Data center park scaled 2→18→14 mentions, AWS/STT anchors and INR50-60cr/acre revaluation emerged.

You had very strong presales growth this year. Could you help understand the mix of presales - breakup between launches, under construction, and completed projects?

Our business is more and more granular in terms of delivering on a predictable basis. And thereby, we less and less rely on launches. New launches contributed to our sales to the extent of 25% to 30%, the rest was more sustained sales across the portfolio. In terms of ready and under construction, I think the ready RTMI inventory sales contributed around 20%.

On your presales growth versus your net cash collection growth - presales has grown almost 100% over 3 years from INR90 billion to INR176 billion, but net cash collection has gone from INR77 billion to INR130 billion. When would you see net cash collection catch up with presales growth?

So generally, our collection typically lags by a year in terms of presales that we achieve. So, you will typically see this correlation working, where the current year collection was around INR144 billion. And as you know that our last year sales was around INR145 billion. So effectively, with a lag of 1 year, generally it will fall in place. And that is the strength of our business, that our presales converts into hard cash and which is what enables us to deliver a strong operating cash flow and which is what then enables us to keep our capital structure pretty conservative and which is where, as you noted, that our net debt to equity stands at 0.2.

Could you elaborate on what you saw in the market on account of which pricing came in at 4%? The assumption has it going back to 6%, so it seems like whatever those forces were have normalized for now.

The reality of last year was that there was slower economic growth in the country than what we expected at the start of the year. And therefore, we decided to be conservative when it comes to our price growth strategy because ultimately, we aren't focused specifically on a price growth outcome. We are specifically focused on a profitability outcome and, obviously, the overall level of presales. So just taking into account the slowdown in the economy that one saw on the back of the capex slowdown plus the certain banking and regulatory slowdown, we just decided to take a more conservative approach to price growth. We do feel that in the Indian economy, the capex cycle has restarted back up. The government spending has started. And as I mentioned in my call, we are also getting more supportive policy from the Central Bank. And as a consequence, our medium-term strategy of price growth at about 2% below wage growth, we believe this is quite reasonable, and we should be able to deliver around that number for the full year.

On the launch value planned for FY '26 - it's still lower than the bookings you are expecting for the year. Is that part of a conscious decision because the absolute inventory you have in the system is still quite large? Or should the launch pipeline match up to your bookings plan over time?

No, I don't think there is any correlation between the launch pipeline and the bookings plan. On the contrary, we look at the total supply in the system, which is what is unsold, which is ready and unsold or under construction and unsold as well as, of course, what you know, launch and is unsold. As Sushil mentioned in response to the previous query, for us, last year, the mix was about 30% from the launches, about 50% from under construction and about 20% from what was ready. And I think that's really the, I would say, the differentiator of our organization that we can consistently sell week after week across all our projects and, therefore, deliver much more robust margin and also de-risking. So, we don't really see any need to have launches equivalent to sales. On the contrary, the total supply in the system should be about 3x of the sales that we are targeting, and that's how we look at it, 2.5 to 3x of the sales that we are targeting.

Can you talk about the breakup of your sales from Palava - how much is coming from premium segment and how much from mid-income segment? And what are the pricing points at which you categorize those?

For this year, for the full year, about 20% of our sales came in from the upper mid-income and higher segments. So, the price points for these are units which are trading at over INR1.5 crores; and then, of course, the segment below INR1.5 crores. So that's kind of the cut-off that we are following when it comes to determining what is upper mid-income and above and what's below that, low and mid-income.

Is there a deliberate effort to increase that premium proportion from next year, both for Palava and Thane?

For Palava and Upper Thane, yes, we believe it will first be led by Palava because the infrastructure in Palava is quite getting robust quite quickly, and Upper Thane will follow. But as we stated in an earlier discussion on our townships, we expect that by the end of the decade, about 50% of presales will be coming from this upper mid-income and premium segments. It doesn't mean that there is any reduction in the lower mid-income or entry mid-income segment. It just means that this additional category will contribute to sales, which allows these 2 locations to significantly grow in sales to about INR8,000 crores by the end of the decade.

To move into that segment, would you need to invest significantly on infrastructure or ecosystem development from your side? Or are you largely relying on connectivity benefits to flow through?

I think we've already done those investments. We have built a township to be one which can, over time, progress to becoming a more premium location compared to a sort of lower mid-income location. We did always have the strategic view of Palava and how it would evolve through the various phases that Gurgaon has evolved through. So, while, of course, there is a continuous improvement journey, we do not expect to make any significant incremental investments beyond what is the norm in this upgrade cycle. It's really got to now the only missing link in the upgrade cycle is connectivity. And with the airport operating this year and the Mulund-Airoli-Palava freeway also becoming operational this fiscal '26, we expect that the cycle will strengthen when it comes to higher-income buyers wanting to reside at Palava given all its other benefits.

On the 20% growth guidance - can you provide your thoughts on how individual micro markets will behave next year? Is this 20% growth largely Pune, Bangalore dependent, or are we also expecting MMR market to grow?

While we don't have sort of that kind of a breakup because as Prashant was mentioning, we have projects which perform ahead of expectations. We have projects which perform below expectations. But at a more broader level, we are able to deliver on our growth because our model is so diversified and granular and so based on ongoing sales. Having said that, to your specific question, of the approximately INR3,500-odd crores of incremental sales that we would expect this year from the current base of INR17,500 crores to INR21,000 crores, we expect that Mumbai would contribute approximately INR1,000 crores to INR1,500 crores out of that. And the other 2 markets would contribute in equal measure, half and half.

Pune - we don't have enough inventory and launch-wise we are lesser this year versus next year. Is it that some projects are in pipeline and hoping to get added during first half and eventually launched in second half? That's how we think about Pune's growth next year?

Our sales projections are done with a fair amount of detailed underwriting, and we typically avoid looking at new project additions in the year. They sometimes do happen. I'm not saying they don't happen, and they will sometimes make up for something which doesn't work out elsewhere. But as it stands right now, we have about INR4,500-odd crores of unsold inventory in the ongoing projects in Pune and then future phases of those projects as well as new lines. We expect to add another INR7,000-odd crores of new launches, not the full INR7,000 crores being launched this year, but that's the supply available. Part of it will be launched this year. So, we feel quite good about the fact that Pune can scale up from about INR2,500 crores currently to somewhere around INR3,500 crores or so the following year.

How are you seeing the change in real estate demand, especially for Grade A developers, given that the stock market has also corrected a lot? Are you seeing any negative signs of demand or any red flags?

I think the question should first be sort of seen in the context of the performance and data that we are seeing from what you would refer to as Grade A developers. Most of the Grade A developers have had very strong and high-quality presales. We think there is a trifecta of consolidation at play. It's consolidation on the consumer side, it's consolidation on the lender side and it's consolidation on the landowner side. All 3 are very clear that they only want to work with a handful of developers. And therefore, the other part is that even assuming for a moment that there is some demand slowdown in certain segments, I think it will be segmental demand slowdown, if at all, not across the board. But even within that slowdown, you will see that the Tier 1 developers will be least affected or not affected because the slowdown inevitably affects the weaker hands. And on a balance, actually, it benefits the bigger developers because you see more beneficial terms in the land market also.

We have been continuously showing this 20% kind of growth. Do you think this high base effect will come in anytime soon? Or on a longer-term basis, can we continue to expect this 20% kind of growth of presales?

I think that it's really a question of the business model and how do you build it up. Is this really a spurt? Or is it a setup of increasing the strength of the organization, increasing the depth of the distribution, increasing the width of the number of locations and number of projects? It's important to note that no one location of the company contributes more than 10% of our sales. It's important to note that we have almost 40 different operating projects, each contributing to sales. So really, the model that we put together on the real estate side is quite unique in terms of its granularity and diversification, both across locations as well as across segments. So that's the reason why we believe that this growth is an additive growth more similar to a consumer goods business that as you increase distribution, as you strengthen brand, as you increase your number of products, your growth can be sustained rather than one which has been dependent on high price growth. So, we believe strongly in the predictability of our growth and, therefore, have given the guidance we have. Of course, geopolitics, if something goes terribly wrong, the guidance may go off by a bit.