rentals, in the portfolio grew by about eight and a half, nine percent from Q1 of, FY26.

Speaker #3: The one in, Midtown Plaza is now fully operational. It's it's about, 85%, open with more than 97%, 96% leasing. the Summit Plaza we did the, puja opening puja and soft launch yesterday.

Speaker #3: In retail, as Badal mentioned, the three new malls we have are becoming operational gradually. The one in Midtown Plaza is now fully operational.

Speaker #3: We think it'll come to its full bloom in the next two, two and a half months. That is also about 90% leased. in Goa, while we have got the OC, the finishing works are are in progress.

Speaker #3: It's about 85% open, with more than 96–97% leasing. At Summit Plaza, we did the puja and soft launch yesterday. We think it will come to its full bloom in the next two to two and a half months.

Sriram Khattar: We think it'll come to its full bloom in the next two and a half months. That is also about 90% leased. In Goa, while we have got the OC, the finishing works are in progress. Leasing is in progress, we are targeting to open the mall in either end of this year or early next year. The retail business, the consumption in the Q1, and the spend have been good. We have done as per our budgets, slightly better, the growth from previous year continues. It is about 13.5%, 14%. We continue on our journey of sustainability and green. This is something which there is a relentless effort to do so, in addition to having zero tolerance to safety and compliance. Our profit PAT for the quarter in DCCDL was INR 717 crore.

Speaker #3: leasing is is in progress and we are targeting to open the mall, in, either end of this year or early next year. The retail business, the consumption in the first quarter, and the spend have been good.

Sriram Khattar: We think it'll come to its full bloom in the next 2 and a half months. That is also about 90% leased. In Goa, while we have got the OC, the finishing works are in progress, leasing is in progress, we are targeting to open the mall in either end of this year or early next year. The retail business, the consumption in Q1, and the spend have been good. We have done as per our budgets, slightly better, the growth from previous year continues, is about 13.5% and 14%. We continue on our journey of sustainability and green. This is something which there is a relentless effort to do so in addition to having zero tolerance to safety and compliance. Our profit PAT for the quarter in DCCDL was INR 717 crore.

Speaker #3: That is also about 90% leased. In Goa, while we have got the OC, the finishing works are in progress. Leasing is in progress and we are targeting to open the mall either at the end of this year or early next year.

Speaker #3: we have, done as per our budgets a slightly better and the growth from previous year continues is about 13 and a half, 14%. we continue on our journey of sustainability and green, the the, this is something which there is a relentless effort to do so.

Speaker #3: The retail business, the consumption in the first quarter, and the spend have been good. We have done as per our budgets, or slightly better, and the growth from the previous year continues—it is about 13.5%, 14%.

Sriram Khattar: We have done as per our budgets, slightly better, the growth from previous year continues. It is about 13.5%, 14%. We continue on our journey of sustainability and green. This is something which there is a relentless effort to do so, in addition to having zero tolerance to safety and compliance. Our profit PAT for the quarter in DCCDL was INR 717 crore.

Speaker #3: We continue on our journey of sustainability and green. This is something for which there is a relentless effort to do so, in addition to having zero tolerance for safety and compliance.

Speaker #3: So in addition to having zero tolerance to safety and, compliance, our profit path for the quarter in DCCDL was 717 crores. it's a growth of, more than 20% from the path of, Q1 of FY 26.

Speaker #3: Our profit after tax for the quarter in DCCDL was ₹717 crores. It's a growth of more than 20% from the PAT of Q1 of FY26.

Sriram Khattar: It's a growth of more than 20% from the PAT of Q1 of FY26. It is slightly lower than Q4, that's because there was one-time entries of BTA and such other entries which sort of bumped up the profit to about INR 780 crore. Our rating from CRISIL and ICRA continue to be triple A, we have a reasonably fine rate of borrowing. At the portfolio level, our borrowing is for this quarter at a rate of 7.14%. I'll be happy to answer any queries as the analysts would have. Thank you.

Speaker #3: It is slightly lower than Q4, and that's because there were one-time entries of DTA and such other entries, which sort of bumped up the profit to about ₹780 crore.

Speaker #3: Our rating from CRISIL and ICRA continues to be triple A, and we have a reasonably fine rate of borrowing at the portfolio level. Our borrowing for this quarter is at a rate of 7.14%.

Sriram Khattar: It's a growth of more than 20% from the PAT of Q1 of FY26. It is slightly lower than Q4. That's because there was one-time entries of DTA and such other entries which sort of bumped up the profit to about INR 780 crores. Our rating from CRISIL and ICRA continue to be AAA. We have a reasonably fine rate of borrowing. At the portfolio level, our borrowing is for this quarter at a rate of 7.14%

Speaker #3: it is, slightly lower than Q4 and that's because there was one time entries of DTA and such other entries which sort of bumped up the profit to about 780 crores.

Speaker #3: I'll be happy to answer any queries, as the analyst would have. Thank you.

Speaker #3: our rating from Crystal and Nikra continue to be triple A and we have a reasonably fine, rate of borrowing at the portfolio level. our borrowing is for this quarter at a rate of 7.14%.

Speaker #1: Thank you very much. We'll now begin the question and answer session. Participants connected to the audio bridge may please press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two.

Operator: Thank you very much. We'll now begin the question and answer session. Participants connected to the audio bridge may please press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Participants connected on the webcast may click on Ask a Question tab and accept the prompt via Zoom. Post which, you may click on Raise Hand icon to ask your question. Participants, please announce your company name before proceeding with your questions. First question is from the line of Puneet. Kindly announce your company name and proceed with your question.

Speaker #3: I'll be happy to answer any queries as as the, analyst would have. Thank you.

Speaker #1: Participants are requested to use handsets while asking a question. Participants connected on the webcast may click on the 'Ask a Question' tab and accept the prompt via Zoom.

Sriram Khattar: Percent. I'll be happy to answer any queries as the analyst would have. Thank you.

Speaker #1: Thank you very much. We'll now begin the question and answer session. Participants, connected to the audio bridge, may please press star and one. On their touchdown telephone, if you wish to remove yourself from the question queue, you may press star and two.

Speaker #1: After this, you may click on 'raise an icon' to ask your question. Participants, please announce your company name before proceeding with your questions. The first question is from the line of Puneet.

Operator: Thank you very much. We now begin the question and answer session. Participants connected to the audio bridge may please press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Participants connected on the webcast may click on Ask a Question tab and accept the prompt via Zoom. Post which you may click on Raise Hand icon to ask your question. Participants, please announce your company name before proceeding with your questions. First question is from the line of Puneet. Kindly announce your company name and proceed with your question.

Speaker #1: Participants are requested to use handsets while asking a question. Participants connected on the webcast may click on ask a question tab and accept the prompt via Zoom.

Speaker #1: Kindly announce your company name and proceed with your question.

Speaker #1: Post which you may click on raise an icon to ask your question. Participants, please announce your company name before proceeding with your questions. First question is from the line of Puneet.

Operator: Participants connected on the webcast may click on Ask a Question tab and accept the prompt via Zoom. Post which you may click on Raise Hand icon to ask your question. Participants, please announce your company name before proceeding with your questions. First question is from the line of Puneet. Kindly announce your company name and proceed with your question.

Speaker #4: Yeah, thank you. This is Puneet from HSBC. My first question is on the presales. While we understand you didn't launch anything, how should one think about the sustenance for Dahlias?

[Analyst] (HSBC): Yeah, thank you. This is Puneet from HSBC. My first question is on the pre-sales. While we understand you didn't launch anything, how should one think about the sustaining sales for The Dahlias? That used to be almost 12 to 15 units every quarter. It seems this was a lower number this time. Is it a deliberate slowdown or how should one think about this?

Speaker #4: That used to be almost, you know, 12 to 15 units every quarter. It seems this was a lower number this time. Is there a deliberate slowdown, or how should one think about this?

Speaker #1: Kindly announce your company name and proceed with your question.

Speaker #2: yeah, thank you. This is Puneet from HSBC. my first question is on the presales. While we understand you didn't launch anything, but how should one think about the sustenances for Dahlias?

Speaker #3: Okay. So, should I take that?

Aakash Ohri: Okay. Mr. Bagri, should I take that?

[Analyst] (HSBC): Yeah, thank you. This is Puneet from HSBC. My first question is on the pre-sales. While we understand you didn't launch anything, how should one think about the sustainances for Dahlias? That used to be almost 12 to 15 units every quarter. It seems this was a lower number this time. Is it a deliberate slowdown or how should one think about this?

Speaker #4: Yeah. Yeah. Of course, Akash.

Ashok Kumar Tyagi: Yeah. Of course, Akash.

Speaker #3: Okay. So, Puneet, see, we did about 34 areas last quarter. Please understand that The Dahlias has been the biggest success so far in the last 18 months.

Speaker #2: That used to be almost, you know, 12 to 15 units every quarter. It seems this was a lower number this time. is there a deliberate slowdown or or how should one think about this?

Aakash Ohri: Puneet, we did about 34 The Dahlias last quarter. Please understand that The Dahlias has been the biggest success so far in the last 18 months. We are almost about 65% sold. We have created history in terms of the first 9 weeks of sale as well as if you see the kind of collections that are going on, plus the price realization of The Dahlias is now over INR 1 lakh a square foot, and on higher floors about touching INR 120, INR 125 a square foot and selling. There is a certain amount of momentum. Also because the experience center now is going to be unveiled sometime after Diwali.

Speaker #3: We are almost about 65% sold. We have created history in terms of the first nine weeks of sales, as well as if you see the kind of collections that are going on.

Speaker #3: Okay. So should I take that?

Speaker #2: Yeah. Yeah. Of course, Akash.

Speaker #3: Okay. So Puneet, see, we did about 34 areas last last quarter. please understand that Dahlias has been the biggest success so far in the last 18 months.

Aakash Ohri: Okay. Mr. Gary, should I take that?

Ashok Kumar Tyagi: Yeah, of course, Akash.

Badal Bagri: Yeah, of course, Akash.

Aakash Ohri: Okay. Puneet, see, we did about 34 Dahlias last quarter. Please understand that Dahlias has been the biggest success so far in the last 18 months. We are almost about 65% sold. We have created history in terms of the first nine weeks of sale as well as if you see the kind of collections that are going on, plus the price realization of Dahlias is now over INR 1 lakh a square foot, and on higher floors about touching INR 120, 125 a square foot and selling. There is a certain amount of momentum. Also because the experience center now is going to be unveiled sometime after Diwali.

Speaker #3: Plus, the price realization of Dahlias is now over ₹1 lakh per square foot. And on higher floors, it's touching about ₹120,000 to ₹125,000 per square foot.

Speaker #3: We are we are almost about 65% sold. we have created history in terms of the first nine weeks of sale as well as if you see the kind of collections that are going on.

Speaker #3: And selling. So there is a certain amount of momentum also because the experience center now is going to be unveiled sometime after Diwali.

Speaker #3: So what we have done is that I won't say it's a it's a slowdown of sorts, but we have consciously kind of our presentations and all that are weird to that because the the as the algorithm of Dahlias states that the price increases now are going to be reasonably steep.

Aakash Ohri: What we have done is that, I won't say it's a slowdown of sorts, but we have consciously, our presentations and all that are weird to that because as the algorithm of The Dahlias states that the price increases now are going to be reasonably steep. The entry level of The Dahlias is now INR 100 crores plus. Therefore, it requires that kind of an attention and time. Also, the good thing, let me tell you, is that we have interest from all over the country and outside for The Dahlias now. Almost over 25% to 30% of our business now is coming from rest of India and outside, which is NRI. As I speak, I'm in Kolkata for one of those important visits and meetings. There is a considerable amount of interest for The Dahlias all across. I can assure you that. That's where we are.

Speaker #3: Plus the price realization of Dahlias is now over 1 lakh rupee a square foot. And in on higher floors about touching 120, 125 a square foot.

Speaker #3: So the entry level of Dahlias is now ₹100 crore plus, and therefore, it requires that kind of attention and time. Also, the good thing, let me tell you, is that we have interest from all over the country and outside for Dahlias now.

Speaker #3: And and selling. So there is a certain amount of momentum also because the experience center now is going to be unveiled sometime after Diwali.

Speaker #3: Twenty-five to thirty percent of our business now is coming from the rest of India and outside, which is NRI. As I speak, I'm in Kolkata for one of those important visits and meetings.

Aakash Ohri: What we have done is that, I won't say it's a slowdown of sorts, but we have consciously, our presentations and all that are weird to that, because as the algorithm of Dahlias states that the price increases now are going to be reasonably steep. The entry level of Dahlias is now INR 100 crores plus. Therefore it requires that kind of an attention and time. Also the good thing, let me tell you, is that we have interest from all over the country and outside for Dahlias now. Almost over 25% to 30% of our business now is coming from rest of India and outside, which is NRI. As I speak, I'm in Kolkata for one of those important visits and meetings. There is a considerable amount of interest for Dahlias all across. I can assure you that. That's where we are.

Speaker #3: So there is a considerable amount of interest for Dahlias all across, and I can assure you of that. So that's where we are. But there is a process to Dahlias.

Aakash Ohri: There is a process to The Dahlias. It can't be sold like any other, say, even INR 500,000 or INR 600,000

Speaker #3: It can't be sold like any other say even 500 or 600,000 US dollar kind of a product. It it it requires a reasonable reasonable amount of time and attention.

Aakash Ohri: U.S. dollar kind of a product. It requires a reasonable amount of time and attention. Puneet?

Speaker #1: I completely understand, Akash. Completely understand. But you guys have been doing a phenomenal job of it, so the expectation was similar. But should one assume that, until the experience center opens up, the sales momentum should be a tad slower than what you delivered in the past?

[Analyst] (HSBC): Look, completely understand, Akash. Completely understand. You guys have been doing a phenomenal job of it, so the expectation was similar. Should one assume that till the time experience center opens up, the sales momentum should be a tad slower than what you've delivered in the past?

Speaker #3: So the entry level of Dahlias is now 100 crore plus. And therefore it requires that kind of an attention and time. Also, the good thing let me tell you is that that we have interest from all over the country and outside for Dahlias now.

Speaker #3: Well, I'll tell you what. It's it's it's about rel as I said, it's about per unit realization now. The prices of Dahlias are going to be the lower floors are 100 crores.

Aakash Ohri: Well, I'll tell you what, as I said, it's about per unit realization now. The prices of The Dahlias are going to be, the lower floors are INR 100 crores, and it goes up to almost about INR 160, 70 odd crores right now. That is what the new price points are, and I think the people are getting used to that also. We have recorded some more sales this quarter, obviously, I'd like to hold them on till I finish the paperwork. You will hear some very exciting news very soon. Some very new and good benchmarks being set, you'll hear about that soon. Just give me a little more time.

Aakash Ohri: Also the good thing, let me tell you, is that we have interest from all over the country and outside for Dahlias now. Almost over 25% to 30% of our business now is coming from rest of India and outside, which is NRI. As I speak, I'm in Kolkata for one of those important visits and meetings. There is a considerable amount of interest for Dahlias all across. I can assure you that. That's where we are. There is a process to The Dahlias. It can't be sold like any other, say even $500,000 or $600,000 kind of a product. It requires a reasonable amount of time and attention. Puneet?

Speaker #3: And it goes up to almost about 160 or 170-odd crores right now. So that is what the new price points are, and I think people are getting used to that also.

Speaker #3: over almost over 25 to 30% of our business now is coming from rest of India and outside which is NRI. as I speak I'm in Kolkata for for for one of those important visits and meetings.

Speaker #3: We have recorded some more sales this quarter, but obviously, I'd like to hold them until I finish the paperwork. You will hear some very, very exciting news very soon.

Speaker #3: Some very new and good benchmarks are being set, but you'll hear about that soon. Just give me a little more time.

Speaker #3: so there is a consider considerable amount of interest for Dahlias all across. and I can assure you that. so that's where we are. But there is a process to Dahlias.

Speaker #4: Yep, understood. All the best for that. On the cost side, we are seeing a tad slowdown on a Q-on-Q basis for construction costs, but on the land acquisition side, things have picked up.

[Analyst] (HSBC): Yep. Understood. All the best for that. On the cost side, we are seeing a tad slowdown on a Q-on-Q basis for construction cost, on the land acquisition side, things have picked up. How should one read that?

Speaker #3: It can't be sold like any other say even 500 or 600,000 US dollar kind of a product. It it it requires a reasonable reasonable amount of time and attention.

Speaker #4: How should one read that?

Speaker #3: So Puneet, I think our costs from a construction perspective continue to be very, very stable and strong. Our average cost versus last year has definitely increased.

Ashok Kumar Tyagi: Puneet, I think our cost from a construction perspective continues to be very stable and strong. Our average cost versus last year has definitely increased, and our momentum and trajectory remains very strong. On the land, as we have always maintained that as and when we come out with reasonable parcels which are of interest, we will definitely evaluate. We are in discussions. From that perspective, yes, we have made some advances on land in the previous quarter, where we have got into some kind of an agreement with them, which is going to fructify over the next three or four quarters.

Aakash Ohri: There is a process to The Dahlias. It can't be sold like any other, say even $500,000 or $600,000 kind of a product. It requires a reasonable amount of time and attention. Puneet?

Speaker #3: And our momentum and trajectory remains very, very strong. On the land, as we have always maintained, as and when we come out with reasonable parcels which are of interest, we will definitely evaluate.

Speaker #1: So completely understand Akash. Completely understand. But you you guys have been doing a phenomenal job of it. So the expectation was similar. But should one assume that till the time experience center opens up, the sales momentum should be a tad slower than what you delivered in the past.

Speaker #3: And we have we are in discussions in in in. from from that perspective, yes, we have made some advances. on land, in the previous quarter where we have got into some kind of an agreement with them, which is going to rectify over the next three or four quarters.

[Analyst] (HSBC): Look, completely understand, Akash. Completely understand, you guys have been doing a phenomenal job of it, the expectation was similar. Should one assume that till the time experience center opens up, the sales momentum should be a tad slower than what you've delivered in the past?

Speaker #4: So you spent about, you know, ₹545 crores in the last two quarters. Anything you can call out on the quantum or quality of this land acquisition?

[Analyst] (HSBC): You spent about INR 545 crores in last two quarters. Anything you can call out on the quantum quality of this land acquisition?

Speaker #3: So Puneet, you know, I mean, a I mean, in all fairness, apart from of course contiguous land parcels which are which could be an acre here and acre there, we are pursuing a couple of, you know, slightly more strategic parcels within within within Gurgaon.

Ashok Kumar Tyagi: Puneet, in all fairness, apart from, of course, contiguous land parcels, which could be an acre here, an acre there. We are pursuing a couple of slightly more strategic parcels within Gurugram, and I think some of the advances have been towards that. There was also an INR 80 odd crores, which was a deposit for a certain auction, in the NCR region, which hasn't fructified yet, and the auction hasn't happened yet, but the 10% EMD of INR 80 crores was deposited. That's also being counted in this INR 545 of land. I think as some of these land parcels fructify in the next one to two quarters, and we report them out, hopefully, you will see these translating into additional GAVs.

Speaker #3: Well, I'll tell you what. It's it's it's about realization. It's about per unit realization now. The prices of Dahlias are going to be the lower floors are 100 crores.

Aakash Ohri: Well, I'll tell you what. As I said, it's about per unit realization now. The prices of The Dahlias are going to be, the lower floors are INR 100 crore, and it goes up to almost about INR 160 to 170 crore right now. That is what the new price points are, and I think the people are getting used to that also. We have recorded some more sales this quarter, but obviously I'd like to hold them on till I finish the paperwork. You will hear some very exciting news very soon. Some very new and good benchmarks being set, but you'll hear about that soon. Just give me little more time.

Speaker #3: And I think some of the advances have been towards to to towards that. There was also an an 80 odd crores which was a a deposit for a certain auction a you know, in the NCR region which hasn't rectified here and the auction hasn't happened yet but the 10% EMD of 80 crores was deposited.

Speaker #3: and it goes up to almost about 100 and 60, 70 odd crores right now. So that is. What the new price points are. And I think the people are getting used to that also.

Speaker #3: So that's also being counted in this 545 acres of land. I think as some of these land parcels rectify in the next one to two quarters, and we report them out, hopefully you will see these translating into additional GAVs.

Speaker #3: we have recorded some more sales this quarter, but obviously I'd like to hold them. Till till I finish the paperwork, you will hear some very very exciting news very soon.

Speaker #4: Understood. That's very helpful. And last thing, Kathavi, on the Goa side, what is the leasing status?

[Analyst] (HSBC): Understood. That's very helpful. Last thing, Khattar ji, on the Goa side, what is the leasing status?

Speaker #3: So, we are at the moment about 64% leased as we speak, say 31st July, and the momentum is pretty strong. There are a number of brands who have not experienced the Goa market and therefore are taking a little longer to come.

Sriram Khattar: We are at the moment about 64% leased as we speak, 31 July, and the momentum is pretty strong. There are a number of brands who have not experienced the Goa market and therefore are taking a little longer to come. We are quite hopeful that we will cross 85% and 90% leasing in the next six to eight weeks. The anchor fit out should start later part of this month.

Speaker #3: some some some very new and and good benchmarks being set but you'll hear about that soon. just give me little more time.

Speaker #3: But we are quite hopeful that we will cross 85–90% leasing in the next six to eight weeks, and the anchor fit-out should start later part of this month.

Speaker #2: Yep. Understood. all the best for that. on the cost side we are seeing, you know, a a tad slowdown on a Q1Q basis. Construction cost.

[Analyst] (HSBC): Yep. Understood. All the best for that. On the cost side, we are seeing a tad slowdown on a Q on Q basis for construction cost, but on the land acquisition side, things have picked up. How should one read that?

Speaker #4: And what are the rentals you're seeing?

[Analyst] (HSBC): What are the rentals you're seeing?

Speaker #3: The rentals, I dare say, are fairly healthy. The rentals are very different from cinema anchors, from retail and F&B. These are the four, and FEC.

Sriram Khattar: The rentals, I dare say, are fairly healthy. The rentals are very different from cinema anchors from retail and F&B. These are the four, and FEC. Five categories have different rentals, but if you take the mall as a whole, which is 705,000 square feet, on a super area, we should earn a rental of about INR 170 to INR 175.

Speaker #2: But on the land acquisition side, things have picked up. How should one read that?

Speaker #3: Five categories have different rentals. But if you take the mall as a whole, which is 705,000 square feet, on a super area, we should earn a rental of about 170 to 175 rupees.

Speaker #3: so Puneet, I think our cost from a construction perspective continues to be very very stable and strong. Our average cost versus last year has definitely increased and our momentum and trajectory remains very very strong.

Speaker #4: 175 rupees. That's very helpful. Thank you so much, and all the best.

[Analyst] (HSBC): INR 175. That's very helpful. Thank you so much. All the best.

Speaker #3: Thank you.

Sriram Khattar: Thank you.

Badal Bagri: Puneet, I think our cost from a construction perspective continues to be very stable and strong. Our average cost versus last year has definitely increased, and our momentum and trajectory remains very strong. On the land, as we have always maintained that as and when we come out with reasonable parcels which are of interest, we will definitely evaluate. We are in discussions. From that perspective, yes, we have made some advances on land in the previous quarter where we have got into some kind of an agreement with them, which is going to fructify over the next three or four quarters.

Speaker #1: Thank you very much. Next question is from the line of Abhinav Senna from Jefferies. Please go ahead.

Operator: Thank you very much. Next question is from the line of Abhinav Sinha from Jefferies. Please go ahead.

Speaker #5: Hi. So, thanks for taking my question, and good to see the steady cash generation, Kathav sir. First question for you on the CAM charges.

Speaker #3: On the land, as we have always maintained that as and when we come out with reasonable parcels, which are of interest, we will definitely evaluate.

Abhinav Sinha: Hi. Thanks for taking my question, and good to see the steady cash generation. Khattar sir, first question for you on the CAM charges. Have you seen any impact of the recent revisions which have happened on the minimum wages, and is there some pushback from the tenants on that?

Speaker #3: And we have we are in discussions in in in from from that perspective, yes, we have made some advances. on land, in the previous quarter where we have got into some kind of an agreement with them, which is going to rectify over the next three or four quarters.

Speaker #5: Have you seen any impact of the recent revisions which have happened on the minimum wages, and is there some pushback from the tenants on that?

Speaker #3: Yeah, there has been a marginal impact on that. I would tend to think it's about 2 to 2.5 percent of CAM cost which has gone up.

Sriram Khattar: Yeah. There has been a marginal impact on that. I would tend to think it's about 2%, 2.5% of CAM cost which has gone up. There has been no pushback from the tenants because this is a national law, and they themselves are facing these issues. They realize what is there, and our transparent system in which we charge it, I don't think we are having any issues at all. To remind you, we are probably among the few companies who get the CAM charges audited annually and share it with our tenant partners, either give a refund or take the extra depending on what the audited certificate says. It's really a pass-through that we have.

Speaker #2: So you spent about, you know, 5 45 crores in last two quarters. Anything you can call out on on the quantum quality of this land acquisition?

Speaker #3: There has been no pushback from the tenants because this is a national law, and they themselves are facing these issues. And they realize that this is what is there, and it's a transparent system in which we charge it.

[Analyst] (HSBC): You spent about INR 545 crores in last two quarters. Anything you can call out on the quantum quality of this land acquisition?

Speaker #3: So Puneet, you know, I mean, I mean, in all fairness, apart from of course contiguous land parcels which are which could be an acre here and acre there, we are pursuing a couple of, you know, slightly more strategic parcels within within within Gurgaon.

Speaker #3: I don't think we are having any issues at all. To remind you, we are probably among the few companies who get the CAM charges audited annually.

Badal Bagri: Puneet, in all fairness, apart from, of course, contiguous land parcels, which could be an acre here, an acre there. We are pursuing a couple of slightly more strategic parcels within Gurgaon, I think some of the advances have been towards that. There was also an INR 80 odd crores, which was a deposit for a certain auction in the NCR region, the auction hasn't fructified yet, but the 10% EMD of INR 80 crores was deposited, that's also being counted in this INR 545 of land. I think as some of these land parcels fructify in the next one to two quarters, we report them out, hopefully you will see these translating into additional GAVs.

Speaker #3: And share it with our tenant partners, and either give a refund or take the extra, depending on what the audited certificate says. So, it's really a pass-through that we have.

Speaker #3: And I think some of the advances have been towards towards that. They was also in in 80 odd crores which was a a deposit for a certain auction a you know in the NCR region which hasn't rectified yet.

Speaker #5: Okay. And sir, you mentioned some improvement in the leasing activity that you're now seeing. So is this from GCC clients, or is it some other sort of demand that we're seeing now?

Abhinav Sinha: Sir, you mentioned on some improvement in the leasing activity that you are now seeing. This is the GCC clients or some other sort of demand that we are seeing now?

Badal Bagri: There was also an INR 80 odd crores, which was a deposit for a certain auction in the NCR region, the auction hasn't fructified yet, but the 10% EMD of INR 80 crores was deposited, that's also being counted in this INR 545 of land. I think as some of these land parcels fructify in the next one to two quarters, we report them out, hopefully you will see these translating into additional GAVs.

Speaker #3: I mean the auction hasn't happened yet but the 10% EMD of 80 crores was deposited. So that's also being counted in this 5 45 of land.

Speaker #3: Yeah. So this is basically the GCC and other multinational companies who probably were waiting for some signs from the Iran-Iraq, Iran-US war to sort of give some indications and then start making their decisions.

Sriram Khattar: This is basically the GCC and other multinational companies who probably were waiting for some signs of the Iran-US war to sort of give some indications and then start making their decisions. This is where we are seeing the local Indian companies and normal ongoing expansion of the existing tenants have continued during this period. The big boys who come where, say, 250,000 plus, 300,000 plus are the ones which have now started moving.

Speaker #3: I think as some of these land parcels rectify in the next one to two quarters, and we report them out, hopefully you will you will see these translating into additional GAVs.

Speaker #3: This is where we are seeing the thing. The local Indian companies and normal ongoing expansion of the existing tenants have continued during this period.

Speaker #2: Understood. That's very helpful. And last thing, Khati, on the Goa side, what is the leasing status?

Speaker #3: But the big boys who come where, say, 250,000 plus, 300,000 plus, are the ones which have now started moving.

Speaker #3: So we are at the moment about 64% leased as we speak, say 31st July. And the momentum is pretty strong. there are a number of brands who have not experienced the Goa market and therefore are taking a little longer to come.

[Analyst] (HSBC): Understood. That's very helpful. Last thing, Khattar ji, on the Goa side, what is the leasing status?

Speaker #5: Akash sir, just a question on the launch activity that we can expect. So, on Hamilton, have you sort of identified the product that we are going ahead with?

Abhinav Sinha: Akash, just a question on the launch activity that we can expect. On Hamilton 2, have you sort of identified the product that we are going ahead with? Also if you can update us on the status of The Arbour 2. Thank you.

Sriram Khattar: We are at the moment about 64% leased as we speak, 31 July. The momentum is pretty strong. There are a number of brands who have not experienced the Goa market, and therefore are taking a little longer to come. We are quite hopeful that we will cross 85% to 90% leasing in the next six to eight weeks. The anchor fit-out should start later part of this month.

Speaker #5: And also, if you can update us on the status of Arba 2. Thank you.

Speaker #3: But we are quite hopeful that we will cross 85. 90% leasing in the next 6 to 8 weeks. and the anchor fit out should start later part of this month.

Speaker #3: Okay, thanks. So first, Oreva. Oreva, as you know, is a retirement policy scheme which we are going to be launching soon.

Aakash Ohri: Okay, thanks. First, The Aureva. The Aureva, as you know, is a retirement policy scheme that we are going to be launching soon. This is in process now. As soon as we get the data, we will make those announcements accordingly. That is something that we are looking forward to most immediately. The other one that you mentioned is still on the drawing board. I am happy to let you know that there is a reasonable amount of excitement in the market for the same. I'd like to leave it there, as and when we finalize the product, we will definitely come back to you all and talk about it. As of now, both have a good level of interest going.

Speaker #3: this is in in in process now. As soon as we get the radar we will we will make those announcements accordingly. and that is something that we're looking forward to most immediately.

Speaker #2: And what are the rentals, you're seeing?

Speaker #3: The the rentals. I dare say a fairly healthy. It's a the rentals are very different from cinema anchors from retail and FNB. These are the four or and and FC.

Speaker #3: The other one that you mentioned is still on the drawing board. I'm happy to let you know that there is a reasonable amount of excitement in the market for the same.

[Analyst] (HSBC): What are the rentals you are seeing?

Sriram Khattar: The rentals, I dare say, are fairly healthy. The rentals are very different from cinema anchors from retail and F&B. These are the four, and FMCG. Five categories have different rentals, but if you take the mall as a whole, which is 705,000 square feet, on a super area, we should earn a rental of about INR 170 to 175.

Speaker #3: But I'd like to leave it there, and as and when we finalize the product, we'll definitely come back to you all and talk about it.

Speaker #3: Five categories have different rentals. But if you take the mall as a whole, which is 705,000 square fee on a super area, we should earn a rental of about 170 to 175 rupees.

Speaker #3: As of now, both have a good level of interest going.

Speaker #5: But just to reiterate, this is in line for the second half of the year, right? The Hamilton. Yeah. Okay, thank you.

Abhinav Sinha: Just to reiterate, this is in line for H2 of the year, right?

Speaker #2: 175 rupees. That's very helpful. Thank you so much and all the best.

Sriram Khattar: Yes.

Abhinav Sinha: The Hamilton. Yeah. Okay. Thank you.

Speaker #3: Thank you.

Speaker #2: Thank you very much. Next question is from the line of Abhinav Senna from Jeffries. Please go ahead.

Speaker #1: Thank you. Next question is from the line of Akash Gupta, from Nomura. Please go ahead.

Operator: Thank you. Next question is from the line of Akash Gupta from Nomura. Please go ahead.

[Analyst] (HSBC): INR 175. That's very helpful. Thank you so much, and all the best.

Sriram Khattar: Thank you.

Operator: Thank you very much. Next question is from the line of Abhinav Sinha from Jefferies. Please go ahead.

Speaker #4: Hi. am I audible?

Akash Gupta: Hi. Am I audible?

Speaker #1: Yes, sir. Go ahead.

Operator: Yes, sir. Go ahead.

Speaker #4: Hi. Congrats on a steady set of numbers. So, for my first question, it is on our land parcel on both the DLF side and DCCDL side.

Akash Gupta: Hi. Congrats on a steady set of numbers. Sir, my first question is on our land parcel on both the DLF side and DCCDL side. I think some of your peers are expanding very rapidly into the data centers side of the business. Just wanted to understand, is there any thought process where we are seriously evaluating data centers so that we can monetize our land parcels a little faster? That's my first question.

Speaker #4: Hi. so thanks for taking my question and good to see the steady cash generation Khatta sir, first question for you on the cam charges.

Speaker #4: I think some of your peers are expanding very rapidly into the data centers side of the business. Just wanted to understand, is there any thought process where we are seriously evaluating data centers so that we can monetize our land parcels a little faster?

Speaker #4: Have you seen any impact of the recent revisions which have happened on the minimum wages and is there some push back from the tenants on that?

Speaker #4: So that's my first question.

Speaker #3: I'll take that question, Akash. The data center business is a business of three different components which come together. One is real estate, the second is power, and the third is the technology of the racks and how you efficiently store the data.

Speaker #3: yeah, there has been a a marginal impact on that. I would tend to think it's about 2 to and a half percent of cam cost which has gone up.

Sriram Khattar: I'll take that question, Akash. The data center business is a business of three different components which come together. One is real estate, the second is power, and the third is technology of the racks and how you efficiently store the data. Now, as DLF, we have decided to focus only in the business of real estate. We are constructing data centers for the companies as real estate developers, but not getting into the business of buying the technology and running the data centers ourselves, and we don't intend to do so.

Sriram Khattar: Yeah. There has been a marginal impact on that. I would tend to think it's about 2.5% of CAM cost which has gone up. There has been no pushback from the tenants because this is a national law, and they themselves are facing these issues. They realize that what is there, and our transparent system in which we charge it, I don't think we are having any issues at all. To remind you, we are probably among the few companies who get the CAM charges audited annually and share it with our tenant partners, and either give a refund or take the extra, depending on what the audited certificate says. It's really a pass-through that we have.

Speaker #3: Now, as DLF, we have decided to focus only on the business of real estate. We are constructing data centers for companies as real estate developers, but not getting into the business of buying the technology and running the data centers ourselves, and we don't intend to do so.

Speaker #3: there has been no push back from the tenants because this this is a national law and they themselves are facing these issues. And they realize that this what what is there and are transparent system in which we charge it.

Speaker #4: Understood. Sir, my second question is: what is the status of our co-op project, and are we still on track for the 200 billion guidance in the event that the co-op project doesn't come through in FY27?

Akash Gupta: Understood. Sir, my second question is, what is the status of our Goa project, and are we still on track for the INR 200 billion guidance in the event that the Goa project doesn't come through in FY27?

Speaker #3: I don't think we are having any issues at all. two remind you we are probably among the few companies who get the cam charges audited annually and share it with our tenant partners.

Speaker #3: Okay. So, the Goa Mall project is definitely on stream, as Shiram pointed out to you. I think your question is obviously on the Goa residential project.

Ashok Kumar Tyagi: Okay. The Goa Mall project is definitely on stream, as Sriram pointed out to you. I think your question is obviously on the Goa residential project.

Speaker #3: So yes, I mean the Goa residential project, as you know, is involved in some, in some sort of, you know, PIL form of litigation, which is not uncommon in that part of the country.

Akash Gupta: Yeah.

Sriram Khattar: Yes, the Goa residential project, as you know, is involved in some sort of PIL form of litigation, which is not uncommon in that part of the country. In the morning only, Akash and I did a recce check with each other. I think we are on track to hopefully meet the plan that we had laid out at the beginning of the year. I think that the INR 20 billion number should ballpark still be on track.

Sriram Khattar: To remind you, we are probably among the few companies who get the CAM charges audited annually and share it with our tenant partners, and either give a refund or take the extra, depending on what the audited certificate says. It's really a pass-through that we have.

Speaker #3: And either give a refund or take the extra depending on what the audited certificate says. So it's really a pass through that we have.

Speaker #3: But in the morning only Akash and I did a reckee check with each other. And I think we are on we are on track to hopefully meet the plan that we had laid out at the beginning of the of the year.

Speaker #4: Okay. And sir, you mentioned on some improvement in the leasing activity that you're now seeing. so this is the GCC clients or you know some other sort of demand that we're seeing now?

Speaker #3: And I think that that $20 billion number should, ballpark, still be on track. I'll just come in here, Akash. See, we've got all our approvals for Goa, as Mr. Tyagi mentioned about the PIL.

Abhinav Sinha: Okay. Sir, you mentioned on some improvement in the leasing activity that you are now seeing. This is the GCC client or some other sort of demand that we are seeing now?

Akash Gupta: Understood.

Aakash Ohri: I'll just come in here, Akash. See, we've got all our approvals for Goa. As Mr. Tyagi mentioned about the PIL. As a company, I think we choose to be on the side of caution more than anything else. Nothing stops us from launching. I think that is something before we create third-party interest and all that, we needed to be very clear as to what path we're going to be taking. Goa itself, as you all know, when it started, it's created a huge excitement in the market. In fact, everybody else has kind of benefited with the potential prices that DLF was supposed to come in with, whereas we choose to be first absolutely clear with our approvals and wherever this PIL is going before we actually accept the customer's payment. I think that's a call that this company has taken.

Speaker #3: We, as a company, I think, choose to be on the side of caution more than anything else. And nothing stops us from launching.

Speaker #3: Yeah. So this is basically the GCC and other multinational companies who probably were waiting for some signs of the Iran Iraq Iran US war to sort of give some indications and then start making the decisions.

Speaker #3: But I think that is something, before we create third-party interest and all that, we need to be very clear as to what path we're going to be taking.

Sriram Khattar: Yeah. This is basically the GCC and other multinational companies who probably were waiting for some signs of the Iran-US war to sort of give some indications and start making their decisions. This is where we are seeing the local Indian companies and normal ongoing expansion of the existing tenants have continued during this period. The big boys who come, where say, 250,000-plus, 300,000-plus, are the ones which have now started moving.

Speaker #3: Goa itself as you all know when it started it's it's created you know a a huge excitement in the market. In fact everybody else has kind of benefited with the potential prices that DLF was supposed to come in with and whereas we choose to be first absolutely clear with our approvals and you know wherever this PIL is going before we actually you know accept the customers payment.

Speaker #3: this is where we are seeing the thing. The local Indian companies and normal ongoing expansion of the existing tenants have continued during this period.

Speaker #3: But the but the big boys who come where say 250,000 plus 300,000 plus are the ones which have now moving.

Speaker #3: I think that's a call that this company has taken. It's always a customer-first approach.

Aakash Ohri: It's always a customer-first approach.

Speaker #4: Akash sir.

Akash Gupta: That's it, sir. Yeah. Thank you so much, sir. That's all the question I had.

Speaker #1: Yeah. Thank you so much, sir. That's all the questions I had. Thank you. Next question is from Rahul Jain from Elara Capital. Please go ahead.

Speaker #4: sir, just a question on the launch activity that we can expect. So on Hamilton to have you sort of identified the product that we are going ahead with?

Operator: Thank you. Next question is from the line of Rahul Jain from Elara Capital. Please go ahead.

Abhinav Sinha: Khattar sir, just a question on the launch activity that we can expect. On Hamilton Two, have you sort of identified the product that we are going ahead with? Also if you can update us on the status of Arbor Two. Thank you.

Speaker #3: Hi sir. thanks for the opportunity. so just one question on your Mumbai strategy. how should we look at it? in the medium term is it your presence is going to be confined to just one micro market or is there any active discussions that are ongoing that you are evaluating today in Mumbai?

Rahul Jain: Hi, sir. Thanks for the opportunity. Just one question on your Mumbai strategy. How should we look at it in the medium term? Is your presence going to be confined to just one micro market, or are there any active discussions that are ongoing that you are evaluating today in Mumbai which could be in advanced stages? Just color on that front. Thank you.

Speaker #4: And also if you can update us on the status of Arber 2. Thank you.

Speaker #3: Okay. Thanks. So first order or as you know is a retirement policy scheme which is of that we are going to be launching soon.

Speaker #3: which could be at advanced stages. So just color on that front. Thank you.

Speaker #2: So so so thank you Rahul. You know in Mumbai as you know we we I mean Akash had a spectacular launch last year. And we should be hopefully coming up with a follow through of that launch you know definitely within this fiscal year possibly even within the calendar year.

Ashok Kumar Tyagi: Thank you, Rahul. In Mumbai, as you know, Aakash had a spectacular launch last year. We should be hopefully coming up with a follow-through of that launch definitely within this fiscal year, possibly even within the calendar year. I think that is on track. Overall, the way the stars are aligning around that development, we believe it has the potential to be more than a 5 million square feet development over the next few years. That will be a sizable development in itself. To your second question, yes, we are alive to other possibilities in Mumbai. We have looked at some, we are exploring some as we speak. If there's something interesting that does come up, we'll obviously report it. This project was supposed to be a dipping toes into water project for us. That's what done very well for us.

Sriram Khattar: Okay, thanks. First, Oreva, as you know, is a retirement policy scheme that we are going to be launching soon. This is in process now. As soon as we get the data, we will make those announcements accordingly. That is something that we are looking forward to most immediately. The other one that you mentioned is still on the drawing board. I am happy to let you know that there is a reasonable amount of excitement in the market for the same. I would like to leave it there, as and when we finalize the product, we will definitely come back to you all and talk about it. As of now, both have good level of interest going.

Speaker #2: And so, I think that is on track. Overall, the way the stars are aligning around that development, we believe it has the potential to be more than a 5 million square feet development over the next few years.

Speaker #3: this is in in in process now as soon as we get the radar we will we will make those announcements accordingly. and that is something that we're looking forward to most immediately.

Speaker #2: So, I mean, that'll be a sizable development in itself. To your second question, yes, we are alive to other possibilities in Mumbai.

Speaker #2: We have looked at some. We are exploring some as we speak. And if there's something interesting that does come up, we'll obviously report it.

Speaker #3: the other one that you mentioned is still on the drawing board. I'm happy to let you know that there is a reasonable amount of excitement in the market for the same.

Speaker #2: But I mean, this project was supposed to be a dipping-toes-into-the-water project for us. It's, touch wood, done very well for us.

Speaker #3: but I'd like to leave it there and and as in when we finalize the pro product, we'll definitely come back to you all and and talk about it.

Speaker #2: We do feel more enthused and more confident about being able to work out in Mumbai, and we'll obviously be very, very selective in terms of taking projects where we believe we can truly add value.

Ashok Kumar Tyagi: We do feel more enthused and more confident about being able to work out in Mumbai, we'll be obviously very selective in terms of taking projects where we believe we can truly add value. In that sense, Mumbai continues to be a part of our medium and long-term strategy.

Speaker #2: I mean, in that sense, Mumbai continues to be a part of our medium- and long-term strategy.

Speaker #3: As of now, both have have good level of interest going.

Speaker #3: Got it sir. Thank you.

Rahul Jain: Got it, sir. Thank you.

Speaker #4: But just to reiterate, this is in line for the second half of the year, right? The Hamilton. Yeah. Okay. Thank you.

Speaker #1: Thank you. Next question is from Lionel Pritesh from Axis Capital. Please go ahead.

Operator: Thank you. Next question is from the line of Ritesh Shah from Axis Capital. Please go ahead.

Abhinav Sinha: Just to reiterate, this is in line for the H2 of the year, right?

Speaker #2: Thank you. Next question is from the line of Akash Gupta from Namora. Please go ahead.

Speaker #4: yeah. thanks for the opportunity. couple of questions. First one again on the Goa residential project. so if in case if it doesn't happen this year and while we have reiterated our 20,000 crore guidance you know do we have some other launches which we can which can be replaced with that or we are comfortable with whatever launches we have planned and can manage the sales target based on that itself.

Ritesh Shah: Yeah. Thanks for the opportunity. Couple of questions. First one, again on the Goa residential project. If in case it doesn't happen this year, while we have reiterated our INR 20,000 crore guidance, do we have some other launches which can be replaced with that, or we are comfortable with whatever launches we have planned and can manage the sales target based on that itself?

Sriram Khattar: Yes.

Abhinav Sinha: The Hamilton. Yeah. Okay. Thank you.

Operator: Thank you. Next question is from the line of Akash Gupta from Nomura. Please go ahead.

Speaker #5: Hi. am I audible? Hi. congrats on a steady set of numbers. sir, so my first question is on our land parcel on both the DLF side and DCCDL side.

Akash Gupta: Hi. Am I audible?

Operator: Yes, sir. Go ahead.

Speaker #5: I think some of your peers are expanding very rapidly into the data centers side of the business. just wanted to understand is there any thought process where we are we we are seriously evaluating data centers so that we can monetize our land parcels a little faster.

Speaker #2: So look, the Goa component of the 20,000, if at all, was just about a couple of thousand. So, I mean, it was around 10% of the guidance, if at all it was a part of that guidance.

Ashok Kumar Tyagi: Look, the Goa component of that 20,000, if at all, was just about 2,000. It was around 10% of the guidance, if at all it was a part of that guidance. I think, hopefully we should be able to swing it very comfortably. I don't think we should be losing any sleep on that number.

Speaker #5: So that's my first. Question.

Speaker #2: I think you know hopefully we should be able to swing it very comfortably. You know so I think I I I I don't think we should be losing any sleep on that number.

Speaker #3: I'll I'll take that question Akash, the data center business is a business of three different components which come together. One is real estate. The second is par and the third is technology of the racks and how you efficiently store the data.

Speaker #4: Sure. Got it. That's helpful. And a couple of questions on the annuity part. Firstly, on the group-level rental income, I see roughly ₹1,600 crore for the quarter.

Ritesh Shah: Sure. Got it. That's helpful. Firstly, on the group level rental income that I see, roughly INR 1,600 crore for the quarter. Is that the stabilized number for whatever operational that we have? I know there's DLF Reis Magos, which will contribute. There's 1 million square feet of your Atrium Place, which will also come up. But at least whatever is operational, is that the steady rental or there is some more ramp up to go?

Sriram Khattar: I'll take that question, Akash. The data center business is a business of three different components which come together. One is real estate, the second is power, and the third is technology of the racks and how you efficiently store the data. As DLF, we have decided to focus only in the business of real estate. We are constructing data centers for the companies as real estate developers, but not getting into the business of buying the technology and running the data centers ourselves, and we don't intend to do so.

Speaker #4: Is that the stabilized number for whatever operational that we have? I know, I mean, there's prominent Goa, which will contribute. There's 1 million square feet of your Atrium Place, which will also come up.

Speaker #4: But at least, whatever is operational, is that the steady run rate, or is there some more ramp-up to go?

Speaker #2: So there is a little bit of ramp up because the two malls Midtown Plaza and Summit Plaza are just about starting. we expect both the malls to get into steady rental state by the first by by the Q4 of FY27.

Ashok Kumar Tyagi: There is a little bit of ramp up because the 2 malls, Midtown Plaza and Summit Plaza, are just about starting. We expect both the malls to get into steady rental state by the Q4 of FY27, and Goa to stabilize by about May, June of next year. That's 1 part. Secondly, as you very rightly pointed out, at Atrium Place, 1 tower for which we expect to OC in the month of September, we will get into steady state rental for that 1 full tower that is there. Anything?

Speaker #3: Now, as DLF, we have decided to focus only in the business of real estate. And we are constructing data centers for the companies as real estate developers but not getting into the business of buying the technology and running the data.

Speaker #2: And Goa is expected to stabilize by about May or June of next year. So that's one part. Secondly, you very rightly pointed out that Atrium Place One Tower, for which we expect the OC in the month of September, will get into steady-state rental for that one full tower that is there.

Speaker #3: Centers ourselves and we don't intend to do so.

Speaker #5: Understood. sir, my second question is what is the status of our co-op project and are. We still on track for the 200 billion guidance in the event.

Speaker #2: And anything, no, but other than that, it's otherwise a steady state, and we expect this to be there.

Rahul Jain: Yes.

Ashok Kumar Tyagi: No, other than that, it's otherwise a steady state and we expect this to be there.

Speaker #4: Sure. Got it.

Ritesh Shah: Sure. Got it.

Ashok Kumar Tyagi: There will be one more add-on. One will be the data center 3 in Noida, which will also add to the rentals sometime in March, April of next year.

Speaker #2: There will be one more add-on. One will be the Data Center 3 in Noida, which will also add to the rentals sometime in March or April of next year.

Speaker #5: That the co-op project doesn't come through in FY 27.

Speaker #3: Okay. So the Goa Mall project is definitely on stream as as Shiram pointed out to you. I think your question is obviously on the on the Goa residential project.

Speaker #4: Got it, got it. That's helpful. And just a second on the commercial piece—so now that we are starting to see signs of recovery coming back in terms of leasing, what are our plans to start the next 11 million square feet of development that we have lined up on the commercial plus retail side?

Ritesh Shah: Got it. That is helpful. Just second on the commercial piece. Now that we are starting to see signs of recovery coming back in terms of leasing, what are our plans to start the next 11 million square feet of development that we have lined up on the commercial plus retail side? More so specifically on the commercial side, where we have a large office coming up in Hyderabad and our first phase in DLF Cyber City 2. When should we start building those into our numbers?

Speaker #5: Yeah.

Speaker #3: So yes, I mean the Goa residential project as you know is involved in some. In some sort of you know PIL form of litigation which is not.

Sriram Khattar: Okay. The Goa Mall project is definitely on stream, as Sriram pointed out to you. I think your question is obviously on the Goa residential project.

Ashok Tyagi: Okay. The Goa Mall project is definitely on stream, as Sriram pointed out to you. I think your question is obviously on the Goa residential project.

Akash Gupta: Yeah.

Sriram Khattar: Yes, the Goa residential project, as you know, is involved in some sort of PIL form of litigation, which is not uncommon in that part of the country. In the morning only, Aakash and I did a recce check with each other, and I think we are on track to hopefully meet the plan that we had laid out at the beginning of the year. I think that the INR 20 billion number should ballpark still be on track.

Ashok Tyagi: Yes, the Goa residential project, as you know, is involved in some sort of PIL form of litigation, which is not uncommon in that part of the country. In the morning only, Aakash and I did a recce check with each other, and I think we are on track to hopefully meet the plan that we had laid out at the beginning of the year. I think that the INR 20 billion number should ballpark still be on track.

Speaker #4: More so, specifically on the commercial side, where we have a large office coming up in Hyderabad and the first phase in Cyber City 2. So, when should we start building those into our numbers?

Speaker #4: Yeah.

Speaker #2: So let me answer that. We expect that downtown two in phase two in Gurgaon should finish by about end of 29. And then in addition to that we have one iconic tower which we call one downtown where we have a multi-level car park and the cars will then get the the car parks will get consumed in the phase two basements that are there.

Ashok Kumar Tyagi: Let me answer that. We expect that DLF Downtown in phase 2 in Gurugram should finish by about end of 2029. Then in addition to that, we have one iconic tower, which we call One Downtown, where we have a multi-level car park, and the car park will get consumed in the phase 2 basements that are there. Then that tower is there. Similarly, in Chennai, the

Speaker #3: Uncom uncommon in that part of the of the country. But in the morning only Akash and I did a recky check with each other and I think we are on we are on track to hopefully meet the plan that we had laid out at the beginning of the of the year.

Speaker #3: And I think that the 20 billion number should ballpark still be on track. I'll just I'll just come in here. Akash, see we've got all our approvals for Goa as Mr. Tyagi mentioned.

Speaker #2: And then that tower is there. And similarly, in Chennai, the Tower Four and Five, which are coming up for 3.5 million, will get over by the beginning of '28.

Akash Gupta: Understood.

Speaker #3: About the PIL. We as a company I think we choose to. Be on the side of caution more than anything else. and nothing stops us from launching but I think that is something before we create third.

Aakash Ohri: I'll just come in here, Aakash. See, we've got all our approvals for Goa, as Mr. Tyagi mentioned about the PIL. We, as a company, I think we choose to be on the side of caution more than anything else. Nothing stops us from launching. I think that is something before we create third-party interest and all that, we needed to be very clear as to what path we're going to be taking. Goa itself, as you all know, when it started, it's created a huge excitement in the market. In fact, everybody else has kind of benefited with the potential prices that DLF was supposed to come in with, whereas we choose to be first. Absolutely clear with our approvals and wherever this PIL is going before we actually accept the customer's payment. I think that's a call that this company has taken.

Sriram Khattar: Tower four and five, which are coming up for 3.5 million, will get over by the beginning of 2028. We have a sort of a runway to do. We have leasing of about 3.5 million, 4 million to do in these two new projects. Whilst it is on our radar to start the construction in Hyderabad or in Cybercity, I think it is sometime next year that we will start planning for that. Yep.

Speaker #2: So, we have a sort of a runway to go. We have leasing of about 3.5 to 4 million to do in these two new projects.

Speaker #2: So, why is it on our radar to start the construction in Hyderabad or in Cyber City? I think it is sometime next year that we will start planning for that.

Speaker #3: Party. interest in all that. we need it to be very clear as to what path we're going to be taking. Goa itself as you all know when it started it's it's created you know, a a huge excitement in the market.

Speaker #3: Yeah.

Speaker #4: Perfect, that's helpful. Thank you, and that's it from my side. All the best.

Ritesh Shah: Perfect. That's absolutely. Thank you, and that's it from my side. All the best.

Speaker #1: Thank you. The next question is from the line of Sameer Jasuja from PE Analytics. Please go ahead.

Operator: Thank you. Next question is from the line of Samir Jasuja from P.E. Analytics. Please go ahead.

Aakash Ohri: Goa itself, as you all know, when it started, it's created a huge excitement in the market. In fact, everybody else has kind of benefited with the potential prices that DLF was supposed to come in with, whereas we choose to be first. Absolutely clear with our approvals and wherever this PIL is going before we actually accept the customer's payment. I think that's a call that this company has taken. It's always a customer-first approach.

Speaker #4: Hi Shivam sir, just two questions I had. One is that, you know, we hear a lot about Cyber City 2. I don't know whether it's been answered clearly.

Samir Jasuja: Hi, Sriram sir. Just two questions I had. One is that, we hear a lot about Cybercity 2. I don't know whether it's been answered clearly. When is the likely commencement of projects starting to roll out over there in the Cybercity 2 project? The second question to you was that, do you have a sense of the weighted average price of rentals, say, on 100,000 or 200,000 square feet for the last three years? What has been the kind of price increase in Gurugram, specifically?

Speaker #3: In fact, everybody else is kind of benefited with the potential prices that DLF was supposed to. Come in with and whereas we choose to be first.

Speaker #4: When is the likely commencement of the project starting to roll out over there in the Cyber City Two project? And the second question to you was: do you have a sense of the weighted average price of rental, say on 100,000 or 200,000 square feet, for the last three years?

Speaker #4: What has been the kind of price increase in Gurgaon specifically, or on your portfolio?

Speaker #3: Absolutely clear with our approvals and you know, wherever this PIL is going before. We actually you know, accept. The customers payment. I think that's a call that this company has taken.

Sriram Khattar: Okay.

Samir Jasuja: Or on your portfolio?

Speaker #2: Thank you, Sameer. I'll take the first question first. I presume you are speaking about Cyber City Two—you’re talking about the SPR.

Sriram Khattar: Thank you, Samir. I'll take the first question first. I presume you are saying about DLF Cyber City 2, you're talking about the SVR.

Speaker #4: SPR. Yes. Yes.

Samir Jasuja: SVR. Yes.

Speaker #2: So we have consolidated 70 to 80 acres of land there, and it is still on the drawing board. We have not yet taken a final call on either the sizing or the start of the launch there.

Sriram Khattar: We have consolidated 70, 80 acres of land there. It is still on the drawing board. We have not yet taken a final call on either the sizing or the start of launch there. I think this decision also will be taken sometime in the next year. It is definitely on the horizon. It's only a question of timing.

Speaker #2: I think this decision also should will be taken sometime in the next year. But it is definitely on the horizon. It's only a question of timing.

Speaker #3: it's always a customer first approach.

Samir Jasuja: Isn't there so much?

Speaker #2: On the rentals in Gurgaon if you take the the the newer buildings which is downtown four and atrium place atrium place rental weighted average is about 170 rupees and downtown four is about 150, 155 rupees.

Sriram Khattar: On the rentals in Gurugram, if you take the newer buildings, which is Downtown 4 and Atrium Place. Atrium Place rental weighted average is about INR 175, and Downtown 4 is about INR 150, INR 155. The leasing that we are doing in phase 2 is now averaging INR 200.

Aakash Ohri: It's always a customer-first approach.

Speaker #2: Akash, sir.

Speaker #5: Yeah. Thank you so much, sir. That's all the question I had.

Speaker #2: Thank you. Next question is from the line of Rahul Jain from Elara Capital. Please go ahead.

Akash Gupta: Understood, sir. Yeah. Thank you so much, sir. That's all the questions I had.

Speaker #6: Hi, sir. thanks for the opportunity. so just one question on your Mumbai strategy. how should we look at it? in the medium term, is it your presence is going to be confined to just one micro market or is there any active discussions that are ongoing that you are evaluating today in Mumbai?

Operator: Thank you. Next question is from Rahul Jain from Elara Capital. Please go ahead.

Speaker #2: The leasing that we are doing in phase two is now averaging 200 rupees.

Rahul Jain: Hi, Good morning. Thanks for the opportunity. Just one question on your Mumbai strategy. How should we look at it in the medium term? Is your presence going to be confined to just one micro market, or is there any active discussions that are ongoing that you are evaluating today in Mumbai, which could be in advanced stages? Just color on that front. Thank you.

Speaker #4: If you could tell me, a building typically, say, seven years old and a new building—what's the rental gap between them?

Samir Jasuja: If you could tell me a building, typically say seven years old, and new building, what's the rental gap between them?

Speaker #2: Yeah. So the rental in Cyber City is now between 140 and 150, and the rate in a newer building, which will come up after two years, is about 210 to 220.

Sriram Khattar: Yeah. The rental in Cyber City is now between INR 140, INR 150, and the rate in a newer building, which will come up after two years, is about INR 210, INR 220. You have a 30% gap, but a rental that will come two years later. On a like-to-like basis, the gap is about 20%.

Speaker #6: which could be an advance stages. So just color on that front. Thank you.

Speaker #3: So so so thank you Rahul. You know, in Mumbai as you know we we I mean Akash had a spectacular launch last year. And we should be hopefully coming up with a follow through of that.

Speaker #2: So you have a 30% gap, but a rental that will come two years later. So on a like-to-like basis, the gap is about 20%.

Ashok Kumar Tyagi: Thank you, Rahul. In Mumbai, as you know, Aakash had a spectacular launch last year, and we should be hopefully coming up with a follow-through of that launch definitely within this fiscal year, possibly even within the calendar year. I think that is on track. Overall, the way the stars are aligning around that development, we believe it has the potential to be more than a 5 million square feet development over the next few years. That will be a sizable development in itself. To your second question, yes, we are alive to other possibilities in Mumbai. We have looked at some, we are exploring some as we speak, and if there's something interesting that does come up, we'll obviously report it. This project was supposed to be a dipping toes into water project for us. That's what done very well for us.

Speaker #4: Thank you so much. One question for Akash. sir there's one question that I had with respect to Dalia's. Was what is your visibility of say selling the balance stock in in a time period of how much time period and that will lead to phase two opening up right so just to get a sense of that I'd really appreciate to get to know that.

Ashok Tyagi: Thank you, Rahul. In Mumbai, as you know, Aakash had a spectacular launch last year, and we should be hopefully coming up with a follow-through of that launch definitely within this fiscal year, possibly even within the calendar year. I think that is on track. Overall, the way the stars are aligning around that development, we believe it has the potential to be more than a 5 million square feet development over the next few years. That will be a sizable development in itself.

Samir Jasuja: Thank you so much. One question for Akash. Sir, there's one question that I had with respect to The Dahlias was, what is your visibility of, say, selling the balance stock in a time period of how much time period? That will lead to phase 2 opening up, right? Just to get a sense of that, I'd really appreciate to get to know that.

Speaker #3: That launch you know definitely within this fiscal year possibly even within the calendar year. And so I think that is on track. Overall the way the stars are aligning around that development.

Speaker #3: Okay. So Sameer, as you know, our targets for Dalia's of three and a half years, we achieved in about 15–16 odd months.

Speaker #3: We believe it has the potential to be more than a 5 million square feet development over the next few years. So I mean that will that will be a sizable development in itself.

Aakash Ohri: Okay. Samir, as you know that our targets for The Dahlias of three and a half years, we did in about 15, 16 odd months. As you know, the trajectory has been that the price increase of The Dahlias. This is an algorithm-based price increase, which increases with a certain quarter base and, of course, inventory typology base. What happens in The Dahlias right now as we stand is that we have done almost all the lower and mid floors of south are gone. Most of the mid and low floors of north are gone. Some high floors have gone. Right now, for the trajectory, as we have planned it, Well, we have another three years to go in The Dahlias.

Speaker #3: To your second question, yes, we are alive. To to to other possibilities in in Mumbai we have looked at some. We are exploring some as we speak.

Speaker #3: So and as you know the trajectory has been that the price increase of Dalia's because we have an and this is an algorithm based increase price increase which is you know increases with a certain quarter based and of course inventory typology based.

Ashok Tyagi: To your second question, yes, we are alive to other possibilities in Mumbai. We have looked at some, we are exploring some as we speak, and if there's something interesting that does come up, we'll obviously report it. This project was supposed to be a dipping toes into water project for us. That's what done very well for us. We do feel more enthused and more confident about being able to work out in Mumbai, but we'll be obviously very selective in terms of taking projects where we believe we can truly add value in that sense. Mumbai continues to be a part of our medium and long-term strategy.

Speaker #3: And if there's something interesting that does come up we'll obviously report it. But I mean this project was supposed to be a dipping toes in into water project for us.

Speaker #3: So what happens in Dalia's right now as we stand is that we have done almost, as you know, all the lower and mid floors of South are gone.

Speaker #3: It's it's touchwood done very well for us. We do feel more enthused and more confident about being able to work out in Mumbai. And we'll but we'll be obviously very very selective in terms of taking projects where we believe we can truly add value I mean in that sense.

Speaker #3: Most of the mid and low floors of North are gone; some high floors have gone as well. So right now, for the trajectory as we have planned it, we have another three years to go in Dalia's.

Ashok Kumar Tyagi: We do feel more enthused and more confident about being able to work out in Mumbai, but we'll be obviously very selective in terms of taking projects where we believe we can truly add value in that sense. Mumbai continues to be a part of our medium and long-term strategy.

Speaker #3: So I mean Mumbai continues to be a part of our medium and long-term strategy.

Speaker #6: Got it, sir. Thank you.

Speaker #2: Thank you. Next question is from the line of Pritesh from Axis Capital. Please go ahead.

Speaker #3: And Dalia's is also, right now as I see it, the demand is such that, you know, I don't want to speculate, but post the experience center, I feel that there will be another spurt.

Aakash Ohri: The Dahlias is also, right now, as I see it, the demand is such that, I don't want to speculate, but post the experience center, I feel that there will be another spurt. As of now also, there are some good conversions that have happened, which I had said previously also will be reported soon. I think, Samir, there, I think we have surpassed the expectation of at least the sales velocity of super luxury so far. Otherwise, there was a five-year process to selling The Dahlias year on year, basically about 20% a year. Since we are now over 60% sold in this time, also people have to kind of get used to the new price points of that area. I'll give you a small example. There are two brothers who are living in the Golf Links right now.

Rahul Jain: Got it, sir. Thank you.

Operator: Thank you. Next question is from the line of Ritesh De from Axis Capital. Please go ahead.

Speaker #5: yeah. thanks for the opportunity. couple of questions. First one, again on the Goa residential project. so if in case if it doesn't happen this year, and while we have reiterated our 20,000 crore guidance, you know, do we have some other launches which we can which can be replaced with that or we are comfortable with whatever launches we have planned and can manage the sales target based on that itself.

Speaker #3: And as of now also, there are some good conversions that have happened, which I had said previously also will be reported soon.

Ritesh De: Thanks for the opportunity. Couple of questions. First one, again on the Goa residential project. If in case it doesn't happen this year, and while we have reiterated our INR 20,000 crore guidance, do we have some other launches which can be replaced with that, or we are comfortable with whatever launches we have planned and can manage the sales target based on that itself?

[Analyst] (Axis Capital): Thanks for the opportunity. Couple of questions. First one, again on the Goa residential project. If in case it doesn't happen this year, and while we have reiterated our INR 20,000 crore guidance, do we have some other launches which can be replaced with that, or we are comfortable with whatever launches we have planned and can manage the sales target based on that itself?

Speaker #3: So I think, Sameer, I think we have surpassed the expectation of at least the sales velocity of super luxury so far.

Speaker #3: So look, the Goa component of the 20,000 if at all. All was just about a couple of thousand. So I mean it was around 10% of the guidance if at all it was a part of that guidance.

Speaker #3: So otherwise, there was a five-year process to selling Dalia's year on year, basically about 20% a year. But since we are now over 60% sold in this time, I think—and also people have to kind of get used to the new price points.

Ashok Kumar Tyagi: Look, the Goa component of that 20,000, if at all, was just about a couple of thousand. It was around 10% of the guidance. If at all, it was a part of that guidance. I think, hopefully, we should be able to swing it very comfortably. I don't think we should be losing any sleep on that number.

Ashok Tyagi: Look, the Goa component of that 20,000, if at all, was just about a couple of thousand. It was around 10% of the guidance. If at all, it was a part of that guidance. I think, hopefully, we should be able to swing it very comfortably. I don't think we should be losing any sleep on that number.

Speaker #3: I think you know hopefully we should be able to swing it very comfortably. You know, so I think I I I I don't think we should be losing any sleep on that number.

Speaker #3: of of of that area. so you know there is I'll give you a small example. There are two brothers who are who are at at living in the Golf Links right now.

Speaker #5: Sure. Got it. that's helpful. And and couple of questions on the annuity part. Firstly on the group level rental income that I see Dr. The 1600 crore for the quarter.

Speaker #3: One bought Dalia's about 10 months back at a certain price. The other didn't. He passed that opportunity but he wants to do it now.

Aakash Ohri: One bought The Dahlias about 10 months back at a certain price. The other didn't. He passed that opportunity, but he wants to do it now. There is already, say about INR 30, 35 crore upside there. That particular thing is a question for him. As the process goes on, I feel the price will settle down. People will get used to these kind of price points now, because it is not only about the price, but the amazing amount of value that it brings with it. Since people have experienced The Camellias, and of course, The Aralias and The Magnolias, the future of the DLF Golf Links, and I say it emphatically, it is the Beverly Hills of India, it will continue to create that demand going forward.

Ritesh De: Sure. Got it. That's helpful. Couple of questions on the annuity part. Firstly, on the group level rental income that I see, roughly INR 1,600 crore for the quarter. Is that the stabilized number for whatever operational that we have? I know there's Vamanat, Goa, which will contribute. There's 1 million square

[Analyst] (Axis Capital): Sure. Got it. That's helpful. Couple of questions on the annuity part. Firstly, on the group level rental income that I see, roughly INR 1,600 crore for the quarter. Is that the stabilized number for whatever operational that we have? I know there's Vamanat, Goa, which will contribute. There's 1 million square

Speaker #3: And there is already talk about a ₹30–35 crore upside there. And that particular thing is a question for him. So, you know, as the process goes on, I feel the price will settle down.

Speaker #3: People will kind of get used to these kinds of price points now, because it is not only about the price, but the amazing amount of value that it brings with it.

Speaker #5: is that the stabilized number for whatever operational that we have? I know I mean there's prominent Goa which will contribute. There's 1 million square feet of.

Speaker #3: And since people have experienced the Camellias, and of course Aralias and Magnolias, the future of the DLF Golf Links is—it is, and I say it emphatically—it is the Beverly Hills of India.

Ashok Kumar Tyagi: feet of

Ashok Tyagi: feet of

Speaker #3: And it will continue to create that demand going forward. Our business is coming from not only within the Delhi NCR, but also from the rest of India and the rest of the world.

Speaker #5: your Atrium Place which is also which will also come up. But at least whatever is operational is that the steady rendered or there is some.

Aakash Ohri: Our business is coming from not only within the Delhi NCR, but also from rest of India and rest of world. It has become a choice of destination for people, and I feel that we will sell out sooner than later, but we don't want to compromise the price realization to velocity, Samir.

Speaker #5: More ramp up to go.

Speaker #3: So there is a little bit of ramp up because the two malls Midtown. Plaza and Summit Plaza. Are just about starting. we expect both the malls to get into steady rental state by the.

Ritesh De: Your Atrium Place, which will also come up. At least whatever is operational, is that the steady rent or there is some more ramp up to go?

[Analyst] (Axis Capital): Your Atrium Place, which will also come up. At least whatever is operational, is that the steady rent or there is some more ramp up to go?

Speaker #3: so this is a a choice of it has become a choice of destination for people. and I feel that we will we will sell out sooner than later.

Ashok Kumar Tyagi: There is a little bit of ramp up because the two malls, Midtown Plaza and Summit Plaza, are just about starting. We expect both the malls to get into steady rental state by the Q4 of FY27, and Goa to stabilize by about May, June of next year. That's one part. Secondly, as you very rightly pointed out, at Atrium Place, one tower for which we expect the OC in the month of September, we will get into steady state rental for that one full tower that is there. No, other than that, it's otherwise a steady state and we expect this to be there.

Ashok Tyagi: There is a little bit of ramp up because the two malls, Midtown Plaza and Summit Plaza, are just about starting. We expect both the malls to get into steady rental state by the Q4 of FY27, and Goa to stabilize by about May, June of next year. That's one part. Secondly, as you very rightly pointed out, at Atrium Place, one tower for which we expect the OC in the month of September, we will get into steady state rental for that one full tower that is there. No, other than that, it's otherwise a steady state and we expect this to be there.

Speaker #3: But we don't want to compromise the price realization for velocity, Sameer.

Speaker #3: First by by the Q4 of FY27. And Goa to stabilize by about May, June, of next year. So that's one part. Secondly, as you very rightly pointed out that Atrium Place one tower for which we expect the OC in the month of September we will get into steady state rental for that one full tower that is there.

Speaker #4: Yeah, so just to follow up on that question, that was my precise question going forward. Since we have been very fortunate, thanks to you and DLF, we've been able to achieve a great price appreciation that was unexpected in the last 15 months in DLF itself.

Samir Jasuja: Yeah. Just to follow up on that question, that was my precise question going forward. Since we have been very fortunate, thanks to you and DLF, we've been able to achieve a great price appreciation that was unexpected in the last 15 months in The Dahlias itself. Now that we've got a very good price appreciation, are we going to compromise on sales velocity to price appreciation, or try to take the prices higher? It's going to be the other way around now that the project has got literally revalued, right? The profitability would have also increased substantially. Going forward, since we have two more phases left here, we can look at a higher sales velocity or we're going to look at holding off a higher sales velocity because of further price increases?

Speaker #4: Now that we've got very good price appreciation, are we going to compromise on sales velocity to price appreciation and hold, or try to take the prices higher? Or is it going to be the other way around, now that the project has been literally revalued?

Speaker #3: And the. anything no but other than that it's otherwise a steady state and we we expect this. to to to be there.

Speaker #4: Right. So the profitability would have also increased substantially. So, going forward, since we have two more phases left here, will we look at a higher sales velocity, or are we going to hold off on a higher sales velocity because of further price increases?

Speaker #2: So, Sameer, two points. One is I don't think there’s a direct binary, at least in—hello, can you hear me?

Ashok Kumar Tyagi: Samir, two points. One is, I don't think there's a direct binary, at least in Delhi NCR.

Samir Jasuja: There's no correlation?

Speaker #5: Sure. Got it.

Speaker #3: Yeah, yeah, I can hear you.

Ashok Kumar Tyagi: Hello, can you hear me?

Speaker #4: So there's no correlation, is what you're saying.

Samir Jasuja: Yeah, I can hear you. There's no correlation is what you're saying?

Speaker #2: No, no, I'm not saying there's no correlation. I'm saying there's no direct binary, you know, in that sense. So it's not like a one-to-one; I mean, it's not y is equal to f(x), you know.

Ashok Kumar Tyagi: No, I'm not saying there's no correlation. I'm saying there's no direct binary, in that sense. It's not like a one is to one. It's not Y is equal to FX. Yes, there is some correlation, obviously, but there is a price matrix that has been planned, and there's a pace of sales that has been planned, and obviously it's an iterative process. The second thing about the next phase, as you are saying, that is not just dependent on the sales. There's a small matter of constructing Dahlias also. That is a process that will take between two, three and a half years. You must have seen the site. It's still coming up to the rafts level.

Speaker #3: There'll be one more add on. One will be the data center three in Noida. which will also add to the rentals sometime in March, April of next year.

Ritesh De: Sure. Got it. That's great.

[Analyst] (Axis Capital): Sure. Got it. That's great.

Speaker #2: Yes, there is some correlation obviously, but I mean there is a price matrix that has been planned, and there's a pace of sales that has been planned, and obviously, it's an iterative process.

Ashok Kumar Tyagi: There'll be one more add-on. One will be the data center 3 in Noida, which will also add to the rentals sometime in March, April of next year.

Ashok Tyagi: There'll be one more add-on. One will be the data center 3 in Noida, which will also add to the rentals sometime in March, April of next year.

Speaker #5: Got it. Got it. That's helpful. and just second. And on the commercial piece. So now that we are starting to see signs of. Of recovery coming back in terms of leasing.

Speaker #2: The second thing about the next phase, as you are saying, is that it's not just dependent on the sales. I mean, there's a small matter of constructing Dalia's also.

Ritesh De: Got it. That's helpful. On the commercial piece, now that we are starting to see signs of recovery coming back in terms of leasing, what are our plans to start the next 11 million square feet of development that we have lined up on the commercial plus retail side? More so specifically on the commercial side, where we have a large office coming up in Hyderabad and our first phase in Cybercity 2. When should we start building those into our numbers?

[Analyst] (Axis Capital): Got it. That's helpful. On the commercial piece, now that we are starting to see signs of recovery coming back in terms of leasing, what are our plans to start the next 11 million square feet of development that we have lined up on the commercial plus retail side? More so specifically on the commercial side, where we have a large office coming up in Hyderabad and our first phase in Cybercity 2. When should we start building those into our numbers?

Speaker #2: You know, and that is a process that will take between three, three and a half years to—I mean, you must have seen the site.

Speaker #2: It's still you know coming up to the wraps level. So I think the next phase you know as in when it happens will be a function of both where the physical progress of Dalia's is and where the commercial progress of Dalia's is.

Speaker #5: you know, what are our plans to start the next 11 million square feet of development that we have lined up on the commercial. Commercial plus retail side.

Ashok Kumar Tyagi: I think the next phase, as in when it happens, will be a function of both where the physical progress of Dahlias is and where the commercial progress of Dahlias is. I think, clearly to Akash's point, we are looking at at least a three-year cycle before we are able to completely sell out Dahlias, in that sense.

Speaker #2: So I think clearly to Akash's point we are looking at at least a three year cycle before we are able to completely sell out Dalia's you know in that sense.

Speaker #4: Okay, perfect. Thank you so much.

Speaker #5: more so specifically on the commercial side where we have a large office coming up in Hyderabad and first phase in cyber city two. So when should we start you know, building those.

Speaker #2: Thank you.

Samir Jasuja: Okay, perfect. Thank you so much.

Speaker #4: Thank you very much. Next question is from Parvesh Kazi from Nuama Group. Please go ahead.

Ashok Kumar Tyagi: Thank you.

Operator: Thank you very much. Next question is from Parvez Qazi from Nuvama Group. Please go ahead.

Speaker #5: Hi, good afternoon and thanks for taking my question. so two questions first one for Akash. by when do we expect the next phase of launch in the Prevana.

Speaker #5: Into our numbers. Yeah.

Parvez Qazi: Hi. Good afternoon, and thanks for taking my question. Two questions. First one for Akash. By when do we expect the next phase of launch in the Privana Eco?

Speaker #3: So let me answer that. We expect that downtown two in phase two in Gurgaon should finish by about end of. 29. And then in addition to that we have one iconic tower which we call one downtown where we have a multi-level car park and the cars will then get the the car parks will get Consumed in the phase two basements that are there.

Sriram Khattar: Let me answer that. We expect that Downtown 2 in phase 2 in Gurugram should finish by about end of 2029. In addition to that, we have one iconic tower, which we call One Downtown, where we have a multilevel car park, and the car parks will get consumed in the phase 2 basements that are there. That tower is there. Similarly, in Chennai, the tower 4 and 5, which are coming up for INR 3.5 million, will get over by the beginning of 2028. We have a sort of a runway to do. We have leasing of about INR 3.5, 4 million to do in these two new projects.

Speaker #3: And then that tower is there. And similarly in Chennai the the tower four and five which are coming up for will. Get over by the beginning of 28.

Sriram Khattar: Similarly, in Chennai, the tower 4 and 5, which are coming up for INR 3.5 million, will get over by the beginning of 2028. We have a sort of a runway to do. We have leasing of about INR 3.5, 4 million to do in these two new projects. Whilst it is on our radar to start the construction in Hyderabad or in Cybercity, I think it is sometime next year that we will start planning for that.

Speaker #3: So we have a sort of a. Runway to do. We have leasing of about three and a half, four million to do in these two new projects.

Speaker #3: So why is it is on our radar to start the construction in Hyderabad or in cyber city. I think it is sometime next year that we will start planning for that.

Sriram Khattar: Whilst it is on our radar to start the construction in Hyderabad or in Cybercity, I think it is sometime next year that we will start planning for that.

Speaker #3: Yeah.

Speaker #5: Perfect. That's helpful. thank you and that's it from my side. All the best.

Speaker #1: Thank you. Next question is from the line of Sameer Jasuja from PE Analytics. Please go ahead.

Ritesh De: Perfect. That's absolutely. Thank you. That's it from my side. All the best.

[Analyst] (Axis Capital): Perfect. That's absolutely. Thank you. That's it from my side. All the best.

Operator: Thank you. Next question is from the line of Samir Jasuja from P.E. Analytics. Please go ahead.

Speaker #5: hi Sridham sir. Just two questions I had. One is that you know we hear a lot about cyber city two. I don't know whether it's been answered clearly.

Speaker #5: When is the likely commencement of project starting to roll out over there in the cyber city two project? And the second question to you was that do you have a sense of the weighted average price of rental say on 100,000 or 200,000 square feet for the last three years?

Samir Jasuja: Hi, Sriram sir. Just two questions I had. One is, we hear a lot about Cyber City 2. I don't know whether it's been answered clearly. When is the likely commencement of projects starting to roll out over there in the Cyber City 2 project? The second question to you was, do you have a sense of the weighted average price of rentals, say, on 100,000 or 200,000 square feet for the last three years? What has been the kind of price increase in Gurgaon specifically or on your portfolio?

Speaker #5: What has been the kind of price increase on in Gurgaon specifically? Or on your portfolio?

Speaker #3: thank you Sameer. I'll take the first question first. I presume you are saying about cyber city two you're talking about the SPR.

Speaker #5: SPR. Yes. Yes.

Speaker #3: So we have consolidated 70, 80 acres of land there. And we it is still on the drawing board. We have not yet taken a final call on either the sizing or the start of launch there.

Sriram Khattar: Thank you, Sameer. I'll take the first question first. I presume you are saying about Cyber City 2, you're talking about the SVR.

Samir Jasuja: SVR. Yes.

Speaker #3: I think this decision also should will be taken sometime in the next year. But it is definitely on the horizon. It's only a question of timing.

Speaker #5: Even there's so

Speaker #3: On the rentals in Gurgaon if you take the the the newer buildings which is downtown four and Atrium Place Atrium Place rental weighted average is about 175 rupees and downtown four is about 150, 155 rupees.

Samir Jasuja: Given there's so much-

Speaker #3: The leasing that we are doing in phase two has is now averaging 200 rupees.

Speaker #5: if you could tell me a building typically say seven years old and new building what's the rental gap between them?

Speaker #3: Yeah. So the rental in cyber city is now between 140, 150 and the rate in a newer building which will come up after two years is about 210 to 20.

Samir Jasuja: If you could tell me a building typically, say, 7 years old and new building, what's the rental gap between them?

Sriram Khattar: Yeah. The rental in Cyber City is now between INR 140, INR 150, and the rate in a newer building, which will come up after 2 years, is about INR 210, INR 220. You have a 30% gap, but a rental that will come 2 years later. On a like-to-like basis, the gap is about 20%.

Speaker #3: So you have a 30% gap but a rental that will come two years the gap is about 20%.

Speaker #5: Thank you so much. One question for Akash. sir there's one question that I had with respect to Dalia's. Was what is your visibility of say selling the balance stock in in a time period of how much time period and that will lead to phase two opening up right.

Samir Jasuja: Thank you so much. One question for Akash. Sir, the one question that I had with respect to Dahlias was, what is your visibility of, say, selling the balance stock in a time period of how much time period? That will lead to phase 2 opening up, right? Just to get a sense of that, I'd really appreciate to get to know that.

Speaker #5: so just to get a sense of that I'd really appreciate to get to know that.

Speaker #3: Okay. So Sameer as you know that our targets for Dalia's of three and a half years we did in about 15, 16 odd months.

Aakash Ohri: Okay, Sameer, as you know that our targets for Dahlias of three and a half years, we did in about 15, 16 odd months. As you know, the trajectory has been that the price increase of Dahlias, because we have. This is an algorithm-based price increase, which increases with a certain quarter base and, of course, inventory typology base. What happens in Dahlias right now as we stand is that we have done almost all the lower and mid floors of south are gone. Most of the mid and low floors of north are gone. Some high floors are gone. Right now, for the trajectory, as we have planned it, we have another 3 years to go in Dahlias.

Speaker #3: So and as you know the trajectory has been that the price increase of Dalia's because we have and and this is an algorithm based increase price increase which is you know, increases with a certain quarter based and of course inventory typology based.

Speaker #3: So what happens in in Dalia's right now as we stand is that we have done almost as you know, all the lower and mid floors of south are gone.

Aakash Ohri: What happens in Dahlias right now as we stand is that we have done almost all the lower and mid floors of south are gone. Most of the mid and low floors of north are gone. Some high floors are gone. Right now, for the trajectory, as we have planned it, we have another 3 years to go in Dahlias.

Speaker #3: most of the mid and low floors of north are gone. some high floors have gone. So right now for the trajectory as we have planned it, it is going to be we have another three years to go in Dalia's.

Speaker #3: And Dalia's is also right now as I see it the demand is such that you know, I don't want to speculate but post the experience center I feel that there will be another spurt.

Aakash Ohri: Dahlias is also, right now, as I see it, the demand is such that, I don't want to speculate, but post the experience center, I feel that there will be another spurt. As of now also, there are some good conversions that have happened, which I had said previously also will be reported soon. I think, Sameer, there, I think we have surpassed the expectation of at least the sales velocity of super luxury so far. Otherwise, there was a 5-year process to selling Dahlias year on year, basically about 20% a year. Since we are now over 60% sold in this time, I think, and also people have to kind of get used to the new price points of that area. I'll give you a small example. There are two brothers who are living in the Golf Links right now.

Speaker #3: And as of now also there are some there are some good conversions that have happened which I had said previously also will will be reported soon.

Speaker #3: so I think Sameer there I think we we have surpassed the expectation of at least the the sales velocity of super luxury so far.

Speaker #3: So otherwise there was a five year process to to selling Dalia's year on year basically about 20% a year. But since we are now over 60% sold in in this time I think and also people have to kind of get used to the new price points.

Aakash Ohri: Otherwise, there was a 5-year process to selling Dahlias year on year, basically about 20% a year. Since we are now over 60% sold in this time, I think, and also people have to kind of get used to the new price points of that area. I'll give you a small example. There are two brothers who are living in the Golf Links right now.

Speaker #3: of of of that area. so you know, there is I'll give you a small example. There are two brothers who are who are at at living in the Golf Links right now.

Speaker #3: One bought Dalia's about 10 months back at a certain price. The other didn't. He passed that opportunity but he wants to do it now.

Speaker #3: and there is already a say about a 30, 35 crore upside there. And that particular thing is is a question for for him. So you know, as the process goes on I feel the price will settle down.

Aakash Ohri: One bought Dahlias about 10 months back at a certain price. The other didn't. He passed that opportunity, but he wants to do it now. There is already, say, about INR 30, INR 35 crore upside there. That particular thing is a question for him. As the process goes on, I feel the price will settle down. People will kind of get used to these kind of price points now, because it is not only about the price, but the amazing amount of value that it brings with it. Since people have experienced the Camellias and, of course, Aralias and Magnolias, the future of the DLF Golf Links, and I say it emphatically, it is the Beverly Hills of India. It will continue to create that demand going forward.

Speaker #3: people will kind of get used to these kind of price points now. because it is not only about the price but the amazing amount of value that it brings with it.

Speaker #3: And since people have experienced the Camellia's and of course Aralia's and Magnolia's, the future of the DLF Golf Links, it is and I say it emphatically, it is the Beverly Hills of India.

Aakash Ohri: People will kind of get used to these kind of price points now, because it is not only about the price, but the amazing amount of value that it brings with it. Since people have experienced the Camellias and, of course, Aralias and Magnolias, the future of the DLF Golf Links, and I say it emphatically, it is the Beverly Hills of India. It will continue to create that demand going forward.

Speaker #3: And it will continue to create that demand going forward. Our business is coming from not only within the Delhi NCR but also from rest of India and rest of world.

Speaker #3: so this is a a choice of it has become a choice of destination for people. and I feel that we will we will sell out sooner than later.

Aakash Ohri: Our business is coming from not only within the Delhi NCR, but also from rest of India and rest of world. It has become a choice of destination for people. I feel that we will sell out sooner than later, but we don't want to compromise the price realization to velocity, Sameer.

Speaker #3: But we don't want to compromise the price realization to velocity Sameer.

Speaker #5: Yeah. So just to follow up on that question that was my precise question going forward. Since we have been very fortunate thanks to you and DLF we've been able to appreciate achieve a great price appreciation that was unexpected in the last 15 months in Dalia's itself.

Samir Jasuja: Yeah. Just to follow up on that question, that was my precise question going forward. Since we've been very fortunate, thanks to you and DLF, we've been able to achieve a great price appreciation that was unexpected in the last 15 months in Dahlias itself. Now that we've got a very good price appreciation, are we going to compromise on sales velocity to price appreciation or try to take the prices higher? It's going to be the other way around now that the project has got literally revalued, right? The profitability would have also increased substantially. Going forward, since we have two more phases left here, we can look at a higher sales velocity, or we're going to look at holding off a higher sales velocity because of further price increases?

Speaker #5: Now that we've got a very good price appreciation are we going to compromise on sales velocity to price appreciation? and hold or try to take the prices higher or it's going to be the other way around.

Speaker #5: Now that we've the project has got literally revalued. Right. So the profitability would have also increased substantially. So going forward since we have two more phases left here we can look at a higher sales velocity or we're going to look at holding off a higher sales velocity because of further price increases.

Samir Jasuja: It's going to be the other way around now that the project has got literally revalued, right? The profitability would have also increased substantially. Going forward, since we have two more phases left here, we can look at a higher sales velocity, or we're going to look at holding off a higher sales velocity because of further price increases?

Speaker #3: So Sameer two points. One is I don't think it there's a direct binary at least in hello. Can you hear me?

Speaker #5: Yeah. Yeah, I can hear you. So there's no correlation is what you're saying.

Ashok Kumar Tyagi: Sameer, two points. One is, I don't think there's a direct binary, at least in-

Ashok Tyagi: Sameer, two points. One is, I don't think there's a direct binary, at least in-

Speaker #3: No, no, I'm not saying there's no correlation. I'm saying there's no direct binary you know in that sense. So it's not like a one is to one I mean it's not y is equal to fx you know.

Samir Jasuja: There's no correlation?

Ashok Kumar Tyagi: Hello, can you hear me?

Ashok Tyagi: Hello, can you hear me?

Samir Jasuja: Yeah. I can hear you. There's no correlation is what you're saying?

Speaker #3: Yes, there is some correlation obviously but I mean there is a price matrix that has been planned and there's a pace of sales that has been planned and obviously it's an iterative process.

Ashok Kumar Tyagi: No, I'm not saying there's no correlation. I'm saying there's no direct binary, in that sense. It's not like a one is to one. It's not Y is equal to FX. Yes, there is some correlation, obviously, but there is a price matrix that has been planned, and there's a pace of sales that's been planned, and obviously it's an iterative process. The second thing about the next phase, as you are saying, that is not just dependent on the sales. There's a small matter of constructing Dahlias also. That is a process that will take between three and a half years to. You must have seen the site. It's still coming up to the raft level.

Ashok Tyagi: No, I'm not saying there's no correlation. I'm saying there's no direct binary, in that sense. It's not like a one is to one. It's not Y is equal to FX. Yes, there is some correlation, obviously, but there is a price matrix that has been planned, and there's a pace of sales that's been planned, and obviously it's an iterative process. The second thing about the next phase, as you are saying, that is not just dependent on the sales. There's a small matter of constructing Dahlias also. That is a process that will take between three and a half years to. You must have seen the site. It's still coming up to the raft level.

Speaker #3: The second thing about the next phase as you are saying you know that is not just dependent on the sales. I mean there's a small matter of constructing Dalia's also.

Speaker #3: You know and that that is a process that will take between three to three and a half years to you you must have seen the site.

Speaker #3: It's still you know coming up to the wraps level. So I think the next phase you know as and when it happens will be a function of both where the physical progress of Dalia's is and where the commercial progress of Dalia's is.

Speaker #3: So I think clearly to Akash's point we are looking at at least a three year cycle before we are able to completely sell out Dalia's you know in that sense.

Ashok Kumar Tyagi: I think the next phase, as and when it happens, will be a function of both where the physical progress of Dahlias is and where the commercial progress of Dahlias is. I think, clearly to Aakash's point, we are looking at least a three-year cycle before we are able to completely sell out Dahlias in that sense.

Ashok Tyagi: I think the next phase, as and when it happens, will be a function of both where the physical progress of Dahlias is and where the commercial progress of Dahlias is. I think, clearly to Aakash's point, we are looking at least a three-year cycle before we are able to completely sell out Dahlias in that sense.

Speaker #5: Okay, perfect. Thank you so much.

Speaker #3: Thank you.

Speaker #5: Thank you very question is from Parvesh Kazi from Nuama Group. Please go ahead.

Samir Jasuja: Okay, perfect. Thank you so much.

Ashok Kumar Tyagi: Thank you.

Ashok Tyagi: Thank you.

Speaker #6: Hi, good afternoon and thanks for taking my question. so two questions first one for Akash. by when do we expect the next phase of launch in the Privana ecosystem?

Operator: Thank you very much. Next question is from Parvez Qazi from Nuvama Group. Please go ahead.

Parvez Qazi: Hi, good afternoon, and thanks for taking my question. Two questions. First one for Aakash. By when do we expect the next phase of launch in the Privana ecosystem? A related question, do we have plans to do some plotted development there also?

Speaker #6: and a related question. Do we have plans to do some plotted development there also?

Speaker #3: Yeah. So at the Privana Parvesh right now will definitely be early next year. if not last quarter. I think it'll be early next year.

Aakash Ohri: Yeah. I think Privana, Parvez, right now will definitely be early next year. If not last quarter, I think it'll be early next year. The Privana ecosystem's coming out pretty well. We've got some, the Southwest and now North, as you know, it's all sold out. Not only that, some very encouraging news coming from the Privana is that there is a good amount of appreciation. Again, that is not something that I'm saying it for the point of view because there is even demand in the secondary stage, which is between INR 2,500 to 4,000 a square foot already. That entire ecosystem with its infrastructure and everything has come out pretty well. As you know, it abuts a 10,000 hectare of a green lung. As far as a contiguous nature of a project is concerned after DLF5, this is the next big thing.

Speaker #3: The Privana ecosystem is coming out pretty well. we've got some the southwestern now north as you know it's all sold out. not only that some very encouraging news coming from the Privana's is that there is a good amount of appreciation.

Speaker #3: I mean again that is not that is not something that I'm I'm saying it for the the point of view because there is there is even demand in the secondary sale which is between two and a half thousand to four thousand rupees a square foot already.

Aakash Ohri: Again, that is not something that I'm saying it for the point of view because there is even demand in the secondary stage, which is between INR 2,500 to 4,000 a square foot already. That entire ecosystem with its infrastructure and everything has come out pretty well. As you know, it abuts a 10,000 hectare of a green lung. As far as a contiguous nature of a project is concerned after DLF5, this is the next big thing.

Speaker #3: that entire ecosystem with its infrastructure and everything has come out pretty well. It as you know it abuts a 10,000 hectare of a green lung so as far as a as far as a a contiguous nature of a project is concerned after DLF5 this is this is the next big thing.

Speaker #3: and therefore I'd like to bring out the fourth phase once we kind of move on with construction and everything else which also thankfully is going on pretty well.

Aakash Ohri: Therefore, I'd like to bring out the fourth phase once we kind of move on with construction and everything else, which also thankfully is going on pretty well. I see that happening early next year, for Privana. As far as plotted is concerned, those were some arrangements that we had with what you may be referring to is, there isn't going to be a plotted scheme, if you're asking. That is a separate arrangement that we had with some collaborators. I think right now, you will expect the next Privana to be maybe taller or more evolved one than the North, and that is the process as we moved on. So far so good. It's got a very eclectic mix of people who bought into the Privana.

Speaker #3: but I see that happening early next year. for for Privana as far as plotted is concerned those were some some arrangement that we had with what you are what you may be referring to is is there there isn't going to be a plotted scheme if you're asking that is a separate arrangement that we had with some collaborators but I think right now you will you will expect the Privana the next Privana to be maybe taller or or more evolved one than the north and that is the process as as we moved on.

Aakash Ohri: That is a separate arrangement that we had with some collaborators. I think right now, you will expect the next Privana to be maybe taller or more evolved one than the North, and that is the process as we moved on. So far so good. It's got a very eclectic mix of people who bought into the Privana. You've seen our collections there, you've seen the progress, so it's high on demand as far as the investors are concerned.

Speaker #3: But so far so good. It it's it's got a very eclectic mix of people who who bought into the you've seen our collections there.

Speaker #3: You've seen the progress. So it's it's high on demand as far as the investors are concerned. So so again just to reiterate Parvesh the the Privana continues to be a higher scheme.

Aakash Ohri: You've seen our collections there, you've seen the progress, so it's high on demand as far as the investors are concerned.

Speaker #3: The small plotted enclave there if at all will be only for some collaboration of collaborator obligations nothing else.

Ashok Kumar Tyagi: Again, just to reiterate, Parvez, Privana continues to be a high-risk scheme. The small plotted enclave there, if at all, will be only for some collaborator obligations, nothing else.

Ashok Tyagi: Again, just to reiterate, Parvez, Privana continues to be a high-risk scheme. The small plotted enclave there, if at all, will be only for some collaborator obligations, nothing else.

Speaker #5: Yes. Thanks. and second question for Cutter sir. What would be our exit entrance for FY27?

Speaker #3: So the exit rentals for FY27. For

Parvez Qazi: Sure. Thanks. Second question for Khattar sir, what would be our exit rentals for FY27?

Speaker #5: At a group level I mean you don't need to go into DLF plus.

Sriram Khattar: The exit rentals for FY27.

Speaker #3: Group level they will be between 7,300 and 7,500.

Speaker #5: Sure sir. Thanks and all the best.

Parvez Qazi: At a group level. You don't need to go into DLF plus.

Speaker #3: Thank you. Thank you.

Speaker #5: Thank you very much. Is there no further questions? I'll now like to hand the conference Odam Star Ashok Tyagi for closing comments.

Sriram Khattar: At a group level, they will be between INR 7,300 and 7,500.

Parvez Qazi: Sure, sir. Thanks and all the best.

Sriram Khattar: Thank you.

Speaker #3: So thank you once again for logging on to our call. I know today has been a crowded call calendar for some of you but that's fine.

Ashok Kumar Tyagi: Thank you.

Ashok Tyagi: Thank you.

Operator: Thank you very much. As there are no further questions, I would now like to hand the conference over Mr. Ashok Tyagi for closing comments.

Speaker #3: You know I mean this quarter from a presale standpoint was a muted quarter and you know thank you for understanding you know the the the reason for that and hopefully we still stick to our broad guidance for sales for the year.

Ashok Kumar Tyagi: Thank you once again for logging on to our call. I know today's been a crowded call calendar for some of you, but that's fine. This quarter from a pre-sales standpoint was a muted quarter, and thank you for understanding the reason for that. Hopefully, we still stick to our broad guidance for sale for the year. The focus that we have on cash flows and embedded margins and fiscal prudence, that continues. You would continue seeing some strategic land investments as the clock moves. The rental business is continuing at an excellent clip, both in the commercial leasing and in the rental piece. The point that some of you raised, really, I was doing my math, I think between Downtown Gurgaon, Downtown Chennai, Atrium, I think we have almost in excess of 11, 12 million square feet under construction.

Ashok Tyagi: Thank you once again for logging on to our call. I know today's been a crowded call calendar for some of you, but that's fine. This quarter from a pre-sales standpoint was a muted quarter, and thank you for understanding the reason for that. Hopefully, we still stick to our broad guidance for sale for the year. The focus that we have on cash flows and embedded margins and fiscal prudence, that continues.

Speaker #3: The focus that we have on cash flows and embedded margins and fiscal you know fiscal prudence that continues. You would continue seeing some strategic you know land investments as the as the clock moves.

Speaker #3: The rental business is continuing at an excellent clip both in the leasing and in the rental piece. But the point that some of you raised I mean really I was doing my math I think between downtown Gurgaon downtown Chennai Atrium I think they've almost in excess of 11 12 million square feet under construction.

Ashok Tyagi: You would continue seeing some strategic land investments as the clock moves. The rental business is continuing at an excellent clip, both in the commercial leasing and in the rental piece. The point that some of you raised, really, I was doing my math, I think between Downtown Gurgaon, Downtown Chennai, Atrium, I think we have almost in excess of 11, 12 million square feet under construction.

Speaker #3: Once these are complete there is a further millions I mean a few million square feet in cyber city itself. And then of course there's Hyderabad there's cyber city two and all of those things.

Speaker #3: So really the rentco has a very very deep pipeline you know frankly. I think it's possibly the deepest pipeline in the rental business that exists in the country.

Ashok Kumar Tyagi: Once these are complete, there is a further few million square feet in Cyber City itself. Then, of course, there's Hyderabad, there's Cyber City 2, and all of those things. Really, the rent co has a very, very deep pipeline, frankly. I think it's possibly the deepest pipeline in the rental business that exists in the country. I think we continue to do it very strongly, and hopefully, we now will regroup at the end of the next quarter. Thank you once again.

Ashok Tyagi: Once these are complete, there is a further few million square feet in Cyber City itself. Then, of course, there's Hyderabad, there's Cyber City 2, and all of those things. Really, the rent co has a very, very deep pipeline, frankly. I think it's possibly the deepest pipeline in the rental business that exists in the country. I think we continue to do it very strongly, and hopefully, we now will regroup at the end of the next quarter. Thank you once again.

Speaker #3: And I think we continue to to do it very strongly and hopefully you know we now we will regroup at the end of the next quarter.

Speaker #3: Thank you once again.

Speaker #4: Thank you.

Speaker #3: Thank you.

Speaker #5: Thanks. Thank you very much. On behalf of DLF Limited that concludes this conference. Thank you for joining us and you now disconnect your lines.

Sriram Khattar: Thank you.

Ashok Kumar Tyagi: Thank you.

Ashok Tyagi: Thank you.

Parvez Qazi: Thank you.

Aakash Ohri: Thank you.

Operator: Thank you very much. On behalf of DLF Limited, that concludes this conference. Thank you for joining us, and you now disconnect your lines. Thank you all.

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Q1 2027 DLF Ltd Earnings Call

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