Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Oberoi Realty Limited (NSE: OBEROIRLTY) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Vikas Oberoi — Chairman and Managing Director
Saumil Daru — Director, Finance
Analysts:
Puneet Gulati — Analyst
Parikshit Kandpal — Analyst
Pritesh Sheth — Analyst
Murtuza Arsiwalla — Analyst
Gourav Khandelwal — Analyst
Karan Khanna — Analyst
Kunal Lakhan — Analyst
Abhinav Sinha — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Oberoi Realty Q4FY26 earnings conference call. We have Mr. Oberoi, the chairman and Managing Director of the company and Mr. Somil Daru, Director of Finance of the company with us for the call. Please note that this call will be for 30 minutes and for the duration of this conference call all participant lines will be in the listen only mode and that the conference call is being recorded. The transcript for the same may be put up on the company website.
After the management discussion, there will be an opportunity for you to ask questions. Should anyone need assistance during the conference, you may signal an operator by pressing Star then zero on your touchstone telephone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward looking statements including those relating to general business statements, plans, strategy of the company, the future financial condition and growth prospect.
The forward looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by such statements. I now hand the conference over to Mr. Oberoi, the chairman and Managing Director of the company. Thank you. And over to you, sir.
Vikas Oberoi — Chairman and Managing Director
Thank you. Good morning, good afternoon, good evening to you all. As for the time zones from which you have logged in and welcome to the conference call of Q4FY 2026 results and business updates. Thank you all for taking time for this call. I will now start with some business updates. Specifically business development. FY2026 has witnessed a strong momentum in all parameters. We’ve announced business development activities close to 4 million square feet of development potential areas across diverse locations.
In MMR, 11 acres in Bandra, East, Aram Nagar, Varsoha. About 2 million square feet. We also have entered into agreements with societies in South Bombay for redevelopment. Pedder Road, Malbar Hill and Nipensi Road. We’ve also received approval from NCLT for our resolution plan submitted for a company in consortium to acquire Horizon Hotel Private Limited. In fact, as we speak we have received possession of the property on 7 May 2026. On the operation front, the release of higher floor inventory at Elysian Goregaon has received robust booking momentum.
Skycity Mall has achieved occupancy of over 72% within first year of operations. Commerce 3 continues to scale up strongly attracting marquee tenants and has driven Robust leasing demand with an occupancy reaching 98%. With this now I open the floor for question and answer and both Somil and I will be very happy to take your questions. Thank you.
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 two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Puneet Gulati from hsbc. Please go ahead.
Questions and Answers:
Puneet Gulati
Yeah, thank you so much and congrats on good performance. My first question is on your strategy for 360North in Gurugram. Do you intend to launch and sell everything upfront like most of the other Gurugram developers or do you want to follow a more calibrated strategy of selling over a longer period of time?
Vikas Oberoi
You know, we haven’t really dwelled that deep into our strategy. We want to see how the, you know, how we are received in Gurgaon. It’s a new market for us. We set a certain internal target which you know, given the way, you know, there is buzz in the market because everybody knows we are coming. I feel, you know, we are in for some exciting time there.
Puneet Gulati
And secondly, if you can also talk a bit about where are you in terms of approvals for Adarshengar,
Vikas Oberoi
Adarsh Nagar? We are awaiting IOD. I mean within like a week or 10 days or let’s say two weeks.
Puneet Gulati
Okay. And then what, what, what are the steps from there on?
Vikas Oberoi
You know, business as usual. We should. We’ll be applying for cc. A lot of work has already been done on that account also. So three more months for CC and then we can break down.
Puneet Gulati
We
Vikas Oberoi
Will apply for rera. Then we are good to go. Yeah, good to even market.
Puneet Gulati
And any timeline for evacuation of existing residents
Vikas Oberoi
As soon as we get all the approvals. And that’s been our strategy everywhere. Once we get 100% approvals, we only then ask the existing residents to move out, you know, so that gives them good mental comfort and security also.
Puneet Gulati
And lastly, any update on the progress for the Ivan land passing?
Vikas Oberoi
We in fact have applied for renewed CC and you will physically be seeing work in the next 30 days.
Operator
Question is on the line of Parikshit Kanpal with HDFC Securities. Please go ahead.
Parikshit Kandpal
Hi Vikas. Congratulations. Congratulations on a great quarter, sir. So my first question If I see your premium project, 360 saw a decline, 361 saw a decline in this year as a year as a whole for the presales. And even the new tower edge in Bolivar did not see a great response, unlike Alison, which did relatively much better. So are we seeing an impact of West Asia prices on pre sales and will it have any impact on our launch pipeline for this year? If the impact gets prolonged to the quarter and the first half.
So if you can help us understand this on the demand side.
Vikas Oberoi
So firstly, let me begin by boing very good observation. Firstly, we have just delivered seven, I mean literally five towers. We’ve given possession. We have three more towers which FNG were launched last year and a year before that. There’s enough inventory within the project itself which is kind of ready or under construction. So obviously this eighth tower was received. But I wouldn’t say it was received well. We only opened limited inventory there and it received well. We priced it high because we ourselves didn’t want to rush into too much of sales.
We had created a target for that and we’ve been able to achieve that. As far as Elysian goes, you can see that this project has been on for the last 15 years. People are staying. The base of this clientele is much wider and bigger. So obviously like whatever we launch gets lapped up very quickly. And yeah, so that’s about it.360 Also, I mean there have been enough launches within Burley and moreover, you know, whatever was the residual inventory of our partner even that’s now sold. So within 360 we are reasonably, I can say monopoly now and we will now start getting traction.
Parikshit Kandpal
So what will be the launch launch pipeline for the financial project? Because last year was more of a sustenance I would say when you were just releasing additional towers and that helped you clock 5,400 crores of figures. But we didn’t see much growth. So I think this year in the reckoning, I mean what are the major launches and if you can give some color.
Vikas Oberoi
Okay, good idea. I’ll actually tell you all we are Planning to launch. 360 North. We are planning to launch a small development on Carter Road, Oceanic. We’ve talked up this again. Another small project at Malbar Hill, Fairview. We will be launching tower D of Forestville. These are all four launches in this first quarter itself. Then we have Jardine Tower A which will be launched in Q2. We’ll launch rare Wolf Modur in Q2 as well. Could be Q2 or Q3, Q3 Enigma. We have a commercial building we might look at doing Strata Sale that also will be launched in Q3.
A release on Pedar Road. Could be Q2 or Q3 or something like that. Yeah. Again if things go well, RLDA within this year itself and then globally we’ve got land parcel next to ours which was an sra
Puneet Gulati
Again land
Vikas Oberoi
Cleared, SRA happening. The free sale component of that also within the next three quarters or the fourth quarter probably. So lot on the pipeline and again I’ve not named a few redevelopment projects because you know the tail to launch a project got a little longer given one needs to take all approvals in place and we are very mindful of that. That’s about it. Otherwise all these projects are up and running and ready to go.
Parikshit Kandpal
Thanks John, for more questions. Thank you.
Vikas Oberoi
Thank you.
Operator
Thank you. Our next question is from the line of Pritesh Sheth from Access Capital. Please go ahead.
Vikas Oberoi
Hi.
Pritesh Sheth
Hi Vikas. Hi team. Congrats on the good year. Just one question. You know if I see the pending launch pipeline, a lot of them are 80,000 per square feet to 1 lakh and above, you know, pricing kind of product. Just one question on how would we differentiate such that we don’t cannibalize our product and demand in each of these projects Because Pedder Road, Tarde, Wadarsnagar, although they are in different locations but still in a closed wide vicinity. So how are we going to manage the offering?
Vikas Oberoi
Very good question. In fact very mindful of that. We do have Forestville Tower D. We do have Jardine Tower A. We also have Rally Wolves. These are three projects which are much lower in value. Like we are talking about 3 crores and 5 crores within 2 and a half, 3 crores and then 5 crores apartment. So we do have enough on that account as well. But yeah, I mean you
Pritesh Sheth
Know,
Vikas Oberoi
And we have this luxury, you know to go. But again here what we will be doing is even within this area, let’s say when we will launch Tardevi were beautiful land parcel in Tardev there we are really looking at a ticket size of 12 and a half to 15 crores. And then when you go into the Adarsh Nagar and all that that probably is like the 50 crore 60 crore mark. These are not hundred crore or whatever. And so we are mindful of that. And we see now the markets mature to these numbers.
Pritesh Sheth
Sure, sure. And just on the rlda, you know have we decided on the mix of how much would be for leasing and how much would be for sale, considering we will be, you know, launching it for say in Q4. So just one question on that. Yeah.
Vikas Oberoi
You know what we realize is that there are very few grade A developers willing to sell commercial. So we feel that if we strategize and do strata sale, we will end up doing really well and it will be great for the cash flows also. So we will focus on RLDA being a a sale model rather than a lease model. So again the percentage is not decided. It could be 50, 50, it could be 60% sale and 40% held back or whatever. But by and large we want to do a sale model. We see in fact big houses approaching us and wanting to do a standalone building for us.
So there is a big market for people like that also. So again, very excited with that project.
Pritesh Sheth
Got it. Thank you. That’s it for my side and all the rest.
Vikas Oberoi
Thank you.
Operator
Thank you. Our next question is from the line of Murtaza Arsewala with Kotak Securities. Please go ahead.
Vikas Oberoi
Hi Murtaza.
Murtuza Arsiwalla
Hi Vikas. Just on Gurgaon. Obviously it’s a big launch and it’s your debut in the north market. Any sense on pricing, ticket size, GDV sales value that you can give and are we all set for a 1Q launch or it could move to the festive. Just some color on the gogao project per se and the second one’s more on the balance sheet for Somil. When I look at your balance sheet and other current liabilities, the advance from customers seems a smaller number. And then there is other current liabilities. There’s some color on that.
That’s more much between March25 and 26.
Vikas Oberoi
Okay. To start with 360 North. Let pricing be a little bit of a suspense. We are still not ready to diverge. We have a very good idea what we want, but we don’t want to diverge the price. So we will hold that. Everybody now knows that we are doing 3e very similar to a product that we’ve done which is 360 West. So the sizes are big. These are 5,000 plus and 8,000 plus square feet apartments and they’re really up on luxury. You must have read in the paper we’ve also appointed L and T as our contractor.
So we are good to go on that. And demolition happening at good pace as we speak. The show apartment getting ready there on site. So physically also work has started in a way and yeah but as far as prices go, like I said that let that be a bit of a, you know, suspense Because I have some more time to go. I leave Somil to answer the more complex question you raised.
Saumil Daru
Hi Mutada. Somil. So the advance from customers is purely the advance that you receive from customer. This is, you know, at times customers end up giving you a couple of installments in advance and all of that. So if you look at that 82 crores versus you know, 97 crores, I think that’s the smaller number that you are referring to. So not a material movement in that one. The critical one as you have pointed out is in the other current liabilities which is from 1855 crores to about 27, 2800 odd crores.
A large component of that or the largest component of that would basically be the unrecognized revenue. So this will flush through P and L under the percentage completion method. This is purely, you know, billing in excess of revenue. So where we have billed much more than what we are, you know, recognizing. So if you look at all the projects in the initial stages, so if you look at for example both the Thane projects, you know, in terms of billing they will be upwards of, you know, 45, 50% whereas in terms of revenue recognition they will barely there at about 11, 12% or something like that, you know.
So this is basically the entire component of unrecognized revenue over a period of time. This will flush through pnl.
Murtuza Arsiwalla
Thank you so much.
Saumil Daru
Thank you. Thank you. Thank you.
Operator
Thank you. Our next question is from the line of Gaurav Khandelwal with JP Morgan. Please go ahead.
Puneet Gulati
Hi
Saumil Daru
Gaurav.
Gourav Khandelwal
Hi. Hi Vikash. Hi Somil. I’ve got three questions. I’ll take those one by one. My first question is with the entire pipeline, the launch pipeline that we’re talking about, is it fair to assume that FY27 28 we should be able to deliver a double digit growth in sales?
Vikas Oberoi
You know, frankly it could have been possible this year also had we been able to launch 360North. So obviously the numbers would have been much better. But again, like as a company, since we don’t give, you know, we don’t give any forward looking statement or pass any of those, I would refrain from saying anything but yeah, I mean everybody can do their math and figure out what we will actually be at if these things play out.
Gourav Khandelwal
Got it. Okay. No, thanks for that. The next question I have is with all the BD’s that we’ve done, how much are we looking for in terms of Capex cash outlay which is yet to be completed in FY27.
Vikas Oberoi
Okay. See most of our land parcels do not require us to pay cash upfront, you know, either. It’s like even RLDA, we have until 2038 to pay. So there’s a small component that goes up front and everything else is linked to revenue generated and then passed on to them or a finite date which is much later. So we genuinely don’t have any like major cash going out for land acquisition, not in the current ones that we spoke about.
Gourav Khandelwal
Okay. The other thing I wanted to check with you is are you seeing any impact from the West Asia conflict at all, whether in terms of customer interest, especially for the higher ticket size apartments or on your construction front, are these impacting your raw material? Raw material, construction expenses or anything at all across any part of the business?
Vikas Oberoi
You know, thank you for asking. Yes, costs are going up and luckily we literally, you know, we really make sure we have a lot of contingency built in when we do our budgeting. But yes, costs have gone up, you know, energy cost has gone up, aluminum has gone up, glass has gone up, labor has become expensive. So all these are. And then again, I mean, you know, availability of materials become a bit of a challenge. So. So these are stressing us out. But like I said, you know, it’s a problem for the entire industry and we all are grappling with it.
But yes, you know, now it’s like slowly starting to, you know, hurt you in a way. And. Yeah, that’s true.
Gourav Khandelwal
In that case, would it be possible for you to quantify in terms of margins eps, any number that you can share on how bad this is?
Vikas Oberoi
You know, frankly, like I said that we build this contingency in advance to make sure that, you know, our margins are not affected. But you know, yeah, I mean like the, the contingencies are getting consumed or eroded, you know, as we speak.
Parikshit Kandpal
Okay, no, thanks for that.
Vikas Oberoi
We are really lucky. Another very important aspect is that the reason also we repriced many things. You know, somebody asked us at Tower G, we actually made sure that we now know for a fact that there will be a cost increase and we are factoring that within the projects that we are doing.
Gourav Khandelwal
Amazing. Okay, thanks for that. And if I can just squeeze in one more. I’m sorry if I’m being a bit naive here, but when I look at the residential prices, I just want
Vikas Oberoi
To tell you on the cost front, you know, on an overall cost front, about 2 to 3% is what we are looking at as a cost increase. But we like, I Said, you know, it’s within the contingencies built. So really it won’t affect the bottom line right now.
Gourav Khandelwal
Okay, so 2 to 3% increase in cost base. Okay, cool. Thanks for that. And just the final one, just wanted to get your thoughts here. A bigger picture question. When I look at your residential price between Goregaon and Borivadi, so the price delta is not really that much. But if I were to compare the mall rentals, then there’s almost 30, 35% delta at some point over next 12, 24 months. Do you expect this mall rental delta to narrow or is it how the market structure is?
Vikas Oberoi
So, you know, boringly just started. Goregaon has been here for more than 15 years now. So the rental difference is also because the renewals are, they have already kicked in, some of them terms are over. So we are literally able to reset the numbers. In burglary, we’ll first have a renewal which will probably be a 15% over whatever they signed us at. And then five years later, some 10 years later, some seven years later, there’s a reset of rent. So that part of it will probably play out only after five years.
I’d say you’ll see a exponential change in numbers. But I also want to tell you that we’ve been able to lease at a very good number and so they were very close to what we were leasing. So yeah, these two, I would say work well.
Gourav Khandelwal
Thank you very much and all the best. Thanks.
Vikas Oberoi
Thank you.
Gourav Khandelwal
Thank
Vikas Oberoi
You.
Operator
Thank you. Our next question comes from the line of Karan Khanna from Ambit Capital. Please go ahead.
Karan Khanna
Yeah. Hi Vikrant, thanks for the opportunity. Just a couple of questions from my side. So following up on Parikshit’s question, if you can just comment on the launches, you know, the overall GDV of launches that are planned for FY27. And if I recollect you didn’t mention Alibag in that. So as Aliba gotten postponed into FY28.
Vikas Oberoi
No, no, no, no. Sorry. You know, it still continues to be there. But yeah, okay. No, it’s a slip on our end. We should have actually said Alibaba could be probably third quarter this year itself.
Karan Khanna
Sure. And the overall GDV of the launches that, that are planned for FY27,
Vikas Oberoi
You want to take that up separately with Somil?
Karan Khanna
Sure, sure. Yeah. And then secondly on 360 West FY26 where you sold 10 units versus 17 and FY25. So clearly there is some slowdown in the worldly luxury market in that context, how should one think of monetization of the balance 2.7 lakh square feet of inventory? Earlier you were confident of exhausting this by FY28. So should we now build in a longer period here?
Vikas Oberoi
You know again like I said that now we are the only ones holding that inventory and hopefully, hopefully at least within 360 we don’t have any competition. So they should now pick momentum. I’m hoping that will pick momentum now.
Karan Khanna
Sure. And lastly on
Vikas Oberoi
Everybody loves it and you know, there’s enough demand and we’ve seen, you know, whether it’s me or my partner, ex partner, they’ve been able to sell that.
Karan Khanna
Sure. And lastly on Jardin which seems to have seen a strong uptick this quarter. So what’s driven the strong growth in sales volume in fourth quarter? And is there a change in strategy here or payment flexibility or the overall marketing and just comment on future launches here in Thane?
Vikas Oberoi
No, you know, frankly now the building is showing up from, you know, it’s like some of them are at ninth level and so on and so forth. Plus the way we build Forestville, we were able to do almost, you know, 38 and 40 slabs a month a year. So that kind of speed if we did now people are expecting us to do that here as well. And they feel that these projects get ready faster than what they thought they would. And hence, you know, you see this entire drive.
Karan Khanna
Great. Thank you Vikas. And all the best.
Vikas Oberoi
Thank you.
Operator
Thank you. Our next question comes from the line of Kunal Lakhan from clsa. Please go ahead.
Vikas Oberoi
Hi Kunal.
Kunal Lakhan
Hi Vikas. Hi. Good evening. On the RLDA project side, I understand like a large part of the payment is back ended once the asset becomes operational, you’ll contribute from the, from the revenue share. I’m just trying to understand like you know, because I think the discount rate that we are using for the NPV is roughly about 10.5, 11%. Would we at some point in time, once the asset is ready, look at financing this via debt where the cost of debt is much lower compared to the discount rate that we have negotiated.
Vikas Oberoi
So it’s 10.5 exactly. And we are absolutely mindful of that. And that’s why just you know, 20 minutes ago I said that we probably will even look at Strata Sale. Of course once we get Strata Sale we will ensure that we try and repay them faster. Of course, I mean there is a clear delta between our cost of money versus what they are charging us and we would love to make sure that we don’t end up keeping this for too long. The only advantage is that this is not a debt. Whereas you’ll have to borrow and bring it.
So that’s how it is. But anyway, nevertheless we are mindful and we will actually some point make sure we paid faster than 2028 for sure. 2038 for sure.
Kunal Lakhan
Sure. I just want to put your mind on that like on the startup sale bit. Right. When you. When we look at like because large part of the. The outlay is backended. Right. When we look at the IRR of this project, that looks quite interesting and quite lucrative. Right. So what’s the merit in doing the starter sale versus holding the asset and you know, converting the land payment into. Into debt once the asset is operational. I’m just trying to understand the merit of doing starter sale versus holding that,
Vikas Oberoi
You know, just. We want to capture both ends of the market. This is 2 million square feet and there is, you know, we also doing. We are also doing burley where there’s commercial. Again, we have enough and given the way we are looking at demand, like if there’s a nice big house which wants 300,000 square feet office, we would love to do a strada sale and go ahead with it. And we have enough opportunity. So we are not really worried, you know, that we need to hold this only as such. There’s a lot available and we know how to, you know, build this land bank.
So it’s really not an issue for us.
Kunal Lakhan
Understood. My second question was on the, on the launches. Right. The launches that you have highlighted for Q1 and maybe even Q2, assuming that these launches have to come through, we should be, you know, in a fairly stage, fairly advanced stage of approvals. Right. I hopefully most of them we should have applied for the plan approvals or maybe even rera.
Vikas Oberoi
Absolutely correct.
Kunal Lakhan
Sure. And you know, just an update. And yeah, I wanted
Vikas Oberoi
Oceanic. We already have approval. Fairview, you don’t need approval and so on and so forth. So like you know, again, 360 north, we are, we are like, we are applying as we speak and all of that.
Kunal Lakhan
Sure. And lastly, just quick update on Tardev. I think the rehab tower there we had applied for OC. Any update?
Vikas Oberoi
Correct. So we again 101% within this financial year. It could be Q3 or Q4 but within this financial year for sure.
Kunal Lakhan
Okay. And lastly, launch timeline for Aram Nagar and Bandra. This will be FY28 or 29.
Vikas Oberoi
So Aram Nagar, you know, we have to do the rehab component first. We may have Some free sale component within the rehab building. Because these are,000 and 2,000 square feet apartments. So we may have something going on. But the large part of that development will happen once these guys move out. So we have to build the rehab component. We will have a parallel strategy. We might offer them something and say that once we start their work if they feel like moving out and allow us to launch. Otherwise we will wait.
And you know what it sweetly times with the the ceiling getting ready. The government’s also proposing like late 2028 ceiling connectivity. We feel that you know literally driving on the ceiling and landing onto the site is much like. It’s very different from just imagining how it will be. So we are for Aram Nagar. We are looking more like that those dates. But yeah, Bandra will be a lot earlier.
Kunal Lakhan
Would be this in FY28.
Vikas Oberoi
This one? No, in fact this year itself. Yeah. RLD.
Kunal Lakhan
No. The. The slum rehab.
Vikas Oberoi
Which slum rehab.
Kunal Lakhan
Yeah. No. So got it. Got it. Sorry, I got a little confused there. Sorry. And lastly to Somil this quarter the ocf. OCF was kind of flattish compared to our growth in collections. Any reason for the operating cash flow being flat?
Saumil Daru
Yeah. So you know typically if you look at it we made a payment of about 250 crores to Rlda. So for me that appears as a working capital change. So the OCF is you know for us any payments that we make, you know typically for that for any land, any advance towards a TDR or towards any FSI or towards any land then all of those go towards, you know, your working capital changes. And correspondingly that has an impact on ocf.
Kunal Lakhan
Got it. Got it. So much. Thank you. Thank you Vikasan. So thank you. Thank you.
Operator
Thank you. Our next question is from the line of Abhinav Sinha from Jefferies. Please go ahead.
Vikas Oberoi
Hi.
Abhinav Sinha
Hi. Just quick update. So firstly on hotel openings and mall occupancy. What are our expectations by the end of this year?
Vikas Oberoi
So early end of this year for sure. Buribly probably, you know early first quarter, second quarter next year. That’s Marriott Ritz Carlton. This financial year itself. These are two mall again. Which mall are you talking about?
Abhinav Sinha
Yeah,
Vikas Oberoi
Sorry. But
Abhinav Sinha
What should be the occupancy there by the end of this year?
Vikas Oberoi
I think it’ll be 100%.
Abhinav Sinha
Okay. We have now tied up for the stores which will open. Sorry, we have
Saumil Daru
Enough. You know as we mentioned in the results we are already at about 72%. If you’re question was that where we will be by 31st of March, 2027 then that’s what we are saying that by that date will be at hundred percent.
Abhinav Sinha
Okay, great. The second question on Ivan, what is the final plan now?
Vikas Oberoi
So, Ivan, the final plan is we do mall, we do office and we do a small hotel. And you know, we signed Aman. And it’s public news, right?
Abhinav Sinha
So. And. But what’s the mix? Because you also want to do some branded residences which you will sell.
Vikas Oberoi
We are tempted to do that, but still working on it. And once we finalize, we’ll come back to you.
Abhinav Sinha
The total saleable area will be here. You know how much roughly between these three?
Vikas Oberoi
About 14. 1.4, 1.6 million. 1.4 million odd square feet.
Abhinav Sinha
Okay. Okay, great. Thank you.
Operator
Thank you, ladies and gentlemen. We will take that as the last question for today. I would now like to hand the conference over to Mr. Oberoi for closing comments. Over to you, sir.
Vikas Oberoi
Thank you. Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis. Please feel free to reach out to us or our investor relation team as and when you have any questions. Thank you again. Have a good day, guys. Bye bye. Thank you.
Operator
Thank you on behalf of Oberoi Realty. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.