Ajmera Realty & Infra India Limited (AJMERA) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Ajmera Reality and Infra India Ltd. Q3 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the lesson-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. I now hand the conference over to Mr. Abhishek Dakoriya from Churchgate Partners. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone, and a warm welcome to you all. On behalf of the company, I would like to thank you all for participating in Ajmera Reality and Infra India Limited earnings conference call for the quarter ended 31st December 2025. The call will commence with the opening remarks by our Director, Corporate Affairs, Mr. Dharmal Ajmera, and will be followed by the business performance discussion by our CFO, Mr. Nitin Bhavishi. We have shared the operational updates for the quarter on 14th January. The investor presentation and the press release based on the financial results adopted by the board have been uploaded on the Stock Exchange website and can be downloaded from our company's website. Please do note that some of the statements in today's discussion may be forward-looking in nature, reflecting the company's outlook, and may involve certain risks and uncertainties that the company may face. I would now like to hand the call over to our Director, Corporate Affairs, Mr. Davalajmera. Thank you, and over to you, sir.

Hello, good evening, all. I hope everyone is doing safe and fine. I just want to begin our discussion with the overall real estate sector perspective. I know we've been seeing a lot of challenging times in the overall market, but one thing I would like to say is that the real estate market is shaping up in a stronger way. It's been, obviously, a great roller coaster ride for the markets, but I think real estate has been staying strong. In the last three years, we have seen that, you know, there has been a cyclical phase where, you know, we've seen a lot of consolidation happening in FY26. While the previous years were defined by rapid price appreciation and recordatory sales, in FY26, it is shaping to be characterized by steadier volume growth, discipline rising, and greater selectivity in both demand and supply. And we are observing this trend all across the segment, not only in one particular way, but we are, you know, maybe in all luxury, affordable, mid-segment. Every other segment we are seeing this kind of steadiness which is coming around all across. In our core micro market, which is, you know, the market of Mumbai, redevelopment has emerged as a primary source of new supply, and we are seeing a lot of supply coming in, and today more than about 50 to 60 percent of the, you know, city's housing stock is coming through this, and I would just call this as the great redevelopment wave, which is just reshaping the urban fabric, you know, but more importantly, right now, a lot of societies currently, We are currently, although are going in for redevelopment and across, but now we are slowly and very steadily seeing that selection of developers towards the society and society's selection towards the developers has now started to become very, very selective and they only want to go with established and rational players and not just go with somebody who is giving them more area, more value. On the macro front, you know, we are supported by strong structural tailwinds, including the RBI, its pro-growth policy stance, GST rationalization, and ECB reforms with a 7.3% GDP forecast in this financial year. You know, we are seeing, you know, a good cash flow stability coming in and liquidity. Obviously, the external global headwinds and geopolitical tensions keep on continuing to suppress the overall growth across, but in this, at least what we see is that the Indian market has been poised to do strong with the internal demand and the internal cash flow positionings which are happening. Very quickly, taking on to our performances, Ajmera Realty has delivered a stellar performance for the nine-month FY26. Very, very happy to say that we have achieved our highest ever sales, that is, 1431 crores till this nine months and overall across. And this performance has been driven by overwhelming response from customers for our new launches. Given this momentum, we are poised to surpass our one full year guidance, which is of 1600 crores, very easily. And operationally, we are seeing this quarter, that is quarter three, also very happy to say that this has been our highest ever quarter towards collection, where we've collected more than about 300 plus crores. Additionally, we mark as a key milestone in completion of our project, and I'm very happy to say that one of our projects in Ghatko Parajmera Eden has got its occupation certificate. And the project was delivered well above or, you know, the defined timeline, and we've been very, very early towards the delivery. During discussing on the progress of our new launches, I'm very happy that we had so far at about two to three launches. Obviously, Ajmera Manhattan 2, Phase 2, which was a luxury project offering in Vadala. As we discussed last time has already seen more than 40% of its inventory being sold. Simultaneously, our commercial project in Bandra 3315 has seen a great momentum and having sold about 17% of its inventory, although the excavation of the project has just started. You know, which is seeing, you know, which for a commercial project has been a great demand. And however, you know, our hero for this quarter and this financial year has been our project launch at Ajmera Solis at Vikroli, where our phase one, we've seen an exceptional demand by enabling us to sell 84% of our inventory in just probably 48 to 60 hours of the launch. And we saw that great momentum coming in. So, this project was well configured to be a 1, 2, and 3 BHK with prime connectivity and, you know, great views. But what I seriously see that this kind of overwhelming response with such challenging times all across the world and, you know, people being little risky about the market, but to see this kind of response was only possible because of two, three, you know, two, three points which we assess and primary one of them being the brand, which played the most important role in, you know, in getting this kind of attraction towards the location and the project, and this success of all this is a strong validation that our asset-like strategy demonstrated our capability to successfully expand into new micro markets. Among our ongoing projects, our flagship project of Ajmera Manated Phase 1 has achieved around 89% sales, while the construction is just getting completed in terms of our RCC superstructure for both these towers, and we are very well poised to complete this project in the next financial year. The next phase of Ajmera Greenfinity, that is A and D ring, has recorded 79% sales, with all the finishing works in progress and very soon to be started handing over possessions. Ajmera Vihara Bandu has also reached 81% sales and we are at the 15th floor slab for the rehab and on the first floor for the sale building. In Bangalore, our mid-micro-market housing portfolio also continues to show a very, very strong performance. Ajmera Iris, which launched recently, has also achieved about 76% sales. Ajmera Marina, launched in quarter four of FY25, has seen a robust demand with 68% sales, and foundation work is in progress. We are excited to announce a strategic revision to the master plan. While we do all of this, we are very, very happy that we are trying to regrow within our own portfolio and make that portfolio even more valuable and extremely viable, more viable than what it is currently and obviously it is. With this note, I am very, very happy to announce that we are doing a strategic revision in our master planning at our boutique office project in Wadala, which has significantly unlocked a great value, where the estimated carpet area, which was earlier about 6 lakhs square feet, has now revised to 16 lakhs, that is 16 lakhs square feet, resulting in a substantial rise in the market. Cross development value from 1800 crores to 5300 crores. With this revision, our total value of project in Vadala itself is now turned out to almost 16000 crores, unlocking from the Vadala micromarket itself, which we see coming and getting delivered in reality with With the project successful of Ajmera Manhattan 1, Manhattan 2, we are seeing the 16,000 crores being unlocked in the next four to five years' time. Simultaneously, you know, with our consistent 5X growth strategy, we've secured new business development projects worth 2,000 crores, and this additional further fuels our future expansion through asset-like developments, reinforcing our commitment to capital-efficient growth, and our focus on executing the planned launch pipeline with an estimated GDP of 1,491 crores in FY26. With this, I would like to now hand over a call to our CFO, Mr. Nitin Bhavisi, who will take you through the financial and operational highlights. Thank you.

Thank you, sir. Very good evening, you all, and thank you for joining us. Before we move on to Q&A session, allow me to summarize the consistent operational and financial performance we have delivered for quarter 3 and 9 months FY26. Coming to the operational performance, Ajmerah Realty effectively doubled its sales and collection in Q3 FY26 to 603 crores and 333 crores respectively. This strong quarterly performance grew our 9-month FY26 sales to 1431 crores, registering a robust growth of 72% YOY. In terms of volume, 9 month FY26 show a 36% YOY increase to 5.56 legs square feet, while total collection surged 70% YOY to Fortunately, we continued to maintain healthy margins with EBITDA margins at 30% and FAT margin at about 15%. The company maintains a robust financial discipline with a total debt of 754 crore as of 31 December 2025. Our debt equity ratio stood at 0.58x, keeping us well positioned to leverage our strong launch pipeline, and as well to do business development activities selectively. Moreover, our weighted average cost of debt stood at 11.59%, highlighting our enhanced credit profile and discipline financial management. Coming to the revenue visibility has which is strengthened significantly. Driven by exceptional sales from recent launches and steady progress across ongoing and OC received projects. The total visibility for this stands at 4098 crore comprising 99 from committed sales and about 4000 crore from the available inventory. Additionally, our upcoming launch pipeline is expected to contribute about 1,500 crore, taking our overall revenue visibility to about 5,600, approximately, reflecting our strong growth momentum ahead. In terms of the estimation about the cash flow, our Aussie received and ongoing project portfolio is estimated to generate about 2,316 crore over the balance lifecycle of the projects. With this concise summary of our business highlights and financial performance, I now invite your questions and look forward to further interaction. Thank you, everybody.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.

Yeah, thanks for the opportunity and congratulations for a good pre-sale numbers for this quarter. My first question is regarding the Vardala. So, obviously, we have changed the plan for Boutique Office. So, if you can, you know, help us understand more that how much this additional FSI will cost us and, you know, will that impact our margins or still you feel that our, since our own project, We do 40% kind of margin, so this will remain. Obviously, because of this change in SSI, we have removed this from this year's launch pipeline. So, when you are expecting the launch and how much square feet out of this 16 lakh square feet?

So, you know, while our cost obviously will increase proportionate to the area of development, which is happening, because even in the earlier case and now case, the cost of development and the cost of construction would always be proportionate to the area what we are developing. So it doesn't matter, you know, what area it is, because land cost technically even earlier and now has been practically as good as zero. So, our margins definitely, in fact, will be little more because when we look at such kind of scale and operations, obviously, our planning of offices are little on an upscale thing. And let's say if I'm trying to sell or lease this out, I'm just hypothetically giving a number or selling it at, let's say, an X amount, this will be X plus 5 percent or 10 percent because of the upscale and the largeness and the look and feel of the offices. So definitely it is going to be bigger and better and the margin wise also this will be better. Secondly, yes, you are right, and with all these opportunities coming in, we have shifted our launch, which was supposed to be this quarter, but we are doing it in next quarter, sorry, next financial year, sometime between, we are trying for the first quarter, but it should be between first or second.

Okay, so still it will be like H1 of the next financial year. Now, my second question is regarding the Kanjur month. So, we have kept it still in the Q4. So, if you can elaborate slightly because last quarter when we discussed, we had not yet applied for the EC. So, where are we standing in terms of approval? Have we already applied for the EC?

So, we have already applied for the CFO approvals, and at the same time, we have also started getting applying for the approvals which are required related to the revenue department and the collector office department. That is something which we have started. EC only comes after we take the CFO approvals. With this planning and constraints, we were going in and out with the CFO, which has now been resolved, and we should be moving ahead with all the approval timelines as discussed, and we will be moving for the launch as well. You know, for the project.

And because, see, we have not yet applied for EC, and we are already, you know, January is ended. So, I mean, don't you think that Q4 is, it's actually not possible? Because I think EC will itself will take a month, and then RERA and other approvals.

So, yeah, you're right. It is kind of a touch-and-go situation for Kanjurmak, but look, in a long term with a project like this, and, you know, for the first, there are a lot of complexities related to approvals, which, you know, because it is a larger layout, because of all the approvals with two different departments, one is MCGM and the collector office and the revenue department, we need to ensure that every details have been taken And so that things don't... You know fall into some different trap in the near future and hence and plus this is our first like what you call the layout approval or first approval which we are taking and hence it is taking a little while but at the same time I'm very happy to say that the work at site has already started. We have commenced the development and construction of the police housing block, which we were supposed to hand over to the government, and that all the respective NOCs was related to their EC, their BMC approvals. The collector NOC, all that has come and all that work has already started. So, we are not even like saying, you know, we are waiting for the sales approval and then only we will start, but we are actually putting in money to ensure that whatever liabilities needs to be closed, we are closing and moving ahead in that project.

And we have removed the two more projects, Andheri and Gartcoper also from the launch pipeline. So, if you can elaborate on that.

So, Andheri and Ghat Koper, unfortunately, the society, the Andheri one was a society redevelopment, which, you know, which went on again for a renegotiation with the tenants. And, you know, there were certain ups and downs which were going on. Finally, we have, you know, been able to resolve it, and now we've reached a stage of finalizing our development agreement. So, yes, that has been pushed, but that will come down in the next financial year for the sales. And as far as the Ghatkopar one is concerned, again, there has been certain litigation, not a litigation, but a legal issue which is coming from the plot, which we are trying to resolve with the trust and the charity commissioner's office. Hopefully, that also should be able to get resolved in the next two to three months.

I just wanted to, you know, highlight some thoughts. Basically, Kanjur Mark, we have not applied for EC. So, just wanted your thoughts to see all these approvals of collector and CFO. And, you know, before that last con call, you mentioned we were taking the, we took the approval for fire. Don't you think all these could have been done when the Supreme Court order was not, you know, announced? And we could have done all this process at that time so that, you know, once the Supreme Court judgment came, we could have moved faster.

You are right, but, you know, see, what was happening was that while we do the application for the CFO or while we do the EC application, firstly, EC was not even able to grant when the Supreme Court order was in place. So, we were in the only thing what we could have taken was a CFO for our sale building project, which we held it back for a particular strategic reason. Other than that, there was no other approval which we could have taken when the Supreme Court order, because Supreme Court order was related to EC. So, EC would have never come anyways.

Okay, so that's it from my side for the first round. But just wanted your one thought on Kanjurma. So basically, see, as an investor community, we all know that what you have done in Vadala and it's a tried and tested market now for you. But as an investor, we all are looking forward for the Kanjurma. Obviously, we had different difficulties in different areas over the last 10 years, but now we have been talking about this from last one year, and I appreciate you have still kept it in the Q4, but it will be really helpful if you can give some realistic number that, let's say, once you apply for the EC, how much time it will take, And let's see if it doesn't happen in March, but late by late on a conservative side, what do you feel by when we can launch?

So, yes, look, we are still continuing to do this, you know, with our timelines, what we have projected. Yes, we are, you know, while we appreciate that the market and specifically a lot of investors are looking forward for Kanjurmak project of ours launching. But at the same time, we also remain very buoyant about the other projects which we are doing, which itself has a portfolio of over 20,000 plus crores, which is already under execution, under development, without any hindrances and project being there. Kanjur Marg, yes, it is also our baby and that is another 30 or 1000 crore project which we want to develop and this kind of a land which is potentially very, very rare to be made available to a lot of people and we are lucky that we want to enhance the maximum value of it. So obviously we are doing ensuring that we do not falter and there should not be any hindrance coming. In the longer perspective, while we may have been slow what we were, but if you see how Vardala has... And that is how we will see a steady and a larger jump once the project of Kanjur Maag starts. So while Kanjur Maag is a project which we continue to ensure that we make it the best, but we also remain very focused on the existing ones which is a 20-25,000 crore portfolio, which we want to make as one of the proper highlight things.

Doesn't happen this quarter. It will happen in Q1.

Yeah, yeah, of course, 100%.

Okay, fine. That's it from my side for now.

Thank you. The next question is from the line of Karthik Srinivas from Unify Mutual Fund. Please go ahead.

Hi, sir. Thanks for the opportunity. Sir, if you just see the project on Manhattan 2, there has been a little slowdown in the number of units sold for this quarter. So, could you please elaborate on that? Because Q3 has been a little bit of low in terms of number of units sold. So we just wanted to grab your thoughts on that.

So, yes, the Manhattan 2 in Q3, if I look at the number of units which we sold in the last quarter versus this quarter, there has been a slowdown, but that is generally the case of a project when we launch and when we have a spot of, usually these kind of projects have a 10 to 15% of sale velocity when it is launched. But, you know, when we launched this project, we sold about almost 40-odd percent in the launch pipeline itself. And we got a great run and numbers through it. And obviously, then when we came to this quarter, we also increased a little bit of price over there. And with the, you know, micro market, I mean, with the market being a little... And we also feel that when we have such a great response, we should continue to increase the price and make the product investment-friendly rather than just, you know, looking at velocity of sales, which we are obviously doing it. You know, this kind of a little bit lull which has come, but we are very confident that we will continue to run this momentum and we will see good numbers, which we are seeing already in this month itself and in the coming quarter. So this quarter, again, we will see a good ride, but now this will come to a steady, what do you call, the sales velocity and not like a jump what we saw for the launch. And when I say sales, steady velocity, we are looking at at least, you know, 30 odd units a quarter, roughly.

30 odd units a quarter, that's the thing you're writing. So, one more question on the

projected

sales that you have given guidance for FI26. You have given a guidance of about 3,750 project additions, and we are still at 2,000 crores. So, how confident are we to meet the incremental project additions for the quarter Q4?

So, yes, we are very confident on the additional project additions. While we continue to be cautious about our acquisitions, while when we gave this projection, obviously, we had given with a certain kind of properties which we were already under discussion and we were, you know, under, what do you call, advanced stages. But during the course of time, things start changing. There will be more risk analysis which come into place from the lawyer's end and from the other end somewhere. We have to drop down some and probably add a new, which we continue to do. But we are in active discussion with two or three properties, which once we close, we will definitely surpass this number what we have given.

And just to add on to that, you know, both these additions which we have done, that is on the asset light propositions, both the ones are that of the redevelopment nature, one in Mumbai and one at Pune location. So that gives us a good amount of scope for us to commit our cash flow on the quarter four, and that is something which we are eyeing to make up our guidance as we have given for the FY26.

Sir, my last question, generally, how is the market now? Is there a little bit of lull that you see, especially now that we are concentrated in Mumbai, and our focus is in Mumbai and Bangalore? Do you see how the macro markets have been operating? So, your thoughts on that?

Look up. I mean, overall, if I have to give, but if I personally look at Ajmera's quarter performance, like last, as I said, the Ajmera Solis project has been a stellar success, and we saw a great run of numbers coming in and the sales velocity coming in that micro market. But overall, we still see even over like maybe the last quarter, overall, if I have to just give a sense, it has been steady but not very, not uplifting. It has been a steady sales all across which when we ask our peers and, you know, look and, you know, the market around. But we are seeing a good, again, a good run coming in from this month itself, at least in our projects in many, many areas. Obviously, the last quarter had been a lot of vacation time with Diwali and Christmas coming in together, a lot of holiday seasons coming in, decisions becoming a little slower towards the end of financial year. But I am seeing, you know, again, the spurt of not like a great spurt, but a good steady sales spurt coming, stagnancy all across our projects in this quarter.

Okay, that's it from my side. Thanks.

Thank you. The next question is from the line of Bharat Sales from Quest Investment Advisors. Please go ahead.

Hi, congratulations, Dalva and team. So, sir, my question is related to this, what have, if you can give little more color, what has changed in REITs, strategizes, you know, and how do we see in this particular micro market on commercial side and how, with such kind of, I mean, increase, almost tripling, almost tripling. So, what time frame we expect to launch and complete and? Then, again, the financing part, as you rightly said, so, we plan to go standalone or JV partner, if you can give a little more color.

So, firstly, I'll just give you a little highlight about the Vardala micro market. You know, over the last few years, Vardala has been emerged as the most preferred micro market across the residential and commercial development. The primary reason... So, of its connectivity with the Eastern Freeway, with the metro lines coming in, the Eastern Express Highway, the Atal Setu, all of those connectivities have been the most important. For, you know, Vadala's preference. Number two, right opposite our property, MMRDA is coming up with more than 100 acres of BKC2. And they have already auctioned the land where the land prices itself has been a humongous number. So, we see that the MMRD and the government itself is seeing this as the next commercial hub. And that is the reason why when we got this opportunity and when we looked at our planning, we thought that when the government itself and the area itself is looking in terms of connectivity with such a great preference, why not we ourselves, when we have our own land bank, increase our portfolio and make this the most and get the highest revenue coming in? From the land itself and thereby growing it by more than 20-30%. So that's what we are doing. As far as the completion and the starting of it is concerned, yes, we are looking at starting this project between the first and the second quarter of next financial year. And we will obviously do this in phases. We are not going to launch the entire 16 lakhs at one go. We will take it 5-5 lakhs or something like that depending upon our planning but phase-wise. And we are very confident that the way we have seen a run of our success in terms of our residential sales, we will also see in our commercial. And overall, this micro-market has seen a great progress in terms of its luxuriness and in terms of its connectivity. And we intend to make this project as the most luxurious project of that micro market and that eastern suburb. And this will eventually become one of the most luxurious projects. And that is what we are putting all our efforts to eventually increase our GDP from at least 20% from what we are today. And overall, through the period of time, and this is right where we are aiming to take it.

Sorry, you said that earlier GDB will increase in proportion of our increase in FSI, correct?

So, earlier we had a 6 lakh square feet of commercial offices, it was giving a GDP of 1,800 odd crores. Now, we are looking at 16 lakh square feet, which is giving us a GDP of 5,300 to 5,500 crores.

Will it be commercial or mixed-use or office, and how do we... And we are also looking for some kind of a JV partner to bring the anchor and what is your thought process on that?

We are open to discussions. However, to be honest, we have not yet discussed with any of the partners, especially for Vardala. But, obviously, you know, opportunity is open and once we have a greater, I mean, when we have a good opportunity coming our way, we will definitely, which can add value. Finance is one part, but most important is that if it adds value to the entire project and helps me bring higher GDV to my entire project revenues, then definitely we will look at Tyrus.

And it will be purely an office or office plus retail. How do we think about it?

So, it's going to be office plus retail. Retail being very minimalistic, but more of offices.

Oh, thank you, and all the best.

Thank you.

Thank you. Participants who wishes to ask a question may press star and 1. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.

Yeah, thanks for the opportunity again. So, at what price we are selling Manhattan to now?

We are selling around 32,000 rupees a square feet.

Okay, and my next question is regarding this BD of 2,000 crores, if you can elaborate how many square feet and which area in Mumbai, and is it like a JV or a society redevelopment?

So, both these projects are asset-light, it's a redevelopment, both are SRA projects, one in Mumbai and one in Pune location. Mumbai location having the GDP for about 1500 crores and Pune location about 500 crores kind of a thing. And yeah, things are very much moving at site kind of a thing, dealing with that slum dwellers and requisite site level works kind of a thing. So that is what the acquisition status is of now.

And do you feel both of these projects can be launched in FY27 or it will be in FY28?

So, that guidance we will put forward while we go for the, you know, overall FY27 guidance when we roll out FY26 March numbers kind of a thing, and at that time we will give the launch calendar for entire FY27, considering and assessing the status at that point in time, and looking at the visibility of launch, we will come back.

Okay, and in terms of the other 55 acres of Kanjur Mark, so we have been under, you know, design phase and still under the planning phase. So have we finalized anything or anything more to share?

Nothing, as of now, it is all still under discussion and we are internally assessing it. We will come back to you once everything is finalized, but not as of now. It has made progress, but nothing that way we can declare.

Okay, and just one last question. So, you know, because of this easy approval problem in Supreme Court, a lot of the projects in MMR got stuck, and now post this ruling, everyone is going for approval altogether. Thank you. So, how do you see that impacting the demand and the supply side and the competition?

So, I mean, we as a company are not very, you know, worried about the demand. Demand is going to be there. Supply is also going to be there. And at the same time, we believe that demand also, especially for Mumbai as a micro market, has significantly risen over the last few years. And with the kind of connectivity and the government's approach to make Mumbai 1, Mumbai 2, Mumbai 3, and all the connectivity of the coastal roads, etc., we see that, you know, There has been enough and more importance being given to Mumbai where it will grow in a very, very large way. Overall, the real estate volume of... All across India, you know, MMR contributes to about 30 odd percent across India. So I believe that this will continue to grow. And coming to this, yes, supply is going to be there, but we firmly believe and we've, you know, cited this with an example about our Vikroli project where there are projects in and around the micro market. There are projects which are already under construction or probably way more progress than what we are. Somewhere structures have been ready and we are underground or we are just breaking ground, but we are able to command pricing 20 to 30 percent higher than what they have been actually selling today. So brand plays a very, very important role, and I continue to say that with all our projects, we have seen this kind of success, so we are not too worried about the sales velocity.

And any progress on the leasehold to freehold for Kanjurma?

That's still under progress and work in progress, I would say. And with the ongoing elections and all of that, things had been a little slowed down, but we are putting in all our efforts to ensure it happens sooner.

Okay, and you earlier mentioned about the Kanjur Mag approval, so you mentioned that we will need the CFO and collector approval. So can that be delayed due to the recent election?

No, no, not yet. That is a routine task.

Thank you. The next question is from the line of Samir Basariwala from Morgan Stangee. Please go ahead.

Yeah, hi. Good evening, everyone. Samir is from Saqman Capital now. So, now a quick question. What's really driving this FSI increase by 1 million square feet in Vardala? Under what provision or what scheme, if you can talk about it?

So we are doing this under 3320B scheme, which is PAP development, and where you are allowed to increase the FSI from an additional one FSI is allowed to be put in, and that's what we've been, I mean, that's how the FSI has been increased from the current scheme.

And what could be the potential cost for this?

We're still working out numbers, but approximately my sense would be around the same as what the earlier FSI cost was, which is around 4,000 to 5,000 rupees of square feet. Roughly, give or take.

Okay, great. And just on the Uber luxury recipe part in Vatala, what's the potential launch timelines for that?

Well, the plans are under progress. We are, you know, trying to... Work this out in a very exclusive way. So, my sense is not probably next year. I mean, not next financial year, but beyond that. So, we are looking at somewhere around FY27. Sorry, 28.

Okay. And will it not run into Manhattan 3 as and when that happens?

Sorry, can you come again?

Will the Uber Luxury not clash with Manhattan 3, which is remaining, 0.9 million square feet?

No, no. In fact, we will launch Manhattan 3 before that, and we will also, there will be some phases which will be left over there. But see, the whole idea is that when we are talking of Uber Luxury, we also want to ensure the overall real estate value of that micro market increases so that it becomes as an acceptability level where people are ready to give that kind of money with the kind of, you know. So, we are building that up in a way where somebody is not going to get a pinch to pay that kind of realistic value. So, I believe by the time we reach F528, we should be able to command a good price and give this as a good velocity of sales as well.

Okay, very clear. And just moving to Kanjur Mar, the larger land parcel, 55 acres. Any thoughts on the potential partnerships for commercial, retail? Any thoughts that you can share, milestones that we should expect?

Well, Samir, we are in talks with a few funds, a few players. Very early in the stage to reveal some details, but we should be, you know, coming up with more details once the time is right. As of now, I can't be revealing, but we are in under active discussions.

Just to understand, Dhaval, that can there be a fiscal 27 event, or it's going to go beyond...

No, no, no, definitely 110% it's a fiscal 27 event.

Oh. Okay, great. Thank you so much.

Thank you. Participants who wishes to ask a question, please press star and one.

Anyone who wishes to ask a question may press star and one now.

The next question is from the line of Dekshit Doshi from Whitestone Financial Advisors. Please go ahead.

Yeah, thanks for the opportunity. Just one question. So, you know, we launched this project in Bandra, which is a commercial project. And typically you say that commercial projects generally get sold near to the completion and not at a very early stage. So, considering that thought process, when we launched the Boutique Office, Do you, does the same thing applies because then we will require a lot of working capital as well?

No, that's, usually when we look at boutique offices, the concept of boutique offices is the smaller size of offices which, you know, are progressively sold as they are made. So it is kind of a residential, cash flows are, you know, usually linked with... You know, cash flow, like the way residential sales are happening, so cash flows come in as per the progress. So, we will, in our boutique, in our commercial development now in Vadala, we are going to definitely come up with a boutique office concept and a larger office concept. So, where the larger office... Our whole idea is to retain those assets and probably make this as an income-generating thing, and the boutique office will continue to fund the project and maintain the cash flows for the development.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments.

Thank you, everybody, for your participation and very insightful interactions on the business performance and as well the financial performance. And we look forward to stay connected. Till then, stay safe, stay happy. Thank you. Thank you.

Thank you. On behalf of Ajmera Realty and Infriandia Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.