Thank you, Muskaan. Good afternoon, everyone.

On behalf of Axis Capital, I welcome the management and participants to the call. From the management of Prestige Estates, we have Mr.

Irfan Razack, Chairman and Managing Director; Mr. Zayd Noaman, Executive Director; and Mr.

Amit Mor, the Chief Financial Officer. I'll now hand over the call to the management for their initial remarks, and then we can open the floor for question-and-answer.

Over to you, sir.

Hi, everybody. Actually, I'll ask Zayd to give his opening remarks.

After that, we'll take Q&A.

Good afternoon, everyone, and thank you for joining us today. FY26 has begun on a very strong note for us.

Building on the momentum of the last few years, we've delivered yet another strong performance this quarter both operationally and financially. Riding on the sustained demand across our key markets and a healthy pipeline of launches, we achieved a record-breaking sales of ₹18,143 crores in the first half of this financial year.

That's a 157% year-on-year growth, surpassing our entire FY25 full-year sales in just six months. In Q2 alone, we clocked sales of ₹6,017 crores, up 50% year-on-year, with 4.42 million square feet sold across 2,069 units.

Average realizations continue to strengthen, with apartment prices rising 8% year-on-year to nearly 15,000 per square foot, and plot realizations increasing 43% to ₹9,500 per square foot. Collections also remained very healthy at ₹4,213 crores in Q2, marking a 54% increase year-on-year, taking our half-yearly collections to ₹8,735 crores, a 55% growth compared to last year.

Our performance continues to reflect a balanced geographic mix, with Bangalore, NCR, and Mumbai leading the way, together accounting for over 80% of sales this quarter. It's also worth noting that our NCR portfolio contributed a significant 45% of the half-yearly sales, reaffirming our success in scaling up outside our home market.

On the development front, we launched 3.87 million square feet in Q2 with a GDV of nearly 4,000 crores, taking our half-yearly launch to 18.81 million square feet with a GDV of 17.5 thousand crores. Some of the key launches included Mayflower at The Prestige City in Indirapuram, that's NCR; plotted developments such as Autumn Leaves, Greenbrook, and Twisted Lawns in Bangalore.

We also achieved completions of almost 8 million square feet in the first half, including large-format residential projects like Aspen Greens and Avalon Park at The Prestige City, Bangalore. This quarter also was a very special one for us as we crossed the milestone of 200 million square feet of completed development since inception.

This is a very proud moment that reflects the scale, the consistency, and the legacy of our growth journey. On the business development side, we continue to build a strong pipeline for our future growth.

During the quarter, we added five new residential projects, translating to a GDV of about ₹12,600 crores. This takes our total business development for the half-year to around ₹33,000 crores across Bangalore, Hyderabad, Mumbai, and Chennai, reinforcing the momentum of our expansion across our key micro-markets.

We also entered into a leasehold agreement with BIAL, that's the Bangalore International Airport, for 14.2 acres of prime land for development of world-class convention center with a luxury hotel along with retail and office space near the airport. Turning to our financial performance, in Q2, our revenue stood at ₹2,698 crores, up 11% year-on-year.

EBITDA grew 57% to ₹1,176 crores, with margins expanding to 43.6%. PAT nearly doubled, growing 95% year-on-year to ₹458 crores, with margins at around 17%.

For the first half of the year, revenue was ₹5,156 crores, up 16%, and EBITDA rose 31% to ₹2,231 crores. PAT for the first half came in at ₹769 crores, up 42% year-on-year.

Across our annuity portfolio, performance was steady. In offices, we saw gross leasing at 2.3 million square feet during Q2, with portfolio occupancy at 93%.

FY26 exit rentals projected at 822 ₹820 crores. In retail, our malls recorded a 10% increase in GTO, touching ₹623 crores, with footfalls of 4.8 million during the quarter, and occupancy at a high 99%.

Exit rentals for FY26 are expected at around ₹275 crores. Overall, it's been a period of strong growth, geographic diversification, and operational discipline.

We continue to focus on executing well across our existing projects while preparing to launch a robust pipeline in the coming quarters. With this, I open the floor to your questions and suggestions.

Am I audible?

Perfect. Hi, sir.

Thank you for taking my question. Congrats on excellent performance.

My first question is that is there any update on the Prestige Hospitality IPO? What's the status there?

It's work in progress, Akash. We are working with the bankers, and we are trying to see that the book is fully done, and hopefully it should happen soon.

Okay. My second question is on your pre-sales guidance.

We have already achieved 70% of our guidance in the first half. If I understand, your sustenance sales are already running at 30 to 35 billion per quarter.

Just on sustenance sales, we'll achieve the guidance for this year. Is there any upside risk to the guidance, how are you thinking about FY26 pre-sales?

We'll take it as it comes. You only answered it that my sustenance sales will give me another 6.5 thousand crores for the next two quarters.

You've done the math, and then if we have some few launches which we are planning, it'll obviously pick up the whole thing. Let's see how it goes.

I don't want to either decrease or increase my guidance which I've given you earlier.

Okay. Sir, we have GDV of new launches in our PPT that we have disclosed that it's roughly at 273 billion.

How much of these launches are we planning in the second half? Are we planning this entire launch pipeline in the second half or we are planning some percentage of this or what are key launches in the third quarter or fourth quarter?

Now this is a function of getting the approvals and getting the RERA. I believe that four projects can get launched this quarter itself, which is the Marigold Phase 2, and then we've got Prestige City Fernvale as well as the Eaton Park, both in The Prestige City, Sarjapur.

Then we've got Evergreen at Prestige Raintree Park, that's also a fairly large GDV. These three residential high-rise, and Marigold, of course, is a plotted development.

I think this 3 plus 1, 4 should be able to get launched in this quarter itself. There could be a slip in case there's any delay in approval, but all things are pointing out that we should be able to pull this off.

Then we do have in Hyderabad, we have the Golden Grove in Tellapur, which is a fairly large development which is about 9 million square feet. Then that's a function of approval.

If it doesn't happen this quarter, it will certainly happen the following. Then we have also the Banjara Hills property.

Finally, I think we'll get the approval challan in a couple of days, and if I'm able to get RERA, maybe we can launch that itself. That is called Prestige Rock Cliff.

We won't launch that till we spruce up that whole place and get our thing. It's all work in progress.

Got it. My final question, sir, is on the BKC and Mahalaxmi assets.

Any update on the leasing demand or how is it panning out?

The leasing demand is actually really encouraging. In BKC, we have pre-leased over 1.6 million square feet.

Also in Mahalaxmi, there's quite a good demand. Now I have asked my team to go slow and not to commit anymore because let the asset get ready, otherwise it'll be a whole lot of pressure.

Of course, we like the pressure. I think BKC should be ready for the occupiers to start fit-out in the calendar year 27.

26 the project should get ready, and in 27 calendar year we should be able to give it for fit-outs. Similarly, for the Mahalaxmi, we should be able to get the project up and running in the calendar year end 28 or 29 beginning because that's a high-rise, whereas BKC is not high-rise, it's only 19 floors.

We've out of the ground fully, and I think work is going at a brisk pace.

Got it, sir. That's all the question I had.

Thank you so much for your time, sir.

You're welcome.

Yeah. Hi, am I audible?

Very audible.

Yep. Thanks for the opportunity, and congrats on the very good set of numbers.

I just wanted to check couple of things. Firstly, on the lease agreement that you have done with the Bangalore authority, if you can share more details in terms of specifications, what's the development potential there, that would be helpful.

Secondly— The leasehold agreement with Bangalore that we have done within the quarter.

BIAL, okay.

No, no.

It's a mixed development. Saurabh, you have any other question, you finish, then I'll answer.

Yeah. Secondly, again on the Hyderabad auction land where you've outlined the residential portion in that project, how should one think about the development potential for retail and office?

Yeah. Now, the first on BIAL, that's going to be a mixed-use.

We've done that in our hospitality vertical because that will be more of hospitality, convention, and performance arts, and culture. It's going to have a St.

Regis hotel. It's going to have a Marriott Marquis and a big, huge convention center as well as support retail in terms of food and beverage and a bit of luxury retail.

Leftover FSI will obviously be office. That's how the overall master planning is in progress.

We've got foreign architect called SOM that is doing the design. Once the designs are ready, we'll be submitting for approval.

Then you talked about Hyderabad, which we just recently purchased. Hyderabad, I think the development potential there is about 3 million-plus square feet.

Out of that, 1 million will be residential. One-third of it will be residential, that is for total development, and the balance 2 million will be office.

Of course, there again the same thing, we'll have some support retail in terms of food, beverage, and some support retail will be the part of the whole thing. There will be some other stuff like city club and other things.

That's also under progress for design. Here we've got OMA as the architect, and I'm pushing them hard to get us the design.

Sure. Thank you.

Those were my questions. Just just last, one more bit.

Of the 24 million square feet ongoing commercial projects that we have, although we have done quite a good progress on leasing, just wanted to check how much of this 24 million million square feet is pre-leased so far?

No, it's all work in progress. I think, finally, by the time the product gets ready, we will be leased out.

In fact, we are not leasing out everything in one go because then it'll be a quite a loss, you see. We are on the job, and I believe that there is a good traction, good demand.

Once the product is ready, it will be leased.

Sure, sir. Thank you.

That's all. Those were my questions.

Thank you.

Hi. Congratulations for a great set of numbers.

A couple of questions from my side. First, you mentioned about the four project launches that we expect to happen in Q3.

Would be great to hear your views on some of the project launches that we are targeting for Q4, and also what is the status of approvals on those projects?

Parvez, I just mentioned that we are going to launch the Prestige Raintree Park Evergreen component, and Prestige Fernvale as well as Eaton Park, both in The Prestige City, and Prestige Marigold plotted development. All of these will happen in this quarter.

The following quarter will be the Golden Grove, and we'll also have the Rock Cliff in Hyderabad. This is a work in progress.

This is how it will pan out. If one or two other approvals do come, we'll also put that in.

Sure. Secondly, our business development has been very strong in H1.

I think we have already added projects with the GDV of about ₹33,000-odd crores. What's our philosophy in terms of quantum of BD that we want to target?

Is there a fixed number that we want to achieve for FY26, '27? Just wanted to get your views on that.

See, we want to definitely build up a robust pipeline. At the same time, we are not going to town picking up something which doesn't make business sense.

It has to be viable. It has to appeal to the market, as well as it should also protect the bottom line of the company.

You've seen our bottom line now of late. We are very conscious that while we are doing what we are doing, it should also benefit the company.

We're not only looking at cash flows or top line, we are looking at the bottom line, too. I think to that extent, whatever BD that is done, we shall protect not only our landowners' or joint developers' interest, but we will also protect the company's interest.

Yes, whenever a good opportunity does come, we will always explore it.

Lastly, your views on Jijamata project, what's the status there, and when can we see maybe some first launch there?

That's nice. Actually, Jijamata is work in progress.

See, now all these days we were saying work in progress to clean up the land. Now, fortunately, the land is totally clean.

Now my first focus is to build EWS. We have to build almost 4,041 homes, and those will be the first focus.

However, while that is going on, we have engaged SOM as the architects for this. They have come up with several iterations.

We've gone through many, many iterations on the overall business plan. I think within maximum a month or so, we would have closed out the entire planning.

After that, it's just which process that happens, getting the plans approved and everything else. I think even there we should be able to go to market in about three to four quarters.

Sure, sir. Thanks, and all the best for the future.

Thank you.

Yeah. Thank you so much, and congratulations on great performance.

On the leasing side in Mumbai, can you talk about what kind of rentals are you seeing currently for the area that you've leased?

It's all upwards of ₹400, Puneet.

Okay. Secondly, on the construction side, the spend has gone down a bit on a quarter-to-quarter basis.

How should one think about the second half of the spend?

No, it's work in progress. Sometimes you have the graph goes up, sometimes this thing stabilized.

I think it's a steady spend that will happen.

Just to add there, Puneet, in the first half, especially during the March quarter, the most of the contractors, they raise their bills, which gets paid off in the Q1. The construction after that tapers down.

For the entire year, we are estimating close to 7,500 to 8,000 crores on the residential business side.

Understood. That's very helpful.

On the price growth side, are you still seeing price growth in the market or do you see price growth slowing down a bit and the focus will be more to sell volumes than value?

No, no. There is value, of course.

The thing is the price can't go on infinitely higher. We've reached certain peaks, and I believe my whole endeavor will be to make sure that the price doesn't go up more than this because then it's counterproductive.

As long as the company's bottom line is properly protected, I wouldn't want the price to go up because then we are only shooting ourselves in the feet. The thing is the demand will just drop, and affordability basically drops, and we can't afford that.

Understood. That's very helpful.

That's all from my side. Thank you so much, and all the best.

Sir. Hi, congratulations on a good quarter and half year.

My first question, I need some data points. Out of the total 17.5 thousand crores of new launches in first half, what was the contribution to the pre-sales?

Amit? I'll

just hold on.

See, the thing is while Amit gets the numbers, but what happens is we are very low on the old inventory. Whatever we've launched only is what has given us the numbers.

It's basically all new launches only that has got us the numbers.

It's around 11. It's around ₹11,000 crores.

Around ₹11,000 crores. Sustenance is running on an average is about 3.5, 4,000 crores.

I think Irfan sir earlier told that 6.5 thousand crores is what you're looking at in H2 without any major new launches. Is my understanding correct?

6.5 thousand crores is what I think Irfan ji told earlier in H2. That sustenance sales,

that's where the inventory is. Whether I do a launch or not, that's what's definitely gets there.

All the launches will be a multiplier, which will be the plus-plus.

Okay? So 10,000.

I think, sir, the launches which you highlighted is I think GDV I calculated is around 10,000. If we sell whatever percentage of that, that adds to that guidance of 25,000 crores.

It takes you to number of 30,000 crore-plus on pre-sales. Okay.

Would that be right assumption?

I'm not giving any guidance on that.

Okay. The question is not that.

The main question is that this year we had sales of 8,300 crores coming in from NCR, which is largely our Indirapuram project. We don't have any major land banks for the next year to make up for this big boost we got this year.

How are we thinking on the business development side, especially on NCR, given that Noida has given such phenomenal numbers and we don't have any major land bank beyond other two projects? Do you think that over the course of next 12 months, we can add up new projects, new land bank there and maybe supplement this sales which we had seen in this year?

No, no, see, our BD is work in progress. There are too many offers coming from all over the place, I can't tell you on the call what are the things that are happening.

If we do close up, we have some very, very hot prospects, and if those are closed out. Because, basically, we are looking not at deals, but we are also looking at what makes financial sense.

I can't tie up property at optimistic levels and then market changes, we are caught in the wrong side. I think, but there is huge opportunities that are there, and I believe NCR also, Noida, Gurgaon, all these are presenting us with many opportunities.

I'm very, very sure within the next two quarters, there'll be a lot more things that will be tied up and that will come in for the next financial year.

Sure. Just last question, the same thing for MMR.

I think the bold decision which you took during COVID and did a major expansion in Mumbai, which helped us a lot. Now on the ready side, we have significantly run down our inventory except Jijamata.

All the projects have done relatively better than the market. Now on the business development side, how does one look at MMR beyond the Jijamata Nagar project?

Directionally how the business development one should look at here to supplement the sales we have seen in last two, three years from Mumbai region?

Yeah. Mumbai region, it has to be work in progress, and I'm very happy to say that we are almost on the verge of closing up something big in Thane.

Then we are looking at Navi Mumbai. Obviously, we've got within town itself many opportunities, but those are high-priced properties, which will not give me volumes.

They'll give me huge value. Then it is there.

The opportunities are there.

Lastly on the data centers, the announcements which you have done with the Maharashtra government, what exactly are we trying to do? Are we going to build data centers, invest in data centers?

What exactly would be the business model here?

The land is now available. We've got the expertise to build the data center, and we would like to partner with someone who will be able to run the data center also.

It's a great business. We are looking at it very seriously, and I believe it's a big opportunity that we are sitting on.

This will be on a CapEx model?

It will be CapEx only. Ultimately, you see today whatever we are doing, whether on retail malls, on office, or data centers, it will be more on CapEx and then taking it to a REIT in terms of exit.

Sure, sir. Thank you for answering my questions.

I'll join back the queue for more. Thank you.

Thank you. Good afternoon, everyone, and congratulations on the excellent performance.

My first question is on the pre-sales. I won't be asking guidance, but, sir, just wondering, would you consider holding back some launches once you cross, say, 25,000 or 26,000 in pre-sales, 25,000, ₹26,000 crore in pre-sales, and roll this new launches over to the next year?

No, I think that will not be really necessary. See, we believe in churning cash flows.

When the market is good, we would also like to see that the product comes in and that will also give us the opportunity to do more in the next year and the next year. It's counterproductive for me if I've got the approval, if I've got all of it, not to launch.

If I believe market is not good, then we have to wait and watch. Today the market is good.

Everything is going well. Why hold back?

I don't think we've never held back, and here also we won't hold back.

Okay. That's great to know.

Sir, just that you have a CapEx to be incurred of around ₹14,000 crores in commercial and retail. I'm just wondering how to see it because in the event of a slowdown in the residential cycle, which doesn't look likely, but suppose it happens, how would this impact your CapEx plans?

How do you intend to fund this ₹14,000 crore over the next three, four years? What kind of pressure it would have on your balance sheet?

Just if you could give us some kind of

Wherever CapEx projects we are handling, we've done financial closures across the board. I don't see any sort of, what's that called, pressure on us.

Our overall thought process is to get these projects ready, lease them out, and finally do a REIT for both retail as for office. I think it'll be churned.

Even our hospitality IPO is on the anvil. That even the hospitality will go off into a separate company, will have its own separate balance sheet.

There's a proper plan for all this. Then, finally, what will be leftover will be the residential component, and that'll be churning all the time.

If there is a slowdown in the residential, obviously, we'll have to also play it that way.

In the near term, then, where do you see till this REIT happens or till this big projects come for leasing operation, where do you see say next two, three years this net debt? Because it continues to go up.

I know debt-equity ratio is comfortable level, still net debt going up. Where do you see net debt can go up in the next, say, two years or so?

Amit, you want to answer that? Biplab.

Currently, our net debt is at 0.45, and I think so it will remain within 0.5 levels because in the next couple of quarters, I think so we'll get our hospitality IPO done. Once that is done, as per the DRHP what we have filed, the debt will be retired.

I would say in the next two, three years, the debt levels will be within 0.5 levels.

In absolute terms?

In maximum terms, means we have not guided anything, but it should be around means net debt should be less than 12,000.

Now

it's 7.5 thousand. Now it is 7,000, 7,300.

It should not go so high.

No, I am quite positive on this. There's no sort of scare there.

Sir. All the best.

I'm sure you will cross 30,000 crore in pre-sales in this financial year.

I don't know. Pray for it.

Thank you, sir.

Yeah. Thanks for the opportunity.

Just a couple of questions on the residential side. We already have acquired ₹33,000 crore of GDV this year and it's all sitting in the land bank right now.

How much time it will take for us to bring that into the upcoming or forthcoming pipeline? Apart from this 250 acres, there is another 750-acre of land sitting in our balance sheet since quite some time.

By when can we start launching this project? Just trying to get clarity on our pipeline beyond ₹57,000 crore, which we have already disclosed as the upcoming pipeline.

Yeah.

Yeah. I think I'll break up your question into three parts.

One aspect is you spoke about the GDV of upcoming launches, then you spoke about the land bank when is that going to turn into project, and the other one is the recent GDV of new acquisitions. I think it's on a case-by-case basis because it's multiple projects, but our whole intent is to convert them into projects as soon as possible.

Each of them are in various stages, and we'll bring these quarter-on-quarter. I think some will shift into upcoming, upcoming will become ongoing, and the land bank will become upcoming.

I think within a period of 12 to 18 months, you'll see a lot of changes in the land bank, especially. Of course, the upcoming launches, that will reduce by quite a lot, because right now if you see, Mr.

Razack has already outlined that Evergreen, Eaton Park, Marigold, Fernvale, Rock Cliff, all will get launched. Of course, you have a Goa project which is Sea Scape, which is already highlighted over here.

This also should get launched, if not this quarter, the next quarter. Forest Trails in Mumbai has already been launched very recently, which is this current quarter.

This upcoming launches will shrink, and you will have new projects coming in from the land bank and the new acquisitions. It's a continuous process.

Tellapur also, which is highlighted in the GDV of new acquisitions, this also Mr. Razack spoke about.

This is a project called Prestige Golden Grove, and this will also be launched in this or the next quarter.

It's all work in progress.

Got it. Just to simply put it, whatever we have acquired at least this year, monetizable within a year or so, or some might take little longer as well?

The target is to do it within 12 months.

Understood. That's helpful.

As far as we are concerned as a company, we like to turn land which is raw material into projects as quickly as possible. We don't like to sit on it.

If I'm sitting on land, there'll be some trouble in that land, or there'll be some litigation on that land which I need to sort out. If it's clean and clear, the turn becomes almost immediately.

There's no sort of lag from the time we buy a land to bring it to the market. It's only a question of doing the design and then going in for approvals.

Got it. Second, on the residential margins, I think I've noticed since last five, six quarters, our residential margins are ranging at 25% to 30% on the reported basis.

We had earlier guided for around 23% to 25%. Is that upside risk to that guidance or is just the timing issue of certain high-margin projects getting recognized now, and hence it's looking temporarily higher, and this might not be the trend going ahead?

Going ahead also, Pritesh, because earlier the margins were little subdued because we were incurring all the corporate overheads in the P&L. Because of completed contract, the revenues were not flowing in.

Now, especially this financial year, the revenues have started flowing in for projects what we have launched in '22. You will see a margin what we have declared to continue in the future as well.

On a sustainable basis, I would say 28% to 30% you can expect margins on the residential segment.

Perfect. That's pretty helpful.

That's it from my side, and all the best.

Thank you.

Yeah. Hi, good evening.

Thanks for taking my question. Irfan sir, I just wanted to understand if the impact of say these global layoffs or announcements trickling down on say our core markets like Bangalore and also maybe Hyderabad, both in terms of say leasing inquiries for office space or demand for that matter, as well as on the residential side, footfalls and inquiry, have you seen any change in the trend in the recent months or recent quarters?

In fact, it's on the other side, you see. Things are still pretty robust, even including leasing.

Now, for instance, our Prestige Skytech in the Financial District, which is a 2.3 million square foot asset, now that's almost fully leased. We've got about 300 or less than 300,000 square feet leftover to lease.

Even that, there's a line of sight for leasing the balance also. People said there was oversupply, but I think a good asset, good location somehow gets taken up.

We have to wait and watch, but I think, as of today, there's nothing for us to really get concerned about or bother about at the moment. On ground, things seem to be quite quite good.

Sure. Would you say that for the industry also or just for your assets?

I think, see, if the industry is doing well, we do well. It's just not that we are only doing well and industry will not do well.

That's not the way it is. If the industry does well, we do better because we have an slightly cutting edge over the others.

Then we hope and pray that the atmosphere is good, and the economy is good, and things are robust. That's the only way.

See, we have to hope for the best for everybody.

Sure. Thanks.

My second question is on the unrecognized revenue of say ₹60,000 crores-odd, what are the gross margins or EBITDA margins that we expect to clock?

Kunal, that's what I was mentioning that it will be in the range of 28% to 30% whatever unrecognized revenue, we should have a margin.

Okay, 28% on this, or say roughly about 30% of this should come as EBITDA in our P&L in the next two to three years?

60 will be over a period of four to five years.

Four to five years.

Yes, yes.

Understood. All right.

Thank you so much.

Good afternoon, sir. Sir, in the Q1 concall, we have discussed the revenue recognition will be around 15,000 to ₹16,000 crores from the residential side of the business on the completion projected basis.

What's our current expectation from the H2?

In H2, we have some major completions, especially in TPC Sarjapur. You will see a pickup happening.

Already we have reported 5,000 crores in the first half on the residential segment, and in the second half it should be better. I think so closer for the entire financial year should be around 11 to 12,000, which is what the pre-sales we did in FY22.

Any particular reason for from 15,000 to 16,000 or we should look at from the point of view of whatever pre-sales we have done four years ago that will be the revenue recognition?

It will be broadly what the revenue we did four years back should be the revenue recognition currently. Plus, only difference will be plotted developments.

Wherever we have plotted developments, you can say that the revenue recognition for that will happen within a period of one year.

Then the thing is we have about ₹60,000 crores worth of unrecognized revenue in the books. Unless we revert back to the percentage completion method, this ₹60,000 crores will get recognized only when the product gets ready.

Yes, sir. Sir, my next question was the same line, like some of the listed company in India are doing they are going back to that partial revenue recognition method.

Any thoughts on that?

No, no, see, it all depends on the auditors because it's a question of they say in Maharashtra RERA, their RERA doesn't allow a customer to cancel. They say if you were doing work only in Maharashtra, we would have reverted back to the percentage completion method and you are now doing some work in Maharashtra, some work in all other states.

In fact, they recommended that we sensitize our states also to amend it based on the Maharashtra because the Maharashtra RERA is based on the central act. They say in our Karnataka act, there is a flaw that allows the customer to walk out if he wishes to, whereas in Maharashtra RERA, the customer is not allowed to walk out.

Once he gets into the contract, he has to go through with it fully. It's a question of how you view it, but in fact, the auditors have even said in case you believe that you've got a lot of numbers coming in from Maharashtra, we'll do two types of accounting, but that's too confusing.

We'll wait and watch. Let's see how it goes.

Yes, sir. Sir, how is the luxury demand going?

A lot of the project what we have added in Q1 and Q2 looks like from the mid-segment. What's your view on the demand side from the mid-segment or the luxury?

See,

demand so far for all segments is good. Now the question is how long will this demand sustain, how much more of these sort of high-priced product will have the sort of demand, it needs to be seen.

Because according to me, I believe that high-priced luxury product which is above that ₹50 crores, ₹75 crores, there's only one small amount of people that can afford it. I wouldn't like to go too much on that huge luxury side.

Then wherever there is a demand, we'll take it as it comes. Far, we've been very successful, and so far we are very happy that we've been able to do it.

Okay. Sir, last question on the slide number 26, GDV of the new acquisition is only including residential project.

Any further detail on this Business Bay, Mumbai?

Actually, we all forgot about Business Bay. If Business Bay does come in, that'll be a fully for sale commercial.

That'll happen in the last quarter, I presume.

Which project, can you just throw some light on it?

That's in Bandra. That's called the MIG, and that is offices for sale.

That will probably one of the office buildings which the company would like to sell and not keep it for REIT, and that also will give us fairly decent revenue. That's kept for the last quarter of the year.

It's a partner with someone or it's outright ours?

Sir, it's a redevelopment project, sir. It's called MIG housing.

I have to do some redevelopment housing. After we do the redevelopment of the housing, our share, the for-sale area, instead of doing residential again and flooding the market, we are doing the offices, galas that you call it, for sale because it's just next to the new high court that's going to get built where the government has already got the plans, everything done.

I believe there's a huge potential for that.

Okay. Sure.

Thank you very much, sir.

How much revenue has been booked from Aspen Greens and Avalon Park in Bangalore?

How much revenue we've booked for Avalon Park, Bangalore? Aspen Greens for Q2 FY26?

Amit? For the entire half-year, we have recognized revenue close to 1,000 crores for Avalon Park as well as Aspen Greens.

Okay. Thank you.

thank you, everybody, for a most insightful and most participative interaction. We've got a lot of good questions.

I hope we've answered them all. However, Zayd, Amit, Hijra, and Naik are available anytime to clarify any further doubts that are there.

The team is all committed to outperform themselves, and they'll keep doing things which will obviously protect the cash flows as well as bottom line of the company as we go along.