Thank you. Good morning, good afternoon, good evening to all of you as per the time zone from which you have logged in, and welcome to the conference call Q2 FY 2027 results and business update.

Firstly, thank you all for taking time out to attend this call. To begin with, we started our quarter by marking our entry into NCR market with our first project launch.

At Oberoi Realty, we've always believed that great developments are built long before they are launched. Through careful planning, design, and an uncompromising focus on quality.

This response from NCR was truly exceptional, surpassing our expectations and underscoring the strong response of Oberoi Realty brand in that region. It was the first chapter of a long and exciting growth story that we intend to write in NCR.

During this quarter, we entered into development agreement with one more society at Malabar Hill. This actually is the third project in Malabar Hill vicinity.

As we speak, over 15 towers rising beyond 60 floors are under construction across our development, underscoring the scale, execution capability, and the growth ambition of the company. We continue to steadily increase occupancy across our annuity portfolio while actively strengthening the tenant mix and premier brands.

You'll be happy to know that all three assets Oberoi Garden City has, which is Commerz, Commerz I, Commerz II, Commerz III, the Sky City Mall, all of them are today near 100% occupancy. Sky City is in Borivali, but even that is ramping up really well.

With this, now I open the floor for question and answer, and both Saumil and I will be happy to take your questions. Thank you.

Hi, Puneet. Good afternoon.

Hi, good afternoon and congratulations on a great start in Gurugram. My first question is if you can also guide on what's happening on Gurugram.

There's been some development on litigation front. What does that do to your plans for the second phase?

Firstly, the matters prejudice, I don't want to comment on that. There is no restriction on us with regards to construction.

As you all know, that even prior to the court intervention, we had already done sales of a little over 8,000 crores. That continues.

In fact, the first phase was sold out. That's where we are.

What was your second question?

Phase two. So, What does it do to your second phase?

Yeah. Second phase, we are waiting for some additional approvals on the second phase.

As soon as that comes, we hopefully will be able to start with that. Again, we don't want to immediately rush into that.

We want to make sure that we are ready with our experience center. We want people to get a glimpse of what we are intending to build, because what we are building is really exceptional.

We will get the advantage of once people see that, they'll really know what we are building and probably help us push our prices higher, as well.

Okay. Also, what is the plan for launches for the second half for this fiscal year?

Again,

we had a bunch of projects that we were originally wanting to launch, probably they'll just slide over a quarter here and there. We have Aurelia at Pedder Road.

We have Tower A at Thane in Jardine that we want to also look at. We have another tower in Forestville, again.

Alibaug is one. We are looking at a commercial building in Mulund, commercial building in Sky City.

We have a new project in Mulund, the Rallis project that we did. Even that approvals are in a very advanced stage.

Frankly, lot's happening. Some part of redevelopment also likely to come up.

Adarsh Nagar not likely this year?

No, again, we are awaiting certain, again, approval clearances. Ready with our design, everything.

Just waiting for certain clearances. Really knocking the door, but it is taking a little longer than what we thought.

Understood. What about the Iven Worli project?

That work has physically started. Then, again, like I said, that we're not really selling anything there.

It's a mall, office, and a hotel. It's being built as planned.

Okay. Work has started, contractor assigned, excavation on the ground?

Work has started.

Excavation on ground has started. There is some additional pile work required, which we're doing as we speak.

We've hired Samsung to do the project monitoring there. It's a marquee project for us.

Samsung comes back. We've signed it with them, yeah.

Understood. That's very helpful.

Thank you so much and all the best.

Thank you, Puneet.

Hi, Murtuza.

Hi, Murtuza. Hi, Vikas.

Hi. It is just a quick question actually more for Saumil.

On the balance sheet we saw some expansion both on current assets and liabilities. Anything specific to read the balance sheet?

It's expanded on both sides, but cash generation is obviously very strong in this quarter, how should we read that balance sheet, please?

Hi, Murtuza. Very simple, the biggest thing during the quarter was the launch for Gurugram.

As you would know, when we bought the land, a part consideration for the land was in cash and a part of the consideration was in area. This was to meet the obligations of the earlier sales and all of that.

In the quarter in which you will launch you have to basically fair value the obligation of giving that much area. That is why you are seeing that expansion on both sides.

It comes as a addition to inventory on one side and it goes out as a provision on the other side. That's all to it, nothing else.

It's just an additional accounting angle to that. It's just a

fair value you've revalued both the asset and liability for that area which has to be given.

Right. For the non-monetary consideration.

Okay. Fantastic.

Just checking, Ritz-Carlton, the hotel, when should we expect this commissioning?

Maybe first quarter next year.

Okay.

Another six to nine months, too.

On Gurgaon itself again, yes we have to deal with the legal issues right now, but how much is the pending sales value out there, and when you look at let's say, FY '28 sales beyond the next two quarters, could we see Gurgaon still making a meaningful contribution next year, as well? Assuming the legal troubles are behind us.

Frankly, even if you open our booking and sell the rest of the inventory, we'll easily achieve that. Like I said, we frankly don't give any forward-looking statement.

Let's see how it plays out.

Okay. Fantastic.

Thank you Vikas. Thanks, Saumil.

Thanks.

Thanks, Murtuza.

Hi. Good evening.

Thanks for taking my question. If you look at 360 North, right, if my understanding was correct, we had mandated 20% of amount to be paid within 90 days of booking, but during the quarter we've received 835 odd crores, which is about 10%-11% of the net sales value.

How do I reconcile both these numbers? Are we yet to get the next 10% the remaining 10% in this quarter, or how does it work?

Gaurav. Hi, Saumil.

The launch happened in the first week of July. Technically, your 90 days will end in the first week of October.

That's why it will spill over into the next quarter. For the last quarter what you saw was roughly around 10% of the billing which was done on booking, that is what got collected.

For the rest of them, you will see that impact in the next quarter.

Got it. Thanks.

Those were all my questions. Thanks.

Thanks.

Thanks.

Yeah. Hi.

Hi, Pritesh. Hi, Vikas.

Hi, Saumil. Just couple of questions.

I'm not sure if it was discussed earlier, but status on RLDA and Iven, when are we starting construction, when are we launching? Specifically on RLDA, have we decided on the mix of how much would be strata sold and how much would be developed for lease?

RLDA also we are in the process of getting our approvals, and we are planning, obviously, offices and a small hotel, and some bit of retail there. We haven't really decided whether we will be selling and leasing or only leasing.

That bit we really are putting that decision. Really, there's no reason either or for one or the other strategy, but just haven't made up our mind.

First, we want to ensure we're working on the design. The design's come up really well.

We want to now form up on the design and then take a call.

Sure. Construction commencing next year, approvals expected next year or this year?

Yes. Yes,

yes, yes. Yes.

Easily. Okay.

For Iven?

Iven, like I said, work has already begun, and again, there no intent to sell as such as yet.

Sure. Sure, got it.

Got it. Update on the other two hotels that we are building in Borivali and Thane, when are we expected to commission that?

Borivali, we can see it's much in advanced stage in terms of completion versus Thane. Just timelines on those two would be great.

Correct. Borivali we are done with our building.

We're actually already with our interiors. I think 1 year from today, we should safely be done with.

Borivali the target is end of next calendar year, I would say. End of next calendar year, next Diwali and around.

Thane, we are yet to start work there, so that is a good 4 years away, because it's also integrated with the mall. It's also, yeah, it's integrated with the mall and a club that we intend to build.

Yeah. Got it.

Got it. Fair enough.

Just one last while I think our MMR pipeline looks good now for growth for next couple of years or 2, 3 years. Just you can share some insights on NCR, how is the BD pipeline building up?

Are we looking at for now Gurgaon, only Gurgaon, because we now have a project there or Noida, Delhi, etcetera, these are the markets which are also open, and where the deals are also flowing in? Just an update on business development in NCR.

No, you're absolutely right. We are open to all three, Noida, Gurgaon, and Delhi, open to looking at projects everywhere, including JDAs or outright.

Happy to use this medium to tell all landowners that we are interested if they have good land parcels. We are open to doing either or, buy the land or do a JV.

Sure. That's really helpful.

Thank you. That's it from my side.

All the best.

Hi, Harsh.

Yeah. Hi, Vikas.

Hi, Saumil. Good afternoon.

Hi. Hi, Harsh.

Very good afternoon. Yeah.

Many congratulations on the super performance in NCR. My question is on the cash flows.

In slide number three, I think in the current quarter, in Q2 our cash margin is close to around 80%. Was this mainly because of the pickup in 360 West?

Is it because of that, and what is the steady-state margin that we can look at?

Harsh, Saumil. So, 360 North technically, not 360 West.

If you look at it, in one of the questions earlier also it was referred that the collections in 360 North are somewhere in the region of about 830 crores. That is the one which is contributing very well to the cash flow.

Obviously, in that one there is no revenue recognition or anything. That is where you are seeing that whole bit of cash coming in.

That is what explains what those numbers are.

Sure. What is the construction outflow that we should be working on for this year?

Construction outflow in terms of for the ongoing projects?

Yes, for the ongoing projects.

Should be in the region of about when you are saying for this year, for the whole year?

Yes, for the full year.

For the full year, it will be in the region of about 1,000 odd crores.

Understood. Any updates on the forthcoming commercial assets, except for the Iven project that we are working on?

For Sky City office asset that we are working and the other in Thane?

Thane there is no office asset. If you're looking at the annuity portfolio Thane is the mall, the hotel and there is a club attached to it, and then there is a school.

Obviously, all of these costs are going to get spread over about 4 years. That will be one thing.

As far as the Borivali asset is concerned, again, something where the costs will get spread over 4 years. We'll have to work that out.

That's close to about 8 to 10 lakh square feet in terms of area. That will again get spread out over a period of 4 years.

Did I miss any of the assets that you mentioned?

No, I think, Saumil, broadly it was covered.

Just one last thing. Wanted to check on the demand in the luxury market because I think this quarter we have seen some uptick in 360 West also apart from the super performance in 360 North.

How are we looking at demand, and are we able to take some price appreciation at the current assets? Yeah.

Just 1 second.

Hi. Luxury market is very well-placed.

I would rather continue to sell than push prices higher and I think yeah, so that's what I would leave it at. I don't intend to push pricing.

Wherever, let's say, I'll just give you an example. Oceanic, we started with 150,000 rupees a square foot, pushed it to 170, 180.

Wherever there is headroom and there is progression on the project, there is natural appreciation, but other than that, luxury market's very well-positioned. We'd rather let it be where it is.

Understood, Vikas. Thanks a lot for taking my questions.

Thanks, Saumil.

Thanks, Harsh.

Thanks.

Yeah. Hi, Vikas.

Hi, Saumil.

Hi.

Hi, thanks for the opportunity and congrats on the Gurugram success. Vikas, while you briefly touched upon the luxury market, but my first question is actually on the pricing and the macro backdrop, because if I look at projects like 360 West where you've seen a sharp price increase in the past 6 months compared to FY '26, the sales volume has seen a considerable decline, at 10 units sold in FY '26 versus three YTD in FY '27.

Similarly, Elysian has seen a very sharp price increase, though that's come with lower sales velocity. Compared to that, when I look at both Jardine and Forestville here, which are sub-3 crore ticket sizes, we've seen a very solid sales velocity, but the pricing growth hasn't been there.

Are you seeing any trends in Mumbai where premium segment is doing well perhaps, but luxury and super-luxury segments are seeing softer offtake overall?

Not really, I would say. Like I said, Oceanic is a luxury product and we've been able to increase price.

Similarly, when you see 360 West, it also depends on what floor has been sold. If it's a higher floor, then you obviously sell it at a premium.

If it's a lower floor, then it sells cheaper. That's one part of it.

Thane, very clearly, we have enough inventory and you will see a price increase in Thane also in a bit, because there is an input cost increase. We obviously are contemplating that within ourselves, also.

Overall, I'm just saying that there's no resistance in any specific area. See, even in Thane now, some of these buildings have topped up.

Some of these buildings now are shaping up well. People in the local vicinity now see, "Oh, this is really turning out to be the way they thought."

Hence, we see velocity in Thane, as well. Very project-specific.

There is no market-specific, I would say, indicator that whether one should or should not increase price. They are very micro market-driven, and, in fact, even further, they are more driven by the cyclicality of that project.

If that project got all approvals and it's topped up, confidence of people in terms of delivery is much higher and all of that. I think we base our prices on so many more factors than merely market.

Markets get driven by the emotion that you play with, and rather we do that way. If I increase my price in Thane, everybody will say, "Oh, Thane market's appreciating."

That's more to do with where my project is.

Sure. This is helpful.

Secondly, on BD, historically, your BD to launch conversion has averaged around 3, 3.5 years. With the existing pipeline, you have a very strong visibility for both FY '27 and FY '28, but it's been a year and a half since you announced Bandra RLDA and about 6 months plus since you announced both Aaram Nagar and Pedder Road.

On BD, if you can give some color at what point in next 6 to 12 months do you expect to close sizeable opportunities similar to these and Gurgaon? Also, when you spoke about NCR, are you only evaluating residential projects here, or are you actively evaluating entering the annuity opportunity, too, in this market?

We are open to buying land for malls, for offices, even any other annuity asset in NCR. With regards to the BD, I can't tell you what I'm negotiating for [laughter], because that'll be such a giveaway.

Obviously, BD efforts are on, and as soon as we close, we will let you know what we bought. We can't tell you what we're buying.

Yeah.

Sure. Lastly, on Mulund, Eternia's price is up 22% YoY to about 36,900 plus, and Enigma only has 76,000 square feet.

That's about 38 38 units left. Is the next Rallis launch being priced at 38 to 40,000 rupees per square feet, and can it realistically launch in Q4?

Frankly, thank you for pointing that out. We are internally debating, as we speak, what should the price there be.

Again, Mulund also now, the building is so well-received. We've not only made a building, but created a community.

In fact, I had some members coming here, and I was telling them with so much pride that it is people who live in the building eventually make the community. Once the building is ready, all the price appreciation happens, because people who haven't bought now want to buy into that building for two reasons.

One, for the quality of the work we've done, but also for the fact, the community that now lives in. Buildings that are ready actually end up commanding that kind of appreciation of price.

The same thing, I would say, is applicable to Sky City, also. The kind of people who bought into that building, now they are living there, and the community that's got created is actually now attracting people, and hence, there's a price rise.

Just to probably tell you why prices go up, there are so many factors that drive pricing to go up.

Sure. Just one short question, given the success of 360 North and the kind of pricing growth at 360 West, is a product like 360 South under consideration at some point in the near future, or you think that entering the South India luxury housing market is too far-fetched at this point?

No, you can never count that out ever. I can't give you a guarantee of when.

I have been offered land parcels. In fact, now, there are landowners who approach us by telling us that, "Why don't you do a 360 West or a 360 North kind of product?"

Yes, unintended, but 360 is become a brand, and people are really wanting us to build that many more in other cities. Yes, very excited, very happy.

It just happened. We will be more than happy to explore.

Great. Thank you.

Those were my questions. Thank you, and all the best.

Thank you.

Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis.

Please feel free to reach out to us or our investor relation team, and as and when you have a question. Thank you once again.

I also want to tell you that tomorrow we complete 16 years of us listing on the stock exchange, and all this would have never been possible without your support. Thank you, again, and happy Diwali, and happy Dussehra to everyone.

Thank you.

Thank you, everybody.