Good evening and thank you all for joining this call today. We are pleased to report a strong close to FY 2026 wherein we have delivered robust earnings, healthy sales booking, and strong cash generation, supported by sustained demand momentum across our development business and continued strength of our annuity business.

This performance reflects the underlying quality of our assets, the brand strength, prudent capital allocation, and disciplined execution across a well-diversified mix of development and annuity business. Some of the key operating and financial highlights would be: we had a record collection of over 13,500 crores in this fiscal, representing a growth of 15% year-over-year, which led to healthy cash surplus generation of over 7,700 crores, reflecting a growth of 25%.

It's important to highlight that our collection efficiency across all our projects continues to remain extremely high, vindicating the strong underlying demand of our products and high quality of sales. Our net cash position as the end of FY 2026 stood at 14,155 crores, of which close to 11,200 crores are in the RERA escrow accounts, signifying a robust balance sheet strength.

It's important to reiterate at this point of time that, as per our commitment, we achieved zero gross debt position in the development business in the last fiscal. New sales bookings for the year was in line with our guidance, and it stood at 20,143 crores, led by successful sellouts of Privana North in Gurugram, Westpark in Mumbai, and very well supported by our super luxury offering in Dahlias.

Q4, we had a sales of close to 3,967 crores, which was primarily led by Dahlias. It's important to highlight that in a particular quarter, we were able to sell 32 apartments of Dahlias, which is by itself a remarkable feat.

We were able to meet our guidance despite of deferral of a couple of our launches in the last fiscal year. Our rental portfolio stands at 50 million square feet and continues to operate at industry-leading occupancy of 95%.

In terms of financial highlights, our consolidated revenue stood at 2,400 crores, 2,450 crores, with a gross margin of approximately 46%. Net profit for the quarter was 1,256 crores.

Overall revenue stood approximately 10,000 crores with a gross margin of 39% for the fiscal. EBITDA was over 3,000 crores and net profit on a reported basis was 4,408 crores, excluding exceptional, the net profit for the financial year was 4,256, representing a growth of 16%.

For DCCDL, I think we had another outstanding year, with revenues close to 7,400 crores, a growth of almost 15%; EBITDA at over 5,700 crores, a growth of 16%; and net profit before exception of 2,726 2,726 crores, a growth of almost 38%. In line with our stated commitment of enhancing shareholder return, combined with strong performance and growing cash flows, the board has recommended dividend of ₹8 per share for shareholders' approval, which represents a growth of 33% year-over-year.

With this, I will hand over to Sriram to talk about the annuity business.

Good evening, everyone. I am pleased to share with you some of the highlights of Q4 and for the year FY 2026.

[foreign speech?]

Good evening, everyone. Let me share with you the rental business highlights for Q4 mainly and some for the year FY 2026.

The few highlights of Q4 are: our Atrium Place, our joint venture with Hines, is now fully leased. We have got during the year the occupation certificate for three towers and the OC for the fourth quarter is expected in Q2 of FY 2027.

Though it is fully leased, it's in the final stages of completion. The three malls: Midtown Plaza is 95% leased and operational as we speak; Summit Plaza is 95-97% leased and we expect to open it most likely in the second half of July; Promenade Goa, we have a line of sight of leasing to the extent of 50%.

We expect the mall to be completed sometime in the month of August and the opening will be 2-3 months thereafter. We've had a exceptional growth in this year.

As Badal was mentioning, we have a high growth in our EBITDA or NOI as we call it, and a 34-35% growth in PAT. This has been rather exceptional given the fact that some of our assets got completed in the previous year, end of the previous year, and their entire income came because they were 100% leased in the current year.

I would request you not to take that as a basis for the future because in our business to construct a property and to bring it to marketing takes a cycle of four years and every quarter and every year it may not be the same. However, our 4 to 5-year guidance remains intact, that we will have mid-teens growth in NOI and 20 to 25% growth in PAT as a CAGR basis for the next 4 to 5 years.

The offices business is strong. Our occupancies in the non-SEZ areas are 98 to 99%.

We have SEZs which are at about 88-89%. However, the value of income lost because of vacancy is now down to about 3.5% in the overall portfolio, and our teams are working hard to continuously try and see how this gap can be further met.

The good part is that all the newer properties where the rental rates are higher are 99 odd percent, 100% odd leased, occupied, and generating revenue. The recent issues related to AI and then the war between Iran and US have not had any impact on the portfolio per se.

However, there are large tenants who are reviewing their internal processes and internal decision-making, and there could be some deferral in their decision-making without in any way disturbing the structural strength of the business. The retail business continued to do well.

Our ability to create experiences for the tenants and continuously improve the quality of our retail offering continues, and we see in the current year a growth of about 10 to 11% in our incomes from the existing properties, plus of course the three new malls that come up, that will be the incremental growth. If there is any question after Ashok finishes, we'll be happy to answer that.

We can take the questions now.

Thank you so much for the opportunity. My first question is with respect to the cash flows first.

There seems to have been some increase in marketing brokerage cost for the quarter, and also overheads. How should one think about these trends?

Okay. Marketing brokerage, our brokerage payout is linked to collections and as in there are milestones basis which the payout happens.

If you recall, there was a reasonably robust collection in the previous quarter and thereafter the brokerage becomes due, and hence you have seen a slight bump up in the current quarter on a sequential basis. I would say you should consider that.

Marketing is a normal phenomenon, and the overheads could be some year-end provisioning, etc., but the way you should look at is the overall number for the full year should be taken as a guidance. I don't think our overheads are going to change any further.

In fact, it should be around the similar numbers going forward as well. Looking at quarter-to-quarter can always be slightly misleading.

From the taxation perspective also, should one think that you've been getting the benefit of tax refunds, is that era largely over, or?

I think in the current year, I think we had some accumulated losses in two of the legal entities where we are now comfortable and we have recognized the deferred tax assets in the last financial year. From a refund perspective, no, I think there will be the amount which we are seeing the current year, I think we should continue to see those kind of flows coming through in the future as well.

Understood, that's very clear. The more important part is, how should one think about the launch pipeline for this year?

Okay.

Puneet, Aakash unfortunately is traveling so his connection is patchy. Aakash, are you around?

Aakash, you want to talk about the launch pipeline?

Yeah. Puneet, we've got a healthy launch pipeline, almost about 20,000 crores, and we've got some good Gurgaon products, we've got Mumbai, we've got Goa, and we've got some residual costs, we've got the Dahlias.

We've got a good set looking forward to that.

In Gurugram, what should we target? Which all projects should we focus on?

What is the progress on Goa in terms of approvals?

Gurugram,

okay. Go ahead, Mr.

Tyagi. No, you talk,

go ahead Aakash. No,

Gurugram we've got two good projects. We've got the Senior Living and we've got the Hamilton 2.

These are good products. Goa, of course approvals are all done.

There is a PIL. We don't want to create third-party rights just right now.

We're just going to make sure that we are clear and then we'll bring in Goa, but Goa we're all ready to go, yes.

Privana, any chance during the year, last phase?

No, no, not right now. Next year.

Okay. Then Khattar ji on the commercial side, any projects that you think will get completed in FY 2028?

Yeah. FY 2028, the two new towers totally into 3.5 million in Downtown Taramani will get completed.

Okay. For 27, it's just the Atrium where we should expect OC?

27 please don't call just the Atrium, which is 3.2 million square feet and will generate about 700 crores of rent. In addition to that, the three malls will get completed and will be leased.

The benefit of full rentals of all Atrium Place Tower 4 and for the three malls, while the income accrual will start this year, the full income will come in the following year.

Understood. What should be the exit rental for 27?

For DCCDL separately and for the rest DLF assets?

I don't know separately, but I think the total should be about 8,000, 8,200 odd crores.

Okay. That's very helpful.

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

Just on a lighter vein, it could have been a billion dollars had the Iran-US war not

happened. For sure, one day.

Good evening, sir, and thanks for the opportunity. I just wanted to check our pipeline which we show now medium term, we showing around 60,000 crores of medium-term pipeline for launch.

I just go back to our previous presentation and go back to FY 2023 presentation for the year-end, we had 60,000 67,000 crores of pipeline. In last three years our pipeline, at least the future pipeline seems stagnating while it's good to understand we have done launches and grown the business of presales to the current level in last three years.

Just wanted to think how are you seeing this number? When you look at next few years, at least maybe not next year, but why is this number not increasing?

Are we not confident about the market, or?

Nilang, this more or less is more like a status update of the 114,000, 1,14,000 crore pipeline that we had projected, I think about two years back for a five-year cycle. Every quarter we update on how much of that 114 has been launched, and what is the to-be-launched pipeline.

Basically, it needs to be connected to that 114 lakh, 114 1,14,000 crores that we had said. Obviously, this launch pipeline is not the end-all.

We have the next phase also identified, but we'll obviously unlock it at the pace at which the market can comfortably absorb and at a pace which does not overstrain our own execution capability.

I think I lost the earlier point when... Hello, am I audible?

Just I think what Puneet had asked in terms of launch pipeline for next year, I missed it. What's the number you're looking like and what's the presale targets for next year?

Okay. Nilang, basically just to answer your earlier question also, because I think you you had, the audio was slightly poor.

About two years back, we had laid out a pipeline of 1,14,000 crores of launches across a medium term of five years. Every quarter we give an update against that, of how much has been cumulatively launched and how much is the to-be-launched.

That's how the 60,000 crore number comes in. It's not that this 60,000 crores is the only, launch pipeline that we have.

We have projects lined up even once this is done. This is being sort of phased out in a manner where we believe the market can absorb at the at the at the at the, the products that we are offering and something which we believe that we can execute well.

To the point that Puneet raised earlier, just to reiterate what Aakash said, next year we should definitely have one, I mean in the current year, 26-27, we should have one big launch in DLF City for sure, which should hopefully be in the in the 8 to 9,000 crore range, if not higher. We should have this the Arbor Senior Living launch, which we have spoken about.

We should have the next launch, the next phase launch of Westpark. The Dahlias will continue selling, and hopefully at some stage Goa should also come into play.

From a guidance standpoint, we had mentioned, I think, the last year as well, that we believe that we will broadly stay on this trajectory of a 20,000 crores of of of sales guidance and ballpark about nine nine odd thousand crores of new margin creation every year. I think we should hopefully be comfortably placed on that trajectory.

Obviously, this guidance can go up if if there's demand, and if if if the demand sort of continues to be strong, there's always an upward upward assessment for it and upward upside risk to it. A 20,000 number broadly in that trajectory, I think we are comfortable.

Okay. Thank you, sir.

Hi, sir. Thanks for taking my question, and just a couple of details on the project pipeline that we were just discussing.

On Arbor Senior Living, what is the size and timing that we are looking at? Similarly, if you can update us on the Dahlias experience center?

The Arbor Senior Living should happen, I'd say in the next few months. It could be one month, it could be three months, woh dekhna padega.

Clearly, these projects that I mentioned, all of them have a fair chance of being launched in this calendar year very comfortably. Dahlias experience center, I'll defer to Aakash.

Aakash, what's the current timeline of the Dahlias experience center being ready?

Around Diwali. Yeah.

Yeah. We're doing something nice, something that has not been done so far, at least presentation-wise in the country.

I think it'll be nice for everyone to see and we'll organize definitely a show for you all also.

Aakash, the only risk with you is that by the time the experience center is commissioned, you may actually have sold out a large number of Dahlias.

Nahi sir, aapke mooh mein ghee shakkar, I hope that happens because then the analysts are never happy. Then they'll tell us Dahlias 2, we'll at least have something to tell them during that show, na?

No, but God is kind. I think we've done phenomenally well in Dahlias.

I'm sure you know that this quarter alone we've done about 32, and plus two of the Camellias. What has happened is right now that as far as this entire thing is concerned, we've been able to create demand, and in fact we've been able to do sales.

In the entire country, I don't think if we put all the developers together, I don't think anybody's crossed a double digit in the 100 crore sale mark. I think this speaks volumes of the Dahlias and the commitment that DLF brings on the table on super luxury.

This is huge as far as anybody's concerned. Please don't judge us with a real estate thing, but I think it's phenomenal for the business and of course the industry as well.

The demand people keep talking about, it's pretty pretty large, very well accepted, and we're doing about 100 plus as you know. The new stock will be about 135 crores per sale, yeah?

That's where we are. Sorry if there's a background noise.

Sorry, can you hear me clearly now?

Go ahead, Abhinav. Yeah.

Sir, on the dividend side, which has been increased this year to ₹8, fully appreciate that. Where do you see this heading given the current pace of FCF generation?

Dekhiye aisa hai, Abhinav, the dividend is driven by two pieces. A large chunk of this dividend is driven by Cyber City's dividend to us, frankly.

I think broadly about two-thirds of this dividend is really Cyber City's dividend. Cyber City, like a normal proper operating rental company with its debt-to-NOI at a very comfortable sub-3.5 level, is generating more FCF and will continue, hopefully growing its own dividend cycle.

DLF cash flows themselves are growing. Again, we do not offer a dividend guidance.

We have never done it in the past. If you see the trajectory across the last four or five years, it has been one of continuing growth in dividend.

If things stay well, hopefully, that trajectory should be maintained, but again, no guidance on that here.

Thank you, sir.

Hi. This question is for Aakash, if I can get some sense on the weighted average per square feet sale of the last 32 Dahlias, and what was the first 10 units sold and the last 10 units sold?

What's the real price appreciation that has happened over the last one and a half years? How much inventory are we left?

Inventory-wise, we've done about 60% already done. These 32 you can safely say they've gone about almost 100 crores, about 80, 90 odd crores, because of the south and north.

There's a south orientation and there's a north orientation. North looks over the Lake Park and everything else, and the south looks into the Aravallis.

There is a price difference between the south and north, which is about between 20 to 30 odd crores, depending on the size and PLC. Then of course we've got the north side.

As far as when we started off, what was about 60 crores is now 90, and what was about 75 crores is now about 110. There has been a phenomenal growth, but I don't want you all to kind of look at that right now at the moment, because this is just the beginning.

I feel it's more to do with what the entire offering is going to be. Once you see the experience center and see what we're actually up to, you'll be happy to kind of acknowledge the fact that super luxury in India, the definition that is super luxury, is a completely different one as far as this is concerned.

Dahlias is something far more superior than the Camellias. If Camellias has made a benchmark for the industry in the country, I think you'll all be very happy to see where the Dahlias is heading to.

Also, as I said, we recently hosted a dinner for all Dahlias owners. Everybody but Mr.

Ashok Tyagi attended it. It was good, it was phenomenal.

It was, I won't call it a show of strength, but I think more to do with building a camaraderie. Actually, a lot of people had this whole thing about they started to compare price points and all.

That's what I wanted to bring out in the open, that whoever boarded this journey in the beginning obviously have benefited enormously with the kind of in the first stage. I think that's where we are, Samir Jasuja

one follow-up question. We have a ready product like Camellias, what is the price per square foot of a ready product like Camellias compared to an under-construction product like Dahlias, which of course is going to be far more superior?

Just the price differentiation between a super luxury ready product and a under-construction product on a per square foot basis, if you can throw some light on that, please?

A Camellias right now is trading, now we're talking about super or carpet?

Apples to apples, whatever.

A Camellias today, right now, is trading between anything between 80 crores to about 150 crores. Now the good thing is that the Dahlias has caught up much faster than we expected it to, which is we thought we will achieve this target in about four years, but we've done it in about a year and a half in terms of per square foot realization.

That's where I'm saying that if you do apple to apple, Dahlias would be maybe almost at par with the Camellias today. Now that is actually a pain point for me for Camellias, because I feel there's a good headroom there.

I feel that we will be able to achieve the next lot as far as Camellias is concerned, or I feel the next jump for Camellias will be at least 25 crore rupees an apartment. It's going to be a progress driven by people who are wanting to live in immediately versus waiting out for about four years.

I still didn't get that answer. Can I take Camellias at 1,20,000 on super and maybe Dahlias at, say, 95,000 on super?

Would that be a correct estimation?

You can take Camellias as 1,20,000 on super, but Dahlias, as I said, there is a South Dahlias and there's a North Dahlias.

Average?

Average, right now you take about a lakh.

[unclear]

Average you take about

a lakh. A lakh, 20% differential.

Right.

Thank you so much.

Samir, the interesting thing of course, since apart from you, most other people on this call would be from Mumbai, that these prices of Camellias or Dahlias today, if you convert into carpet, they'll be carpet north of 150,000, 160,000 rupees a square foot, frankly compare with the super lux products in Mumbai, be it Worli or South Mumbai. Gurgaon pricing of the super lux has frankly caught up, if not exceeded, that in South Mumbai.

No,

we have exceeded, Mr. Tyagi.

No, no, I don't want to say we've exceeded, but all I'm saying is that we've definitely hit that level for sure. Absolutely.

Yeah. No, I reiterate we've exceeded.

Okay.

Hi, this is Akash from Nomura. Am I audible?

Yes. Yes, please go ahead.

Hi sir, my first question is on the presales guidance of 200 to 220 billion, and this is the third year we are coming up with this guidance. Peers have now gone to presales of 300 to 350 billion, and we are still at 200 to 220 billion.

Just wanted to know your thoughts as to when should we think about growth on the presales front?

My advice honestly will be for all the analysts that presales is about the wrongest metric that you can use to track us or frankly any of the substantial real estate players. If you also look at some of the other players, some of them are no longer chasing presales, frankly.

We can do presales of 50,000 crores a year also, frankly. We have the land bank, we have the demand.

What you have to do is chase margins, chase cash flows, and there we believe our primary objective is chasing margins and cash flows and not chasing presales, frankly. We are comfortable with generating this 9 to 10,000 crores of margin every year, generating about this seven seven odd thousand, 7 to 8,000 crores

of free

cash flow every year on the devco side, and obviously building a pipeline for the future. From next year onwards, we'll also enter the virtuous cycle of completions from a bookkeeping standpoint.

Frankly, chasing joint venture deals or deals of lower-margin products or even higher-margin products beyond this, I'm sure at some stage these numbers will grow. I am not saying it will not.

We are not going to chase the 35,000 and 30,000 numbers just for the heck of chasing them. If you have a great product, maybe we will achieve.

There have been years when we have been the highest in presales for the year, but that was not because we were chasing presales. We were chasing margins and we were basically riding on our products.

Understood, sir. Thank you so much.

Also, Mr. Tyagi, if I can just add to what you said, I'd like to address the elephant in the room, that most importantly, you all need to understand that the construction capabilities in our country are still limited.

Everybody can chase their presale numbers, but who's going to deliver on time? Also please understand with the monies that you're taking from yourselves as long as even if you're a consumer, how would you like it if I make a commitment of 4-year delivery and deliver in 8 to 10 years?

I think that is something that this company is absolutely cognizant of. Mr.

Tyagi has told you what our capabilities of sales are, and across the geographies we are invited to participate post our Mumbai success. Panchkula you already know.

A lot of companies and baby's are wanting to partner with them. I don't think that is something that we need to prove anymore.

I think we've got capabilities of selling, we've got capabilities of making sure that we have the brand out there. The delivery is something which I think we are extremely, extremely conscious of.

Understood, sir. Sir, my second question is on your Mumbai strategy.

I think we are launching the second phase of Westpark this year. What after that?

How are we thinking about the Mumbai market going forward?

Westpark itself, overall, the Westpark as defined currently is a total pipeline of in excess of 5 million square feet super area, against which we have so far launched 900,000. We should be launching the next phase of 800 odd thousand in this fiscal, maybe 500 or 600,000 the fiscal afterwards, and us chase mein.

B, we are also constantly looking how we can organically grow the Westpark geography, and we are in conversations across with other development options in and around Westpark. Obviously, frankly our Mumbai team and our joint venture partners, we continue to look at any other interesting opportunities in Mumbai.

We are in Mumbai now for good, for sure, clearly. We would continue to be cautious and calibrated in Mumbai, but we are open to lucrative and nice opportunities in Mumbai, and Westpark itself should keep on growing into a very strong core for us.

Understood. Sir, my third and final question is on the cash balance.

We are already at 14,000 crores of net cash balance and generating free cash flow of 8,000 crores. Once that RERA balance unlocks, what's the plan with the cash?

Because we are already sitting on the land bank. Any thoughts there?

Also on the revenue recognition front in FY 2027, how should we think about that? Thank you.

Yeah. Akash, as you rightly pointed out, out of the 14,000 crores of cash balance, almost 11,200 crores are sitting in RERA balance, and all of these projects will start getting unlocked from 27-28 onwards.

That's when this cash will be available for us for different things. As stated earlier, I think we have a three-pronged approach.

Number one is increasing shareholder return from the cash perspective. Second, we have an extremely healthy pipeline in DLF as well, mothership of building and annuity business, and there is a large amount of capex which is already kind of committed and will be invested for building that portfolio.

Third is, as you rightly pointed out, we already have a reasonable share of land bank, but we are always open for opportunistic deal whereby what will be margin-accretive in our assessment, so that cash pool is always available for reinvestment. On the second question, it's linked to the first one itself.

As our accounting policies are fairly conservative. We follow the CCM method, which is completed contract methods.

All our large projects, starting from Arbor, will start getting delivered from 27-28 onwards. From there, there will be a virtuous cycle of getting free the cash, and also an extremely healthy margin which is going to get booked in our P&L, which we always share, which is kind of getting accrued and just waiting for the final delivery.

Understood, sir. Thank you so much.

Hi, am I audible?

Thanks for taking my question. On the 200 billion guidance, how much have you budgeted in terms of contribution coming from Dahlias in FY 2027?

Look, I think this year the Dahlias sales was about 5,000 crores, and hopefully it stays this 5 to 6,000 crores next year as well.

Sure. Then you have you said you have a launch pipeline of 200 billion for FY 2027.

From that you're expecting another 150 billion odd?

We expect that the 13 to 14 billion 14-15 billion somewhere in that ballpark of sales will come through from that pipeline.

Why is that? Because typically if you see the, barring Dahlias, whatever you've launched so far have gotten sold at launch, including Mumbai projects.

Just trying to

understand your assumption that why 150, 130 billion out of 200 billion of launch pipeline that you're expecting?

Kunal, ek toh the 200 billion mein the assumption is that maybe because of approvals and all, you may eventually end up launching a subset of 200. B, I think you're right that so far we have always sold 100%.

Dahlias is of course a calibrated soil, but we have sold 100%. I don't think it's smart in today's world to bank on everything to be a three-day sale, in that sense.

We do believe that of our launch pipeline the balance 13 to 14,000 crores should come comfortably for us to be on this 20,000 crores stretch.

Understood. Understood.

My second question was more on the land bank side. You have articulated a plan for the next few years in terms of a 25 million square feet pipeline.

Just wanted to understand on the land bank outside of your launch pipeline, right? That especially the one in the north and metros, which is almost close to 40 million square feet.

How marketable that is in terms of say in terms of time horizon of next, say, 5 to 10 years?

No, most of this is marketable. Most of this is marketable, the north and metros pipeline.

Most of this is marketable. It's a question of some of these pipelines may not get us the best pricing today, which hopefully they will get in the next two or three years.

In fact, some parts of Gurgaon also we believe it's better to wait two or three years to launch them versus today. Privana, when we launched versus had we launched it six years back, there would have been a world of difference in terms of the monetization.

What is here, this 137 million square feet of balance potential, all of this is monetizable, for sure, in that sense. Aisa kuch nahi hai isme ki bilkul jungle khada hai kahi in that sense.

This is all monetizable. The only thing is getting the right price point, getting the right demand, and as Aakash mentioned, marrying it to our execution capability.

Sure. Lastly, any update on Moti Nagar, Delhi project, the second phase of it?

Moti Nagar, we are hoping that the government will do some infrastructure improvements as well in central and western Delhi, and which may be a more opportune time for launching the next phase. The first phase is almost now completely sold out barring some small tail that is remaining.

I think it will happen, but I don't think it's going to happen in this fiscal for sure.

FY 2028, you'd aspire for that?

Yaar, FY 2028 dekhenge abhi. Abhi toh FY 2027 mein nahi hai filhaal, that's for clear.

Sure, sure. Thank you so much and all the best.

Thank you. Bye.

Hi, thanks for taking my question. A couple of questions for Sriram sir.

One, of the four blocks which are under construction in Gurgaon, DT 5 to 8, what is the construction timeline? Also same for the mall that we are making in Gurgaon.

The second question is of both DT 5 to 8 in Gurgaon and the block 4 to 5 in Chennai, what is the pre-leasing status considering that in our existing portfolio anyway we don't have much to lease? Thank you.

Yeah.

Let me start with Downtown Gurgaon Phase 2. Downtown Gurgaon Phase 2 is an integrated development of 7.5 million square feet, out of which 2 million is the mall and 5.5 million is offices split into four towers, as you rightly mentioned, 5, 6, 7, and 8.

Out of this, Tower 7, which is 2.2 million, is nearly fully leased. Now we have released Tower 5 and 6 and they are in the process of being leased.

The finishing timelines are later part of 28, early 29. This at the end of it will still leave Downtown 1, which is in between where we have the multi-level car park today, which is in between Ambience and Tower 2, 3, and 4, and that's going to be an iconic tower that we will start the construction about two and a half years from now.

As far as Downtown Taramani is concerned, the 3.5 million construction is progressing well. We are reasonably confident of its completion in Q2 of the next fiscal year.

We have made certain project changes there because we've created a central atrium between Tower 1, 2, 3, 4, and 5, and that's coming out to be a very beautiful place. Out of 3.5 million, we have already leased about 500,000, and the balance leasing is on its way.

Sure, sir. Thanks and all the best.

Thank you.

Hello, am I audible?

Hello?

Question for Mr. Sriram, sir, on the...

Please go ahead.

Yeah. No, just wanted to get some sense on the pending area we have on SEZ, how's that being deployed or rented out, that's one.

Second is based on the micromarkets in which we are, if you could give some color on supply and absorption, and also the rental trends what you're seeing. Yeah.

As a concept, SEZ is not something which is growing, it is showing a declining trend. Out of our total portfolio of SEZ of about 16-17 million, we have already converted about 4 odd million into non-processing areas, including a small portion which we have even denotified.

However, the existing tenants who have not yet exhausted their 80-IA tax incentives continue to take SEZs on lease. The overall vacancy is about 10 odd percent, out of which the lowest vacancy is in the Cyber City in Gurgaon, and then we've got about 8-9% vacancy in Silokhera, 7% vacancy between Silokhera and Chennai, and Hyderabad is at about 17, 18, 20% vacancy.

As far as the rentals is concerned, we are slowly tried to close the gap between the, say in Cyber City Gurgaon, between the Cyber City rentals and the SEZ rentals for the new take-up, and that gap has now come down to within 10-12%. Chennai, we continue to get marginal rental increases.

Silokhera, we continue to get marginal increases, and so is the case with Hyderabad.

Sure. Could you give some color on supply as well in these markets, and absorption which has happened so broadly?

Gurgaon, I believe we've set a certain standard and quality of the office space, and we believe this is the port of first call for any global blue-blooded marquee company that comes in, especially the GCC. We've just completed leasing the entire tower of Atrium Place Tower 4 to a single tenant from the US.

We believe that with the quality of offering that we have and what we create in terms of the workspace solutions and spaces, we shall continue to be a leader here. To some extent, this will also be reflective in Chennai where we have now a fairly large operating portfolio exceeding 10 million square feet, going up to about 14-15 million square feet.

We also created a benchmark about two years ago in crossing a rental of ₹100 in Taramani. The 450,000-500,000 that we have leased in Tower 4 and 5, I must share that the top floors, which have a 360 view of the city and the sea, have been leased at ₹145 to ₹150, and we expect a average rental realization of between ₹125-₹130 there.

Thank you, sir.

Thank you once again for joining us on this year-ending call. As Badal and then Sriram mentioned, both on the Devco and the Rentco pieces, we continue to have a strong story.

In fact, the rental business, with the commissioning of the two Downtowns and at the full throttle, going on rental of Atrium Place, is actually poised to see a very, very exciting phase of growth. On the Devco, I could sense some degree of expectation that I should have given a higher presales than 20,000, but frankly, I think I would still encourage that we need to not only focus on presales as a metric, but on the margins and cash flows.

I think once that entire sustainability comes into play, hopefully, the presales number will grow organically. That is very clear.

We have a reasonably strong launch pipeline, and Dahlias continues to be the base for our entire group growth prospect. Our cash generation would continue to be extremely strong as should hopefully be our dividend trajectory.

Our continued focus on the entire EHS and governance pieces continues to be extremely, extremely strong, which at times leads to a more delayed start when we launch a new project, because we just go through such an exhaustive checklist of our own. I think all in all, we are poised for a strong 26-27 coming on the heels of a strong 25-26, and look forward to connecting with all of you through the year.

Thank you.

Thank you.