Ganesh Housing Corporation Ltd (NSE: GANESHHOUC) Q4 2025 Earnings Call dated May. 14, 2025
Corporate Participants:
Unidentified Speaker
Rajendra Shah — Chief Financial Officer
Rajat Gupta — Consultant
B. Ravi — Corporate and Financial Advisor
Analysts:
Unidentified Participant
Hrishit Jhaveri — Analyst
Natasha Singh — Analyst
Kunjan Ganatra — Analyst
Hita — Analyst
Presentation:
operator
Ladies and gentlemen, please stay connected. The conference will be again shortly. Participants are connected to the Ganesh Housing Corporation Limited. Please stay connected. The call will begin shortly. Thank you. Ladies and gentlemen. Good day and welcome to the Ganesh Housing Corporation Limited Q4FY25 Earnings Conference Call hosted by Goindia Advisors. As a reminder, all participant lines will be in 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 and zero on your touchtone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Rajat Rajat Gupta from Go India Advisors. Thank you. And over to you, sir.
Rajat Gupta — Consultant
Yeah. Thank you, Sejal. Good afternoon everyone and welcome to Ganesh Housing Corporation Limited earnings call to discuss the Q4 and FY25 results. We have on the call with us. Today Mr. Rajendra Shah, Chief Financial Officer. Mr. Neeraj Kalawatya, Vice President Finance. And Mr. B. Ravi, Corporate and Financial Advisor. We must remind you that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to. Take us through the company’s business outlook and financial highlights. Subsequent to which we’ll open the floor for Q and A. Thank you. And over to you, sir.
B. Ravi — Corporate and Financial Advisor
Thank you, Rajat. Good afternoon ladies and gentlemen and thank you for joining us today. It gives me great pleasure to welcome you all to Ganesh Housing Corporations earnings call for both Q4 as well as FY25. We appreciate your continued interest and confidence in our company. This past one year has been nothing short of spectacular and extraordinary for Ganesh Housing. I’m proud to share that FY25 marks the strongest financial performance in the history of the company. Not just in terms of top line growth and profitability but also in how we advanced on strategic priorities and operational resilience in a rapidly evolving market.
At the outset I would like to say that the revenue for FY25 was just a bit shy of the 1000 crore mark. A milestone in itself. I’ll go through those details a little later. But first I would like to benchmark a performance against the industry performance and put that in the right perspective. Ahmedabad real estate market has been growing and it has been achieving historic highs between 2024 and and 25. This has been particularly registered. The city reported its highest ever residential unit sales in over a decade with a 15% growth. YMI on the commercial front too, the leasing surged by about 60% compared to the previous year signaling a clear resurgence in office demand.
Initiatives such as the IFCSE and the infrastructure development across SG Highways and Vaishnavi Circle where majority of our projects are there, have further fueled institutional interests. Ahmedabad is clearly transitioning from a regional real estate center to a national investment magnate. As per Gujarat RERA, the registration of properties in the last one year has grown up by 6% though the demand overall was sluggish. But there is a expectation from the real estate market by the developers for future growth. Ahmedabad itself saw registration of new projects of about 1.45 lakh crore which is almost 42% of Gujarat share.
Q4 of course was a bit slow with a mere 2% growth Q3 to Q4 jantri rates increase and uncertainty coupled with certain oversupply in certain residential categories was a bit dampening due to which real estate developers have had a weighted watch approach for some time are a bit cautious but at the same time very positive. Ganesh Housing with its deeply entrenched presence and unmatched matched land reserves is uniquely positioned to benefit from this transformation in the short run. However, even we have had our share of issues in terms of new launches. Keeping in mind the current scenario and the market position, we have not aggressively launched the new products which we were desirous of.
However, the market has started to see green shoes and we expect that around July to August 25th the situation could be better. In line with our philosophy and as always mentioned to you, our land acquisition process is a continuous one. Towards this I’m pleased to State that during FY25 we bought land of almost 17 acres in some of the most happening areas of Ahmedabad. The process of registration and asset capitalization is going on. There is still some potential land bank that is under acquisition for which certain advances have been given. Now let me give you the financial numbers that will tell you the story of robustness and and progress of ganesh housing.
In FY25 revenue grew by 11% year on year and stood at 994 crores, our highest ever. Reflecting strong real estate demand and efficient execution. EBITDA increased by 29% from 630 crores to 813 crores with the EBITDA margin standing at 81.8%. Net profit surged to 598 crores registering a year on year growth of 30%. We also improved our fat margins from 51.2 to 60.2% in FY25. In Q4 alone we delivered a sale revenue of 269 crores, an EBITDA of 224 crores which is a 47% growth year on year and a PAC of 165 crores, a growth of 46% year on year.
These margins remain robust due to our historical low cost land bank. Looking to the excellent performance, the Board of Directors are pleased to declare a dividend rupees five per share leading to a dividend payout of about 7 to 8%. The board felt the need to conserve resources due to the various projects planned for the next year as well as what are continuing this year. Our balance sheet continues to be our key strength. We ended the year with zero debt once again and a healthy cash position giving us ample flexibility to invest in future growth without compromising on financial prudence.
Our asset light forward funded land acquisition model continues to create significant value while preserving capital efficiency. Thus our cash balance as of FY25 stood at 157 crores even after spending about 216 crores for the SEZ Phase 1 construction. Fully out of our internal growth and even after increased land advances of about 212 crores, even our current assets position is healthy. This performance cements our position as a front runner in Ahmedabad’s real estate market, one of the most vibrant and rapidly growing regions in India today. On the project fronts we have made good progress across all key residential and commercial projects.
To mention about Malabar Retreat, the construction of this premium residential offering at Vaishnavadevi Circle is on schedule. With the structural work nearly complete. The construction in terms of percentage is about 30%. The pre sale growth has followed the market trend. However, with the sample flat now being ready and the situation improving by end of June, we expect the bookings to surge around July to August 2025. On the million minds SEZ front, the phase one which is our flagship commercial it SSZ project it is nearing completion. As said earlier, it is almost 10 months ahead of schedule.
We expect it to be operational commercially by Q2FY26. We are pleased to state that there is a strong interest in the leasing of this project all the floors with almost 70% of the leasable area having lois letters of interest from mix of large global and local companies across sectors. The indicative rentals also seem to exceed the projections given earlier. Buoyed by this, there is a plan to launch phase 2 in Q3 FY26 the one Sultech commercial project which is a landmark project. The plans of this are under approval and it’s almost in the final stages.
This, as you know, is a 1.8 million square feet having around 2100 crores revenue. The Godavi Township. We always mentioned to you that we will be looking at the development around this land bank and we should start large scale monetizing from Q3FY26. However, we are pleased to state that like in any other such large townships or projects of this size, even we have started to monetize this already in the current year we have had sales and monetization of almost about 18 acres from this Godavi township. As you know, we have a large process and a large land bank, potential turnover of which is around 5000 crores over the next 7 to 10 years.
Our strategic priorities of FY26 are very well laid out. The core three pillars are execution excellence, revenue diversification and capital discipline. We’re also enhancing our technology backbone both in terms of the precast construction or in terms of the CRM systems to improve speed, reduce risk and deliver superior customer experience. The ESG compliance and green building certification are being factored into every new design. Going forward, FY25 has had set a new benchmark for Ganesh housing. Financially, operationally and strategically. It’s a validation of our long term approach and the trust that our shareholders place in us. We remain committed to delivering long term value to our shareholders as we continue to reach new milestones.
With that I would like to now open the floor for questions. 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 their touchtone telephone. If you wish to remove yourself from the question queue you 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 is from the line of Sohail from ULJK Financial Services. Please go ahead.
Unidentified Participant
Hello, I’m on.
operator
Yes sir. Sir, I would request you to please use your handset.
Unidentified Participant
Yes, so thank you for the opportunity first of all and congrats on a good set of numbers. And I would like to know about Malaba Retreat Premium project. So are you seeing any challenges regarding how the offtake is going and are you able to select the price that we had seen, the trends that we had seen earlier and what are the pre sales in this project? For the bottom.
B. Ravi
There are no challenges frankly. Marabal Britain is one of those premium housing projects and therefore that’s really going well. First we are concentrating on completing the construction. The pre sales Are little slower. It is just a reflection of the market and therefore maybe quarter on a quarter could be just about 10 to 15%. But more importantly as you know in such premium market premium sales of such kind of flat under the sample flat, how you get what you get is what you really want to see first. So that is ready now and therefore I believe that the real traction of this will start from next month onwards.
And of course even these, as I said last quarter has been little sluggish. So therefore unless people will see this sample flat and also as I told in the speech, the market conditions are going to improve around July. So we do believe that this booking will start off then in real way. Frankly our target for this year is to by the year end, that is FY26 end we should be having a majority of this flat already booked, maybe 80% or so pre booked. So I’ll be able to give you the real numbers in the next quarter of pre sales.
Unidentified Participant
Perfect. And how about I would like to know like for the next year are we guiding at the same level growth rate that we had guided or will it be backed by the landscapes or will it be backed by the projects that we are discussing?
B. Ravi
Normally we give projections and outlook for growth in terms of the bottom line. More importantly the revenue can be a few percentages here or there. Let’s say it’s 11% right up at the bottom grew by 29%. And we always have mentioned that, you know, year on year we will be in the vicinity of 20 to 30% growth. And we have mentioned this year and we do believe that next year also we’ll be able to maintain this growth rate.
Unidentified Participant
Okay, perfect. That’s our bypass. Thank you so much.
B. Ravi
Thank you.
operator
Thank you. The next question is from the lineun of path Khandelwal from SBI securities. Please go ahead.
Unidentified Participant
Hello. Am I audible?
B. Ravi
Yes sir, you are.
Unidentified Participant
Yes, thank you. Thank you so much for the opportunity sir. So I had two questions. My first question was regarding the fact that how many acres of land was acquired in the FY25 and could you provide details on the micro markets where they were made and how your plans to integrate the acquired parcels in your launch pipelines or the future developing strategy in FY26 or future? That’s the first question.
B. Ravi
Yeah, you want to finish the second question or you want me to answer this first?
Unidentified Participant
So you can answer that. So the second one is a bit broader. So this will be.
B. Ravi
No, no, it doesn’t matter. You ask the second one also. I’ll combine both of Them the broad and the narrow.
Unidentified Participant
So the second question is firstly with regards to the it says phase one, which was reported like 85% complete as of like the quarter four of FY25. Has the leasing process already commenced for that? And could you share also the current leasing pipeline or the tenant status for the same and what is your expected rental income contribution from this asset in like FY26 and how the instrument has like the Tishman sphere been in the tenant onboarding, marketing or the design strategy?
B. Ravi
Sure. I mean, good questions both of them. Let me, let me take both of them in the same order as you are. Total acreage that we have had this year, as I said in my speech, was about 17 acres in the most happening. I would not want to exactly name the places. These are all pockets, right? And we have, as you know, we have had large land banks at 3, 4 pockets. This one is very close to one of those pockets which is again one of those CBD kind of an area which we have always mentioned.
And as you know, the land acquisition process, that being a raw material for any real estate developer is a continuous one. So we keep taking it in the pockets where we see future growth, right. Monetization capabilities and also that it need not be integrated with our existing projects and all. But it has to be in a place where it can really give us the kind of a value going forward. So all our past acquisitions have really given us that kind of a value as we have seen in the last three, four years. And we continue to do that in the coming years also with similar kind of profitability as we have told.
So that is a process which I would like to explain that this ongoing one, we keep acquiring land as and when we see the good opportunity. That’s as far as the question one is concerned. Its yes, you know, again, I was very pleased to mention that 70% of the leasable area today are already, you know, having various stages of expression of interest, Lois and the like. And therefore we do believe that from Q3, FY26, the lease income would start at this point in time. The kind of rates that we have got are, you know, better than what we had earlier predicted.
We had about 60 rupees on the lease area. We are seeing traction even better than that around maybe 70, 75. So I will be able to tell you the exact amount once, you know, all these things have been signed and the fit routes have been given. But definitely there is a lot of traction in its phase one, the performance, the completion, the kind of a building which is there again with the help of Fishman, has been done very well. And we do believe that the second phase also we will really launch well, as I told earlier, and we will be doing well in this project.
Unidentified Participant
Thank you so much.
operator
Thank you.
B. Ravi
Thank you.
operator
Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Rishit Javeri from PI Square Investments. Please go ahead.
Hrishit Jhaveri
I’m Adam. Sir. Congratulations. Good set of numbers this year. So first question on the one project in Khalil, what would be a RERA timeline and launch timeline and being a premium category, will it align with existing premium pricing or this project in a differentiated pricing?
B. Ravi
Yeah. Yes it will. It is a premium building. The kind of planning which has gone ahead. The architects and consultants who are going to really be doing that are known for creating premium buildings which always fetches premium prices above the normal ruling market price. And this is the way it has been constructed or thought about. And therefore we very strongly believe that it will be a premium commercial venture with high premium prices and salability. Also in the same manner, the exact timeline, you know, it’s very difficult. As I said, the plan approval process is in the final stages.
So we do believe in the next maybe two months. I’m trying to be a little conservative here. At least in the next two months we should be able to get through all these plans and hopefully as we see today, subject to, as you say, secular paribus. I think by second quarter FY26 we should be commencing this project.
Hrishit Jhaveri
And second question, particularly seeing a lot of demand in hybrid workspace and GCC coming in. So how are HCZ positioned to target these type of incoming demand?
B. Ravi
It’s absolutely in line though. I didn’t want. I can’t be taking any specific names, but as I said, the leasing eois which we have had, some of them are in this hybrid kind of workplace and such kind of company. So yes, that has become the way office spaces have been going this way these days. And we also see the similar kind of a demand in this exhibit which.
Hrishit Jhaveri
We can generate from such hybrid workplace.
B. Ravi
Sorry, I couldn’t get that. Can you repeat please?
Hrishit Jhaveri
What would be the average realization?
B. Ravi
See what we do, we will be giving away the land for lease out. Right? And as I said, it was almost coming to around 75 rupees or maybe little more per square feet of the leasable area. What they would do with that in terms of the hybrid workplaces would be different if you have co working and the things like that. We would give it away to these people floor wise as the way they want it on a minimum as we see today of about 75 rupees per square meter.
Hrishit Jhaveri
That’s a great. All the best.
B. Ravi
Thank you.
operator
fThank you. The next question is from the line of Natasha Singh From Arihant Capital. Please go ahead.
Natasha Singh
Good evening sir. Thanks for giving the opportunity. So my first question is as you. Have been actively acquiring land over past. Few year quarters so is there any near term plans to launch projects or any acquired related to that? And joining to that question same as. How do you see the end users investor, the micro market to justify this immediate launches?
B. Ravi
See right now we have as you know we already have planned various projects both in the residential and this commercial spaces are launched and we also have started as I told you about the. The Godaviland that is the township so called township which of course now we are trying to do it as a real estate development. So these things have been following and as I mentioned little slower. This is we didn’t go whole hog in terms of aggressively launching this because we are also trying to observe what’s been happening in the market and we believe that from July August onwards this will definitely improve and that’s when you probably see more launches starting then from let’s say one salpage itself and maybe even the SZ residential project acquisition of land as I said that has been continuous and we also have been monetizing the land which we already have acquired at really good prices as is reflected in our results.
Both these things would be a continuous affair monetizing that existing land which we already have as well as acquiring new land for the present maybe as well as the future growth. Both these things will be a continuous process.
Natasha Singh
Okay, great. The second question is any proposed timeline for launching phase two the IT sibling for both the commercial and residential.
B. Ravi
Yes, both these things. The way it looks at this point in time, as I said earlier at least the commercial one is Q3 FY26. I think by the time you know all these 70, 80% leasing also would have been done and occupation started and rentals commencing. Therefore that could be the time period for launching of the commercial. And I believe that at this point in time maybe with July August the outlook changing. That could be the same time frame even for SSN residential launch too.
Natasha Singh
Thank you so much sir.
B. Ravi
Thank you.
operator
Thank you. The next question is from the line of Kunjan Ganatra from Tyco Ventures Private Limited. Please go ahead
Kunjan Ganatra
Hello sir, can you provide some more details regarding the Gujarat township? So you mentioned that 18 acres was sold in last year. So was it sold to other developers? And also in terms of what is the visibility for next year? Is there going to be some plotting scheme that will be announced or is it going to be sale of larger land parcels to others?
B. Ravi
It is going to be. I’ll take the second part of the question. It is going to be a plotted scheme as well as land parcels to other developers. See any such 500, 600 acres and you know the names who are there in Ahmedabad on such kind of township. All of them would want to attract other builders also and other developers in that because it’s humongous to be able to do that everything together. So the same process is what we have started off in the last year that 17, 18 acres which I said that as well as a plotted development of our own and both of these things would be continued.
How much of would it be in each of them is very difficult to say. That would be as per the opportunity coming up at that point in time. But yes we would be doing, we would be doing monetization of Godavi in this manner that you have mentioned.
Kunjan Ganatra
Okay. So the plotted would start somewhere around Q3 26, FY26.
B. Ravi
Yeah, we do. We do expect that. Yes.
Kunjan Ganatra
Okay. Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask questions. The next question is from the line of Keshav from Vita Asset Distributor llp. Please go ahead.
Unidentified Participant
Yeah, I had a same first of all congratulations for meeting the guidance that we provided last quarter and I had the same set of questions which has been asked previously that as you promised that the Godavari project has anticipated launch in Q2 of 26 and it will have a great year of revenue and expected from this project and sale and these rental income to the second is is there any plan to acquire new land parcel market outside Gujarat in near term and if yes then how will it be funded? Any strategic rationals? We have.
B. Ravi
No at this point in time Keshav, we do not see. We don’t have plans. We don’t have anything on hand. Any project on hand by which we can be requiring land outside of Gujarat we will actually even today out of Ahmedabad we have not acquired. And therefore I do believe that looking to what’s been happening in Ahmedabad and what is likely to happen in the coming years at least you know, 10 years we see from now 7 to 10 years it may be making and we are Very strong in Ahmedabad. As you know, it’s a very good brand recall.
It doesn’t seem to be that we may be needing to go anywhere else. We may continue to acquire land in this area. Never say never at this point in time. No, there’s no such plan. But let’s see how it goes in the future. And yes, you know the Gujavi we have started as I said and therefore now the ball is set, rolling. Let’s see how it goes in the current year. And especially because of all the infrastructure development which is going around in that area we do believe that it will be one of those again happening places as I keep saying.
Unidentified Participant
Thank you.
B. Ravi
Thank you.
operator
Thank you. The next question is from the line of HITA from Monarch aif. Please go ahead.
Hita
Hello. Am I audible?
operator
Yes ma’ am.
B. Ravi
Yes
Hita
yes. Hi sir, congratulations on these amazing numbers. Sir, I had a couple of questions on. On the current land parcel that we have in Q4. What was the land sales revenue? The absolute number of say the percentage?
B. Ravi
Yeah, it would be, see about 200 because as I said it’s the projects. Even Godavi for that matter is a project. So how you classify that it is land parcel but it’s a project. So if you go by that out of the 250 odd crores that we have said about 200 would be the land sales as such in different pockets and rest of them will be project sales.
Hita
And what is the land sold and purchased during Q4?
B. Ravi
See the purchase which you have said has been during the year and As I said 18, 17 acres of land has been done during the year. It’s not specific to any particular quarter cuts.
Hita
Okay. All right. And could you please help me understand. I believe there was a press release that was focusing on you know, some violation of India 10 and 24 from SEBI. Could you please help us understand more about that release? Press release.
B. Ravi
No, let me, let me clarify absolutely outset there is no violation at all. It is a clarification which was needed. There was a way of reporting certain transactions in the annual report and we have been reporting that all these while and Sebi had never raised that but they came up with saying that no there can be a more detailed reporting of these transactions which we do and we shall be doing it from FY25 this March number onwards in the annual report. So it’s just a clarification. They said there was a caution saying that you know, you disclose more details in that and we have agreed to that so we’ll just have more details.
Nothing Was being done incorrectly. Yes. Anything can be always done in a more elaborate fashion which were accepted.
Hita
Okay, Understood. That’s it. From my side. Thank you.
B. Ravi
Thank you.
operator
Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Neerit Sadhani who is an individual investor. Please go ahead.
Unidentified Participant
Hi. Hello everyone. So regarding the 18 acres of sale at Godavi, can you tell me like what was the average realization per acre?
Unidentified Speaker
That is roughly around 26,000 per square meter.
B. Ravi
26,000 per square meter is the average realization. Okay. And regarding, you know, Malavar Retreat, how many flats are there? Sorry? How many flats are there? Yeah.
Unidentified Speaker
160 flat. 160 flats are there. Since this is a premium scheme, the number of players has been restricted to 160.
B. Ravi
And what is the average for snap utilization there?
Unidentified Speaker
This is around 6,000 rupees per square feet.
B. Ravi
And it could, you know, as you know, any. Any bookings, as we keep booking, you know, the prices do increase at this point in time. It’s 6,000 and by the time the project drill, the booking end is to be slightly higher also.
Unidentified Participant
Okay, so I had two or you know, very basic questions regarding the strategy of the company. So we are seeing that, you know, you entered into premium luxury residential and you’re also focusing a lot more on commercial. So is there a thought of the management that you know we will be focusing more on commercial projects than residential?
B. Ravi
No, there’s no.
See this. Sorry. If you finish the question, can I go ahead.
Unidentified Participant
Yeah. So I think you know that one is that. And also any particular reason why you feel that July, August onwards the real estate market in Ahmedabad should pick up
B. Ravi
well, that is what the green shoots look like. The reasons are many. Like in the sense, generally markets don’t keep going sluggish the way it is for too long. There always is. Whenever the inventory levels go down, whenever the demand goes up, things start getting back to normal. Many a times what happens is that when demand is very high, lot of projects of different shapes and sizes are announced.
And that temporarily leads to certain slowdown in the demand. But then premium products, a good brand always will find a market. However, when we see a general slowness in the market, it is prudent not to launch large projects at that point in time. Because the sentiments aren’t in favor of though for you, for Ganesh house branding, it can be always very good. But it’s prudent not to do that because we want our launches to be successful right in the first few months itself. Having said that, there will be both premium residential, some of them not necessarily premium.
We are not into the affordable market segment at this point in time. We are doing good projects which may be called as a semi and premium projects on the residential side and commercial. As I said earlier in the last call, suddenly there has been a dark in that and people have stopped it and therefore the office spaces have been in demand. And that’s why we believe that, you know, commercial projects would make a lot of sense at this time. And we have found credence to what our belief is by the kind of traction we had in hz commercial with 70% of that visible area already under various stages.
You know, people are so impressed. So many people are invested in that. So I think a good combination of both these things would be the right way to go. Which is we are. Which we are doing.
Unidentified Participant
Okay, so you will basically take. We will, you know, we will take it as projects come up. There is no strategy that we will be focusing on a particular segment. If that’s what I understand. And you’re saying that it’s because probably there is a slowdown in newer launches. You feel that, you know, the demand supply gap will close it out and then market will be better.
Is that is my understanding correct?
B. Ravi
Quite correct.
Unidentified Participant
Yeah. Yeah, please.
B. Ravi
Yeah, sorry, go ahead, go ahead.
Unidentified Participant
No, I was asking in Modavi, after selling of 18 acres, do we have roughly around 470 or 480 acres left or is it there?
Unidentified Speaker
We now have 432 acres.
B. Ravi
Correct. 450 was there. Now 18 sold. 432 acres.
Unidentified Participant
Okay, okay. I. I cannot recall that you had 500 acres. So. Thank you so much gentlemen. Thank you.
operator
Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Aditya Agrawal from Finvenue Growth Fun. Please go ahead.
Unidentified Participant
Hello sir. Congratulations for your numbers. So I just wanted to ask, are we having any plans to procure more land in the city of Ahmedabad? And if yes, then any idea about that?
B. Ravi
Yes, we are in the conscious process. As I said, we already have given various land advances almost around 200 crores or so. Which are which we will be acquiring land in? Again, some of the very good pockets that we are scouting for. And we have zeroed out on certain areas. And I think in the coming year we will be completing that process also. This is an ongoing process. We keep looking for good parcels of land.
Unidentified Participant
Okay. And sir, just to add on to it. Are we seeing any impact of rate cut on the real estate market overall landscape of the city?
B. Ravi
In the city, rate cut, rate cut off. Yeah, see that, that has been already factored in. Frankly. The real bookings of residents should started off six, eight months back and the rate cut was the prices had been already reflected in that. But in the last quarter, as I said for four months now there has been slight slowdown. I mean therefore people have really adopted irrespective of the rate cut because that’s not the financing is not the issue. But people have been any large investments or any real estate or house that a person buys, he will always think twice whether he’s making the right decision at the right market or not.
So there’s a slight kind of a wait and watch. But when things take an upturn, people will all make a beeline. So that’s what is likely to happen in the next couple of months. And that time you will actually I will be able to say that, yes. Whether it’s an impact of the rate cut or whether it is an impact of the development in the real estate market is anybody’s guess.
Unidentified Participant
Okay.
operator
So does that answer your question?
Unidentified Participant
Yeah, just just to add on to it, sir, any idea about the events, couple of events that are going to be held in Ahmedabad and any you know, visible impact on the overall real estate landscape be it the events such as Olympics or Commonwealth Games or you know we have this GCC development in the city. So are there any that are available?
B. Ravi
Oh absolutely, yeah, absolutely. Aditya. I think see these are the things which are changing the landscape of Ahmedabad and making as I told in my speech, it is changing. It’s not just an Ahmedabad concentrated investment or investors is outside of Ahmedabad and precisely these aspects, whether it’s Olympics or in all these kind of events which are making this known better in India. And as you know there are saturated markets at certain places like in the ihg, like whether it’s Pune, Hyderabad or Bangalore and therefore always is an outlet which can be the next destination can be Ahmedabad.
And we do see the Ahmedabad being the next destination. So I think it’s a combination of various announcements with the state government themselves are doing to encourage real estate, the central government in terms of the housing and various other things which they have done. And of course these kind of events which are all much spoken about for Ahmedabad, all these things are ensuring that Ahmedabad becomes a real vibrant real estate market.
Unidentified Participant
Thank you so much.
operator
Thank you, thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Soham from RV Investments. Please go ahead. Mr. Soham I would request you to unmute your line and speak please. Due to no response from the current participant we will move on. Ladies and gentlemen you may press Star and one to ask a question. As there are no further questions from the participants I would now like to hand the conference over to the management for closing comments.
B. Ravi
Thank you. Thank you again once and all of you to really join this. I’m sure we are already doing exciting things and the current year as I said is going to be extremely exciting on various fronts. Let’s hope that everything goes as planned and the markets and everything improves. Thanks for again we’ll touch base with you very soon. Thank you. Good day.
operator
Thank you on behalf of Goindia Advisors. That concludes this conference. Thank you for joining us and you may now disconnect your lines.