Key takeaways of the call

Of the ongoing real estate projects (including unsold) the unrecognized revenue as end of Dec 2016 was Rs 5399 crore. Revenue reconised till date is Rs 2652.2 crore. Estimated cost for the ongoing projects is Rs 5718.7 crore and cost incurred till date is Rs 3521.8 crore.

Launched a total of 1.1 msft (BEL share 1.00 msft) of projects have been launched in 9mFY17. New Projects lunched in Q3FY17 are Orion OMR ¨C 0.35 msft Developable Area and GIFT City Tower 1 ¨C 0.27 msft Developable Area.

The gross debt figure for December 2016 stood at RS 2084.9 crore. Gross debt includes Rs 239.3 crore debt taken in SPVs where BEL has about 51% share.

Land bank of the company is about 544 acres; total cost of this LB is Rs 1800 crore and of which the company already paid Rs 1400 crore and balance Rs 400 crore is yet to be paid.

Holiday Inn Chennai, the fourth hospitality property of the company has obtained all approvals/completion certificates. The company has made soft opening and official opening happen soon within Q4FY17. Company¡¯s third hotel ©\ Grand Mercure at Mysore commenced operations in Q1FY2017. Expect Holiday Express at Bangalure will commence operation by Q2FY18.

Brookfield, Bangalore - most approvals obtained and construction will commence by Q1FY18. Chennai World Trade Centre, initial work will commence in March 2017.

New project for revenue recognition are Lake Front Crimson and Mountain View with a revenues of Rs 56.4 crore and Rs 20.3 crore

9mFY17 profits was dragged/hit by one off item of Rs 47 crore including Rs 8.5 crore donations, 5 crore loss on sale of assets.

RERA - May 1, 2017 is the appointed date for applicability. Many of states have not set up RERA authority. Karnataka has set up the authority. Karnataka, the CREDAI has requested the GoK to make RERA prospective for future projects and not for ongoing projects. In 2016, the company obtained 30 occupancy certificates totalling about 11 msft. Currently 6 project are in advanced stage of completion and try to get completion certificate before RERA comes into effect. Few states have said RERA is applicable for new projects only and that was not acceptable to Union Government.

Enquiries have not dropped but time taken to finalize was more than normal.

Other than few weeks in November the retail sales has not impacted. The sales have picked up in December 2017. With interest rate dropped the business has gone up. Substantial improvement will happen from April 2017 onwards. Lower interest rates will boost buyer sentiments with RBI¡¯s policy announcement is waited for by buyers delaying their purchase decisions. The recent initiatives such as boost to affordable housing and RERA act will be beneficial for organized players and the company is fully geared up to capitalize on it.

GiFT City - First block with 260000 sft of office space is construction is on. First hotel construction will commence soon.

Completed inventory sale value is worth Rs 380 crore and the cost on that is Rs 125 crore.

Launch pipeline ¨C a total of 3.30 msft (BEL Share 2.27 msft) of Residential Projects and 0.62 msft commercial sale projects have been planned for launch going forward.