Thank you. We will now begin the question and answer session. The first question comes from the line of Praveen with Morgan Stanley. Please go ahead.

Thank you very much. First of all, big congratulations Vikas and Saumil on your success with Three Sixty North. My one question is about the sustainability of sales. So, the way I think about

it, if you do Phase 2 next year, at least in FY27 and FY28, you should be running at Rs. 100, Rs. 120 billion of sales easily. We had earlier expected probably Rs. 60, Rs. 70 billion. So, the question is mainly the sustainability of this kind of business volume at a very high margin or without sacrificing margin of 50% plus that you have been generating for so many years. Can it be achieved or there are some considerations? And also wan ted to check related to that question is, will you sell the Phase 2 of Three Sixty North like Phase 1 or would you sell it slowly like Mumbai Three Sixty West to optimize the pricing? Thank you so much.

Hi Praveen, thank you for your kind words. Firstly, you know, for Three Sixty North, our strategy was that we wanted to get into a new market and obviously we ourselves were overwhelmed with the kind of response we got. We were frankly not expecting and yo u know, we simply decided that -- we will honor each and every customer that comes into play. So, whatever we had in terms of offerings, we opened the entire booking and let people, you know, have that. The next phase strategically will be launched only next year and there are multiple reasons. If you see the value that we've sold is good enough to take care of our entire construction, in fact, much more than that. And so, this project as far as financial closure goes is complete. Next phase, how we'll launch, when we'll launch and at what price we'll launch, we still want to, you know, discuss that internally. And your assumption about NCR added to Mumbai, those numbers obviously will go, you know, to whatever you're presuming or maybe even beyond that. And see, margins have got nothing to do with how much you sell. It's how you strategize your product. Firstly, it begins with how you buy your land, how you strategize your product and how you approach the market. So, we are very confident that our margins will continue going forward. And Yes, so did I miss out on any of your questions?

No, I broadly got it. I just wanted to understand if a very high level of sales that we are achieving in FY27 will be maintained and can be done in terms of execution, in terms of construction and so on or there are some constraints.

No, in fact, Praveen, we believe that we have cracked the code as far as volume and quality is concerned. So, you know, as a company, we feel we can build more and we can build better than what we did. So, the way we've built our entire team of contractors who we outsource is really solid and, you know, so we are very ready to be doing volume and at a very good quality.

Thank you. That's all from me.

Thanks.

The next question comes from the line of Puneet Gulati with HSBC Bank. Please go ahead.

So again, you know, I don't want to talk about the litigation because it's prejudice, but there is absolutely no, you know, we have customers who refuse to take refund of the deposit that they've given, EOI deposit that they've given us. They want to wait if there is any cancellation, please give us and all. So here we are pushing them to take their money back because we have no flats to offer, but people on the contrary are waiting. So very humbling, very, you know, I would say very thankful to God with the way all this has panned out.

That's very nice to hear. Secondly, if you can talk a bit about where are you in terms of approvals for Adarsh Nagar and what should one presume as a potential timeline of launch?

So, Adarsh Nagar continues to be, you know, we are hoping a Q3 launch. You know, we had last time said it'll be anywhere between Q2, Q3. We're hoping for a Q3 launch. We – so wanted even Three Sixty North to be the Q1 launch, but missed them by a few days. So, you know, given how our industry works, I always keep a cushion of a quarter here and there, but looks like Q3 is when we will launch Adarsh Nagar.

So, what approvals still to take from your perspective?

Some, like, you know, like how we want to build as -built approvals, the typical IOD and all of that.

Okay. And lastly on Ritz-Carlton, what's the timeline for that?

So, I think we said that either within the end of this financial year, we should be ready. I would say 80%, 90% of interior work is done and it's just the last mile that we are finishing.

Great. That's helpful. Okay. Thank you so much and all the best.

Thank you, Puneet.

The next question comes from the line of Gaurav Khandelwal with JP Morgan. Please go ahead.

Hi, good evening Gents. Thanks for taking my questions. Most of my questions are answered. I just wanted to check one thing on the Cash Flow Statement. So the new disclosure is really helpful. But for the Rs. 786 crores, which we've paid towards upcoming development properties, are these mostly for Three Sixty North? And also for context, can you tell us what was the Q-o- Q and Y-o-Y number?

Hi Gaurav, I think I'll let Saumil answer this.

Hi Gaurav, so as far as NCR is concerned, out of the 786 only, it was only about close to 200 that related to NCR, the balance didn't. The Q-o-Q and Y-o-Y number, we can work on that and we can discuss that with people separately. But as far as NCR is concerned, that's only 200 out of the 800.

Got it. Thanks for that. And just another question. When I look at the residential operating margins for this quarter, that's closer to 51% -52% compared to 55% in the last 3 quarters. So

what is driving the lower margin? Is this cost impact due to higher commodity prices or what is it that is driving a lower margin?

So typically, what happens, Gaurav is my overall margin will always depend on what the overall mix of the projects that are coming in through revrec. So -- and not all projects as you would appreciate, work at the same margin. So they are all high margins, but not everybody works at the same margin. So for example, if I have anything from Three SixtyWest coming in, then that comes in from with really good number, with a really good margin. So it all depends on which projects are there within that. Some will be lesser or some will be higher. So we have -- we have project margins ranging from about 43%-44% to 65%-odd. So depending on the mix, which comes in, that's where that number goes up or down. Nothing extra in terms of cost or on account of cost impact or anything, because those budgets are always there. So you will see we use estimates for the purposes of our percentage accounting method. So those costs are always kind of -- you have contingencies which are built into the budget. So those don't really impact as much.

Got it. So it's purely a function of sales mix then in that case?

Correct. Correct.

Thank you so much. Appreciate this.

Thank you so much, Gaurav.

The next question comes from the line of Pritesh Sheth with Axis Capital. Please go ahead.

Hi. Thanks for taking my question. Largely, on NCR. Firstly, in terms of the size of the project, I think when we announced, we announced that the potential to be 2.6 million square feet on carpet area. Right now, we have sold 1.4 approx, does the size remain same, 2.6 or has there been any change since this was acquired 2 years back -- and is all these area RERA approved or some of this area will also come from the higher floors, which we are planning to build there?

Correct. You're very right, Pritesh. In fact, you have also answered that in your own question. If you even prior to this, somebody asked about a Phase 2. So, there is obviously going to be a Phase 2 for this and that is the balance area. So that will, com e in later. In the current phase, as much as we had gotten RERA approval for, we launched. And when we get the RERA approval for the balance phase, we will bring that also.

Okay. Okay. And the size remains 2.6 million square feet on carpets?

Correct.

No, no. So Pritesh, the 2.6 million basically is the net effective area available to us. This does not cover the IREO customers. So even the number which we announced of 1.4 million, that does not cover the IREO customers.

Okay. Okay. Fair enough. And in terms of the pi peline now, sustaining this Rs. 8,000 crores, obviously, we have a balance phase here, but Otherwise, how should we think about the future pipeline? Have you already started evaluating proposals now that we have almost sold half of the project and probably you would need pipeline for sust aining the sales in future ? So how should we think about business development in NCR from here on? Would it be this year or probably next year, we'll probably close something in NCR?

So Pritesh, business development. This is Vikas, business development for us is everyday job. And we are -- what we really did back then, of course, again, like I say, that it was not expected. But all we want to tell is that we also know how to play this volume game, and we know how to build in quantity and build quality as well. So obviously, we've enjoyed thi s ride, and we will continue to do that. For us, like I said, business development on everyday job, and you'll see similar action in many other projects of ours.

Sure. That's helpful. That's it from my side. All the best. Thank you.

Thanks, Pritesh bhai.

The next question comes from the line of Akash Gupta with Nomura Holdings. Please go ahead.

Hi sir. Congratulations on a great performance for Three Sixty North. My question was on the launch pipeline that we have for the balance part of the year. In addition to Adarsh Nagar, how are we thinking about launching the other projects in terms of launches and approvals for the balance part of the year?

So again, we spoke about all our projects. Today we have Aurelius which is on Pedder Road. We'll be launching that. We have two towers, one each in Pokhran Road and Kolshet, which we will launch within this year itself. Then we have a project in Alibaug that we will launch. So lot on in the pipeline. I mean, again, yes.

Understood. My second question is on the Three Sixty West. The off -take has been slowing down since the past 3 quarters. I mean, we sold four un its in the second quarter of FY 26, now we're down to one unit. And we are also bringing in new Adarsh Nagar inventory this year. So how should we think about the off -take in Three Sixty West and by when are we planning to consummate the entire inventory?

So, again, a lot of re-sale has happened or rather I wouldn't call it resale, sales by our, erstwhile land owner/partner in Three Sixty West. So the flats are selling. It's just that, you know, like now we are the only ones left with inventory, so you'll see some momentum there also.

Understood. Thanks for that. And then just the final question on the revenue recognition on the residential front. It's slightly lower than the past 3 quarters, roughly Rs. 8.8 billion versus the

last three quarter rate of Rs. 14 billion to Rs. 13 billion. Can I know like what's the reason behind the drop in Q1 FY27?

Yes. Hi Akash, Saumil. So, depends on two things. So for example, where we are selling finished units like in the case of Three Sixty or in the case of Mulund, there the revenue recognition will happen once the final payments from the customers are received and the possession is handed over. As far as the other projects are concerned, there the revenue recognition happens on the basis of percentage of work done. So that's the only dichotomy which is there. So at times, for example in Mulund if somebody pays you on, 5th of July instead of 30th of June, then that recognition gets deferred, to the next quarter. So it's only a question of how that, basically the order book is there, the only thing is how it flows through the P&L. That's all, you know.

Understood. That's all the questions I had. Thank you so much.

Thank you.

The next question comes from the line of Rahul Jain with Elara Capital. Please go ahead.

Hi sir. Just a quick clarification on Three Sixty North. The gross bookings of Rs. 80 billion plus, I mean, all the allotment related to these bookings are done or are there any pending allotments that are there?

In the sense of allotment or, I mean -- allocation, all -- Yes, all done.

Okay. Okay. So it's completely distanced from the court ruling.

Yes, yes.

The next question comes from the line of Karan Khanna with Ambit Capital.

Thanks, Vikas. So on my side, firstly, given the success that you've seen in Gurugram, and in a recent interview, you also mentioned you would like Gurugram to become a bigger market than Mumbai. Given that context, what kind of discussions are you having with landowners in the market in terms of BD? And perhaps what kind of partnerships are you evaluating in the market? And if you can talk a bit about how are you looking at the opportunities in Delhi and Noida as well and price points or segment that you would like to operate into in the entire NCR market over the long term?

So, Karan, like I said earlier, that business development is literally an everyday job for us. Now our focus has increased, and we have now started including NCR, both Noida and Gurgaon for that. We continue to get offers but we are mindful on what we want to do, how we want to do for us, land, location, everything is really important. And I can only answer it in this many words -- can't tell you specifically what BD project we are pursuing, we do it all the time. And you hear over time. In terms of markets, we work on -- we

work in a market like Thane where sale prices are anywhere between Rs. 20,000 and Rs. 25,000 on carpet. So, we are happy to work within those markets. If you have a market like that, we want to ensure that these are growing markets. And there's a large enough land parcel for us to monetize over time. And that's exactly what we will do when we go to either No ida or Gurgaon. And what I like about that market and what prompted me to say that was that I feel that, that market has both width and depth, and we really want to play that market. That's about it.

Sure. And then secondly, on the price hikes, can you talk about the quantum of price hike that you have taken in the past few months to absorb any inflationary impact owing to the imposed cost inflation? And how is the absorption of the price hikes in the market? And a follow-up, if you look at Eternia, where your realizations have actually crossed Enigma during the quarter. So, given that you have more launches planned in Mulund what kind of price points are you looking at in terms of future launches in this market?

So Karan, our strategy is always to be proactive when it comes to pricing, if you see what we've done in both Goregaon and Borivali, we increased our price -- and in fact, I must say that the markets have helped us. All the apartments that are being resold in Borivali and Goregaon continue to sell at higher prices, buildings that are being complete are actually setting new benchmarks. So, I must say that my customers know how to sell my apartment better than I do because they literally lead the price increase. And so for us, it's not like we wait for any external factor we ensure that there's a constant price hike, and that's why there' s no -- like no knee-jerk reaction on increasing a price just because external factors are not favorable or anything like that. So it's all planned. We always have contingency also planned. We have price increase plans and we exactly know when to increase the price, all of that. So, we do that.

The next question comes from the line of Harsh Pathak with Motilal Oswal Financial Services.

So first of all, many congratulations on the NCR performance. So, my first question is on the launch pipeline. Vikas you just mentioned that we have the Peddar Road project, the new phases at both the Thane projects, the Alibaug and I think Tardeo also in the pipeline. So which of these projects will come up in FY27 and which would get launched in FY28. And is there a possibility that this Nirmal Lifestyle project in Mulund will get launched in the FY28 pipeline as well?

The projects that I named, all of them are in FY27. There is a good possibility that we might bring in Mulund also and within the '27 because now we don't have any project in Mulund other than these two that are continuing to sell and they are ready. So we are ready as far as designs are concerned. We are already on approval stage. So even if let's say we get our approvals within the next three or four months, we can still look at a launch in the last quarter. So, we play that out. But we have enough and more happening in '27, not thought of '28 as yet. Or at least don't want to announce '28, it's too far-fetched.

Understood. And regarding the NCR balance inventory, I think in one of the media interviews you mentioned that Rs. 16,000 crore is, the total GDV of the project. So are we thinking to launch the entire inventory in one go next year or maybe we'll launch in a staggered manner?

Harsh, I really hope you are right in 16,000, but I mentioned 14,000. I'll still try to get 16,000 now that you've told me, set a new target for us. No, on a serious note, sorry, what exactly was your question? I got a little fluxed in your 16,000 versus my 14,000.

Yes, so my question was are we thinking to launch the entire balance inventory in one go next year or we would be doing in more staggered manner over the next two-three years?

Honestly, we have not thought. We will think through and we'll see how we play that out. We've really not thought through. It will depend on multiple factors. Where are we in terms of our construction, what phase are we. Our first objective is to get the show apartment ready. We know we are doing something really special. Once that apartment is ready, I'm sure people will appreciate what we've done and we'll look at that reaction and then decide. But it's really, it's there in the offering for the next year for sure. How much, what price, I can't say that today.

The next question comes from the line of Abhishek Lodhia with Antique Stock Broking.

Yes, hi Vikas and S aumil. Just one question. So basically, we kept on harping about the execution challenges, right? And now we are talking about value with volumes. So how we are planning about the execution, the contractor side, the labor side and all. So that's what I thin k I want to understand?

So like I've been telling people that we believe that we now have cracked the code as far as execution is concerned. We can build volume with quality and that's exactly what we intend to do. We have our systems in place. We've been in the business for too long now and we know how to build quality and at a decent speed. And this is what we've been working on. If you really see, we are probably amongst the few developers who are as we speak constructing almost 18 towers which are anywhere between 60 and 65 floors. So, at various levels of construction. So again, we already are doing volume and now it's just a case of replicating. We have an excellent team in place. We have our external partners and that's it. So, we are at that stage today, I would say we've hit some sort of a tipping point where we can now really go into our next phase of expansion. And again, our brand name is he lping us. We are able to – easily -- the way we were received in NCR, I feel confident now that -- yeah.

Just one question Saumil on our Sky City Mall, right? The occupancy has increased, right? And I think the revenue has not been in sync with that. So, anything to read on that?

No, so what had happened was in Q4 of last year, there was a lot of true-up which we did for all the retailers who had come in since launch. So that is why there was a little bit of a bump -up in that quarter because of that. And that is why that number despite a lower occupancy might look to be higher than what the revenue for this quarter was.

But yes, I don't want to read anything more than that. So that would have been a one-time thing which has played out. From here onwards, I think you can consider this as a base. Even this I will not consider it as a base because what happens is, when we say this is the occupancy for the quarter, this is typically the occupancy at the end. There are many retailers who, some for all the new things which has started during the quarter, some will be for three months, some will be for two months, some will be for one month. So, if you look at our numbers for Commerz I or you look at our numbers for Oberoi Mall, which is a more comparable asset, there they don't move around as much. So that's where once you hit steady state, then it works slightly differently. So maybe give it a few more quarters for the mall to reach steady state, then, I think then you will get a fair estimate of how much that mall will make every quarter.

Ladies and gentlemen, we would take that as the last question for today. I now like to hand the conference over to Mr. Oberoi for the closing remarks.

Thank you all for taking time to take this call. We look forward to hearing from you on an ongoing basis please feel free to reach out to us or our Investor Relations team as and when you have any questions. Thank you again. Thank you all for your continued support.

Thank you, sir. Ladies and gentlemen, on behalf of Oberoi Realty, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.