ELDECO HOUSING & INDUSTRIES LTD (NSE: ELDEHSG) Q4 2025 Earnings Call dated May. 23, 2025
Corporate Participants:
Pankaj Bajaj — Chairman and Managing Director
Sanjay Aggarwal — Group President, Accounts and Taxation
Manish Jaiswal — , Group Chief Operating Officer
Analysts:
Abhishek Bhatt — Analyst
Bharat Gupta — Analyst
Aniket Singh — Analyst
Kunal Tokas — Analyst
Gunit Singh — Analyst
Varun Gupta — Analyst
Prem Poddar — Analyst
Unidentified Participant
Majit — Analyst
Yash — Analyst
Runit Kapoor — Analyst
Manan Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Eldeco Housing and Industries Limited Q4 FY ’25 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 this 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 Abhishek Bhat from Eva Investor Relations. Thank you, and over to you, Mr Abhishek.
Abhishek Bhatt — Analyst
Thank you. Thank you everyone for joining us on the call. Before we proceed to the call, let me remind you that today’s discussion may contain forward-looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with the business risks that could cause future results, performance or argument to differ significantly from what is expressed and implied by such forward-looking statements. Please note the results and presentations are available on the exchanges. Should you need any assistance to receive them, you can write to us and we’ll be happy to send them over. Today, we have on the call the senior management of Eldego Housing and Industries Limited, which is represented by Mr Pankaj Bajaj; Chairman and Managing Director; Mr Manish Jaiswal, Group CEO; Mr Sanjay Agarwal; Group Vice-President, Accounts and Taxation.
We will begin with the highlights of the quarter and the year ended, followed by Q&A. Now I would like to hand over the call to Mr Bijaj for his opening remarks. Over to you, sir.
Pankaj Bajaj — Chairman and Managing Director
Thank you,. So good afternoon, and thank you for joining us today for our Q4 FY ’25 earnings call. FY ’25 was a mixed bag for us. We faced delays in approvals and launches in many of our projects with the results that our overall fresh area book at 5.1 lakh square feet was significantly lower than last year’s 7.8 lakh square feet. However, this decline in area book was set-off by much higher realization per square-foot, primarily due to the launch of our luxury project at Leco ’22. After all the delays we launched LeCor hanging garden also, but in the new financial year in April 2025, we will update for that in the next presentation for the next quarter. So we — though I must tell you that we got a phenomenal response with nearly 70% inventory book within first week or launch.
So we are also in the process of launching another project LD for Skywalk currently. The other achievement for the year was successful aggregation of 50 acres of land on new in. We have planned an integrated township of, and apartments there. A project under the name of Garden has a gross development value of about INR1,000 crores. During FY ’25, our operational margin remained low largely because of Phase-1 from which majority revenue was recognized. The booking of sales and marketing expenses for the recent launches of 27 and 20 have also been front-ended, while the revenue from the will be recognized on completion. This has also caused an apparent decline in our net profit margin, but it’s going to be get covered up in the future quarters. Operationally, we have achieved significant milestones this year. Collections for FY ’25 grew by 105% year-on-year to INR253.9 crores. Bookings of INR337 crores was about 15% lower than our guidance, primarily due to the delayed launches of Hanging Garden and Skywalk. Realization per square-foot witnessed a growth of 32% year-on-year and stood at INR6,568 per square-foot.
Transaction spend saw growth of 60% year-on-year and stood at INR156 crores. The quarterly results are review, so I will not repeat them here. Looking ahead, we are optimistic about our growth trajectory. Apart from, we are right now in the process of aggregating developable land at a few other locations in now. Together, all these projects give a good visibility of revenue and profit growth for the company. For the past few years, the company has been declaring a dividend of 400% in order to provide a consistent reward to our shareholders. This year, in-spite of a lower PAT, lower profit-after-tax, the Board has recommended a slightly high dividend of 450% in order to reward our shareholders for their patience and long-term associations. This decision also reflects our confidence in the company’s prospect for-profit from its current backlog projects under execution.
I will now open the floor for any questions if there are any.
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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 is from the line of Bharat Gupta from Fairvalue Capital. Please go-ahead.
Bharat Gupta
Hi, sir. Thanks for taking my question. So I have a couple of questions. First, which is in regard to. So I think it’s been a year since we launched this project and like if you look at the presentation, we have been able to save nearly one-third of their total units. So just wanted to understand, is it primarily driven by a higher competitive intensity or a relative oversupply within the market, which is somewhat holding us back-in terms of aggressively push positioning ourselves in doing the pre-booting.
Pankaj Bajaj
So regarding, we always expected it to be a slower velocity kind of it because it’s the highest project in in terms of luxury and per square-foot pricing. So given the stage at which the current construction is, which is coming out-of-the basement and casting the first slab or so, it is a very decent performance. In any other project, you would expect it to be more than 50% booked at by this stage.
But right now, we are okay with this given that it’s a luxury project and there is a limited market for it’s not our strategy to go for luxury project. This was a location where we thought that we could build a project and have a brand run-off on our other projects. So yes, the floor sales are, yes, admittedly there, but that is expected. But we do expect by the time the project is built, it will be sold-out.
Bharat Gupta
Right. Sir, I think the realizations are primarily driven by, which is of a higher realization product but generally ex of it, if you look, what will be the stable realizations for the rest of the project, which we are currently ongoing.
Pankaj Bajaj
So we have recently launched the hanging garden, which was at about INR7,000 square-foot. Skywalk is at a lower-price of about what INR5,500 a square-foot. Latitude is currently selling at about 6,500 a square-foot. So let’s take 6,000 to 6,500 per square-foot as a stable natural realization?
Bharat Gupta
Right, sir. And sir, in terms of the land execution, so can you just help us understand what kind of land we were able to acquire during the last quarter and what’s the position if you look at if we look till-date.
Pankaj Bajaj
Do you have a copy of the presentation? The
Bharat Gupta
— in that it mentioned that we have been able to aggregate the land parcels by family. Just wanted to understand with respect to the quarter which hit on the — during which
Pankaj Bajaj
Will let us get back to you. I have the total. I don’t have autobilized result
Bharat Gupta
Also like in regard to the I think there has been because of the higher-cost which we have built under the Imperior Phase-1, taking into account the club facilities and everything. So that has led to the drag on the margin. But how do we see going-forward over FY ’26? Will the position of interior Phase-2 will start decrease during the year or?
Pankaj Bajaj
Yes, it will start taking place. I answered this in our last quarter con-call. The — and I’m sure you must-have been in that call also because you remember our answer that Phase-1 has a lot of common facilities loaded on to — which are common to both Phase-1 and Phase-2. So the margins are lower in Phase-1, but the margins are much higher in Phase-2 and the weighted-average will come back to normal. So the Phase-2 will start getting recognized this year because we are targeting to apply for completion certificate sometime in October and receive them by say December and by our hoping last quarter we start recognizing revenue, which will — our EBITDA margin will be much higher there. So I think upwards of 40% if not 45%.
Bharat Gupta
Sure. And last question, sir, from my side. Like in terms of the PCS number, previously you guided for near about INR380 odd crores. So should we bake in given out that we will be rolling out Skywalk and the impressive long launch of Handing Garden. So should we factor-in a INR400 crores kind of a appreciation for this fiscal year.
Pankaj Bajaj
So largely — for this year we have guided about INR400 crores and we’ve been thought of that. We are about INR340 odd crore. So we will make-up for that, plus we’ll make I think that I had said that generally we would be at a INR400 crores will be a new normal. So that. So I think on the whole, we should be touching INR500 crores this year. Minimum. I’ll be disappointed if it is anything less than INR500, I would expect it to be higher than that.
Bharat Gupta
And we will be rolling forward this project this fiscal year?
Pankaj Bajaj
Yeah. So we have received the major license approval, but the subsequent approval which are — which follow from that, but they will take another couple of months and the RERA approvals they are looking at around Diwali launch. So yes, around Diwali, we should it. This is about the 3rd-quarter may. And that will be a big project. That will be the major project this year.
Bharat Gupta
Really helpful, sir. That’s it from my side, sir. Thank you.
Operator
Thank you. The next question is from the line of Aniket Singh from Care PMS. Please go-ahead.
Aniket Singh
Yeah. So hi, sir. Good afternoon. I have two set of questions. First, like what are your thoughts on the upcoming year in terms of new project launches? Like are there any specific initiatives or strategies you would like to share you said two questions, which is the second question., first question is like what are your thoughts on the upcoming year in terms of new project launches? Like are there any specific initiatives or strategies like you would — who you would like to share?
Pankaj Bajaj
So we have already — I already answered that in response to Bharat’s question previously. In the current quarter, we have already done two launches to Garden and I have even disclosed that we have got very good response there. The second launch of the year, Skywalk is currently underway. I expect it to be significantly slower than the hanging garden in terms of sales, but I think on the whole, we should be good for these two projects, which are the launches that are happening in the current quarter. Then in the 3rd-quarter, we will have — probably have the launch for Solano Garden and Solano Garden will be a big project for the company in terms of its top-line. So that will be the 3rd-quarter. Now given all these three launches this year, coupled with the sustenance sales of our existing projects, Latitude 27 alternity, I’ve already given a guidance of more than INR500 crores of in the first year.
Aniket Singh
Okay. And sir, my second question is like as you mentioned about the acquisition of INR50 crores of land or how much of the land has been utilized so-far?
Pankaj Bajaj
Nothing, zero.
Aniket Singh
Hello.
Pankaj Bajaj
Nothing, nothing has been utilized. The project has not been launched yet. That’s the project we’re talking about, Solano Garden.
Aniket Singh
Okay. Okay.
Pankaj Bajaj
That will get launched in the 3rd-quarter. We’re still not awaiting approvals.
Aniket Singh
Okay, okay. Yeah, yes.
Pankaj Bajaj
So no sales have been done. As you know that we can commence sales only after the registration is subsequent to receiving all other approvals.
Aniket Singh
Okay.
Pankaj Bajaj
So we are in the process of getting approvals that then we spend some time preparing the site. I said that should launch the deliveries in September to November, depending on how fast will they get the approvals.
Aniket Singh
Okay. Okay. Thank you so much, sir. That’s all from my side.
Operator
Thank you. The next question is from the line of Kunal from FVC. Please go-ahead.
Kunal Tokas
Hello, am I audible?
Pankaj Bajaj
Yes.
Kunal Tokas
Okay. Three quick questions, sir. First, any updates in regard to a merger with the unlisted arms?
Pankaj Bajaj
No, there is no update there.
Kunal Tokas
Okay. And are there any — is there any progress in expanding outside of in UP, for example, Gurapur over the next, say, two years.
Pankaj Bajaj
Yeah, most probably we like to. We are already in negotiation with some landowners there, but there is nothing formal right now that I can formally disclose.
Kunal Tokas
Okay. But is this expected to happen this year or next year?
Pankaj Bajaj
See, the thing with the deals is that it happens, it can happen in a couple of weeks or sometimes we will keep struggling with it. So I would not like to put a number, but suffice to say that we are working on it. I don’t know why not and only Guratpur or any of the regions as well. At the moment, only Gurat.
Kunal Tokas
Okay, sir. And the last question is that we have a strong balance sheet with about INR123 crores in cash. First is, how do you plan to utilize it? And can we expect you to be more aggressive in taking over debt because you now have the cash position to support it.
Pankaj Bajaj
So the thing with the except peculiar situation with real-estate companies. I don’t know if we’ve been tracking other real-estate companies balance sheet. They have started showing a lot of cash on their books. But the peculiar thing about real-estate company is that this cash is not available to use. And this paradox is because of the radar guidelines which are coming, which allow — which mandate us to deposit 70% of all collection into a rare designated escrow account, which can only in the project and that money, even if it is collected in advance, remains touch in the project account till the completion certificate.
So a lot of this money is touching account is not really available for you. So even we have INR130 crores, not a lot of it is available for you. As say on the liability side of the balance sheet, you will also see some loans. I guess somebody can ask, why do you have cash on-balance sheet and also loan and that is true for a lot of real-estate companies. So you do end-up with that money is rising in their account at the moment or just so unlocked only on completion of the product. But once the completion happens, it is for you to leave. So yes, going-forward, given this anomaly, I do expect the loan on the company to increase, which will primarily be for business development. We largely do not be the loans or finance to finance, which will be in finance from advances from customers.
Kunal Tokas
Got it. Thank you for the clarification. Have a good a good day.
Pankaj Bajaj
Thank you.
Operator
Thank you. The next question is from the line of Guneet Singh from CCIPL. Please go-ahead.
Gunit Singh
Hi, sir, good afternoon. Thank you for the opportunity. So sir, our total value of, I mean in the PPD value of for imperior Phase-1 as well as Twin tower was to be around 195 CR, so 135 to Phase-1 and about 60 with Twin tower. So I mean, since both were completed in FY ’25, I just would like to understand, I mean, have we — what percentage of both the projects have been — have we booked in the revenues in FY ’25 and how much spillover can we expect in FY ’26?
Pankaj Bajaj
I don’t have that number if one of my colleagues on the call would like to take it up. Sanjay means we have this number,
Sanjay Aggarwal
Can you please repeat the question?
Gunit Singh
Yeah. So I mean the total — as per the presentation, the total value of area for Phase-1 mostly about 100 days here and for was to be about 65 crores and both are completed in FY ’25, but our revenues are short of that. So I just want to understand, I mean, what percentage of revenues from both the projects have we booked in FY ’25 and are we to see any spillovers in FY ’26 from these two projects?
Sanjay Aggarwal
So I don’t have exact percentage, but I can tell you that also the revenue from both the Phase 1s as these are recognized. As a follow-up question, Abhishek, follow-up reply, Ashek would send you the exact number also post the call.
Gunit Singh
So you mentioned that both majority revenues from both have already been recognized.
Sanjay Aggarwal
Yeah,
Gunit Singh
Completion would be interior Phase-2, which would be in Q3 FY ’26. So I mean, for the first couple of quarters, we do not have any large proportion of revenues being booked. Is that a fair assumption? Because majority of these also have been booked in FY ’23.
Sanjay Aggarwal
No, Phase-2 will come, probably we start booking revenue in the third or 4th-quarter. As I said, we are going to apply for completion certificate in some time. We are targeting September and October, though our commitment to our customers sometime next year. So it’s gone for an early completion. We have been good execution. So if we apply for completion in September and October, we solidate the that are within a couple of months after that. So the agro expect revenue recognition to start before quarter-four at this.
Gunit Singh
All right, so good. So thank you very much, sir. I will be looking-forward for the numbers from — that you mentioned. Thank you, sir.
Sanjay Aggarwal
Thank you.
Operator
Thank you. The next question is from the line of Varun Gupta, an Individual Investor. Please go-ahead.
Varun Gupta
Hi, good afternoon. So I have two questions. Questions first question is on the revenue recognition. By when we can expect the revenue recognition for this project?
Pankaj Bajaj
Can I interrupt you? Abhishek, can you use everybody? There is a lot of disturbance yeah. So one please go-ahead now.
Varun Gupta
So my first question is on the LDCO select project where we have applied for the completion certificate. So by when we can recogn recognize the revenue. Is there any timeline like that. I
Pankaj Bajaj
I think completion certificate will take a couple of the project is ready, the customers have moved in, but completion certificate has held up for some technicality. I don’t know about Manish or, can you confirm to me, have you already recognized revenue in this select or have you not?
Manish Jaiswal
Regarding on Phase-2,, okay LD course. No, sir, nothing for.
Pankaj Bajaj
We are not recognized
Manish Jaiswal
No
Pankaj Bajaj
So we are trying there is some technicality on it is stuff. So you should be able to get it course in a couple of months. So it was the moment we get the completion, it will all be recognized. Though let me tell you it makes no difference to our cash flows. It’s only a revenue recognition. It’s all-in our boats, all money as we received all construction has been done. So there is no cash-flow impact of this, but there is a technicality of getting a that was before we recognize the revenue.
Manish Jaiswal
And what kind of margin we can expect out of these projects?
Pankaj Bajaj
No, it’s a very small. It’s only 24,000 square feet. So I think margin will be higher
Varun Gupta
Is the booking value, which I can see on the present. INR27 crores.
Pankaj Bajaj
Yeah, it’s not very built-in terms of the company like a total company is this year we are targeting INR500 crores of pre-sales, so it’s not a very material number. But yeah, the total margin should be about 40%
Varun Gupta
Okay. And second question is on the where I can see like if I see the quarter-on-quarter trend in the booking value and the booking value is close to INR5 crores in-quarter four. And I think one of the participant has asked this question like what is the reason for the slow sales. You have already answered that question. I just want to know whether there is any price drop-in the realization front in the tenanti or we are keeping the same price.
Pankaj Bajaj
No, no, the price — there is no price drop. In fact, we are awaiting the finishing our sample apartment. We’ve gone a little slow on our marketing here because we want to kind of relaunch the project after our sample apartment is done and we are trying to do a good job show real luxury to the market. In fact, we expect there to be a price uptick rather than a drop-in deposit, but maybe it will happen this quarter or the quarter after subsequent quarter once they are able to unbuild our sample apartment.
Varun Gupta
Okay. Thank you. Thanks. Really helpful.
Operator
Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Podar from Value Equity. Please go-ahead hello for that.
Prem Poddar
Hello. Hello
Operator
Please go-ahead.
Prem Poddar
Can you hear me?
Operator
Yes, sir, please go-ahead.
Prem Poddar
Yeah. Thanks for the opportunity. So this is with regards to Silano. As Sir has mentioned in his opening remarks, the GDV is close to INR1,000 crores. Okay. So can we assume that the numbers would bake in FY ’27
Pankaj Bajaj
In terms of revenue recognition?
Prem Poddar
Yes,
Pankaj Bajaj
No, no, no, not that early. It’s a big problem, not revenue recognition will take about four years to come in. Four years, right three or four years. I think the first — first revenue recognition could be during FY ’25, first revenue recognition at the relatively FY ’28, if not FY ’29. But of course, the and construction and everything is going to commence this year.
Prem Poddar
Okay, okay, okay. So sir, so again, continuing the question, so can we assume that see, last year we have closed with the revenue exit of close to INR145 crores, okay top-line and so going ahead can we aspire of a a number of more than 500 to INR600 crores in FY ’28, ’29,
Pankaj Bajaj
I can’t say year two years, but all the numbers you can derive from the presentation. If you look at our unsold value and our sold value for projects where revenue has not been recognized, I think it should be close to INR1,60 crore or INR1,700 crores. Then we have new launches where DDs are INR1,000 crore. So total revenue, which is to be recognized over the next five, six years about INR3,000 crores, INR3,500 crore. Now in this year, how much will get recognized that very difficult to give. But the total number I can give and I can give the total period. Period is about five to six years with the current set of projects. Of course, we are going to add more projects. The current set of projects is about INR3,000 crore or maybe INR3,500 crore and that should all get recognized in the next five to six years. So that does give our annual run-rate of INR500 crores INR600 crores, but it’s going to be, I guess, at least quite back-ended. So the pre-sales will happen, but the revenue recognition will be back-ended, right? Right on company.
Prem Poddar
Okay. Okay. Got it, sir. Got it. And sir, again, just a small extension of the same. So I believe recently we have launched a EldECO housing garden, okay and type of project. Yeah okay, which is a group housing project. Yes. Okay. So what would be — what would be the GDV for the — these two projects across ballpark, about INR180 crores IN 190 crores each. So both together, right, sir?
Pankaj Bajaj
No, each put together about INR360 crores.
Prem Poddar
About INR360 crores. Okay, sir. Okay. So that was helpful, sir. And I wish you all the best.
Pankaj Bajaj
Thank you.
Operator
Thank you. The next question is from the line of Suhas Kular, an Individual Investor. Please go-ahead
Unidentified Participant
Fair. One is, in the presentation in, I think it’s a in Phase-2 mentioned has expected completion date September ’25. In earlier presentations, the completion rate was mentioned in the year ’27. So just can you confirm is it 25 or 27%?
Pankaj Bajaj
No, it is not the type of we’ve done well. So we have accelerated our completion. So I’ve already answered in response to one of the earlier questions that our legally mandated completion rate is somewhere in ’27, what we are committed to our customers, but we’ve been able to achieve good progress. So that is even reflected in our execution numbers this year. Our aggregation numbers, our construction spends are really increased as compared to last year with the result that we’ve achieved good physical progress on-site. September ’25, we hope to apply for the completion certificate. We will probably get those completion certificate sometime in December of ’25 and revenue recognition will start in the last quarter.
So this — there is a small typo to the extent that the expected completion rate, which is at September ’25 is not the date of receipt of completion certificate. It’s our internal date for application of or completion.
Unidentified Participant
Understood. That’s great to hear that we have that completion. Another quick one. I remember there is a loan to a related-party in the books. Now as we move ahead and we are acquiring land and also next year there will be a lot of construction spend is that loan going to come back?
Pankaj Bajaj
I guess that loan will come back, but that will figure out how quickly or because that loan is earning interest and we are anyway sitting on surplus cash on this balance sheet. So that loan, I think sometime during this year we should expect for it to come back if not full part.
Unidentified Participant
Thank you so much.
Operator
Thank you. The next question is from the line of Majit from Pinpoint. Please go-ahead.
Majit
MR. Thank you for the opportunity. Am I audible, sir?
Pankaj Bajaj
Yes, yes,
Majit
Sir. This is. Sir, my first question is, what is the embedded EBITDA currently and we are going for what would be the EBITDA for the EBITDA going-forward?
Pankaj Bajaj
I have not understood the question that you can explain the question.
Majit
This is like for this year FY ’25, what is the end-of-the EBITDA margin?
Pankaj Bajaj
No, I don’t understand the concept on that is EBITDA margin. You like to explain
Majit
I think because there will be multiple courses. What the overall margin of this number as a percentage or as an absolute number? Most.
Pankaj Bajaj
So we’ve already discussed this at length. In-period two, we are looking at upwards of 40% gross margin. And other projects it will be closer to 25%. So weighted-average should be in early 30%. And I also discussed the total GDV, which is the company. So to get to the actual absolute number recently multiplied GDV with the margin percentage. So if we are going to do INR3003,000 crore or INR3,500 crores over the next five years, then you both gross margin should be about INR60 crore INR700 crore or INR800 crore. But that growth,
Majit
32 crores,
Pankaj Bajaj
Yeah.
Majit
And secondly, sir, like what type of the collection we are looking for FY ’26, I don’t be anything
Pankaj Bajaj
Can you repeat sir? Clear.
Majit
So what I’m saying is for FY ’26, what is the expected collection you are looking from the existing projects and from the upcoming launches? Any sort of number you can give?
Pankaj Bajaj
I’m afraid I don’t have that possession. I don’t have it. May I have to get back to you?
Majit
Okay. Thank you.
Operator
Thank you. Participants who wish to ask a question I press star and one now. The next question is from the line of Yash from ICICI Bank. Please go-ahead.
Yash
Hello. Am I audible
Pankaj Bajaj
Yes, good.
Yash
Yeah. Thank you so much for the opportunity. Sir, can you just share your views on the market, Lucknow market because there is an apprehension of overall market slowdown? That’s it.
Pankaj Bajaj
So two contradictory forces here. One is Lucknow market, which is — I’ve always said last two, three years I’ve been saying it’s an undersupplied market, given the overall GBP of given its status as one of the leading cities of the country, the overall absorption numbers are quite low in terms of housing supply and that is primarily not because there is not enough demand, but because there is not enough supply. So — and that’s the reason why we keep resisting this temptation and these are many diesel products to move outside, but we feel that itself is so undersupplied, we should just hunker down and double up our supply base. So the local market is very good in terms of — because of infrastructure upgrades, the investment that the local government is putting into the city, the social infrastructure, the airport, everything is doing well for us now. What is — but the other contradictory forces, yes, there is an overall slowdown in Europe, real-estate demand and sentiment all across the central.
There is no doubt about that. So to that extent, even let know the sentiment. I would spend is a little down, though we have not seen it in the number yet because we did a great launch for Garden the two weeks ago. But I think that it will not remain immune to that slight slowdown. Now which are the two courses are when that only time will tell, but it’s still doing well, but overall real-estate sentiment is definitely down. So the best I can answer.
Yash
So thank you, sir. Thank you.
Operator
Thank you. The next question is from the line of Runit Kapoor, an Individual Investor. Please go-ahead.
Runit Kapoor
Yeah. Hi. So I want to know like for this quarter, like these two projects have been completed with Twin Tower and Imperior Phase-1, how much area was booked and what was the pre-sales for these two projects for the quarter? And if there’s any pending inventory for this?
Pankaj Bajaj
I think this question has already come earlier. I didn’t have the answer. I asked my colleague, Manish to answer that and Manish also did not have the answer. So we have to get back to your already asked this question. We don’t have this number that you are just Abhishek to Abhishek, if you can take-down their detail, we will get back sure.
Runit Kapoor
And one more question was like your unlisted entity, Eldeco Infrastructure, they have acquired quite a few land parcels. So I believe like when can we achieve any clarity on this merger? Because I feel like as the overhang on our company always remains because the promo — the other entity has large exposure to other cities. So the geographical concentration risk is there. So our stock is like trading below the because of that reason. So by when you think you feel that there’ll be a update on the merger like by this year end or like what?
Pankaj Bajaj
But we have never committed on any merger. The stock of merger coming from?
Runit Kapoor
No, but any clarity like this?
Pankaj Bajaj
No, there is no update on our side from this. So the two entities are completely different. They don’t compete with each other. Don’t project. The listed entity works only in Lucknow. It does not work outside lucknow and unlisted company, however attractive a project might be, it is not at the Lucknow, that is less for the listed entity. There is an interest agreement where the two are completely representatively. There is no for any at the moment.
Runit Kapoor
Okay. And so any other areas are we looking out like Gorak so any other cities in Northern India?
Pankaj Bajaj
At the moment, we are focusing on because we feel already answered that it’s an undersupplied and underserved market. There’s a lot of potential. We have not, I would be the person to say we have not done justice to the potential of the market where I think there is a opportunity to grow multiple times in Lucknow itself and somehow we have not been able to grab that opportunity. We work hard on it and I think the results will start coming this year, coming years. I already shared some of the numbers. Coupled with that, we are trying to venture into a market of. So this itself will more than people occupied. There is no reason for the company to get diluted any potent by going elsewhere.
Runit Kapoor
Okay. And last question is like what business development spends are we looking like, how much land acquisition can we expect in this year.
Pankaj Bajaj
So we will be if you look at our presentation, the slide number 13, there is a section which is land-bank for forthcoming projects in the planning. We are already for 31 acres in three different locations. We are not disclosing the location because we are still aggregating the land. So I expect that this number should reach about 100 acres this year. This 31 acre should become 100 acres. And the big one we did last year was Polano Garden and it has already done wonder to. I think if we are able to take this 30 acres to 100 acres, I’ll be more than happy. That was
Runit Kapoor
INR70 INR78 crores, what would be the outflow expected in cash-flow?
Pankaj Bajaj
It should be about INR250 crores. Yeah.
Runit Kapoor
So debt would — how much debt could be at the end of this year, like what do we expect the debt levels to be?
Pankaj Bajaj
We have not done these kind of granular projections, but yes, we will have to dip into debt. We also have cash on the balance sheet, but as I answered one of the earlier questions, a lot of that cash and which is fluctuating is locked into radar accounts. Now as and when these radar accounts get unlocked by way of completion certificates, that money will also be available. Depending on when and how much of that money becomes available that number will change. Difficult to — too many varying things we are varying part here to say that this will be our number at the end-of-the year. But I guess it is higher than where we are.
Runit Kapoor
So just put it another way, like are you looking at the equity partnership like with HDFC Capital, I think unlisted entity dubject that on this front.
Pankaj Bajaj
Not required at this point. We can easily manage this kind of capex with our internal resources and with some debt. We don’t need to do a high-cost kind of inventory like HDFC capital at the moment.
Runit Kapoor
Okay. Thank you.
Operator
That’s it the next question is from the line of Manan Patel, an Individual investor. Please go-ahead.
Manan Patel
Am I audible?
Pankaj Bajaj
Yeah.
Manan Patel
Thank you for the opportunity. Sir, the first question is on the Garden. So it’s been a very large GDV. So do you expect to launch it in phases like we did with Imperior or we’ll launch it at one-go?
Pankaj Bajaj
No, it will be in Phases. So we’ll be launching the horizontal part of the development first. By that I mean the plots and the villa. And then it has multiple vertical components, small group housing components, which has come two or three years from now. It’s the same model we followed in City where we built the villas and plot first and now we are frequently launching the apartment. So in City, we’ve already done City Greens,, City Greens,, Latitude 27 and now Skywalk. They’re all part of the same project. So we’ll be following the same pattern in Solana Garden.
Manan Patel
Understood. And sir, the second question on hanging garden. So if you look at two years back, the kind of realization we got for hanging garden, that is also very good and the velocity was also great. So in that context, so first part is, do you plan to hold-on to rest of the inventory for now or do you — will you get an opportunity we’ll set it off? And secondly, how confident are we that make of launching these kind of higher-ticket higher realization projects going-forward?
Pankaj Bajaj
So the first question on Heine Garden, we would prefer the latter, which is sell it as and when the opportunity because we are not in the business of holding on to inventory. We are a developer, we are not an asset holder. So very clear about our business. So having said that, we are also not desperate in terms of getting all the sales upfront. We have already sold 70% of our inventory and we have not even bigger excavation on-the-ground. The posit will take 2.5 years to complete. We’ll be very happy by the time we get completion if everything is sold-out. So the balance 30%, we have to sell over three years. If we are able to sell it within the first year itself, I’ll be happy, very happy. If it takes three years, I will not be too saddy there.
But I’ll be not happy if on completion, I still have unsold inventory. I don’t foresee that to be happening. So that’s the first part. The second part is if we are going to be launching high-end projects going-forward, no, that is not our strategy. Is a one-off project where our realizations are very-high. Mostly it will be in the Skywalk and hanging gardens range, which is about 6.5, 6,000 per square-foot range. At average apartment size of 1,500 or 18 square feet, we are talking about a ticket size of INR1.2 crores INR1.5 crores, which by any token right now cannot be considered measury. It is just upper mid-income aspirational kind of out. So that’s the strategy.
Manan Patel
Understood, sir. Thanks a lot and wish you all the best.
Pankaj Bajaj
Thank you.
Operator
Thank you. The next question is from the line of Guneet Singh from CCIPL. Please go-ahead.
Gunit Singh
Hi, sir, I would like to understand
Operator
Guneet, you are not audible sir
Pankaj Bajaj
Can you come back to when his line is audible.
Operator
Participants may press star and one at this time to ask a question. Participants who wish to ask a question may press star and one now ladies and gentlemen, as there are no further questions from the participants, okay. The next question is from the line of Guneet Singh from CCIPL. Please go-ahead.
Gunit Singh
Yeah, sir, thank you for this opportunity again. So first of all, I would like to understand the EBITDA margins of the INR3,500 crore GDV in the coming five years. And secondly, I would like to understand the INR300 crores worth of other current liabilities in the balance sheet. So what comprises of that? Is it advances from customers or if you can help me — if you can help give a breakdown of that?
Pankaj Bajaj
So I would guess it could be advances from customers, but I would ask my colleague Sanjay to throw more light on that. Sanjay,
Sanjay Aggarwal
Ask some customers only, sir.
Pankaj Bajaj
Yeah, okay. And your other question is about the margin which we have guidance about 30% margin.
Gunit Singh
Got it. Is that gross margins or EBITDA? I mean, it was a calendar gross margins.
Pankaj Bajaj
Just gross margin,
Gunit Singh
Reducing gross margins. All right, sir. That’s all. Thank you very much.
Operator
Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Pankaj Bajaj
Thank you, Vitesh, and thank you everybody for their time today. We’ll see you next quarter with hopefully better number. Thank you.
Operator
Thank you. On behalf of Eldeco Housing and Industries Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines