Brookfield India Real Estate Trust REIT (NSE: BIRET) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Alok Aggarwal — CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
AMIT JAIN — CHIEF FINANCIAL OFFICER
Analysts:
Deep Shah — Analyst
Puneet — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to Brookfield India Realty Real Estate Trust Q3FY26 earnings conference call. As a reminder, all participant 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 Start then zero on your touchstone phone. Please note that this conference is being recorded on the call. We have the following persons Mr. Alok Agarwal, CEO and MD Mr. Rachit Kothari Non Executive Director Mr. Amit Jain, CFO of Brookprop Management Services Private Limited Mr.
Shailendra Shabnani from Brookfield. I now hand the conference over to the Management. Thank you and over to you.
Alok Aggarwal — CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
Good morning everyone, this is Alok and Welcome to Brookfield India’s Real Estate Class Quarter 3 FY26 Earnings Call. Thank you to all our unitholders, analysts and participants for joining us today. Let me begin with a brief update on the broader macro environment in India. India’s strong macro fundamentals continue to support the office market with GDP growth of 7.3% projected for financial year 26, stable inflation and supportive financial conditions anchoring long term investment confidence. Robust service exports and steady foreign investment inflows reinforce India’s position as a global hub for gccs technology and knowledge led sectors driving sustained demand for high quality Grade A office space.
Against this backdrop, the Indian office market recorded strong momentum in CY 2025 with gross leasing reaching a record 83 million square feet plus net absorption of 57 million square feet and vacancy declining to multi year lows, underscoring healthy occupier demand and tightening supply conditions. Turning to Brookfield India REIT, Quarter 326 was a strong quarter for Brookfield India REIT. We delivered robust leasing performance, continued improvement in occupancy and cash flows and completed a marquee acquisition with significant scale and diverse efficient benefits. With the addition of Ecovert, a large part of our portfolio value is now concentrated in high growth and resilient micro markets of Outer Ring Road in Bengaluru and Pawai in Mumbai.
These markets are characterized by a high concentration of GCCs and sustained demand from multinational occupiers. Now let me walk you through our leasing performance for the quarter. Leasing and Occupancy Update during quarter three financial year 26 we achieved 1.2 million square feet of cross leasing comprising 0.7 million square feet of new leasing and 0.5 million square feet of renewables. Leasing demand was well diversified across technology Consulting BFSI professionals of services and engineering led occupiers. GCCs accounted for 44% of this leasing reaffirming their continued preference for high quality institutionally managed campuses like ours. We achieved a re leasing spread of 17% with average lease term for 11 years underscoring both rental upside and and long term income visibility.
On the 9th month financial year 26 basis we achieved 2.4 million square feet of gross leasing with 49% contribution from GCCS and a 19% re leasing spread. With this our committed occupancy now stands at 92% up 5% year on year while maintaining a wage of 6.5 years providing a strong visibility on future cash flows. A key driver of leasing momentum was strong relocation and expansion demand enabled by a focused non processing area conversion strategy which has positioned our SCG campuses for occupiers domestic business activities as well. Overall committed occupancy of our SEG properties increased by 6% in nine month quarter of this year with space take up from market tenants such as a leading automobile company amongst others.
In G2 and N2 where occupancy increased by 10% and 8% respectively. About 1.3 million square feet of space with a breakup of about 0.7 million square feet in G2 and 0.6 million square feet in N2 has been converted oils at advanced stages of conversion which is expected to further augment our leasing efforts and drive occupancy growth. Quarter three was also a transformational quarter with the completion of the ECowert acquisition, a 7.7 million square feet premium V8A office campus located on the out running road Bengaluru Post acquisition our operating area increased by 31% to 32.4 million square feet.
Consolidated DAV increased by almost about 35%. Bangalore is now our largest market contributing 32% of at stake gross asset value. Together with Mumbai these GCC focused markets account for almost half of the portfolio value. Tenant Roaster has improved the share of GCC tenants increasing to 45% which was 37% earlier and share of top 10 tenants reducing to 30% which was 34% earlier. We successfully raised 55 billion Indian rupees during the quarter through QIP and India’s largest sustainability linked bonds by a REIT till date. Strong demand from diverse set of global and domestic Maki institutional investors significantly diversifying the unitholder base of this 35 billion rupees were raised through QIP which was subscribed over three times reflecting strong investor confidence in the Brookfield India REIT platform, our operating performance and also our long term growth strategy.
In addition, we issued 20 billion Indian rupees of sustainability linked bond anchored by IFC, a member of World Bank Group. Underpinning our continued commitment to sustainability. During. The quarter, we developed Blueprint 2030 to operationalize ESG commitments and adopted Sustainability Linked Grants frameworks SLFF which is called slff. On the operational side, our focus remains on embedding sustainability, wellness and social impact across our portfolio and we continue to receive recognition from global ESG institutions. Key recognitions in ESG included well Equity rating for majority of buildings in Powai, Eco World, North Commercial portfolio, G1, G2, N1, N2 and K1 which is standard portfolio recognizing unwavering dedication to fostering inclusiveness and supporting environment. IGBC net zero energy rating for K1 highlighting our commitment to sustainability, adoption of renewable energy and energy efficient operations.
K1 and N2 received IGBC Performance Challenge Excellence Awards. ATL center received Gold Certification at State level Energy Conservation Awards 2025. I will now hand over to AMIT to take you through the financial performance for the quarter.
AMIT JAIN — CHIEF FINANCIAL OFFICER
Thank you Alok and good morning everyone. Let me take you through the financial highlights for Q3FY26 Our net operating income for the quarter stood at rupees 5.4 billion reflecting a steady YoY growth of around 14%. Including the North Commercial portfolio, total NOI stood at rupees 6.8 billion. Growth in NOI was driven primarily by lease up of vacant areas, mark to market gains and contractual rent escalations. For Q3FY46 we declared a distribution of rupees 5.4 per unit, an increase of 10% yoy translating to total distributions of rupees 4 billion. The dividends and repayment of shareholder loan contributed to 65% of the total distributions.
For nine month FY26 our NOI stood at rupees 15.5 billion reflecting a steady yoy growth of around 13%. Including the North Commercial portfolio, total NOI stood at rupees 19.6 billion for nine month FY26. We declared a distribution of rupees 15.9 per unit, an increase of 14% yoy translating to total distributions Of 10.6 billion. The dividends and repayment of Shareholder loan contributed to 64% of the distributions. Our balance sheet remains robust with our borrowing LTV of 31.5% excluding shareholder loan instruments and dual AAA Stable Credit rating from Krisil and Ichra. Our average cost of debt of 7.6% in the current quarter is expected to reduce to 7.3% in Q4FY26 following 25bps reported cut and reduction in borrowing cost of Ecovorld STB.
We have a long dated debt profile, minimal near term amortizations and ample headroom for future acquisitions. As mentioned by Anuk, during the quarter we successfully completed a Rupees 35 billion QIP with 3X subscription and issued Rupees 20 billion of sustainability linked bonds, the largest such issuance by an Indian REIT at a competitive coupon of nearly 20%bps lower 20bps lower versus repo linked re borrowings. Our outlook for future growth of NOI and distribution in our current portfolio is very healthy. On the back of lease up and reduced borrowing costs. We expect 19% growth in our DPU once our current portfolio achieves stabilization at 97.5% occupancy.
This does not factor in any impact on account of contractual escalations and MTMs. I will now hand the call back to ALOK for closing remarks.
Alok Aggarwal — CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
Thank you Amit. Quarter 3 FY26 marks an important milestone from Brookfield India REIT. With strong leasing execution, 92% committed occupancy, a large scale entry into Bengaluru and a strengthened balance sheet, we believe the platform is well positioned for its next phase of growth. With this I would now request the moderator to open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on a Touchstone telephone. If you wish to remove yourself from the question queue may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Deep Shah with BNK Securities. Please go ahead.
Deep Shah
Yeah, hi. Thanks for the opportunity and congrats on this sustained increase in occupancy. So the first question was around an area that we are in the process of conversion. The 3.1 billion square feet there the occupancy swings in 60 range. So what is the capital time that you expect for this conversions to happen into non precision areas and when will this also see that 90 odd level of occupancy? Your your assessment of that that is first and second question is on the receipt of 650 million which we see in the NBC walkthrough. This if you could explain what exactly is this and is the understanding correct that this is a one off but it’s offsetting what would have otherwise come via ecowall.
Some strategy on this would be very useful. Thank you.
Alok Aggarwal
No thank you Deep I think good observation this is alok Let me take the first question see let me just give a background Initially we have applied for about 1.9 million square feet of area across our assets for conversion which is all leased out. After that we have applied for you know additional 1.2 million which is under advanced stages of conversion already converted. Most of this is backed by Lois or advanced stages of negotiations see please appreciate and so this is 1.2 so while 62% looks at 31st December but you know if when we talk about next quarter this would have been substantially least actually and part of that is already leased or way advantage of and then in addition we also kind of are working out a strategy point probably will have to go for additional 0.7 million square feet of a further conversion which is again backed by demand Please appreciate we already at 92% and we don’t have we have 8% kind of a vacancy and we have to mindful for the space space which we take for conversion because once converted it cannot be kind of a redone and we keep getting SCG demand also so we also have you know now in fact we have cracked the code I think operationally very efficient Generally when the transaction is at advanced stage of signing or Almost signed within 75 to 90 days we are able to convert and that’s a process we have kind of been able to achieve.
So that I hope answers your question and I would request Amir to take the second question if there’s anything you.
Deep Shah
Can ask on the second question Deep so the portfolio, the existing REIT Portfolio X Ecovorld has generated 5.4 rupees DPU by itself. As you mentioned that EcoWorld contributed 65 crores of cash but a part of that cash was utilized towards meeting the debt cost at the EcoVorld level and then EcoVold had other certain receivables from the demerged entity as you know ecobold came into being as a legal entity through a demerger scheme. So Ecovolt as a legal entity has other receivables from the demerged entity. So those have also been accounted for while distributing 5.4. So Execovor the generation is 5.4 because of the robust leasing performance over the last few quarters and Ecovorld by itself has also contributed 5.4.
Hope that answers your question.
Alok Aggarwal
Sure, sure. So just to follow up so on the first question because I wanted this clarity Itself because we heard you say earlier also that we convert when we have these or practically we are very close to an official lead signing. So practically we can expect say that 60% becoming 90 or in the range of portfolio in a quarter or so. That application really has. Yeah, thank you. That’s very helpful. Thank you guys.
AMIT JAIN
Yes, you’re right.
operator
Thank you. Next question comes from the line of Puneet Kulati with hsbc. Please go ahead.
Puneet
Thank you so much for the opportunity. My first question is how do you feel about the leasing. Of the IT commercial part of downtown and the upcoming expiries at K1 for this quarter? So on the upcoming expiry, you know, we already have on Calcutta, we already have signed the term sheet and that leasing, you know, because it’s going to expire in next quarter. So that’s beyond 1.2 million square feet. So beyond 1.2 million square feet, we have additional 0.5 million square feet term sheet sign. But you know, they have not been taken this quarter because XY is happening this quarter. So that’s on K1, even in Pawai, you know, whatever vacancy we are getting, we have signed a term sheet for that as well, which is part of about 0.5 million square feet.
And so I hope that answers anything else I can answer.
Alok Aggarwal
Yeah. So basically for fourth quarter you are. Saying there could be a bit of gap in the K1 piece and then it comes in next year.
Puneet
No, no gap because the term sheet is signed as soon as, okay, the tenant vacates, the tenant will move in. I mean, term sheets are being signed in advance in Pawai as well as I think Q4.
Alok Aggarwal
We have 1.1 million square feet of expiries out of which 800,000 are already kind of spoken for, renewed or released already. So there’s 300,000 square feet work in progress, but I would say 80% of it is already covered across assets.
Puneet
Okay, I understood. Thank you so much.
Alok Aggarwal
Just to add here, you know, we are able to, you know. Yeah, you know, I think ASPAD was indicated there’s a bit of a churn in tech sector, but there’s a strong enough demand from GCCs to take up, take space, at least advance and we are able to get better terms for the space which is getting vacated.
Puneet
Understood. That’s great. Thank you so much.
Alok Aggarwal
Thank you. Next question comes from the line of Parvez Qazi with Nova Mazow.
Puneet
Hi, good morning. A couple of questions from my side first. I mean, we have seen a pretty healthy increase in our occupancy Levels and. Year down the line. Where do you expect the overall occupancy at a portfolio level. And second, we have seen improvement in occupancy in G1 and G2 also. I mean your outlook on the leasing and occupancy in these two assets would be great. Thank you.
Alok Aggarwal
Thank you, thank you for this question. So your leasing has been kind of steadily moving up and that’s what we have maintained. You know, all these, all of assets are market sets. They have seen very high 90s kind of a leasing and we see, you know, that normally get debated. I think right now we are not giving a leasing forecast. We can give it probably next quarter. I think that will be fair. I think we don’t want to give it right now. But what I can assure you is that leasing momentum will remain strong and we’ll see leasing occupancy, you know, moving up quarter on quarter basis.
That’s on broadly leasing. But next quarter we can come back with a guidance if you all feel is required. That’s one G1 and G2. Yes, you have seen that again, you’ve seen occupancy moving up and it will continue to move up. We have, we have attracted new tenants in SCG as well as done denotation. Attracted large, very large, you know, automobile manufacturer taking space in due to campus. We expect them to take more space. We expect some of the vendors to take space. So momentum would remain strong in G1 and G2 as well. And yeah, we are very confident and positive about both of these assets as well.
Puneet
Sure. Thanks. And all the rest.
operator
Thank you. Next question comes from the line of Yashas Gilganji with Bob Capital Markets Ltd. Please go ahead.
Deep Shah
Good morning team. Thank you for taking my questions on your acquisition of EcoWorld. What level of occupancy do you expect once the asset stabilizes and over what time period do you expect the incremental NOI of around 4,400,000 to flow through? Also what will drive the 100, approximately 100bps reduction in borrowing cost for Ecowall SPV.
Alok Aggarwal
So Ashish, let me take the first question in terms of occupancy in EcoDev already at 9, 94% as we have maintained that all assets eventually will achieve, you know, high 90s. You know, definitely next phase of growth will come, they will cross 95% and then they will move towards high 90s. We end up at a stabilized occupancy of 97, 98, 99%. That I will tell. But high 90s is what we expect. I think the way momentum is kind of building up and the way we see that demand for space is there and in most of our micro markets which are very well positioned, we should achieve high 90s in next 12 to 18 months.
AMIT JAIN
And then on your second question on the reduction in EcoWorld interest rates by 1%. So that’s already was part of the transaction when we were moving the set into REIT basis, our discussions with the consortium of banks, the rate has to be reduced by 1%. It is currently at 8.4. It will come down to 7.4 by 1st of February. So that’s already being discussed and agreed upon with the bankers.
Deep Shah
Okay, understood. Releasing spreads though up year on year were down significantly quarter on quarter and I see that the spreads achieved over the quarter were in general lower than your long term average spreads that you’ve achieved. What do you think is pressurizing spreads and how do you expect them to trend in the future, the near future?
AMIT JAIN
Look, I think it’s a function of the mix of the expiry that we have to deal with, right? In certain assets we have significant amount of mark to market available. In some assets we don’t have that much. It’s also a question of at what point does the lease expire, how far it is from the market trend. So I think it’s a mix that keeps changing every quarter. It will be unfair to compare I think on a steady state basis if you take full financial year performances. We have always been in high teens, right. Anywhere between 15 to 20 and that can be expected to be long term trend for the next two to three.
Years of expiries as we forecasted.
Puneet
Got it. And just one last one, I know you already spoke about this I guess but weighted average lease terms have contracted significantly year on year. Is it mostly being driven by the relatively lower lease terms in EcoWorld and your IT commercial property in downtown provide or. And how do you think lease terms are going to trend forward and what is going to drive this?
Alok Aggarwal
So not really. I mean if you take micro market to micro market in Bombay, you know, of course, you know some of the tenants do sign for five years but I don’t think our weighted average lease terms on whole are going down. It could be. This is. Yeah. So this is, this is whale which is 6.5 years. I think it was, it was in line with some of the leases actually we assigned last quarter were 15 year leases actually. No. So I don’t know this that what you’re talking about. It’s going down significantly. That’s Something I need to understand but just to assure you, I mean lease terms are kind of not.
I mean I don’t see an impact either ways going down or going up tends to signing 10 years, 15 years kind of terms.
Deep Shah
Okay, understood. Thank you so much.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Pritesh Sith with Access Capital. Please go by.
Puneet
Yeah, good morning team and thanks for the opportunity. Just on the conversions that we have applied for and we have visible pipeline of that 1.2. How much of that is for G1 and G2 just to get some sense on the visibility on the leasing site and specifically on into expiry next year while we discuss few assets. But how are we placed with the into expiry coming up next year of roughly 6 lakh odd square feet. So yeah, first question on that.
Alok Aggarwal
So I think good observation Pritesh. Now just to say that 1.2 million square feet what we are you know applying in second phase or have applied out of that, you know about 0.5 million is in G2 which is largely backed by Lois or advanced stages or discussions. And this not in G1. G1 doesn’t have you know, kind of a you know component of that or just point one million square feet. So that’s what it is. So that was the first question. What’s the second question? Sorry.
Puneet
And N2 expiry for next year?
Alok Aggarwal
Yeah, N2 expiry. We have. We have a you know kind of a. We have a tenant and we are hopeful the way in Calcutta it has worked out. We should be able to, you know. Able. Able to before the expiry we should able to back with the space. So it would be renewed you are expecting.
Puneet
No, no. Some of it is expiring. Yeah. Some of expiring spanning that we have where we expanding. We have a tenant rating. And what is get renewed it get renewed.
Alok Aggarwal
Okay. Okay, fair enough. And just on the DPU side, so you highlighted about you know, ecobal contributing 5.4 per unit this quarter. That was backed by this 650 million of receivable as well. Now if I think about next quarter, this 650 obviously won’t come. But then we would offset that with the benefit of lower interest rate that we will have. So largely the contribution from Ecowall should sustain at similar run rate. And on the total portfolio basis, you know, how should we see the DPU trajectory? I know we have this 25.6 per unit, you know Number as a target which we have placed.
But is it more back ended or. We’ll continue to see that, you know, gradual inch up from 5.4 per unit right now on a quarterly basis to 6.4 over next 2, 3 years. What’s the target area?
AMIT JAIN
So firstly on EcoWorld, please note that Eco World in terms of operating NDCF Contributed only for eight days in the quarter ended December 25th. Right. The transaction got completed on the 24th of December. So for the next quarter EcoWorld will contribute 100% of operational cash flows to the NDCF. So on your point, yes. The 5.4 will, you know, get organically generated through the operations itself. And on the guidance for the future projections for the ndcf, I think as of now we are not giving any guidance. We will maybe, you know, give some guidance in the next quarter.
Puneet
But just to say what Amit, you know, just to add here, it will keep inching, it’s not back ended, it will keep moving up every quarter. That’s how it’s going to happen.
Alok Aggarwal
And over the period of two years, three years when we think that we should be reaching this run rate of 25.6.
Puneet
Look, so if you think about it, 87% occupancy going to 92 has led to a 10% increase in DPU, right?
Alok Aggarwal
Yeah. Our target of 25 is at 97. Yeah. So it’s a question of when do we achieve the next 5% and of course the contracted rent growth on whatever we have. We’d like to do it in four quarters, five quarters, maybe it’ll take us six, seven. But I think at least in the next two years the idea would be to touch this number if the leasing markets continue to be supportive.
Puneet
Sure, kind of. Okay, thanks. That’s it. From my side. All the best.
operator
Thank you. Reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Samad Agarwal with Ambit Capital. Please go ahead.
Deep Shah
Hi sir. Am I audible? Yes, you are just couple of questions from my side. Firstly, in terms of acquisition, so in terms of preference for acquisitions, is it more towards acquiring very mature assets at relatively lower cap rates at around like 3 core high stand by 6% or to acquire maybe a good asset which is not perhaps managed that will and try to drive a little more delta to increase the absolute DPU per unit. And secondly, just as a follow up to that, what would be the cap LTV cap ratio that you’d be comfortable with? That’s all from my side, thanks.
Alok Aggarwal
Look, I think strategy remains to buy I would say stable assets with limited operating risk. And that is something that at least we have tried to strive by. In the last two acquisitions which were the North Commercial portfolio which we bought at a call it mid-90s occupancy and EcoWorld which is again at a mid-90s occupancy. I think strategy will be to buy similar assets which are stable in nature, do improve the quality of income, do not put the DPU at a lot of risk. That said, look, I think there’s always an opportunity to take a little bit more risk and buy assets with some leasing left, some development left.
At this moment we don’t have visibility of a pipeline of that nature. But should opportunities arise, there’s no reason why the REIT can’t do it. Having a 32 million square feet 50,000 crore scale right now, there is some ability to take a little bit of risk on that front as well. But on the point of DP growth, look, I think it’s not really driven by necessarily taking risk. In a lot of our properties we see a lot of rent growth potential on account of mark to market. While we buy at a certain cap rate, we can very quickly deliver close to 7 to 8% annualized growth in some of these.
Case in point is EcoWorld where our passing rents are 102. But the market right now on some of the recent transactions that some of our competitors have done is at 30% higher. And if we were to capture all of that, spread our rent growth in this asset, which is the highest value asset in the REIT right now will be north of 5 to 7%. North of 5% for sure and 7 to 8% potentially because of the spread. Right. So DPU growth will come through good asset management, good leasing, great rent capture. So we are going to continue to focus on that and not necessarily look at a lot of lease up a development risk necessarily.
And on your second question, I think from a capital structure perspective we will look at 33 to 35% as our cap LTV on the bank borrowings. Right now we are at 31 with all the obligations put together. So we are fairly comfortable. But of course idea would be to stay around the 33 number in the long term.
Puneet
Understood. That’s all from my sidebacks.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Sumit Kumar with GM Financial. Please go ahead.
Deep Shah
Hi, good morning. Thanks for the opportunity and congratulations on conclusion of the ecoworld transaction. My first question is on the ecoworld property. What assumption we should take going forward basis? You know the NOI margins of the property, will it be similar to what we see for the others in the range of say 100 to 105% of OLR or it’s a bit different?
Alok Aggarwal
Yeah, it should be in the same similar range. You know we are expecting similar NOI margins of 90 to 100% for this candidate.
Deep Shah
Okay. And the second question is on the occupancy bit. I understand the committed number has moved from let’s say 87 to 92 now. But what is the actual rent yielding or the economic occupancy and how will that move going ahead because that will actually impact your cash flows. So is there a significant delta there? And especially for ecowell because a lot of the leases were recently signed.
Alok Aggarwal
So I mean entire all of the rent yielding there could be. There’s some you know kind of a mandatory or customary as per deal there, you know three, four, five months kind of a rent free. So leave that apart. I mean that I think we don’t have a data on a lease release basis but some of them rent fees are already kind of behind them and they started giving in. So the probably which got LCD started this quarter the red will last quarter the LCD started this quarter the red would start but largely I would say leave that 34 months rent free apart.
Every square inch is red yielding.
Puneet
Okay. Is it fair to assume the run rate that you mentioned in the last PPT for EcoWalt that should come through home power. That’s correct. You should assume 94% as rent yielding. Okay cool. Thank you. That’s all for myself.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Dheeraj Dave with Sambad Financial Services llp. Please go ahead.
Deep Shah
Yeah. Hi, can you hear me? Yes, yes, thanks giving me opportunity and performance.
Alok Aggarwal
My limited question or one question is.
Deep Shah
We have 60 to 65% distribution from in a tax efficient way. And you had in past indicated that you are trying over a period of time to improve the structure so that we can get better efficient tax efficient return. Any thought? Exactly what we shall. What’s your how you see distribution going up in two to three years time on the component wise?
Alok Aggarwal
Yeah, so good question. Great question. So yeah as you rightly said we did certain capital restructuring schemes the impact of those have started started to flow in in the current quarter we have distributed dividends from K1 entity as well. Where the capital reduction scheme was done in the upcoming year we would be doing dividend distributions from Eco World K1 Festus and One and therefore our range of the SPVs from where we could declare dividend is increasing. We would be doing certain other capital restructuring activities over the next few quarters for the next year we are targeting to achieve a 30 dividend mix in the overall distributions.
Deep Shah
Okay so yeah so and the dividend would be 30. We shall continue to see kind of 1/3 1/3 1/3 capital being redemption being 1/3 dividend being 1/3 and. Come decline. In interest portion which is most tax inefficient for the investor. Yes. Whatever we increase in dividend will come out from interest most most probably. So this will become 30 dividend 50 repayment and 20 interest. That we are working with.
Alok Aggarwal
Yeah. Thanks a lot. That in fact next time when you if Q4 you are giving guidance just if possible also give a range of what kind of component while it’s difficult but that would be really helpful if you can give that kind of Wish you all the best.
Puneet
Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. So I mean ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Alok Aggarwal
Thank you. Thank you. I hope you have answered all questions well and thank you everybody for attending the call and giving your time and for your support.
operator
Thank you on behalf of Brookfield India Real Estate Trust. That concludes this conference. Thank you for joining us. You may now disconnect your lines.