MAX ESTATES LTD (NSE: MAXESTAT) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Sahil Vachani — Vice Chairman and MD
Nitin Kumar Kansal — CFO
Analysts:
Unidentified Participant
Mohit Agrawal — Analyst
Pritesh Sheth — Analyst
Ronald Siyoni — Analyst
Samarth Agrawal — Analyst
Amit Agicha — Analyst
Parikshit Gupta — Analyst
Vibhor Talreja — Analyst
Ritwik Sheth — Analyst
Arpit Kumar — Analyst
Anuj Upadhyay — Analyst
Varun Bahl — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected for the Max States Limited conference call. Please stay connected, the call will begin shortly. Ladies and gentlemen, you are connected for the MAX 8 limited conference call. Please stay connected, the call will begin shortly. Good morning ladies and gentlemen and welcome to the Mags Estates Limited 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 this conference call, please signal an operator by pressing Star then zero on your touch tone phone.
Please note that this conference is being recorded. Also, this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sahil Vachani, MD and Vice Chairman of Max Estates Limited. Thank you and over to you sir.
Sahil Vachani — Vice Chairman and MD
Thank you and good morning to all for joining us on this Q3 and 9 months FY26 earnings conference call for Miccast dates. Joining me today we have Nitin Kansal who’s our Chief Financial Officer Archit Goyal who heads IR and Corporate finance for us and also sga, our Investor Relations advisors. Our presentation has been issued to the stock exchanges and uploaded on our company’s website. During the quarter gone by, Max estates launched the first phase of Estate 361 in Sector 36A Gurugaon. With a gross development value of about 2,500 crores, this community Estate 361 is envisioned as a forest led community spread across 18 acres offering a distinctive forest in the backyard experience.
This development is also intergenerational and features senior living residences managed by Antara Senior living along with an integrated wellness center also managed by Antara, thereby delivering a holistic well being ecosystem focused on proactive, preventive and personalized care. The encouraging market response reaffirms the sustained demand for high quality differentiated and wellness centric residential developments. We are very pleased to report pre sales of over 1900 crores in Gurgaon. The strong response underscores the robustness of our live well philosophy and the strength of our product offering More so average price realization in this development currently stands at 22,000 rupees a square footage reflecting a significant premium to the prevailing micro market as well as to our previous launch project Estate 360 which was launched last year.
Driven by this encouraging Response to Estate361 Max Estates is now planning launches aggregating about 4000 crores GDV in Noida comprising of Max One in sector 16B and a project in sector 105 both in Noida targeted for Q4FY26 post Estate 361 phase 1 launch Max Estates has a launch pipeline with a GDV potential of about 14,500 crores. In addition, the company aspires to add between 1 to 2 million in the residential segment every year for the commercial real estate portfolio. We are seeing continued strong leasing momentum highlighted by the signing of an LOI for a long term lease pre leasing 200,000 square feet at max district sector 65 in Gurgaon securing gross rentals of over 270 crores over the lease period.
The transaction has been concluded two and a half years ahead of the project completion and at a 35% premium to the prevailing micro market rentals. The company also maintains a robust leasing pipeline for both our under construction projects Max Square 2 and this one. Max District overall commercial portfolio is poised for an annuity rental income potential of more than 700 crores annually on 100% basis across delivered under construction over the next few years. Here as well we aspire to add a million square feet on the commercial office space segment every year. The company has also initiated solar power sourcing for our Max Square project representing a key milestone in our sustainability and decarbonization roadmap.
This marks the first move towards Max Estate’s long term goal of shifting 50% of our portfolio’s energy usage to renewable sources by 2030 aligned with India’s Climate pledge. With these brief highlights I’ll now hand over the call to my colleague Nitin for the business updates for Q3 and 9 month FY26 and the outlook for the business.
Nitin Kumar Kansal — CFO
Over to you Nitin. Thanks Ayel. Good morning everyone and thank you for joining us on the call. Let me cover the business updates in the three sections Residential, mixed use and Commercial developments. Starting with the residential portfolio at our flagship project Estate 128 Noida, we have achieved pre sales numbers of INR in excess of 2,700 crores with 100% inventory sold and collections stand close to 1100 crores. At Estate 360 Gurugram we have recorded pre sales of 4831 crore with a collection of over 1100 crore rupees. We launched phase one of Estate 361 again in sector 36A Gurugram with a gross development value of approximately 2,500 crore rupees.
We are pleased to announce a pre report presales numbers of over 1900 crores in Gurugram. We have also entered Gurugram’s luxury residential market by securing development rights on prime land parcel of 7.25 acres statistically located in sector 59 Gurugram on the Golf course extension road. With a development potential of 1.3 million square feet and gross development value of more than 3,000 crore rupees, it is expected to be launched in FY27. Coming to the mixed use portfolio at Max 1 sector 16B Noida, the company is developing ultra luxury residences gray their office spaces, curated high street retail and exclusive club amenities.
The project seamlessly integrates the live well, work well and the play well philosophies spread across a technical parcel. With a development potential of 2.5 million square feet. The project is targeted to launch in the current quarter and carries a GDV potential of over Rupees 2000 crores along with an estimated annuity annual potential of 120 crores. Additionally, the company has also acquired a 10.33 acre Pineland parcel in sector 105, Noida, strategically located on the Noida Greater Noida Expressway. The project will comprise of a mix of residential and commercial development with a total developable area of 2.6 million square feet.
Phase one alone offers a GDV potential of over 3000 crore rupees. Coming to the commercial portfolio, our operational commercial real estate assets Max towers in Noida, Max House Phase 1 and Phase 2 at Oklahoma and Max Square again at Noida continue to operate at 100% occupancy generating an annual rental income of over 155 crore Max Square 2 Noida project having a leasable area of 1 million square feet is on track and expected to receive occupancy Certificate by the Quarter 2 of FY28Max District Sector 65 Gurugram, having a leasable area of 1.6 million square feet is also on track of completion and expected to receive occupancy certificate in two phases quarter two of FY28 and quarter three of FY29.
With this let me also provide you with a financial update. For the nine month FY26 our consolidated revenue stood at rupees 150 crore for the nine months and a console EBITDA stood at rupees 27 crores. Consolidated profit before tax stood at rupees 29 crores and part of 20 crores. The total lease area in the portfolio stood at 1.2, 3 million square feet. The lease rental income is up 38% year on year to 115 crores in nine months. Max asset Services of facility management continues to block revenue of 40 crores in nine months. The debt as on December 25 stood at rupees 1700 crores including LRDS of thousand crores cash and cash equivalent as of December 25th stood at 1284 crores.
Resulting company having a net debt of 414 crores. Now I’d like to open the floor for the question and answer session.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Mohit Agarwal from IFL Capital Services. Please go ahead.
Mohit Agrawal — Analyst
Yeah, good morning everyone and congratulations to. The team on the launch of the Gurgaon project. My first question is on the Gurgaon project. So between the last year when we. Launched this project there was obviously a very different response. It was completely complete sellout. This time around, obviously it’s been a smaller launch and the response has still been great in terms of 50, 60% sellout. Any learning in terms of, let’s say the type of behavioral change in the mindset of the customer in terms of let’s say the ticket size or affordability or you know, expectations in terms of payment plans or anything that you want to share with. What has changed between last year when there was so called a euphoric market and now it’s been a more subdued overall market that we’ve been talking about.
So any learnings that you may want to share.
Sahil Vachani — Vice Chairman and MD
Great question, Mohit. Thank you. This is Sahil. So firstly, absolutely we see for us particularly of the inventory that we’ve sold almost 66 to 70% is driven by end users. Where we have seen families that have come and visited the Experience center about five to six times at least. So, so what we are delighted with is that the end user is buying the product. There is a preference for the unit sizes, the customer experience, the hospitality and the well being offering that we’re doing and a deep appreciation of that. And you can see that our payment plans have also been very similar to what we did even last year.
So the payment plans have not changed like the market has changed. We continue to hold our payment plans and have also been able to have good premium not only to the micro market, but also to our previous launch of Estate 360. So we are seeing A end user demand, B, an appreciation for the end client experience a lot more than we had done earlier.
Mohit Agrawal — Analyst
Okay, great. My second question, Sahil, is a little longish question, but you know, let’s say for your guidance to be met, you will have to do the two launches, the Max, the Noida Development and the 105. Both launches have to happen and you need to have a meaningful success in both of them. So that is the first part. So how confident you are on that, if you could? We obviously know that Noida is doing better. So some color on that. And then the second part of that question is then for next year for FY27, you have the golf course extension which you’ve recently acquired and the remaining part of 361. Right. Is that the basically launch pipeline for. FY27 or do you plan to meaningfully add something and that would be also a meaningful part of FY27 launch? So color on basically fourth quarter and FY27, that will be helpful.
Sahil Vachani — Vice Chairman and MD
Yes. So I think at this stage what we can say is that we remain very confident with our products that we are bringing to the market in Q4. As you can imagine, I’m not able to share more detail on that at this stage, but I’m sure that at the end of the quarter we will obviously share a detailed update on that. So we remain very confident on Our launches for Q4. The second aspect is in terms of next year’s pipeline, yes, we are going to be having those two projects that you mentioned and, and also a pipeline for a launch in the Noida market as well, which we will be sharing in due course.
So those are our plans and as we are consistent with our strategy to be able to be across both Noida and Gurgaon, across both residential and senior living, and offer both independent senior living and intergenerational communities as well. So that continues to remain our strategy and plan.
Mohit Agrawal — Analyst
Okay, and the Last one is 27. Do you expect a kind of a double digit growth in PC is that.
Sahil Vachani — Vice Chairman and MD
You’Re still building that number? I think. You know, I wouldn’t like to comment on that at this stage, but what I would like to say is that we are continuing to remain extremely encouraged by the response that we are getting. Like I shared with you both from an end user perspective, more so from an end user perspective and also for our senior living development. So for both we are receiving tremendous and very encouraging response. So we continue to remain extremely bullish and hopefully will outperform the market in terms of what our delivery is.
Mohit Agrawal — Analyst
Perfect. Thanks a lot. Those were my questions. All the best.
Sahil Vachani — Vice Chairman and MD
Thanks.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Pritesh Sheth from Access Capital. Please go ahead.
Pritesh Sheth — Analyst
Yeah, good morning and thanks for the opportunity. First, on the pre leasing that we did, you know, if you can throw some details on, you know, rents per square feet that we have signed up, you know, how they are versus our expectations that we had set or what we are underwritten for. And second question is again on your upcoming launches in Noida, you know, how are you seeing initial signs, you know, is that market, how that market is doing compared to, you know, Gurgaon and what kind of ticket size, you know, are you targeting and you know, what still works for that market? As for your initial market feedback that you’re getting.
Yeah, thank you. Pratish, this is Nitin. Just to answer your first question. The the leasing which we have done in Gurugram in Max district, what we have been able to better what we had estimated in our projections of 723 crore centers and a full blown basis. And the entity which has taken over this space is a listed entity and this looks this as a long term vision for their office space in Gurgram. How, what’s the term for which it is signed? This is again for a nine years period with the similar standard template of three plus three plus three with an escalation.
Okay, okay, got it. And this two centigrade that you have put, it also includes the contractual escalation? Yes, yes. That also includes that which is 15% three years or 5% every year. It’s 15% every three years. Got it. And Sritish, if you can continue with the second question you had on these lines.
operator
I’d love the queue.
Pritesh Sheth — Analyst
Okay. Okay. Sure. Thank you.
operator
Thank you. We have the next question from the line of Ronald Cioni from ICC Securities. Please go ahead.
Ronald Siyoni — Analyst
Yeah, thank you sir for the opportunity. Just on the leasing front. So are we seeing you know, any interest from GCCS also and this entity whether if you can, you know, highlight which sector especially these entities and what kind of pre leasing pipeline you are seeing in this project, you know, once this deal is also done. So are you seeing the good inquiries for this project?
Nitin Kumar Kansal — CFO
So this. Hi everyone. This is. Good morning. So this, this comes from, from the GCC sector itself, this, this transaction and we are getting a very good traction and I have a very healthy pipeline for both our projects in, in Noida at Max Square 2 and Gurugram. We expect significant easing to take place by the time the building comes under operation.
Ronald Siyoni — Analyst
Okay, great, sir. And on the Noida like we also see this time the new business development includes more of deals with respect to Noida. So you know, should we be expecting, you know, premium luxury projects, you know, getting good traction in Noida or say, you know, mid premium or lower segments only are gaining traction. So if you can bifurcate what kind of deals you are getting in Noida.
Sahil Vachani — Vice Chairman and MD
Yeah, I think as Sahil, we are mostly in the premium segment. We continue to operate in that and we are very focused in that segment. Like I said, we are both in the premium segment and also in the senior living segment. And they straddle the range of the entire premium category. Upwards of 6, 7 crores up till about 12, 13 crores, 14 crores. So that’s the range that we operate in. And we believe that Max Estates has developed a good brand credibility and a very good end user traction in those segments. And we continue to build upon that.
We will continue to focus there not just in the Noida market, but also in the Good cow market.
Ronald Siyoni — Analyst
Okay. And the stress which we had earlier felt in the Noida residential market, should that be behind for the sector as a whole?
Sahil Vachani — Vice Chairman and MD
I don’t know which stress we are referring to but in the last three or four years I don’t think that there’s been any stress per se in the market. In fact there’s been a buoyancy in the market and particularly for us, even in Gurgaon we don’t see any stress. You know, in 35 days we’ve launched, we’ve been able to sell 60% of what we’ve launched. So I, you know, frankly I don’t think that’s stress in any imagination. And we, like I said, not only, but the encouraging thing for us is it’s driven by a very large proportion of end user demand which we are very, very encouraged by.
Ronald Siyoni — Analyst
Great. And lastly on the OPM operating margins this quarter, so you might have been booking the sales and marketing cost related to this project launch. So if you can bifurcate that or if you can adjust for that, what kind of operating margins were there for during this quarter? Quarter where the. Upwards of 20% or lower than that.
Nitin Kumar Kansal — CFO
Yeah, I think rightly pointed by Ronald, because of the counting standards we are not allowed the advertising and Marketing expenses go in the P L at the. At the when incorrect and the revenue comes later. If we exit for that we would be looking at an operating margins in excess of 25%.
Ronald Siyoni — Analyst
Oh, 25 for this particular quarter. Q3 FY26.
Nitin Kumar Kansal — CFO
Yes.
Ronald Siyoni — Analyst
Great. Great. Thank you very much Sahil sir and best of luck.
Nitin Kumar Kansal — CFO
Thank you. Thank you. Thank you. Thank you.
operator
Thank you. We have the next follow up question from the line of Pritesh Sheth from Access Capital. Please go ahead.
Pritesh Sheth — Analyst
Yeah, thanks. My second question got answered on the Noida market. But on the cash flow side if you can briefly highlight what were the spends during the quarter in terms of construction spend, capex and land investment. Because I just want to reconcile the increase in net debt that we see this quarter. So what is happening? What we have incurred in the current quarter is a number in around 350 crores on the project. In addition, in the current quarter we also paid out for the new acquisition which we did on the golf course extension role which had an outlay of close to 450 crores.
So this is how the number has got incurred. So if you say that that number has not gone up since the cash got deployed in the new acquis. The net debt number has come up and there’s a swing from net cash to net debt. But not incremental debt has not been taken during the period. The only regular construction finance debts have been taken. Sure, got it. That’s helpful. That’s it. From my side always. Thank you. Thank you.
operator
Thank you. We have the next question from the line of Samarth Agarwal from Amber Capital. Please go ahead.
Samarth Agrawal — Analyst
Hi Dean. Thank you for the opportunity. Just wanted to get get some sense on collections. What would be the payment scheme for the customers of the first phase of Estate 361 and what kind of collections are you expecting in FY27 from all the projects?
Nitin Kumar Kansal — CFO
Thanks Zamar. So what is happening? We. We maintain a distributed collection plan in line with our construction timeline. The projects have an equal distribution over the life cycle of the project in FY27. What we expect a collection to happen from two prong. We expecting collection to happen from the existing sales and also from the new launches which are expected to take place from the from the existing sales.
What we’re expecting to make a collection in the range of 1500 to 1750 crores and an incremental number of thousand to 1300 crores to come from the new sales which we plan to do in the next FY.
Samarth Agrawal — Analyst
Okay. So total would be around 2500 crores of collection.
Nitin Kumar Kansal — CFO
No, it will come, it will more range close to in the range of 2800 to 3000 crores.
Samarth Agrawal — Analyst
And just one update. Any update on the Delhi land pulling policy? Any chance when we can see Max starting to add projects in the Delhi market?
Sahil Vachani — Vice Chairman and MD
So far the there is no incremental progress basis what we had last reported. But we continue to work for the approvals and are very hopeful that you know, in the coming year or so we should be able to move the, move the needle on the approval process.
Samarth Agrawal — Analyst
Understood. And just one last thing. I think I might have heard it wrong. The fourth quarter total launch for the residential side would be at around 4000 or 5000 crores.
Sahil Vachani — Vice Chairman and MD
Between 4 to 5000 crores.
Pritesh Sheth — Analyst
Okay, okay. That’s all from my side. Thank you.
Nitin Kumar Kansal — CFO
Thank you.
operator
Thank you. We have the next question from the line of Amit Agija from HD Hawaiian company. Please go ahead.
Amit Agicha — Analyst
Yeah, good morning and thank you for the opportunity. So my question is connected to the geographic strategy. Like NCR is currently the sole focus. Under what conditions would the company consider entering another geography or is the intent to remain a regionally dominant specialist player? Thank you
Sahil Vachani — Vice Chairman and MD
G. That’s a great question. At this stage of our journey we remain committed to the national capital region and if you look at it while on the outside it may look like a concentrated strategy, we believe that it’s a very well thought through risk adjusted strategy because not only are we in Gurgaon and in Noida, which are two very large micro markets of the NCR market, but within that we are in, in the residential and in the senior living space and then obviously there’s commercial as well across both of these micro markets.
So for the foreseeable future we continue to remain very focused in the NCR market and really emerge as the top two players in the NCR space.
Amit Agicha — Analyst
And so second question was like how confident is the management about like office leasing demand visibility beyond FY27 28. Especially like considering hybrid work trends.
Sahil Vachani — Vice Chairman and MD
We are very confident. I think office demand is going through a very bullish cycle at this time. There’s also limited supply or grade A supply that’s coming up. So we continue to remain very optimistic and particularly with the brand, the track record and the experiences that Max Estate has already set up for its commercial offerings.
We remain very confident of demand moving forward and that is not just our same but that is now validated by the pre lease that we have signed which is again at the premium to the micro market and it’s much, much before our completion of the project. So for Max Estates in particular, we remain very optimistic. But more so we remain also overall optimistic on the demand scenario for office leasing in the National Capital Region.
Amit Agicha — Analyst
As a follow up to that is, do you foresee cap rate compression or expansion over the next cycle for Grade A NCR assets?
Sahil Vachani — Vice Chairman and MD
It’s very difficult to comment on this because I think this is also an outcome and a factor of interest rates at some point.
But I do think that we will see that Grade A assets will come more and more at a premium and the availability of those assets will be very limited. So in general we are seeing very strong demand for Grade A or Grade A assets, particularly those that Max Estates is developing. But difficult for me to comment on how we see interest rates or cap rates moving forward in the coming few years. Tough to say at this stage.
Amit Agicha — Analyst
So the last question from my side, sir, over the next five years do you envision the company evolving more into a residential developer or an annuity heavy real estate platform like which will be what would be the steady state mix ratio between the two?
Sahil Vachani — Vice Chairman and MD
So you know we are looking at both and as Nitin mentioned in his comments, we are looking at almost a 700 plus crores of annuity income annually.
So I don’t see that that is insignificant or small by any stretch. And we’re looking to grow that as well. So that’s not a fixed number. It’s what we have with our pipeline today. And as we have said that we will look to grow that pipeline. And on the residential side, we’ve already done five and a half thousand, 5,300 crores last year and we look to grow that in the coming years as well. So you know we are looking at both with equal passion and commitment to grow both of these portfolios. As you are aware that we have New York Life as a platform partner, 49% across all our commercial assets.
So we remain very committed to building out both these strategies in the national capital region. I appreciate you answering all my questions elaborately, sir.
Amit Agicha — Analyst
Thank you. And all the best for the time. Thank you so much. Appreciate it. Thank you.
operator
Thank you. A reminder to all the participants, you may press Star and one to ask a question. We have the next question from the line of Parikshit Gupta from Fair Value Capital. Please go ahead.
Parikshit Gupta — Analyst
Good morning Sahil and the team and thank you very much for the opportunity. I’d like to ask a question on the growth pipeline. It’s a very exciting pipeline but we see meaningful change from the projects that were in Q2 versus in Q3, notably removal of some projects in Gurgaon and addition of more mixed use projects in Noida. Furthermore, most of the new projects in the pipeline are now outright purchases as opposed to JDS earlier. So can you please help us understand the strategic rationale behind these decisions both from the perspective of what you are seeing in these micro markets as well as the company’s company’s capital allocation strategy.
Nitin Kumar Kansal — CFO
Yeah. Thank you. Just to answer that question, this list and the pipeline is a dynamic process which you keep on evaluating at all points of time. And we have got a long list of assets which we evaluate. The assets which come more on priority and look very near to fructifying come in the table which goes out for the investor presentation. That is the reason you may see some churn in terms of how the list is being shown in the deck now coming specifically on the on few assets which you have mentioned on the mixed land use in Noida.
These are few, few auctions which have been announced by the local authority Noida, which are expected to happen in the in the current financial year itself which are proposed to be done outright. Now the only difference is authority itself gives you a payment plan option to be paid over four years. So rather than having a landowner partnering with you, the authority gives you that leverage to pay over a period of time. That is the reason we would have we have mentioned as an outside purchase over here. But this in terms of capital allocation, the capital allocation would be more akin to a joint development agreement transactions which we evaluating in Gurgaon.
Parikshit Gupta — Analyst
Understood. Just a follow up on this please. So in terms of. I know this. This question has been asked in different forms earlier in terms of the growth prospects of each of these markets, Gurgaon and Noida. Considering the crowding and competitive intensity, have we selectively moved more toward Noida which remains a key footprint for our business, or is it just a balanced strategy in this quarter? Just the pipeline seems to be more focused toward Noida.
Sahil Vachani — Vice Chairman and MD
I’ll take that. This is Sahil. Actually if you look at it, we are equally in both Noida and Gurgaon. If anything, our square footage may be slightly higher in Gurgaon. So there is no such plan to kind of move more to one micro market or less to one micro market. We believe that the social ecosystem is in both micro markets in Noida and Gurgaon and they are separate markets and therefore we will continue to operate in both and look to scale in growth. I think a lot of our strategy is also driven by the location per se and the capital risk framework that we follow internally, we have certain micro markets that we are extremely optimistic and bullish on.
And therefore we do go very aggressively in those micro markets to acquire assets. And where the balance sheet sizes are risk portfolio and balance sheet, you know, conservatism comes in, we look to do opportunities like joint development like we’ve done in the 30 acre parcel that we have in Gurgaon. So it’s a little bit of an agile and nimble, you know, framework that works, but it’s driven more by location and micro market.
Parikshit Gupta — Analyst
I understand this is very helpful. Thank you for answering my questions.
Sahil Vachani — Vice Chairman and MD
Thank you.
operator
Thank you. We have the next question from the line of Bibh Talreja from Nest Amplifier. Please go ahead.
Vibhor Talreja — Analyst
Thank you. Congratulations on the Gurgaon announcement. Sahel, Nathan, everyone. Just few clarification questions to start with. On slide 3, we mentioned that in Estate 361 we have sold 1500 crores of products till date. The till date there means December 31st or we are talking of till Feb today when we are talking in December 31st. Please. Okay, thank you. For Estate 361, the GDB mentioned is 9,000 crores of which we have launched 2500 crores, little higher than 25%. And we have sold 1500 crores which is approximately 1/6th of the GDP. If I look at the Noida projects, the two projects that we intend to launch in Q4, the combined GDV is close to 5,000. And I know different projects, different sizes will get launched. And whatever we launch, like you earlier said, you intend to sell close to 2/3 to probably full. But when I try and add the numbers, I’m just trying to make sure that how close are we expected to reach on the overall sales guidance of 5,000 to 6,000 crores versus the 99 crores of pre sales that we have done in nine months.
If you can provide some clarity on that math, that would be helpful, please.
Nitin Kumar Kansal — CFO
Yeah, thank you. This is Nitin to answer. So what is happening in it in terms of Estate 361? The remaining inventory is also on sale and we expect a significant amount of sales also to happen from the remaining launched inventory of Estate 361. And the launch which we’re expecting to do for the Noida is close to 4,000 to 5,000 crores. And we are hopeful and bullish that we would be able to achieve sales to meet our guidance which we provided to the market.
Vibhor Talreja — Analyst
Okay, thank you.
Nitin Kumar Kansal — CFO
I think essentially what you’re saying is that in case of Nida projects you intend to launch most of the GDP from the GO rather than launching part of the projects. Would that be a correct inference? Yes, you can infer that also. Thank you. All the very best. Thank you.
operator
Thank you. A reminder to all the participants, you may press Star and one to ask a question. We have the next question from the line of Ritvik Sheth from Vana Panan. Please go ahead.
Ritwik Sheth — Analyst
Hi, good morning everybody. So couple of questions. So firstly, I don’t know if I missed. Sorry I’ve joined a bit late on the business development front. What is the plan for FY27 in business? Business development front. I know we have guided for 2,3 million square feet. So what kind of projects we are looking to acquire in terms of GDV as well and any. Any plans to acquire anything in Q4FY26.
Nitin Kumar Kansal — CFO
Hi Ritwik, good morning. This is Nitin. So what we are planning, you rightly mentioned, we’re planning to acquire in the range of 1 to 2 million square feet of residential every year and close to 1 to 1.5 million square feet of commercial every year. In order to augment a portfolio in terms of gdb. What we expect is to deploy a capital of close to thousand crores across the residential and commercial. And this would be. And this assets which we propose to acquire would be a combination of an outright and a joint development agreement whereby optimizing the capital deployment on the projects.
Ritwik Sheth — Analyst
And would it be like. So if you’re doing say 6,000 crores of pre sales this year and assuming say some growth on that in FY27, would it be fair to assume that we would at least target to replenish that kind of inventory?
Nitin Kumar Kansal — CFO
We aspire to replenish the inventory for the. See if you see the pipeline which we have got, we already have got sales pipeline for FY27 and also certain portion of FY28. We would like to replenish and build on the inventory of not only FY28 and FY29, also on the coming current year business development initiatives.
Sahil Vachani — Vice Chairman and MD
Right. Okay. Just so that we. Just so that we’re clear, if you see the presentation, it shows that we have full pipeline for FY26 full of 27 and we already have some part of 28. So we are very comfortable in terms of our growth pipeline. Thank you.
Ritwik Sheth — Analyst
Right, sure. And what is the debt on the books for the commercial? For the residential.
Nitin Kumar Kansal — CFO
As we speak we will have a major rental discounting which is completely on the commercial asset which is close to Thousand crores. And the construction finance rate of close to 600 crores which is on the commercial side. On the residential assets we are not carrying any debt.
Ritwik Sheth — Analyst
Okay. Okay. So it is gross debt. There is no gross debt on the residential piece.
Nitin Kumar Kansal — CFO
Yes.
Ritwik Sheth — Analyst
Okay. Got it. And is there any cash for. On the residential books or. No.
Nitin Kumar Kansal — CFO
So on the residential side we’re sitting at a cash balance of close to 1200 crore which is all logged in the Reva accounts.
Ritwik Sheth — Analyst
Okay. Okay. So that will get freed up over the next few years.
Nitin Kumar Kansal — CFO
Yeah. As we. As we continue to do construction the cash will get keep on releasing from the 70% accounts.
Ritwik Sheth — Analyst
And one final question on its in for you. What is the collection that we have received and what is the construction cost that we have done in so far in 9 months FY26.
Nitin Kumar Kansal — CFO
So in. In the F. 9 months FY26 what we have would have collected would be a number of close to 1100 crores as we speak. And we would have incurred a cost of close to 450 crores on the. On the projects undergoing projects.
Ritwik Sheth — Analyst
Okay. Okay. And how is it expected to close like in FY26.
Nitin Kumar Kansal — CFO
So we are on track for. For our collection plans. The. The. The. I think we would be. I think once we give our annual numbers since the launches would be happening as we speak in the. The four to five thousand launches will happen in February, March we would begin. We expect that we’ll be on track of our collection targets for the year.
Ritwik Sheth — Analyst
Okay, got it. And. And what would be the other cost other than. These are corporate overheads and other fixed cost for the full year.
Nitin Kumar Kansal — CFO
So we incur a corporate overhead cost in the range of 50 to 75 crores through the year.
Ritwik Sheth — Analyst
Okay, Got it. Sure. Okay. This is helpful. Thank you. And all the best, sir.
Nitin Kumar Kansal — CFO
Thank you.
operator
Thank you. We have the next question from the line of Arpit Kumar from Unifi amc. Please go ahead.
Arpit Kumar — Analyst
Hello. Good morning and thanks for the opportunity. So just wanted to understand. I mean execution of a project is important. So just wanted to understand how is the accountability structured internally and the systems what are in place so that we can avoid execution slippages and cost overruns.
Sahil Vachani — Vice Chairman and MD
I’ll take that. This is Sahil. So just to share with you, I don’t know if you picked up but I think six months ago we made some organizational changes and we hired Mr. Vachan Singh who joined us as chief operating officer projects. He now he spent about 35 years in the industry across organizations like DLF, Tata L and D Realty, Obra Realty and many others. We have a team of almost 300 people that are under him across civil structure, MEP and other capabilities that we are driving construction. We are very delighted to share that. So far everything that we’ve delivered has been on cost and within the committed timelines that we have.
So we continue to drive this process. And this is a separate organization that is purely and wholly focused on what we call the execution or the projects side. Obviously being in the national capital region and being across in one geography broadly, Noida Gurgaon helps us a lot in terms of execution, delivery scale and scale now has helped us a lot. We are doing multiple projects and with the scale that we have, that also has come to our benefit. So I think with the organizational change that we meet, the capabilities that we built, geographical focus and execution focus, we are very confident that we will be able to deliver on our commitments here.
Thanks.
Arpit Kumar — Analyst
That answered my question.
operator
Thank you. We have the next question from the line of Anuj Opadia from Investech. Please go ahead.
Anuj Upadhyay — Analyst
Yeah, hi. Thanks for the opportunity. Again, it’s a follow up on our FY26 guideline guidance. So this 1900 course of pre sales is till Jan, if I’m correct, right? 1500 which you mentioned was for 361 till December. But the one which we have mentioned in slide 4 is still Jan. So of the 2500 which we have launched, almost 19 crores have been sold. Right?
Nitin Kumar Kansal — CFO
Sir, just to clarify, against 2500 crores we have done sales of 1500 crores and 400 crores was existing inventory of estate. 360 in total, with the number comes to 1900 crores. So we’ve achieved 60 sales in this.
Anuj Upadhyay — Analyst
Got it, got it, got it. Thanks for the clarification. And so for the rest of the year again on the two side, you mentioned that 5000 crores is something which would come from the Noida one. And can we expect the balance launch of 360s one because we have targeted somewhere in the range of 9500 crores kind of launches and probably, you know, even if Noida comes in, the total launch number would be around seven and a half thousand. So.
Sahil Vachani — Vice Chairman and MD
Thank you. Yeah, sorry, I think I got the question. I just from that perspective we will be more focused on what are the sales that we are doing versus the launches. So our launch strategy will get determined closer to the time and be a little bit more nimble and you know, agile around it depending on how we are able to, you know, achieve our numbers. But we are very confident across this. And there’s obviously a lot more to be launched in the Gurgaon projects as well.
Anuj Upadhyay — Analyst
Yeah, thanks Sahil. And lastly, as you know much of our project has been launched during the Q3 and Q4 time. Any guidance would you like to give for FY27 on the pre sales part at this stage?
Sahil Vachani — Vice Chairman and MD
We would not like to give guidance for FY27. I think we are focused in the next, you know, month and a half of, you know, achieving what we had said. And then obviously once we have the next call again, hopefully we’ll be able to share some more color at that time.
Anuj Upadhyay — Analyst
Thanks, that’s helpful. And that’s it from my side.
Sahil Vachani — Vice Chairman and MD
Thank you.
operator
Thank you. We have the next question from the line of Varun Bhaial from Pluto’s investment. Please go ahead.
Varun Bahl — Analyst
Yeah, hi. Thank you for the opportunity. I was just wondering the series of launches which you have carried out from say FY24 and you go on to FY27, what are the kind of margins that we are looking? Very.
Nitin Kumar Kansal — CFO
So if you see what we have launched is we have got a combination of outright and a joint development agreement. So what we have been guiding is in the case of Estate 28 we would be having margins in the range of 40 to 45% which is an outright asset. And in the case of Estate 360 and 361 which are in the nature of joint development agreement we will have a margins of 22, 25%. But interestingly both the projects will have IRRs of the same nature because the capital deployed on the JDA is significantly less as compared to an outright purchase.
Varun Bahl — Analyst
Yeah, completely appreciate that. The numbers look almost scarcely believable. Depending on how the handovers play out we could be looking at figures of 1500 crores plus of profitability in FY 2930 depending on how the handovers play out.
Nitin Kumar Kansal — CFO
Yes, yes. This is how. Depending on how the handovers play out we can expect the the numbers will get reflected accordingly the loss accounts.
Varun Bahl — Analyst
Looking forward to that. Thank you.
operator
Thank you. We have the next question from the line of Vikas Atri, our individual investor. Please go ahead.
Unidentified Participant
Good morning Sahil and Nitin. Thanks for the opportunity. My first question is is there a phase two in sector 105 NIDA and what is the revenue potential of that?
Sahil Vachani — Vice Chairman and MD
Thank you Vikas. Yes, there is. And we are still working out our plans for the final design and will be able to share revenue potential in the next quarter. We may not be able to share that as of now because it May not be crystallized. Fine.
Unidentified Participant
Okay. Thank you. And my next question is regarding the sponsor Land bank. Is it possible for you to give a brief idea what is the revenue potential from that?
Sahil Vachani — Vice Chairman and MD
Thanks Vikas. Yes, so that is obviously 100 acre land parcel, mostly contiguous. As per the current guidelines of the land pooling policy that are in place. We are talking about potential revenue of upwards of 10,000 crores of GDV. Okay. And will that be a mixed use project or will it be purely residential? It’s primarily residential with some mixed use components as part of it. Okay.
Unidentified Participant
And so my last question is we’ve. Been listed for Almost I think 10, 10 plus years or almost 10 years. And. By when do you think can we become a dividend paying company?
Sahil Vachani — Vice Chairman and MD
We’re very hopeful that with the completion of our residential projects in the next two and a half years we should get to that point. Because as you know the accounting in the real estate company the profit will only be recorded on the books once we are able to get the oc. So we’re very hopeful and confident that once that cycle starts for us with Estate 128 we should be in a good position to be able to do all of that. Okay.
Unidentified Participant
Thank you so much. I appreciate all the effort you’re putting in. Thank you so much. Thank you. Appreciate it. Thank you.
operator
Thank you. We have the next follow up question from the line of Arpit Kumar from Unifi anc. Please go ahead.
Arpit Kumar — Analyst
Hello. Just a follow up. Just wanted to understand on the approval side of Max Estate and 105. Happy receive the RERA or is it pending?
Sahil Vachani — Vice Chairman and MD
We received building plans. We are just awaiting the final data approval.
Arpit Kumar — Analyst
Okay. And when it is expected if you could.
Arpit Kumar — Analyst
Very shortly.
operator
Thank you very much. As there are no further questions from the participants that concludes the question and answer session. I now hand the conference back to the management for closing comments. Thank you.
Sahil Vachani — Vice Chairman and MD
And over. Thank you everyone and look forward to speaking again in the next quarter. And stay safe and stay well. Thank you.
Nitin Kumar Kansal — CFO
Thank you.
operator
Thank you. On behalf of MacStates Limited that concludes this conference. Thank you for joining with us today. And you may now disconnect your lines. Thank you. Sa.