Hi. Thank you for taking my question and congratulations on a good set of numbers. So my first question is on the Mahalaxmi asset. Has there been any delay by one year of completion from FY28 or FY29? And if that's the case, we are not seeing any change in the exit rental estimate. So that's my first question. What's on that front?
Understood. Sir, my second question is on...
Congratulations on the great performance. Sir, my first question is with respect to your presales guidance for FY '26. The guidance is close to INR260 billion. Do we see an upside risk to the guidance? And with respect to launches, what launches are we looking at in the next two quarters?
Yes. Sir, my first question is with respect to your presale guidance for FY '26. Are we seeing an upside risk to that guidance considering we have already done INR120 billion in the first quarter? And then I wanted to understand on your launch pipeline, what launches are we looking at in this quarter and in the next quarter?
Congratulations on great performance. Sir, my question is more again from the demand perspective. Just wanted to know your thoughts on the, number one, footfalls and consequent conversions? And then are you seeing timelines extending due to this war impac t? Second is from a labor standpoint, are you seeing any shortage? And then third is from the inflation standpoint. How much cost increases are you seeing? How much margin impact will that have? And then, how are you planning to offset that through price increase? These are my 3 questions.
Understood, sir. And sir, just one question for particularly for your Gurgaon project. I mean, due to the war in the Middle East, are you seeing any, I mean, better-than-expected demand from the Middle East, particularly for your Gurgaon project, just from an investment perspective? Is there any change that you’re picking up?
Congratulations on great performance. So my first question is regarding the strategy in Mumbai. I think the project Inizio was launched in the third quarter. So could you please explain like what’s the pricing strategy there? And like how has been the reception for that project? That ’s my first question.
Got it. And sir, second question is on next year ’s demand outlook. There ’s so much macro uncertainty and even the stock market is not doing very well. What ’s your thought on the real estate demand in the cities that you’re operating in, in FY ‘27? I wanted to know your thoughts, particularly for Gurgaon and Bangalore. How are you thinking there?
Hi. Am I audible?
Yes hi. Sir, congratulations on great performance. Actually, my question is twofold. The first is your launch performance for projects in Kharghar and Kharadi that were launched in 4Q FY26, they were slightly on the softer side. So I just wanted to know your thoughts on that. And second, for projects in Gurgaon, projects like Sora and Miraya, I think we already did roughly 30%, 35% at launch, but I don't see that offtake continuing. So what's your thought on that? So these are my 2 questions.
Hi sir, congrats on a good set of results. Thank you for taking my question. My first question is on your thoughts on the real estate demand in Gur gaon, Mumbai and Bangalore. How are you thinking about pricing, footfalls and conversions? That's my first question.
Got it. Thank you for that. And sir, just looking at your launch value and booking value guidance, I mean we have achieved 47% to 48% of that. And I think your second half is seasonally stronger. Is there any upside risk to your launch value guidance or your booking value guidance?
Hi, sir. Congratulations on a great performance. My question was for slide 21. For the standalone ARR growth was roughly 6% on a year-over-year basis. I think that is slightly on the lower side. I just wanted to know your thoughts around that. And then when we say in FY’27, we are going to do roughly 8% to 9% RevPAR growth, how much of that would be driven by ARR on occupancy? Because I think we are already at peak occupancy.
Understood, sir. Thank you so much. That was my question.
Actually, first question is on the demand. I think I heard the comments on Bengaluru and Hyderabad. You were pretty optimistic about it, contrary to what the market is thinking. My question is like what gives you this confidence about the demand for the Bengaluru, Hyderabad and Chennai markets? That's my first question.
Understood. My second question is on the miss on the launches. Just wanted to understand what is this approval delays that we have had? Because none of your peers, which we are tracking at least the listed peers for that market, they have not given anything on approval delays. And could you just give us a brief understanding of that, why any project in Bengaluru that was supposed to be launched this year has gone up to 1Q FY '27 or 2Q FY '27?
Congratulations on a great performance. Sir, my question is primarily related to your thoughts around the demand in Mumbai. How are you seeing the footfalls and conversions right now? And has that view changed from the beginning of the year when we were thinking about footfalls and conversions? That's my first question.
Okay. So, my second question was on the growth expectation for the next 2 years. We have done very strong BD of roughly INR 600 billion along with an inventory of roughly INR 450 billion. Is it reasonable to expect a similar level of growth rate or roughly 20% CAGR over the next 2 years, similar to the past year?
Sir, just one question from my side. Just your thought on the real estate cycle. The real estate demand has been, I think, quite resilient. And I think better than what many investors were thinking. So where do you think where we are in the cycle right now ? And then what are you thinking about on the footfalls and conversions side? And now that we're also reaching like INR3 billion weekly non -launch sales, and that's higher than the INR2.5 billion to INR2.7 billion numbers that we saw like roughly 3 to 6 m onths back. So do you think that this cycle right now is a lot more resilient than the previous cycles?
And sir, just one question on the launches. Last time, our launches were more phased out through the year. Now they have bunched up towards the second half. So is this mostly due to the Thane, because the Thane launch got pushed to the second half. Is that the only reason?
Hi, sir. Thank you for taking my question. Sir, my first question was in respect with your strategy in Delhi. So, could you give us some understanding as to what kind of business developments are you planning to do there? And are you planning to do any launch there?
Got it, sir. Sir, my next question was with respect to your Bangalore strategy. So , there are some news with respect to IT slowdown. Obviously, you have done very well in Bangalore. But do you think this IT slowdown story playing out and then impacting your Bangalore sales? So like how are we trying to hedge ourselves against that?
Congratulations on good Q3 performance. So I just wanted to follow up on the BD side. It's like -- how are we thinking on this FY '27 growth, I think the way we are directing the market is like we'll take our previous from 80 billion to 150 billion in 3 years. And then we have not done any BD. So even if we do this BD right now, how confident are we that we will be able to launch that in FY '27? And then we do not have any projects, so what kind of growth should we think in FY '27?
And sir, any development in the India Hume's project, is there any like progress there?
Congratulations on good performance in the second quarter. Sir, my first question is with respect to your project in Thane. I think we have been waiting for approval for this project for quite some time. My question is what is the current status of approvals for your project in Thane, and how confident are we that we will be able to launch it in the second half? That's my first question.
Got it. And sir, my second question is with respect to your operating cash flow. In the first half, our operating cash flow was negative, minus INR4 billion. And our collections -- our project development cost was INR10 billion while collections were INR9 billion. So, my question is, how are we looking at the collections trajectory and operating cash flow trajectory in the second half?
Hi, sir.
Yes, I am great, sir. Thank you for the opportunity. Sir, my first question is with respect to the Sector 150 Noida project and the IHP JDA project. What is the status of those two projects? As well as the Thane approvals, where are we for these three projects?
My first question was on the Niyaara Tower launch. So there is Godrej coming up and then there is also Prestige. So I just wanted to understand your plans for the Niyaara third phase, like how will this tower be different from the first two phases, are you planning to change dimensions or anything? That is my first question, sir.
Okay. My second question is with respect to the Mathura Road project also. So what is the status of that project? And my third question is with respect to Sarjapur. So we launched that in the far end of the quarter. So can we expect the balance Sarjapur sales in this quarter of the financial year?
Sir, we'll take the first question till the question queue assembles. So sir, we did not have any launches in the third quarter in the festive season. And now you are saying that we'll have roughly 6 launches in the fourth quarter. So I just wanted to understand like where are we with respect to RERA timelines for these 6 pro jects? And how confident are we that all these 6 projects will go through? My second question is with respect to the loss in your real estate segment this quarter on the P&L. I just wanted to understand, could you give us a brief background as to why do we have a loss in the third quarter for the resi segment?
And sir, one more question for FY '26. What is our presales guidance? How are we looking at that?
Sir, my first question is with respect to Niyaara . I was just seeing your sales. So Niyaara sales were weaker on a quarter -on-quarter basis. So I wanted to understand why is that so? Because Oberoi's project, Three Sixty West had a pretty strong momentum even in the second quarter.
Okay. Okay. And just wanted to understand, this quarter, our residential EBITDA margins came in at roughly 11%. So what was the project level margins for this quarter?
Sir, First on the Q4 FY '26 and the FY '26 guidance. My question is that I think we have just one project, which is the Arbour senior living. So, that would be roughly 20 billion GD V, and we have done roughly 160 billion. So, should we expect Dahlias sales only to the extent to meet our guidance? Is that how should we think about the fourth quarter?
Understood, sir. Actually, my next question is on Privana and the IREO land parcel. I didn't see that, I think, in the FY '27 line-up. Is that stacked up for FY '28 now?
Congrats on a good set of results. Sir, my first question is with respect to your Data Center target. So, I wanted to understand what is our Cloud target for FY ' 27 and FY '2 8? And my second question is, how are we looking at the Data Center revenue scale-up in FY '27 and FY '28?
And what about FY '28?
Congrats on the good results. Sir, actually just two quick questions from my side, first is like, I wanted to understand how are you looking at the on-the-ground residential demand, both on the luxury segment and in the mass-market segment? And second is that I think there is a case going on between IREO, AIPL and Oberoi for the Sector 58 land parcel. I wanted to check, would that impact the launch of the project in second quarter next financial year?
Sir, I just wanted to understand your thoughts on the residential demand bot h on the luxury segment and the mass-market segment. How are you looking at that?