Highlights of the meet

The company expects the corporate restructuring to complete in another 2 months with the stated second and final merger schemes getting sanctioned during the second quarter ended Sep ‘07. The ultimate equity after full restructuring and conversion of warrants etc will be Rs 54 crore with promoters holding 68% of the equity.

As end of Jun ’07, the company has a land bank of 922 acres (up from 837 acres as end of Mar ’07) working out to 71 million sft in terms of developable area. The company has made full payment for acquisition of this 922-acre land and enjoys complete ownership. About 500 acres out of the total land bank are in with in Delhi. Moreover about 90% of the land bank is within the 50 KM radius of the Delhi.

The current land bank of 922 acres which has been acquired over last 20 years.

Out of the total developable area of 71 million sft about 39.58% will be SEZ and 12% is hospitality, 20% IT parks, 3.5% is commercial space and balance is service apartments and residential. The entire 71-million sft area will be developed in 5-6 years time frame.

Development work is on on 802 acres out of the total land bank as end of Jun ’07.

The company executes/plans 3 IT SEZ. The first SEZ at Rai-Haryana is coming up 5 KM from Delhi on NH 5 with a space of 5.1 mln sft on 25 acres plot. The second SEZ is at Manesar coming up on 108 acres with a developable space of 12 mln sft. About 41% of the developable space is already let out in these 2 SEZs. The third SEZ is a mixed one with IT Park and Integrated Township coming up at manesar on a land spread of 600 acres. The company has so far acquired 270 acres and balance is yet to be acquired.

The company leased space at Rai- Haryana at Rs 42/ sqft for anchor tenant and expects average rates of Rs 46-47/ sq ft as per the going rates in that region. At manesar the anchor tenant rate is Rs 30/ sq ft.

The mall project in Cental Delhi is in advanced stage of completion and has recognized revenue to the tune of Rs 55 core from this project in first quarter ended Jun ’07. The Hotel project near Saket is expected to commerce operation in mid August ’07 with 100 rooms going on stream.

The company though expects moderate cooling down in the peripheral areas of Delhi in near term, the same is not expected to happen in Delhi city at least for next 2-3 year given limited supply across all realty segments.

Fifty percent of the profits next fiscal will come from rental income, which is negligible as of now.