Ashiana Housing Limited (NSE: ASHIANA) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Vikash Dugar — Chief Financial Officer
Varun Gupta — Director
Analysts:
Unidentified Participant
Kanav Khanna — Analyst
Ankit Shah — Analyst
Nikhil Upadhyay — Analyst
Rohit Balakrishnan — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Asiana Housing Limited Q3FY26 earnings call. As a reminder, all participants 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 the 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 Mr. Kannav Khanna. Thank you. And over to you.
Kanav Khanna — Analyst
Thanks and welcome everyone for joining Q3FY26 earnings call of Asiana Housing Limited. The results and the investor presentation has been mailed to you and is also available on the stock exchanges. In case you have not received them, kindly write to us. We’ll be happy to send it over now to take us through the results of the quarter and nine months gone past. An answer to all your queries. We have with us the management of Asiana Housing Ltd. Mr. Varun Gupta, Full Time Director and Mr. Vikas Zubgar, CFO. We will start the call with a brief overview of the company’s performance for the quarter and nine months ended 31 December 2025 and then follow it up with question and answer.
I would like to remind you that everything said on this call that reflects an outlook for the future or which has any forward looking statements must be reviewed in conjunction with the uncertainties and risks that we face or might face. These uncertainties and risks are included but not limited to what we have mentioned in the prospectus filed with the SABI and subsequent annual reports which you’ll find on our website.
Now with that being said, I would like to hand over the call to the management. Over to you sir.
Vikash Dugar — Chief Financial Officer
Good afternoon everyone. I hope you and your loved ones are keeping well. I welcome you all to our Q3 FY26 earnings call and thank you for taking the time out to join us today. We have surpassed our FY26 pre sales target of rupees 2000 crores driven by strong booking conversions in Ashen Aroham project in Gurugram which contributed around 767 crores in sales on launch we achieved a sale value of area booked of 397.03 crores for the current quarter vis a vis 303.43 crores in Q2 FY26 primarily driven by new launches Ashana Amaya in Jamshedpur and asana Vatsalya Phase 2 in Chennai.
Equivalent area constructed for Q3FY26 stood at 6.14 lakh square footage vis a vis 7.25 lakh square feet in Q2FY26 Q3 got impacted by graph related restrictions in Delhi NCR. Total revenue for Q3FY26 at 373.35 crores versus 176.18 crores in Q2FY26 driven by higher deliveries profit after tax at 56.65 crores versus 27.54 crores in Q2FY26. The company posted pretax operating cash flow at 179.05 crores during the quarter. Cash flow continues to be healthy driven by better sales and collections. For the nine months ended December 25, total pre sales at 11.31.44 crores. Equivalent area constructed aggregated to 19.54 lakh square foot.
Total revenue for nine months at 852.25 crores while PAT at 96.91 crores. Pre tax operating cash flows for the nine month period was at 409.77 crores Supported by steady sales momentum and strong collections. During the third quarter we initiated handovers for Ashana Ikansh Phase 1 in Jaipur, Ashana Malhar Phase 1 in Pune and Ashana Dwarka Phase 5 in Jodhpur. Additionally, handovers have already been initiated and completed at Ashana Anmol Phase 2 in Gurugram, Asana Shubham 4B in Chennai, Ashen Ardeep Phase 1 and Ashina Tarang 4B in Diwali. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star in two. Participants are requested to use handset while asking a question. Ladies and gentleman, we will wait for a moment while the question queue assembles. A reminder to all the participants that you may press Star and one to ask a question.
The first question is from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead.
Ankit Shah
Thank you for taking my question. My first question is on the recent Rigad Khalapur land parcel acquisition of 8.83 acres. So the question is this is a small land parcel in our small town. So I mean is it worth investing management bandwidth in this project? Wouldn’t it be a painful exercise and how does this fit into our overall strategy?
Varun Gupta
So hi meht so this is this parcel. We intend to do a senior living development here. Although 8.83 acres is generally not small for us, 8.83 is quite a common parcel size for us though 4 and a half lakh square foot typically is small. We intend to do our strategy overall right now is to have a portfolio of senior living projects in any micro market we are in. So we are considering Mumbai Pune to be one micro market where we want to have multiple ticket sizes. So this will be in the middle end of that portfolio we want to build.
As earlier we had also disclosed another transaction that we have done in Panvel which will be at the top end of the portfolio. The current Asana Amod will be at the lower end of that portfolio and this will be in the middle end of the portfolio. And similarly even in Chennai we had done a transaction so we’re trying to get a portfolio going. Would I have preferred a bigger project in that neighborhood? Yes, but we were not getting a suitable transaction. But it met the minimum threshold from a management bandwidth perspective and therefore we went ahead and did that acquisition.
Ankit Shah
Got it. Got it. Next question is on the future projects. So future projects plus land totaled about 10 million square feet about two years back and that has dropped to now around 7 million square feet. So the launch pipeline could start drying up over next few quarters if we are not able to make a land parcel acquisition. And in this context, if you can also share on the Bangalore Pungil and Jaipur acquisitions that were involved.
Varun Gupta
So yes, so you’re correct. We will have the launch pipeline can slow down if acquisitions are not completed. So there are those three acquisitions of Bangalore and in Jaipur which have been announced which have not closed because of cps. So those are large projects as well. I’m hoping that CP’s on that will close and they will get ready for launch. We are also in active discussions for more projects. 2, 3 more projects and we are hoping to execute a few more lands and get that going. I think that’s critical though. That said, for the next year I think we are fine.
We have enough phase launches that are coming up that will keep the momentum going for the next 12, 15 months right now.
Ankit Shah
Right. Sir, if you can throw some light on the updates on these three land parcels of Bangalore, you know, if there is a progress or.
Varun Gupta
So there has been progress both on Panvel and Bangalore. Unfortunately on Jaipur we haven’t been able to make progress. I’m hoping that Bangalore and Panvel should conclude in the next three to six months and move forward.
Ankit Shah
That’s helpful. Sir, my next question is on the Roham project that we launched. So we understand.
Varun Gupta
One second. Can I request this to be the last question, whichever you ask and then you can join back the queue. I have a few in the line.
Ankit Shah
After this as well.
Varun Gupta
So thank you. So please go ahead and ask this one on our own.
Ankit Shah
Yeah, sure. Thank you. So realizations are coming to around 15,000 plus. They seem to be in line with the Amara Phase 5 realizations. So if ROM is a premium project, the realization should be higher. Can you explain this a little bit?
Varun Gupta
Two things. One, ticket size in Aroham a little bit higher because the unit sizes are bigger. And second is that we also wanted to get a certain pipeline at launch in an early phase of a project as compared to phase 5 of Amara where we are okay with a little slower pace of sales because the. The Amara project has gotten more than financial closure in terms of construction. So in our home as well, we would expect to now increase prices and hopefully phase three will be launched at a higher price than phase one and two when we launch phase three.
And basically now we have enough sell enough sold units to get financial closure. So launch of a project like this week, try to keep a little bit more interesting than we would in a later phase.
Ankit Shah
That’s got it. That’s helpful. I’ll join back again. Thank you.
Varun Gupta
Thank you.
operator
Thank you. The next question comes from the line of Mihir Desai from Desai Investment. Please go ahead.
Unidentified Participant
Thank you for the opportunity. So my first question would be around if you can let us know the sales trend in Aram Phase 5. And also I wanted to know the traction, you know, in the new projects like Ashiana Amaya and Vatsalya phase 2.
Varun Gupta
So in Ashina Amara sales were a little slow because we had also diverted our sales team in the same micro market effectively to Asana Aroham and all marketing activities and sales teams were concentrated towards there. We would expect Aroham to be quicker than overall Amara in the shorter term. Largely because we intend to sell Arohan more because we have a lot more inventory there to sell as compared to Amara at this moment of time. And to Amaya. Amaya sales momentum was good in the month of January. Hopefully it will continue to be good for the quarter.
It does well. And Vatsalya Phase 2 also has been doing decently well. So we are happy with overall. I would say when I speak about Vatsalya, I think the big thing that is happening in the company is the sales momentum of our senior living projects. Quarter on quarter, month on month remain good. And I think that’s very critical to for the business to achieve a differentiated and a differentiated scale as well. Where we see the future to be in senior living and in that virtually a phase two continues to do well.
Unidentified Participant
Okay, so my next question would be on the forthcoming projects. So if I see the pipeline now, the transition, I can see more square feet or equal square feet in premium and old living. So how, how do you see this? Like will this improve our realizations going ahead? Say we are at a sub level of say 7200 kind of a realization now.
Varun Gupta
Yeah.
Unidentified Participant
So I just wanted to know on. The outlook like the new projects which are coming so will that be more of a premium strategy and how the impact on the realizations will be there?
Varun Gupta
I think right now our BD zone is more towards senior living. So if you see the last two projects that we have signed up in the company has been in Chennai and in Kajat both for senior living and the pivot will become towards senior living and senior living will improve realizations on average for us I think because I think in general, I think the floor price in senior living now is getting closer to 7,000 rupees a square foot for us and the higher end going 10,000 and plus as well we are looking at higher end.
So I think overall realization in senior living will go up and that will also pull the realization in the company up. Q4 will be very heavy on average realization due to Roham’s disproportionate contribution that has already been reported. Our home is at 15,200. So I would, I would not consider Q4 to be a trend. But in general I would say realization should be going well particularly in senior living.
Unidentified Participant
Got it. So lastly I just wanted to ask that I am a little new for the senior citizen senior living this segment. So how it is different and you know what are the current trends on a ground level with you are seeing if you can throw some light, we’ll get an idea of how the outlook is sir.
Varun Gupta
Okay, so two things. Senior living is differentiated because it’s designed, developed and maintained for seniors. So there is a lot of design intervention both inside the flat, outside the flat and a lot of community building. For example, we run a dining hall outside the flat so people don’t have to cook. We have an activity manager at site who organizes close to 300 different kinds of activities in a month at a site which could be very simply to playing board games, to doing music and dance together and to Housing and tombola and different kinds of activities and sports activities and physical activities.
Second, they are able to target, since it’s differentiated, they are targeting a different consumer base as compared to a regular housing project in the same sort of location. So our Telegaon project for example targets consumers from Bombay and not just from Telugaon. So it has a different audience it can reach out to and therefore it becomes a lot more differentiated. It takes a lot more expertise. So we have also had a 20 year learning curve in designing, maintaining and delivering senior living projects. So that’s the thing. What we are seeing now I would say over the last five, six years I think more than 25% CAGR in senior living.
We were earlier struggling to get volumes to get pricing and that has started changing for the company over the last five, six years and that has given us confidence to move more and more towards it because we think this business is less cyclical. The regular housing business has both up and down cycle and we are trying to make our business a little bit cycle resistant. And in that regard we want to move our business more towards senior living. I think that’s what it is. I would highly encourage people to understand it to actually go visit a project of ours.
We have one in Telugu as close to Bombay if you would like to visit. I would encourage to come to see Chennai and Biwadi as well. You will get a better picture of how differentiated it is and what’s the proposition that’s on offer.
Unidentified Participant
Sure. Thank you for taking my question sir. And all the best.
Varun Gupta
Thank you. Thank you.
operator
Thank you. The next question comes from the line of Nikhil Upadhya from Simpl. Please go ahead.
Nikhil Upadhyay
Hello. Yeah, good evening and congrats on good set of numbers. I have three questions. One is I hope I am audible.
Varun Gupta
Yes Nikhil, thank you.
Nikhil Upadhyay
Yeah, so first was see what was the strategic rationale behind partnering with Epoch Elder Care for Asiana Care Homes Bhiwadi. So because we’ve been in this side of the business, so is it like more medicalized and clinical assisted living which we are trying to provide or if you can just help us understand the rationale and will it follow across other projects as well?
Varun Gupta
So 2 Nikhil, first you correct it is. It is an attempt to provide a little bit more medicalized higher grade of assisted care which we do not provide. Second, for us the assisted living business has been a sort of a value added service to our core customers who are buying active senior living units. We see our main business being the active senior living communities where our Reason for people to buy is not really care. Reason for people to buy is the independent active community life that they live with us and the kind of environment we create.
So the assisted living business was sort of a non core activity for us. And we were doing it as a value added service to our customers. And we were actually been trying to outsource this for a while. And then Epoch has come along. This is a core business for them. So we’ve given it to them. This is first one is a pilot. If it goes well, we’ll probably end up giving more of these facilities to Epoch to manage.
Nikhil Upadhyay
And the financial metrics would be like from the maintenance which we charge to the like
Varun Gupta
the financial matrix is not. Maintenance but the actual service fee. So they are taking the PNL risk on the care homes business really rests with us. They have a management fee model like you would give a hotel on a management model. They have a management fee model and for the rent of the unit and the services that would provide that P and L will come to us. But itself the P and L is very small. Right. In our scheme of things it’s more whether they can provide the quality of service we would like them to provide that they can go ahead and do. And while keep making sure the P and L maintains a minimum threshold standard as well.
Nikhil Upadhyay
If I look at. Sales trend sliding. Slide,
Varun Gupta
I’m not able to understand you anymore, Nikhil. Can you repeat?
Nikhil Upadhyay
Yeah. So I am looking at this project sales trend slide and if I look at Jaipur in all the three projects, what we see is that there is a fall in a realization. Whether it is a cons nitara or 144. So is it.
Varun Gupta
You see a decline in volumes, not in realization.
Nikhil Upadhyay
So if I divided the the value divided by the per square feet, the realizations, I see a drop of some like 300 to 700 kind of. Probably
Varun Gupta
there is something off in my understanding. Realizations have gone up generally across the board. In Jaipur we have actually up prices. There is a volume decrease in Jaipur because we have very less little stock to sell. Okay. And in some of these projects, you know, we might have the least preferred units left to sell. So maybe if you’re comparing it to previous quarters, realization might be falling off because the more expensive units are sold and the lower expensive lower units are left. Actually realizations in Jaipur have gone up. We have upped prices over the last six months on whatever units we have and it will continue top prices.
We have very little inventory there to sell. So we are okay with sales volume Being low and improve margins on whatever stock we have left there.
Nikhil Upadhyay
Okay, and last question. This is on this project wise delivery slide. I just wanted to understand this slide a little better. Now when we say Anmol, Shubham and Tarang we’ve handed over but we still report them. So is it like a part of it is booked in revenue in the P and L or is it completely booked in the P and L and why do we show it if we it’s handed over?
Varun Gupta
Okay, so two things. One, the P and L where it is handed over. I believe it has been recognized in revenue. Completely where handover started as written partially recognized in revenue. Partially is yet to be recognized in revenue. Go ahead and please go ahead.
Vikash Dugar
The only reason that in case of Anmol to Shubham and Tarang we mentioned handed over because for completeness sake they belong to the current year. So we will give the information that they have been completely handed over. And the projects which are being shown as handover started there, the deliveries would be there will be spilling over from one quarter to the other quarter.
Nikhil Upadhyay
Okay fine. I’ll come back in the queue. I have few questions more.
Varun Gupta
Okay, thank you.
Nikhil Upadhyay
Thank you.
operator
Thank you. The next question comes from the line of Nachiket Kali from Juggernaut Ventures. Please go ahead.
Unidentified Participant
Yeah, I thank you for the opportunity. Congratulations on a great result. And it seems you are very efficiently expanding your wings across the country. Since we’ve been expanding our geographical presence in a very phased and strategic manner, I wanted to understand what exactly is the strategy when it comes to this for you to deciding the city which you are going to enter. Because as of course we become multi city developer now. So how much do we subcontract? How much do we take care like end to end ourselves?
Varun Gupta
So for now we take everything end to end ourselves. We are not subcontracting anything in terms of construction.
Unidentified Participant
Okay.
Vikash Dugar
Except maybe the certain parts like podium or.
Varun Gupta
Yeah. So we have start. What have we started doing is we have started sub subcontracting in new cities part of the development. So like in Telugu we subcontracted out the clubhouse building. So we have somewhere we have subcontracted out basements. So we have started doing subcontracting works on a part basis to gain some bandwidth and momentum in construction. That’s been one second. I think first location strategy was decided. Basically we were from doing a senior living perspective. So outside of NCR and Jaipur, our view is that we will take only senior living to newer locations.
And the simple reason to go to any city now has been to go after demographics. So we’re looking for people, senior folks, wherever the population, senior population is higher. We went there first. So our research said first go to Chennai, then go to the Bombay Pune region. So we went there. The third, third location is Bangalore. So we’re gonna go there basically. Basically demographics.
Unidentified Participant
True. Got it. But like how do we balance the location like narrow down the location regarding like vis a vis. You cannot be very far from the city and you cannot be in the city also. So that of course you’ve got that balancing act very well so far. But will that be a strategy going ahead or we may, you know, have some projects within the like main city. Because I’m sure the seniors would not like to have a hustle whistle around.
Varun Gupta
Sure. So we intend to do a portfolio of projects. So right now for example we are exploring Gurgaon for senior living within the city as well. Which is a little bit hustle bustle. I think the strategy around senior living has evolved to having a portfolio of projects at variety of price points. And if that says that we should go to the city to do more luxury developments, we’ll go to the city as well. The idea is to get a variety. That’s it. And hit multiple income brackets and affordabilities within the senior living community.
Unidentified Participant
Okay. And we made recently made a foray in Panvel and have some land acquisition done. Karjak as well. So is there a like how do we envisage our MMR expansion over the next. Over the medium term. Next.
Varun Gupta
So this is the first intent on the MMR expansion right now. We’ll get these going as I said earlier. So Talegaon, Karjat and Panvel, we are looking to price it in three sort of different ticket sizes and target different customers from MMR to come to these three projects at different price points. So.
Unidentified Participant
Okay.
Varun Gupta
That’s the basic strategy for now.
Unidentified Participant
Got it. Thank you so much. Congratulations on the execution and we look forward to the same continuing ahead. Thank you so much.
Varun Gupta
Thank you.
operator
Thank you. The next question comes from the line of Rohit from I thought bms. Please go ahead.
Rohit Balakrishnan
Yeah. Hi. Good. Good afternoon. Sorry I was, I dropped off earlier so I don’t know if this question was asked but just wanted to know what progress in terms of the new acquisition in Bangalore and Bombay and Jaipur. I mean as you know, I mean the land incremental land that we have sort of is, is coming to end. I mean not end but yeah, it’s windling. So just wanted to get your sense on that because you said that by the last call you said that we’ll have some updates in this if you’re moving ahead.
Varun Gupta
Yeah. So Rohit, I did give an update on this. So there has been positive movement in CP resolutions in both unveil in Bangalore. I’m hoping that we will have some good news over the next three to six months. They are moving positively and we are excited about both those projects going through. Unfortunately there has been very little movement in the front of Jaipur. We are in touch with the sellers there to see what we can do to make some progress going forward on dissolving the conditions present to the transaction. But that remains slow and at the same time we are actively engaged in two, three more land acquisitions where very serious conversations are on.
Very serious stage of discussions are on. So I’m hoping over the next three to six months a few things will you know fall in and connect like one culture did happen recently that was also in talks for a while and similarly we have a few more going on and we should do something.
Rohit Balakrishnan
What locations are these? If you can share.
Varun Gupta
We are in conversations in Jaipur. We are in conversation in Bharati. We are in conversations in Ajamshedpur. So there are a few going on. There is one conversation outside of Pune on again the Bombay Pune access. So those, those conversations,
Rohit Balakrishnan
these are all. For more senior living or more.
Varun Gupta
They, they are, they are a mix. They are a mix. But there is senior living within this one.
Rohit Balakrishnan
Okay, got it. And from so I also congratulations on crossing 2000 crores which you had in terms of pre sales which you had which you had set. So any thoughts on next year in terms of pre sales? Because I think from a launch point of view I think we’re pretty much now do we have any major launches in Q4?
Varun Gupta
We have phased launches in Q4. I think we have three, four phase launches we should do in Q4 particularly in four senior living. And next year the main launch will be Asana Oma in Jaipur as a project that we’ll be doing next year’s pre sales numbers have not been calibrated fully yet. We tend to get it locked in in March generally when we do our planning. But I don’t think it will be very much anything really higher from this financial year. We’ll be in the similar ballpark in terms of pre sales as I said earlier also I the focus of the company is to less is to also get more stability to the business and make it less prone to cycles and we are shifting our thought process towards senior living and margins Particularly so.
Rohit Balakrishnan
From that perspective, just taking on from there. So we had this a target or a goal to get to a ROE of closer to 20% or 20% or more. You are charging 15% but I mean next year on a reported basis also I think we should be very much towards that number. Is that a fair understanding? And we should sort of continue to go up from there, at least for the next two, three years. Is that a fair understanding?
Varun Gupta
Yes, I think that’s a fair understanding. I think this year we are now close to 15%. The way I look at it, if we get to our Q4 goals we should be in that and the next year should improve and we’ll continue to improve and get closer to 20 and hopefully cross that threshold also in a year, in one of the next three, four years, hopefully that will as well happen. Right now things are good on that trajectory.
Rohit Balakrishnan
Right. And so the other question one was on this point of you said that we, as you said we are sort of going to be around this precinct number of 2000 odd crores plus minus here and there. So, so is that more that we can do within the, within the spaces that we want to be in the cities or within the categories that we want to be in despite not getting impacted by the cycles as such. So can we do, let’s say more on the senior living? Because if like one is of course not get over indexing on the cycle, which I completely understand, but growth is also extremely important and otherwise how will we sort of get to.
If we are going to be the stable then that’s, I mean why should we be there when we can, when we are offering value and there is a white space also and we are not constrained by balance sheet as such. So why not double down and try and grow, not aggressively aggressively, but grow and increase the scale from where we are right now.
Varun Gupta
So Parvat, the idea is to increase scale and I would say we are focusing on growing the senior living pipes significantly. Our senior living revenue piece as I would say would have grown probably 5 to 6x over the last six odd years in terms of annual revenues of senior living that we have done. And we want to continue this pace and clip in senior living and make it really, really large. I think that is I think about 25% kind of a cagr that we have gotten in senior living between 25 and 30% and I think we want to continue that because we think that’s a white space.
When you spoke about white space I think that’s the real white space available to us with differentiation, more stability, less cyclical, high margin profile, very strong brand resonance and a different kind of expertise and a motif. That’s the word I would like to use compared to the other part of the business which is more cyclical. So there is growth. I think what we are looking for is if you maintain a 15% plus roe through a long period of tenure and you are not really distributing a large amount of capital back, the only way to do that is to grow.
You cannot not have earnings growth and maintain that margin profile. I think so we might have couple of dips here or there, but if we are able to maintain that threshold, our book value, our network will continue to expand and become big and compound. I think that’s the intent. I think I also recognize that some of the growth that is coming recently is cyclical. It’s not that every growth that has happened for the last four years for real estate companies and large is structural. And so if we what the intent of the management here is to improve the structural growth that we have.
So our highs in the next cycle is higher and our lows in the next cycle is also higher than it would be and we have a move up our minimum thresholds and that. And that is happening to me. And therefore geographical mix increasing deeper in multiple markets, senior living bringing stability to that and having that going on. I think that is if I look at the company today as compared to 5 years ago, not only the cyclical growth happened. I think we have become far more stable as an organization. We are not dependent on one location too heavily.
We’ve seen growth in depth in multiple cities. We have been able to create scale in Chennai, in Gurgaon. We are on route to create scale. We’ve also actually created scale in Pune already which was not there five years ago. And I think that has been very, very important and critical as we go forward. We don’t have a two year, three year view. I think we as a management team have a 10, 15 year view and that is going well.
Rohit Balakrishnan
Sure. No, I think I completely understand and appreciate your view and I think it’s not as understood by people. So I think that was very well explained. Just sort of one last question and then I’ll move back. Is this, I mean I think you had mentioned about this like cumulative sales, accumulative deliveries that will happen between FY25 to 30 would be close to 11,000 crores. So are we on track? Because I think in the last call or the call before that there was this view that we’ll have to get a few launches to be able to start the construction and start delivering the 1.
28 or 29. Sorry, 2950. So just wanted to get your sense on this.
operator
Sorry to interrupt. There are participants waiting. You can join back the queue.
Varun Gupta
This last question and then we’ll get to the next one. Please, please go ahead. It’s.
Rohit Balakrishnan
Yeah. So just wanted an update from you that on the line of sight of that 11,000 crores cumulative of course I think next year will be a big, big year for that in terms of getting. So just wanted from. Because we had to get a few launches also in line through to get to that number. Yeah. So yeah.
Varun Gupta
Yes. Okay. I’ll just take this up and we can move to the next question after this. So if I look at. If you look at the total sale value of the projects under development and which has been delivered between FY25 and 26, it’s close to about 7200 crores already. 6840 for the ones getting delivered between FY26 and 29 mentioned on slide 16 and 17 of the deck. And we had over 400 crores of deliveries last year. So about 70 to 50 kind of there. We have to launch. We have phases to launch and we have projects to launch.
So Aroham was a key launch to do. I think Aroham phase one and two together should have a sale value over 1100 crores. So that will take us to about 8300 crores there. And then we have Asana Omar slotted for launch next year. And we have a lot of phases to launch in our senior living projects in particular particularly Vatsalya, Atvik, Amod and Swarang. I think the sale value of these phases should be close to about 2000 odd crores as well. So when you total all of this, this is where roughly that 11,000 crore number came from.
Arom Phase 3 is also a possibility. I don’t know if we get it in FY30 or it will go to FY31. Those are things again will depend when we launch phase three of our own. Exactly next year. So those discussions are also on. But that’s the rough breakup of the thoughts there if that makes sense.
Rohit Balakrishnan
Thank you. Thank you. Thank you so much.
Varun Gupta
Thank you. Rohit, can we move on to the next in line please?
operator
Thank you. The next question comes from the line of Varun Bang from Bandhan Life Insurance. Please go ahead.
Unidentified Participant
Yeah, I’m audible.
operator
Yes you are.
Unidentified Participant
Thanks for the opportunity and congrats. More from brand perspective, how would you describe where Asana stands today across its key market? In which of the markets were basically able to command premium pricing? And how would you assess our marketing engine today across key markets?
Varun Gupta
So we command premium pricing across Jaipur, Biwadi and Jamshedpur. We command premium pricing in senior living in Pune and Chennai as well. We are the leading developers in senior living in those markets. And in Gurgaon we are in the mid level of price points. So we do not command market leader pricing. So in all these markets we command market leader pricing in what we do. We are top tier in the micro markets, we operate in those locations. In Gurgaon we are not in the market leader pricing. We are far off that. But we are also not in the commoditized pricing and generic pricing of every developer.
We have started commanding premium in Gurgaon as compared to generic developers. But we have not gotten to a place where we would ideally like to be. Ideally I think we should be at a 10 to 15% premium to where we are at today in terms of establishing our brand.
Unidentified Participant
Okay, okay.
Varun Gupta
And in Pune and premium housing, we are far from right now getting premium pricing. But we have again bridged the gap. We are no more at a discount to the market. We are at market and moving towards getting premium pricing is one Pune.
Unidentified Participant
Got it. Got it. And do we integrally track brand recall or let’s say brand equity metrics? And let’s say, would you say our dependence on CPAs in some of the markets that you mentioned would have come down over years? Is that a metric to track purely from the brand equity metric perspective?
Varun Gupta
So in some markets where we have CP’s like Gurgaon and Pune, I think the market structure is CP dependent. Even the most market leader, like even dlf which is the top tier developer in Gurgaon in terms of price positioning, they also go through CP. I don’t necessarily see in those markets independence from CP’s is necessarily a way to track price premium and brand premiums. Though in other markets where we don’t operate through CP’s references is a key source of brand premium and at the end of the day, real pricing that you’re getting vis a vis other developers in your competition gives you a sense of whether your brand premium is there or not.
But we do track reference sales, we do track net promoter scores of our customers at handover, post delivery and customer satisfaction in general.
Unidentified Participant
Got it. And last one, in terms of areas or capabilities that you think we need to work on as we build on what we are doing right now in terms of senior leaving as we expand into New York cities, what are the capabilities and areas we need to work on?
Varun Gupta
I think I keep saying this. I think the long term piece is building our people front deeper and deeper. As we get to more cities and more projects, we need more leadership both at the project level, at the construction level, at the sales level. I think developing our management capabilities in terms of our people people would be the most important piece for us to do. And even business development capabilities as we do more and more geographies. I think building that out will be important when we do senior living.
Unidentified Participant
Okay, I’ll join.
Varun Gupta
Thank you.
operator
Thank you. The next question comes from the line of Ankur Jain from Prayas Capital. Please go ahead.
Unidentified Participant
Hi, good evening. One nice talking to you after a long time.
Varun Gupta
Hi Ankur, nice talking to you as well.
Unidentified Participant
Yeah, I have two questions. You know, first question is on the Bangalore market. Since we are trying to get in with the first project in Bangalore. So what is the kind of margins we can expect there? I mean, and there are two parts to it. One is the, you know, the pricing. So like this is the first, this is the first project in a new geography. Will we have to price it lower or has the brand traveled from Chennai to Bangalore in the senior living community so that, you know, the pricing that we can get in the Bangalore project will be decent.
And second is on the learning cost. Like in Chennai, the first project that we did, Asiana Shubham, there were cost overruns and some learning costs delays and all that the company had to encounter. So have they already been baked in and what are the kind of modules we can expect in Bangalore?
Varun Gupta
So Ankur, I don’t know how much of the learning cost has been baked in because I don’t know what the actual would be like. We have baked in some learning costs into it. So we have been conservative on our cost structures. We hope to meet a minimum threshold margin. We will get to know that only once we really launch and once we go through our approval processes, detailed estimation of cost. When we get closer to it, a little bit of better sense will come. Then I would like to say some of the learnings that we have had in Gurgaon, Pune and Chennai in our first projects will be incorporated.
That said, experience tells me the first project’s margins are always much lower than the second project. So in any market we have been in, and I don’t know why Bangalore will be any different from that. That said, we would like to position ourselves as a premium developer so pricing will be good. And we expect brands to travel from Chennai to Bangalore. Our initial dipstick says that there is enough cross between consumers in both those cities and there would be enough conversations and enough relationships and connection between some of our consumers. That brand should transfer. And we have also gotten larger as a senior living brand today as compared to when we entered Chennai.
So I think both those things should help.
Unidentified Participant
Right, Right. Yeah. I mean, I appreciate that. It’s a very candid observation. So just on the underwriting, you know, on the Bangalore piece or Bangalore or any other new project that you are going through, so is it right to assume that your underwriting is on 30% gross profit margin that you had mentioned in the previous calls?
Varun Gupta
Yes, all the underwriting that we DO is on 30% profit margins. But in all first projects in every location, there have been some negative surprises that were not captured into the except for AMOD in Pune where we had positive surprises actually in terms of the pricing we had got. So there is one thing that has happened in senior living I would like to add. We have been able to understand to position our brand and ask for better prices earlier on. So I do expect some cost surprises to come in into Bangalore. But that said, I also expect us to be able to price well and command a good price and margin there.
Therefore, that given, given our experience in Ashana Amod that we have gone through where we learned how to position ourselves better. That’s the way to put it.
Unidentified Participant
Right, Right. And the second question is on, you know, land project or land parcel in Noida or Greater Noida. So sometime back you mentioned that the company has submitted a bid, I think for a land person which was, which was to be auctioned by the authorities. So what’s the update on that? And secondly, are you also looking for some land parcels in that area from private landowners? That’s it.
Varun Gupta
So are we looking there? Yes. Are we looking there? Very actively, no. So we do get some conversations being in the city here. So we do engage time to time in Noida and Greater Noida, but we are not very active in that location. Some of the regulatory risks therefore there worry us. So. And second, on the bid front, which would have been absolutely clear, our maximum price that we were willing to pay was far lower than the maximum price that others were willing to pay. So we lost those bids in that.
Unidentified Participant
Right. Okay. Thanks for answering my questions. Thank you.
Varun Gupta
Thank you.
operator
Thank you. The next question comes from the line of Rahul Jain, an individual investor. Please go ahead.
Unidentified Participant
Yeah. Hi. It’s very heartening to see the cash flow that we’ve been reporting translate to reported numbers now. So my question is basically. So to one previous participant, you mentioned that we’ll be hitting about 20% ROE in the coming next three to four years. But if I look at next year’s reported revenue would be around 1700. Even if I take and I take a tab margin of 12% then that translates to around 200 crores of pet. So is that like 12% cat margin. On the higher side or are there more lower margin projects remaining?
Varun Gupta
No, I think your number I was being conservative. And when telling when we hit 20% ROEs, we expect to hit 20% ROEs next year itself. Rahul, you’ve done your math correctly. There are there lower margin projects there? Yes, there is. Like Malhar phase two would to be a lower margin project. Even Amol phase three would be a lower margin project which is coming in the next financial year. But that said with that kind of a revenue base I think overall margins should be good. And I don’t see a challenge in getting close to 20% ROEs or crossing their 20% ROEs in the next year financial year itself.
Unidentified Participant
Okay, so next is basically even if we like want to hit the 2000 crores of presales that we are. We have been almost doing for the past three years. We need like once the Gurgaon kind of inventory dwindles down the higher realization inventory will come down. We need to sell more area to get those pieces numbers. So what is the strategy? Are we planning to sell more or like increase the realizations or. Just wanted to understand the strategy.
Varun Gupta
I couldn’t exactly get your question. Did you get a question?
Vikash Dugar
He’s asking that we have been in the vicinity of 2000 crores. Yeah. Last year, this year and next year also we are contemplating that will be somewhere around the way of 2000 crores. Yeah. So do we intend to increase the value through premiumization and higher realization? Is that something that you asked if I heard you correctly?
Unidentified Participant
Yes. Yes. So like once the Gurgaon inventory goes down, our realizations will come down. That is my assumption. So we need to sell more units to hit those 2000 crores of pieces. Right?
Varun Gupta
Okay. So Rahul, I would say that our senior living pipe and share will increase and we are as I said, senior living is getting more and more premiumized for us as we go along. And I hope that should cover so a combination of both volume and value there should hopefully cover that revenue threshold and keep us around that 2,000 crore mark for A bit.
Unidentified Participant
Okay. Yeah. Last question was on the. So last year also we saw this slip from Q4. One of the projects got slipped to next year. This year also ANMOL is getting slipped in next year. So my question was like, are we considering the graph rules that like stoppage of construction comes in between in the, in our projections that we give?
Varun Gupta
We do consider it. We do consider it, Rahul. That said, this year the slippages have been much lower than last year. Only one project has slipped over which is on Mole Phase 3. I think the rest, everything is on track to one quarter. And I’m hoping in the next year nothing will really slip over from that year to the next. I think our overall discipline and strength there is improving and our view is that we have to figure out a way despite Grab. Grab has become part of reality for us and it cannot be an excuse anymore for us to delay on deliveries.
That said, finding a way around it does remain a difficult and Apple task and we’ll see what we can do to find that.
Unidentified Participant
Okay. Nothing. Yeah. Thank you. And all the best.
Varun Gupta
Thank you.
operator
Thank you. The next question comes from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead.
Ankit Shah
Thanks for taking a follow up. This will help. On the Asiana Town project complaint, you know that the customers have filed. So if you can share, you know, what was the contention of the customers and what is the status on that?
Varun Gupta
Can you say that again please?
Vikash Dugar
The Ashana Town litigation, which has been.
Varun Gupta
The Ashana Town litigation that is going on, the contention of the litigation is there are a lot of contentions of a few litigants. There are concerns around some regulatory approvals that we should have gotten. According to them, they haven’t bought in. According to us, we have bought. There are some concerns around our maintenance services and the quality of it and the charges we charge for it. They believe that we charge extra. We actually make a loss. So we think we charge too little. So those kind of contentions are there and we are actually surprised by the litigation because our dipstick on overall consumer side says that things people are overall happy.
But that said, those a few contentions of the litigations that continue and we continue to fight that out. I think we believe we have a very strong case and. But it is what it is in terms of there is litigation going fortunately.
Ankit Shah
Got it. That’s it. Thank you so much.
Varun Gupta
Thank you.
operator
Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing remarks.
Vikash Dugar
We are encouraged by the strength of our sales momentum, launch pipeline and operational cash flow in Q3 FY26. We remain committed to timely handovers in FY26 and to building long term value through disciplined execution and customer centric development. If there are any questions we were unable to address today, please feel free to reach out to us directly. The investor presentation and related materials are available on our website and we will be happy to provide any further clarifications. Wish you all good health and a productive year ahead. Thank you.
operator
On behalf of Asiana Housing Ltd. We conclude this conference. Thank you for joining us and you may now disconnect your lines.