Key takeaways of the call

Area booked in Q4FY19 was 1.45 lakh sft (valued Rs 319.14 crore) as against 1.31 lakh sft (valued Rs 263.32 crore) in Q4FY18. Units/Apartments sold by the company in FY19 were more than that of FY18.

When most developers in Mumbai market are falling apart the company wants to cash in and improve market share.

Though, inventory under pipeline in the market is large/lot-more, the completion of all of them is tardy. Thus the demand will shift towards project developed by good/credible developers and this will also open up opportunity for price increase.

Stake of the company in South Mumbai project is 60% with JV partner holding balance 40%. The size of the south Mumbai project is about 400000 sft valued/worth about Rs 2000 crore. Already started development of Rehab component of south Mumbai projects one that rehab completed then the presale component will be taken up.

Now Commerz II is fully leased barring one floor.

Sky City, Borivile East – Estimated total units was about 2966 units. Construction work for 3 additional towers started and the work on Mall has also going on. Launched five towers close to about 1800 odd apartments so far and booked close to 1079 units till now. The company don't want to add additional inventory and want to phase out the launches in such a way.

Enigma realization dip is due to sales mix. Different views wings have different price.

Three Sixty West – The company hope to apply for occupancy certificate (OC) soon and expect OC by end of Sep 2019. Part OC is expected between Jun-Sep 2019 and full OC by end of the year.

The company was able to launch the Borivali project within 18 months of closing the land parcel purchase. In Borivali the company is constructing more than 10 mln sft.

Inventory left in Esquire is worth about just Rs 1000 crore and in apartments it is about 200 apartments.

In existing projects of the company no fresh inventory is going to come from next phases with-in 3 years.

The company is not hesitant to buy land it depends on what sort of land parcel and what kind of price it is coming up. The company is looking at return on time invested. The company is not only looking at large land parcel the company is also looking at smaller land parcels. But the competition for smaller land parcel is higher compared to large land parcels for which the buyers were few and price if fair.

Thane project the company is close to closing the deal.

Worli Mall – the company is on level 4 plus basement construction.