Okay. So Puneet, I mean Aakash , I'm not sure -- Aakash unfortunately is traveling, so his connection is patchy. So Aakash, you want to talk about the launch pipeline?
Go ahead, Aakash.
Questions across 9 calls
Ashok Tyagi
Firm not listed in source transcripts
DLF Limited
Yes.
And Puneet, just to, I mean, reiterate one more point that if you now look at the last three or four years, Q3 always gets impacted by a GRAP. I mean, 30 days, it could be 45 days, but effectively like between one to one and a half months in the entire year does get lost unfortunately to the entire pollution-related GRAP measures. And I think most of it happens in Q3, unfortunately.
Thank you.
So Puneet, I mean just to refurbish what Aakash is saying, people upgraded from -- they have taken 2, 3 bedrooms. They upgrade to, say, a 4-bedroom and in the process releasing. So I think about 25-odd apartments have gotten released. This is reflecting in the negative sales in this quarter in OMT. And this, I'm sure with the demand should be more or less done in the hopefully, the following quarter, if not latest, in the next quarters.
Thank you, Sriram. So, we are now open for questions.
That is correct.
No. So one point. I think the total construction cost on a carpet area basis that's been filed is, if I'm not mistaken, about INR18,000 or so, which translates to a lesser number on a scalable basis. So there are two pieces here. Frankly, some of the accounting on it will get settled over time, which is that apart from the buildings and their construction cost there, there is a massive lake park, etcetera, that is also being developed, as well as there is an infrastructure that will be developed, I mean, to basically have a seamless connectivity. So I think some of those costs will also settle here. B, also please appreciate that the club that is being slated for the Dahlias will almost be 2x. Correct me, Aakash, if I'm right.
2.5x is the size of the club in Camellias in that sense.
No. So one point. I think the total construction cost on a carpet area basis that's been filed is, if I'm not mistaken, about INR18,000 or so, which translates to a lesser number on a scalable basis. So there are two pieces here. Frankly, some of the accounting on it will get settled over time, which is that apart from the buildings and their construction cost there, there is a massive lake park, etcetera, that is also being developed, as well as there is an infrastructure that will be developed, I mean, to basically have a seamless connectivity. So I think some of those costs will also settle here. B, also please appreciate that the club that is being slated for the Dahlias will almost be 2x. Correct me, Aakash, if I'm right.
2.5x is the size of the club in Camellias in that sense.
So, in all fairness Puneet as you are aware that the reported numbers and the reported margins are based on the possessions issued for a product mix that was sold between 3 to 5 years back. As the proportion of Camellias possessions start reducing and I think now there are just about 30-35 Camellias left for giving possession now, you will see at times some of the slight softening and obviously it will be buoyed at times by luxury floors coming in for completion, etc., So, I wouldn't sort of put too much attention on the historical reported margins. Our embedded margins for new product launch continue in the late 30s and hopefully with the LUX 5 during the later part of this year we should be back to the mid-40s that we have charted ourselves for. As far as the other revenue is concerned, I think clearly with now with us carrying a cash balance about 5,000 crores in RERA accounts alone and about 2,000 odd crores in addition to that, our quarterly interest earnings on fixed deposits, both mandatory and otherwise is now running it in excess of 125 crores a quarter. Then in this particular quarter there were some other interest incomes including one from an income tax refund that was ordered in the case of DLF Limited from the tax department.
The number of the income tax refund?
Okay. So, the Chennai, I mean the total transaction value of Chennai was about Rs. 730 odd crores, and all of that got collected in this quarter. Total through the year, our collections net of the Chennai transaction w ere about Rs. 7600 odd crores. It was Rs. 8,300 crores including Chennai, about Rs. 7,600 crores excluding Chennai, which runs at about Rs. 1,900 odd crores per quarter. I mean, obviously, there will be spikes across quarters and we are frankly targeting for this number to grow by at least 15 odd percent on an ongoing basis for next year.
So, if you look at, the Arbour had been launched in the previous year and Arbour collections came in now. I mean, the bulk of the first 35% Arbour collections have now come in. The subsequent collections will now come with stated construction milestones. Privana South and Privana West will have strong collections in the next fiscal. But please also appreciate the large chunk of our collection engines for the last 2 years was driven by the completed Camellias, which were all sold at a nine-month timeline and really as the Camellia’s existing inventory is now winding down, that particular support will no longer be available. So, now really, I mean, in some sense, this year will be the first year where the new products launched in the last couple of years will be driving the entire collections mechanism.
Okay. So I'll hand over to Aakash really for elaborating. But on an overall basis, the key projects that we are ready for launch now is clearly a, the next phase, and hopefully subsequent phases of our immensely successful launch in Privana. There would be a luxury project coming up on the Golf Course Road in DLF 5 for sure. We have a launch lined up in Chennai of a luxury project and 1 lined up in Goa. We will have the first phase of our Mumbai launch next year, and we'll have a small launch in Panchkula. Aakash, you want to further talk about this.
So I think, obviously, the margins will be driven by individual launches, an example the DLF 5 launch will obviously have the highest margin amongst everything. But overall, I think we should be ballpark in the pivot of 45% to 50% on the overall margin for new launches.