Prestige Estates Projects Limited (PRESTIGE) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Prestige Estates Q3FI26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Sir Pritesh. Thank you, and over to you, sir.

Yeah, thank you. Good afternoon, everyone. Apologies for the delay. On behalf of Access Capital, I welcome everyone to the call. From the Management of Prestige Estates, we have Mr. Irfan Razak, Chairman and Managing Director, Mr. Zaid Nohman, Executive Director, and Mr. Amit Moore, the Chief Financial Officer. I'll now hand over the call to management for their initial remarks, and then we can open the floor for a question and answer. Thank you. Over to you.

Hi. Good afternoon, everyone. I'll ask Raj to give his opening remarks, and then we'll continue with questions.

Thank you. Good afternoon, everybody, and thank you for joining us on today's earnings call for the third quarter and nine months ending FY26. I'll begin with a brief overview of our operational and financial performance, followed by updates across our residential, office, retail, and ESG platforms, after which we will open the floor for questions. Q3 and the first nine months of this financial year have been defining periods for the company, marked by strong execution, healthy demand visibility, and continued diversification across geographies and asset classes. Starting with our residential business, we recorded pre-sales of 4,184 crores during Q3, reflecting a 39% year-on-year growth. For the 9-month period, pre-sales stood at 22,327 crores. This is a growth of 122% year-on-year. Importantly, this is the highest sales ever achieved by the company and exceeds our previous full-year peak sales all within just 9 months. This year, the performance indicates strong resonance of our portfolio across markets and depth of demand for well-located, high-quality developments. Sales volumes for the quarter stood at 2.99 million square feet, taking cumulative sales for the nine months to 16.95 million square feet, with over 8,500 units sold year-to-date. Our geographic mix remains well-diversified, led by Mumbai, Bangalore, Hyderabad, and NCR, providing resilience across market cycles. Average realizations improved to Rs.14,459 a square foot, up 6% year-on-year, while our plotted developments continue to see strong traction, with realizations increasing by over 30%. Collections remained robust, reflecting the quality of sales and disciplined cash flow. We achieved collections of 4,548 crores in Q3 and 13,283 over the 9-month period, the highest collections recorded by the company and higher than full-year totals in the past. On the supply side, during Q3, we launched 5.02 million square feet, taking total launches for the 9 months to 23.83 million square feet with a residential GDV of over 19,600 floors. Completion during the quarter stood at 4.72 million square feet and 12.71 million square feet for the nine-month period, reflecting steady progress and disciplined execution across projects. Moving to our commercial office portfolio, leasing during Q3 stood at 0.56 million square feet with occupancy across the operating portfolio remaining strong at over 95%. Exit rentals from the office portfolio for FY26 are expected to be approximately 829 crores. With completion of our ongoing pipeline, office annuity income is projected to scale to around 4,000 crores by FY30. We also recently completed Prestige Lakeshore.it, Prestige Tech Hub, and Prestige Capital Square in Bangalore, Premium office developments totaling 3.7 million square feet, which will shortly begin contributing meaningfully to our annuity income. Our portfolio continues to perform consistently well. During Q3, mall footfalls stood at 5.2 million, and gross turnover grew 14% year-on-year to 702 crores. The efficiency across malls remains exceptionally strong at over 99%. Exit rentals for FY26 are expected to be around 275 crores, and with 14 malls in the pipeline, retail annuity income is projected to scale to approximately 1,175 crores by FY30. Turning to the financial performance, revenues for Q3 stood at Rs 3,886 crores, up 128% year-on-year, with EBITDA at Rs 873 crores and PAT at Rs 245 crores. EBITDA margin for the quarter stood at 22.5%. For the 9-month period, revenues were Rs. 9,052 crores, EBITDA at Rs. 3,104 crores, and PAC at Rs. 1,015 crores, reflecting healthy profitability and operating leverage. EBITDA margins for the 9 months stood at 34.3%. It is also pertinent to note that our unrecognized revenue as of December 31, 2025 stood at 61,922 crores, providing strong visibility for revenue recognition over the coming few years. Finally, on ESG, we continue to make steady progress across environmental, social, and governance parameters. Key highlights include India's first net-zero energy operational mall at Forum South Bangalore, multiple LEED, IGBC, and WELL certifications across our portfolio, progress under our prestige green promise with a commitment of 1 million saplings and plantations underway, and several national safety awards across residential, commercial, and retail projects. Overall, our performance in Q3 and the first nine months of FY26 reflects the strength of our diversified platform, disciplined capital allocation, and focus on execution. We remain confident about sustaining momentum while continuing to scale our annuity portfolio and delivering long-term value to all stakeholders. With that, I will now open the floor to questions.

Thank you, Zay.

Well done. Thank you.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Akash Gupta from Numura. Please go ahead.

Hi, am I audible? Yes, sir. Yes, sir. Hi, sir. Congratulations on a good performance. My first question is on the margins for this quarter at roughly 22%. What was the reason behind that? And second is also on the cash flows. I think the investment in land, the outflow of cash this quarter was also on the higher side at $27 billion. What was the reason behind that? That's my first question.

The margin reduction was mainly because of the product mix. If you see last quarter, we had a couple of projects where the margin was slightly higher. In the current quarter, there were a couple of projects where the margins were in the single digit. Basically, if you see, we completed one project during the year called Prestige Siesta, wherein there were legacy customers whom we have sold at. It's an NCLT takeover, so it was an old rate. So, the margin in that block was lower. So, that has resulted in a lower margin for the quarter.

Okay, and the outflow of cash this quarter on the investment end landed roughly 27 billion. That was also on the higher side. So, what was the reason?

Yes, yes. So basically, this quarter, we had a couple of good opportunities, especially on the bidding and some corporate deals. So one land parcel we had tied up in Hyderabad called the Knowledge Park. There we have invested close to 1,000 crores. Okay. And then in the Chennai market, we have picked up one land for 800 crores. So these two were the major contributors. Otherwise, the total deployment was close to 2,700 crores.

I understand. My second question is on the launch pipeline for the fourth quarter. And how should we think about your pre-sales number in F527? So it's fairly certain, I think, that we will achieve our F526 guidance. How are we thinking about demand and launches, the big launches in F527? Thank you.

Now, this current quarter, we've got three launches coming in Bangalore. One we've already done, which is Evergreen, at the Prestige Rainful Park. In the pipeline is Eaton Park and Fernvale in the Prestige City, two more components, where the approval will come in hand in a couple of days, and then we get RERA and we'll get launched this quarter. We also have a plotted development called the Prestige Marigold in Dainville. And then Hyderabad, we are very confident of launching two developments. One is the Rock Cliff, which is in Banjara Hills. And the second is the Golden Grove. Again, that is in Telapur. It's a very large development. And there, again, we believe we'll be able to launch this quarter. So, all in all, we should cross stop-line sales in this quarter of about 8,000, which will take us through to 30,000 for the year, if not more.

And how should we think about F527 and your thoughts on the real estate demand, please?

The demand continues. For F527, it's all work in progress. We have a pipeline. I think it's too early for us just not to spell out all the projects that are there, which, of course, the list is there, but it's all a work in progress in the sense, which project comes in this quarter, and I think that once the product comes to the mark, it will definitely be sold.

Understood, sir. Thank you so much, Investor.

Thank you. Thank you. The next question is from the line of Parikshet Kadpal from HDFC Securities. Please go ahead.

Yes, sir. Hi. Congratulations on a good quarter. Sir, if I look at your numbers for FY26, you will cross or reach 30,000 crores. But the last component, almost one-third, is coming from NCR, which is 9,000 crores, which was the hit product this year. But we start FY27, at least a shortfall of 9,000 crores, and to reach or achieve or exceed 30,000, some other products have to contribute. So how does one think in FY27, how do you intend to make up? Because in NCR, we don't have much of a pipeline as of now.

There is a pipeline. The teams are working on it. There is a strategy, and we have tied up some land in NCR also. So, we can't be just one product wonder in the NCR. We'll tie it up to the last tracks in the Gurgaon region, which will spell out as we go along.

In terms of, I don't see them in the business development pipeline as GDV additions. How much will be the value of the GDV added in these two projects?

So, if you just look at the slide number 26 in our investor presentation, that tells you the GDV of new acquisitions. That's totaling to around 40,000 crores. And if you look at existing pipeline that we already have, where approvals are nearly finalized and planned for upcoming quarters, we have about 16 projects there, of which 1, 2, 3, 4, 5, 6 projects should get launched this quarter. That balance is around about

15,000 crores will be over there as well.

So, 15 plus, you have 40,000 plus.

Sir, I was listening more from the NCR, I think, which I finally touched upon, then you have signed up some land parcels.

Sir, NCR, we already have sector 150, which the legal issue which was there has been cleared, and the plan should get approved in a couple of months. And that will come for the next financial year. That's why we haven't planned it for this quarter. But for sure, in the next quarter, that will come. We've got, I can't spell out, the other two sectors in Gurgaon, which we have finalized. We have a term sheet. We are working on the legal due diligence, and that will surely hit in the next financial year. They are something that, at the appropriate time, it will be announced.

But in terms of green, sir, how much will be the value of these two projects in Gurgaon?

If you take that, it will be, again, bigger, if not as big as what you've already done in Indra Puram. So, the DDU will be more than 10,000. All three put together.

Okay. All two put together. More than 10,000. Okay. Secondly, on commercials, I think you have on the television spoken about the commercial assets earlier a few days back. I just wanted an update on the KC Namalachmi assets. So, how has been the least traction in So what kind of thing we think we have already achieved into these two assets?

Yes. So what happens is now in DKC, the good news is construction is underway at a pretty fast pace. And we should top out the X tower in DKC by April, May of this year. And we should top out the Wise Tower by August-September in this particular calendar year. And similarly, for the Turf Tower, which is the Mahalakshmi, which is called the Prestige, both the towers should get topped out by the end of the year, that is December. So we have had things are moving at a very, very healthy pace. And then, of course, after we top out, there will be a lot of work in terms of finishing, which will take another year. But having said all that, if you ask me on pre-leasing, I think the teams have worked really well. And in BKC, we have commitments, firm commitments with deposits for about 1.4 million square feet of office leasing. Similarly, in the turf tower, we would have around 400,000 square feet of free leased commitment. That is, for property that is under construction, it's, I would say, a great achievement. Once it's ready, the demand will be much more because the type of product that we're going to deliver will be not seen for years.

Okay. And just lastly, on the data center, I think it's fine, sir. I know you have the Russian government. So, any update on that? So, what are you exactly planning to do there, and what kind of investments you should look into the data center with that also?

So, that's a work in progress. Land will be allocated to us. So, we're just waiting for that to be done. Hopefully, at the end of this quarter, we should have a further update for you on that.

Okay, but we are looking to do build-to-suit, or...

So, it will be a combination, because it will be a combination, because it's close to 100 acres. So, it will be a complete build-out, and it will be completely master-planned. So, we'll be open to doing either or.

Just lastly, if I may squeeze in. So, next year, I mean, FY27, I mean, I think in your media interview today, you said that we intend to better off FY27, but are you looking at any growth, or do you think that 30,000 will be kind of a peak number, at least for the near to mid-term, in terms of pre-sales?

No, FY27, see, once we arrive at our number of FY26, we hopefully, we are, I think, more or less sure to cross that 30K mark. We will take stock, we will take fresh guard, and I think once you are at the peak, I think we need to evaluate, do all our homework, and work out from which market, what, like you ourselves asked about the NCR market. So, we are looking at seeing which market farmers can come from, but I believe the 30K market itself, what we are going to reach is going to be pretty high. We will give our guidance when we come to April in the next quarter, when we have our conference, maybe we will have our guidance also ready. As of today, it is too early for me to say anything.

Sure, sir. That's all for me. Thank you, Mishra.

Thank you. The next question is from the line of Karankarna. from Ambit Capitals. Please go ahead.

Yeah, thanks for the opportunity. Just a couple of questions from my side. Firstly, Mr. Razak, you spoke about 30,000 crores of pre-sales for FI26, which effectively means about 7,000, 7,500 crores in the fourth quarter. If I look at the launch pipeline, so largely all the four projects are in Bangalore. And if I look at the quarterly sustainment sales of about 3,200, 3,300 crores, Effectively, you're looking at a 50-60% kind of a sale on the launch of these projects. So if you can provide some color on the health of the Bangalore real estate market, what's the sense that you're getting on ground in terms of footfalls and conversions that should take you comfortably to the 30,000 crore mark?

That's the reason why I said we will cross it quite comfortably. We just launched in this month the Evergreen at Prestige Rain Tree Park, which is a 5,000 crore GDP, out of which it has met with a really, really good response. In the first two weeks itself, we have done fairly good sales, I think almost about 1,500 to 2,000 crores. Of course, we'll total up as that stale civilized. And I think this quarter on that particular project should do very well. Now, we also have the Prestige City, two components, Eaton Park and Fernvale. Even those, we believe that once the approval comes in hand, which is likely to happen this week, early, I mean, early next week, and the era, we should be able to get a fairly decent sellout, like you say, 50-60%. And we have a large development in Hyderabad, which again is going to contribute very big because the golden growth in Telapur. So all this put together, we should cross the line very, very comfortably. There won't be any struggles. Palmcote in Chennai. Palmcote also just got approved in Chennai. But Chennai market, see now looking at markets, I'll tell you, Bangalore is still pretty fizzy, very good. It's fast. Hyderabad is also fairly decent. Chennai is steady, very steady, and it's not giving instant results, but depends on which micromarket the demand is still there because of the brand itself.

Sure, this is helpful. Secondly, on new BD, can you provide some color on what IRRs are you penciling in while signing up new business development? And for the 40,000 crores, which were signed so far in nine months, FI 26, what does the margin look like? And in the last call, you mentioned you're looking to see one large BD in Mumbai. So if you can provide an update on that.

I think to answer this.

You see, BDA is a work in progress. Every day, there's something new that happens. You know, see, the biggest BDA in Mumbai is we already have the land, which is the, and we've cleaned it up, and very hopefully, the next financial year will be launched, which is the Prestige Place, which is Dijamata, the entire 4,000 homes which were there have been cleaned up. First is our responsibility to build up 4041 homes. Second is, as soon as the plans and the concepts are almost getting finalized, there we are going to have a hotel, we are having an office, we are having a retail mall plus 2.5 million square feet of residential, and I believe that will be a big number mover, and that also will happen in the next financial year. We're also having a large office development, which we are going to sell in Bantra that is called the NIG, which we call it the Business Day. Even that approval will come in the first quarter of next year in Mumbai. So the BDA, many things are happening. Everything can't be spelt out, but there is a lot of traction and there is a lot of opportunity. Like you see now, you saw Hyderabad, we bought that 11-acre land in high-tech city, out of which 3 million square feet will be built, 2 million will be office, 1 million will be residential. The residential tower will give us at least 2,500 gross GDV, and I believe that will be a luxury tower, and there is a vacuum for that type of a product. I think that will also meet with a good response.

Sure. This is helpful, Mr. Dharak. I will come back in the queue. Thank you and all the best. Thank you.

The next question is from the line of Parves Kazi from Luwama Group. Please go ahead.

Hi, Rafa. Thanks for taking my question. My first question is on the DIAL project at the Delhi airport. Would be great to get a subject about that.

Yeah. What about the DIAL project?

I mean timelines and how is the...

Okay, now that's the good news is that teams are really putting a lot of focus. First is the 600,000 square feet of office that we have has been almost all fully leased out, and the customers are waiting to move in for their fit outs, and the project itself, I would say the completion of the hotel block will be by July of this year, and of course they will, since it's a very large hotel, The hotel and a lot of rooms, there will be some simulation times four to five months. We've already appointed the general managers to both the hotels, that is the St. Regis and the Marriott Marquis, the huge convention. So I believe the hotel per se should start trading at a soft launch end of this calendar year. And the office component, we should be able to hand it over to the tenants in April as soon as we get the occupancy.

Sure.

And second, on the housing side, I mean, you did give a color about the various markets like Bangalore is still good, NACD. Wanted to get your views on price increase. I mean, is there a scope for further price increase or do you think we are more or less near the top?

No, I think we have topped up on the price. We should not allow the price. You see, Now, what's happened is, what components go into price? It is A, the raw material, which is land. B, it is the cost of construction. And C, it's the approval cost. These three, like, it varies from city to city. Mumbai, more than the land cost, it is the approval cost because the premiums and the TDRs and the other components are pretty huge. Like in Hyderabad, in a band, the approval cost is not that high. But then we have to be very, very careful on what we commit, and we don't overcommit, overpay, and overprice the land. Once you pay too high a price of land, then in case the market corrects itself or there's no demand at a certain level, there is going to be pain. But as of now, at the level that we've reached, I think we've, according to me, more or less peaked out. We should not allow prices to rise more than this.

Sure, and one last question for Amit. For the BDDs that we have already entered, what is the pending land prefix that needs to be? Thank you. Amit, yeah.

Just give me a moment. It's close to 1800 crores per day. Sure. Thank you.

The next question is from the line of Tarang Agarwal from Old Bridge. Please go ahead.

Hello, sir. Good evening. A couple of questions from our end. One, sir, just to get a sense, how conservative or aggressive are we when it comes to, you know, calibrating our upcoming GDPs and costs associated with it? Typically, what are the moving parts which costs are most vulnerable to? And similarly, when it comes to the GDP?

I think we can't get too aggressive and too optimistic. Whenever we calculate anything, whenever we tie up a deal, we are very conservative. We take the worst case scenario and make any commitment for any land, and in case we believe that it's just not possible, we just let it go. There's no ego in doing business. As long as it makes sense to the company, as long as there is a confirmed bottom line, and as long as we believe that there's going to be success, we touch it. Otherwise, the best thing is to just move away and then live to fight another day.

Okay, and historically, you've seen an up move in most of your projects where the GDV that you had penciled in at the time of conceiving the project versus the GDV that you actually realized. Is that how the trend is spinning?

No, no, that has happened. You see now when we launched Indra Puram, before when we tied up the transaction, we thought we'll get a GDV of about 8,500 to 9,000 crores. Today we are getting 12,000 plus crores. Of course, on the other side, flip side, even construction cost also has gone up. So if we hadn't got that plus, Obviously, we would have got hit on our bottom line if the construction cost went up. So, there's an insurance. So, that's why we are very conservative. That's why I meant we are conservative. We have to be careful and conservative. We can't throw caution to the wind and look only at the volumes. We have to look at the bottom line.

All right. So, second, you know, just to get a sense on your cash deployment going forward, You know, given your JPEG commitment of about 15,000 crores between your commercial and retail business, and given the reasonable visibility that you have on your RECI cash flows, obviously, it's split in three buckets, sold, unsold, and upcoming. And unsold and upcoming will have certain risks associated with it. But basically, and the fact that your commercial portfolio in itself will start generating anywhere between three and a half to 4,000 crores of free cash. So how should we see cash deployment going forward? Because both office as well as retail seem to be at a point where there'll be self-sustaining, reasonable amount of cash flow generation from the RECI business. So how should we see you deploying this cash going forward? And this is not from a year or two perspective, from a slightly longer-term horizon.

Right now, as you mentioned, we have close to 15,000 close-up cash to be spent, of which what we are envisaging close to 40% will be from debt and 60% from our internal accruals, basically residential and whatever surplus cash goes from our and with the business. So, that should, this is how we should be allocating our capital as broadly. If you see, whatever we are allocating, about 70% will be on the residential segment and 30% will be on the CapEx vanity business.

Got it. But, you know, I mean, if I just put the entire business together, FEC and commercial together, and just look at the consolidated entity and the underlying characteristics of the recipe business, You know, there will be a sizable free cash that could, that is likely to get generated. So, is there a potential for you to have an alternate line of business? I mean, data centers is something that's been spoken of. So, is there where we could see data points?

That's basically what I wanted to get us to. Hi, so your question towards

what we'll do with the free cash flow is very simple. I think each line of the business is giving us quite good return on capital, so we'll continue to deploy it accordingly. And also, yes, to answer your question, data centers as well is something we're looking at. But of course, I think it's very nascent right now. And so we have also looked at acquiring these large parcels of land where the requisite power can We can also be provided to. And based on demand, we can also ramp up the supply. But yeah, we are very agnostic in how we look at things. And if there are some new alternatives also, we're happy to look at it. But as of now, in these four to five business lines is where we would feel we can deploy most of our capital.

All right, last question, just an update on Pallabharam, Chennai, because that seems to be moving a bit slow, and similarly, in Nautilus, I think about 1,500,000 people sold out of the GDVI time of launch of our ADSuprose. So, how are you looking at Nautilus and an update on Pallabharam? Thanks.

No, no. Pallabharam has, according to me, performed quite well. They've done more than 1,000 crores worth of sales there. They're just doing excavation and maybe just foundations are going on. Like I said, like in Bangalore, I can't compare a Chennai to a Bangalore, Bangalore to a Hyderabad, a Hyderabad to a Bombay. All I've done in different spaces. You asked something about Nautilus. What was that?

So, Nautilus, I think, absorption till date has been in the ballpark of about 4,500 crores. That's about 55% of the GDP. So, how are we looking at it? I mean, are we consciously going slow on the project, given that it's been established fairly well known? I just wanted to get a sense.

Well, there's nothing to go slow about. Construction will go a whole hog because there again, I think excavation itself will take me a year plus. We've started it at full speed, but still one year more for excavation, and then obviously the foundations and everything will happen. In fact, on the other side, the society building is up and about. That's why my society members are pretty happy. And on the sales front, as Nautilus is concerned, I still have to load some more slum component and some more FSI, all those things. So, as we keep loading, we'll get more and more inventory to sell. Just now, my sales guys don't have that inventory. And I believe that there's no question of going slow. As and when we can and as and when we will get the approval, we'll keep selling. And the demand, we don't wait for the demand, we don't keep inventory, hoping for a better price. See, here, always our thing is, if the going is good, if there's a product, there's a demand for the product, sell it. All right. Thank you.

Thank you, sir. All the best.

Thank you. The next question is from the line of Pritesh from Access Capital. Please go ahead.

Yeah, thanks. Just a couple of questions. First on, you know, we've gone a bit aggressive this year on building a pipeline in Hyderabad and Chennai. Some of our peers, you know, are struggling in those markets. I wouldn't say struggle, but a bit slow in that market in terms of scale-up. You know, how should we see, you know, our target segment in that market? And what, according to you, is the right fit for individually, you know, those markets to have a good sales velocity at launch? Because I think in the morning, in the interview, you said that if the project doesn't sell 30-50% in the first month of launch, you know, then it's not a successful project. That's where we are quite wary of. So what would be our strategy in Hyderabad and Chennai so that we are successful in these two markets as well?

Yeah, that's a good question. See, in Chennai, I can't hope to have a 50-60% sale on the first month of launch. I believe there, if I am getting a 20% sale in the first one or two months of launch, I would say it's a good project. And another thing is, we have not gone aggressive. We didn't have any inventory at all in that market. So we have picked up three, four very good price properties. The opportunities did come. And now those will start coming in and start fructifying. And since we've been in that market for quite long, I believe there's that opportunity. Even in Hyderabad, really speaking, our precious city, Hyderabad, is more or less getting closed out and sold off. So we needed some large ones. So the Golden Grove is a 9 million square feet project, which if launched, I think, at the right pricing, the location is just tremendous. I think it should be a big hit. We've just now also tied up another land in Kompali. Even that will take me about six to nine months for approval. That also will come the next financial year. Of course, Bangalore, we have a big pipeline again. I don't see any reason why we can't bring in more and more inventory in pipeline.

What should be the size in these two markets? You know, at peak level, what kind of

pre-sales can we generate from both of these? The pricing, we haven't yet decided. I wouldn't want to spell or just hazard any guess on the pricing.

I'm talking about the pre-sales run rate in these two markets on a steady state basis.

Either one, it would be 7,500, 10,000. No, I think too optimistic, I would say $7,500 in Hyderabad is what I would expect, and Chennai would expect around $4,000 to $5,000 for the whole financial year.

Yeah, yeah, got it. And just one last on the pricing bit, right? I think it gets into a chicken and egg kind of situation when prices don't increase, we don't get, you know, rushed from the home buyers. So, when you say a kind of a flat top-out in terms of pricing, are you also discarding those gradual price increases that are needed for customers to make those buying decisions rather quickly? So, what's your thought process when you say prices have topped out?

Listen, I don't think anybody buys a home looking at price getting higher every month or every quarter. That's not the way a customer looks at it. They look at location, they look at the product, they look at the opportunity, they look at the affordability. When I said top out, what I meant was that we have reached that certain level. I personally wouldn't want the pricing to go up further and further because it will be counterproductive. The only thing would be that if price does go up, obviously it will. It will be correcting itself against inflation. So that was the thing that happened. We've seen it year on year. Every two, three years, there's a big high jump. As of now, we've got that high jump, and I think we should be content with what we have. And if you're able to play within those numbers, and the customer also is looking to buy a home. And that's how the customer thinks. It's not that he's looking at, I mean, I don't want investors to come in, thinking that they'll buy today, sell tomorrow, make some money. I think that will be an artificial market.

Very clear, sir. Thank you. All the best.

Thank you.

Thank you. Thank you. Thank you. The next question is from the line of Isha from Access Securities. Please go ahead.

Hi. Paul, congratulations on a great year. I think most of my questions have been answered. Just one thing, I want to understand the corpus that we spend on new acquisitions of BED this year up till now, and what is the kind of corpus that we're expecting for the remainder of the year, and if you can throw some color on the corpus for the next financial year as well.

Over to you, Abit. Yeah, for the nine months, we have spent 4,700. We had actually guided 4,500, but then as we mentioned, there were certain good opportunities during the quarter. We have deployed 2,700 crores for the quarter, which is on our higher side. For the next quarter, what we have allocated is close to.

In the next one, there's a backup call, or a lot of details, so you want to put it in the next one.

Parvez, if you can, Pritesh, I think so, yeah, line is on this one, you can mute it. Yeah, so for Q4, we have allocated close to 1,000 to 1,300 crores, so we lined up financial year 26 with close to 5,500 to 6,000 crores of BD spent. And in financial year 27, right now, what we are budgeting is close to 4,500 to 5,000 is what we are allocating for financial year 27.

Okay, sure. And the next question is on the debt side. So, I think on the call, we spoke about having 40% debt, CAPEX, 40% debt coverage. So, just wanted to understand what is the kind of debt we are expecting by this year end. And also, if we are planning on taking on more debt for the next year.

Again, debt, if you see, we have been managing our capex and business development through our operating cash flows itself. The exception being this quarter because of the opportunities. Going forward also, what we are budgeting is we should be able to manage our operating, from the operating cash flows, capital spend, and whatever debt we'll take is basically to service the interest and repayment of the loans. So, current finance, just to answer that, in 2016, we don't expect to go up significantly. It should remain at 0.55 levels.

Okay. Okay. And just one last question, like how we are witnessing a little bit of slowness in micro markets of Chennai and Hyderabad. A, are we seeing any oversupply in those micro markets? And are we exploring any new micromarkets for the coming years since we want that kind of growth for the coming years? Is it just the Delhi-Mumbai markets that we're looking at or are we discovering any new micromarkets? That's it. Thanks.

So we're looking at the Puna market as well, apart from the markets that we're operating in. And hopefully we should have some BD in this new market in the next financial year.

Okay. Okay. Thank you. Thank you for answering. That's so much.

Thank you. The next question is from the line of Yash Gupta from Asit, Kotecha Family Office. Please go ahead.

Sir, how we are looking at Jijamata project, GDV, it's nearly six months of land clearing. And along with it, any thoughts on Lonavala? I think it's more than one and a half year we have talked about. Any challenges we are facing?

I think Lonavala land procurement is almost completed, but it will still take a few months more. Once we have a fix on the entire total land, then we'll probably get onto the drawing board and design a product there. On Jidamata, the property is clean. Now the planning is going on. The product mix also has been decided. So, it's only a matter of fixing the overall product, getting the approvals, and moving. That's it.

Earlier, we have discussed the GDP of this gigamata will be around 20,000 to 25,000 crores, but now the prices have increased in those markets. So, any upgrade in those GDP?

No, no. It's just not residential there. It's a total 4.5 million square feet, but out of which 2.5 million will be residential. The rest 2 million will be hotels, that is, they're getting the Waldorf Astoria, the Hilton Convention Center, we're getting a city club, a resident office of about 500,000, and a million square feet plus retail. So, there will be a lot of capex. We are looking at the inflows coming out from the residential also to take care of the capex here. So far, on that particular project, there is no debt. Again, it's in partnership. So, we are at the moment holding 50% equity there, and our partners also have to contribute equally. So, we'll take it by here as we go along. Okay.

When we say free cash flow from residential project is around 50,000 crores and revenue recognition of 61,000 crores. So, what's our investment has gone into this project? And any guidance on the residential revenue recognition for FY27?

No, we've already said that. That's work in progress. We'll announce that in April.

Okay, sir. Sir, last thing is this Prestige Quantum. Is this Sahar Road project?

Yes.

Of 1.63 million square feet?

Yeah, I think whatever total area, once the approval comes, we'll know. But that's, I think, 1.2 to 1. whatever. I don't know who wrote 1.6. That is TDA, sir. 1.6 is good to develop the area. Your lease will be that 1.2.

Okay, sure. Thank you, sir.

Thank you. The next question is from the line of Jeet from Penpoint. Please go ahead.

Hi, sir. Am I audible? Yeah, yeah. Hi, sir. Congratulations on a great quarter. Just want to understand, it seems for this upcoming quarter, your Bangalore launches alone will help you meet or beat that 30,000 crore number. So are you still aggressively trying to push those Hegevart products for this quarter itself, the large project in particular, Golden Growth?

No, I think we have to bring in Golden Growth. It will come. And the only thing is we have to keep our fingers crossed that it meets the imagination of our customers, and the demand comes from there.

Okay.

Sure, sir.

And, sir, secondly, for the Jijamata product, the 2.5 million square feet of residential, is that on saleable area or carpet area?

Carpet.

Okay. Sure.

Thank you so much. Thank you.

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

Thank you. It's been an amazing interaction. Anything further, ZEZ is always available, Amnit is available for an interaction, wherever any clarifications. For us at the company, the teams are working hard to produce better and better results. I think we've done that over the several quarters, and we do hope the next quarter also will be as good. Thank you so much.

Thank you. On behalf of Access Capital Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.