Prestige Estates Projects Limited (NSE: PRESTIGE) Q1 FY23 Earnings Concall dated Aug. 10, 2022
Corporate Participants:
amar Sarda — Axis Capital Limited — Analyst
Irfan Razack — Chairman and Managing Director
Venkat K. Narayana — Chief Executive Officer
Analysts:
Biplab Debbarma — Antique Stock Broking — Analyst
Rishabh Parekh — Sunidhi Securities — Analyst
Parikshit Kandpal — HDFC Securities — Analyst
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Poonam Joshi — Nirmal Bang Securities — Analyst
Sameer Baisiwala — Morgan Stanley — Analyst
Kunal Lakhan — CLSA — Analyst
Ritwik Sheth — Deep Financial Consultants Limited — Analyst
Saurabh Kumar — JPMorgan — Analyst
Manish Agrawal — JM Financial — Analyst
Abhinav Sinha — Jefferies — Analyst
Saurabh Jalan — SJ Capital Group — Analyst
Girish Choudhary — Spark Capital Advisors Private Limited — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Q1 FY ’23 Earnings Conference Call of Prestige Estates Projects Limited hosted by Axis Capital Limited. We have with us today Mr. Irfan Razack, Chairman, Managing Director; Mr. Venkat Narayana, CEO; Mr. Amit Mor, CFO; along with other senior members of Prestige Estates Projects Limited; and Mr. Samar Sarda from Axis Capital Limited. [Operator Instructions]
I now hand the conference over to Mr. Samar Sarda from Axis Capital Limited. Thank you, and over to you, sir.
Samar Sarda — Axis Capital Limited — Analyst
Yeah. Thanks, Yashashri. Good evening, everybody, and thanks again for taking the time out. May I please request Mr. Razack to take over for his initial comments on the sector and the Company? Over to you, sir.
Irfan Razack — Chairman and Managing Director
Thank you. Thank you again. It’s a pleasure to once again host this conference. I welcome everybody to this. As you would have seen our numbers, I think the team and the entire Company has done amazing work to see that they clocked INR3,000-plus crores sales in a quarter, which for me is quite overwhelming, and — but the team is here looking at bigger things. Of this, obviously, INR750 crores came from Mumbai and the rest from other geographies. But there’s a lot of work to do. I think we’ll keep doing more.
As far as the sector itself is concerned, I believe in spite of all the headwinds that we are getting in terms of interest rates, in terms of cost escalations, we still have got our heads together and we have got different ways of mitigating this, and I’m sure the momentum will not drop. And the other sectors in which we are in like hospitality and retail have really kicked in. Hospitality is doing very good. The business has really boomed. And our newest asset that is JW Marriott and Prestige Golfshire also has traded well in the last three months. Similarly, all the other assets that we hold like the Sheraton Grand and the Conrad Hotel, all have done exceedingly good business.
And, of course, retail, we are now on the verge of opening and — completing and opening for trading two large malls, one in Bangalore that was the Prestige Falcon City with a large auditorium also. That’s 1 million square feet plus mall, all leasing is almost completed. We are near 100% overbooked in terms of tenancies, and the mall should start trading on the Rajyotsava Day. And similarly, Kochi, maybe a month later or latest by December, even that should start trading. With these two new malls trading, another four or five which are under planning, design, execution, even that will get kicked off like three years to four years that will happen, but the business in retail has done well and continues to do well.
And we have kept tabs on what’s happening on the retail market, though our initial portfolio of eight malls we have divested to Blackstone, but we are well aware of how the trading is happening and it’s trading well. And office is doing well. Office leasing is also quite strong. And we have minimal vacancies near — about 3% or 5% vacancy, which is minimal. And going forward, the demand is good and the traction is good, and we believe more and more work will come to this country. And, of course, property management is there. It’s a baseline that keeps happening as we complete all of our projects. And we are also looking at doing bigger things in the warehousing section.
With this, I think I’ll ask Venkat to supplement whatever he’d like to say and then we can open for Q&A.
Venkat K. Narayana — Chief Executive Officer
Thank you, sir. Thank you, everyone for the participation in our post results con call. Just quickly take you through the operational highlights for the quarter. It’s been yet another good quarter, INR3,000-plus crores of pre-sales. We sold 3.63 million square foot of area. Average pricing is INR8,500 [Phonetic] per square foot. We sold 2,560 units in the quarter, that will translate into almost 28 homes a day being sold in the Q1. Collections are also good at INR2,146 crores, up 110% compared to last year same quarter. And we had 9.67 million square foot of launches during the quarter spread out to office and residential.
Two residential projects predominantly in Prestige City at Mulund and Prestige City at Bangalore, and two of these projects in Bangalore. We also had three project completions, all three smaller projects, Woodland Park, Prestige Metropolitan and extension of Prestige D’Art, 0.78 million square foot of area. And sales have come across all projects. Bangalore contributed to 65% of sales. As Chairman said in the opening remarks, we are extremely happy the kind of — with the kind of response that we have received for launches in Bombay, 25% of the pre-sales have come from Bombay between two projects, Prestige City at Mulund and Prestige Jasdan Classic at Byculla.
Moving on with respect to operation — financial performance, we had INR2,000 crores of top-line — INR2,011 crores of top-line coming in this quarter. We had completed and recognized revenue from one of the major projects, Prestige Jindal City, that contributed significantly because given the completed method of contract, that project got completed and we recognized the revenue. EBITDA is at INR535 crores and PAT at INR251 crores, and margins are at 26.59% and 12.48%.
And during the quarter in terms of spend with respect to different segments, we had spent overall INR1,472 crores of money on construction of various projects. Segment-wise breakup would be on residential and commercial projects meant for sale which sold around — we have spent around INR1,127 crores, commercial capex projects, we have spent INR218 crores, retail capex projects, we have spent INR77 crores, and hospitality, INR50 crores. Two projects, retail, are primarily Falcon City Mall and Prestige Forum at Kochi will get completed this year and incrementally start contributing to the rental income to the extent of INR180 crores per annum.
So with this brief, we would like to open the forum for question-and-answers.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] We have our first question from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead.
Biplab Debbarma — Antique Stock Broking — Analyst
Good afternoon, sir. Sir, my first question is on the BKC project. So I happen to be passing by that area and saw some excavation and some work going on. So my question is, you have put it still in the upcoming projects and not the ongoing. I assume that since you have started excavation, you would put this in ongoing. And second on this follow-up is that, has both the BKC work is going on both BKC 1 and BKC 2 or only just BKC 1 because the area is quite large from what I saw? So that’s my first question, sir.
Venkat K. Narayana — Chief Executive Officer
Thank you. So the BKC 1 and 2, that we call it as X and Y building, the work has started on both of them. In terms of completion, there may be a difference of six months or so, but work has started. Both will be moved from upcoming projects to ongoing projects this quarter.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, okay, that’s great, so BKC 2 is — work also started at BKC 2. So that’s a great news. And the other…
Venkat K. Narayana — Chief Executive Officer
Yeah, BKC 2, what we call it as a Y building, X and Y, we’ll have an office space as well as hotels in that.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, okay, that’s a great news to hear, sir. And the second question is on the Delhi Aerocity project, and there also I have seen that it has — you have put it in ongoing. So has the work started there? I mean what kind of work has started there in that Delhi Aerocity project, sir? And can you give us an idea of what you are going to do there?
Venkat K. Narayana — Chief Executive Officer
No, no, Aerocity work is in full swing. Since you stay in Bombay you keep observing BKC work progress. But in fact, the pace of work in Aerocity is very good. And hopefully, we should be able to complete the project in the calendar year ’24.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, calendar year ’24. And what about BKC 1 and 2, when do you expect it to — this project will be…
Venkat K. Narayana — Chief Executive Officer
3.5 years from now.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, okay, thank you, sir. I’ll come back in the queue.
Operator
Thank you. We have our next question from the line of Rishabh Parekh from Sunidhi Securities. Please go ahead.
Rishabh Parekh — Sunidhi Securities — Analyst
Yeah. So just following on the question of the previous participant, are we to assume that all permissions have been received for BKC 1 and 2?
Irfan Razack — Chairman and Managing Director
Yeah.
Venkat K. Narayana — Chief Executive Officer
Yes.
Rishabh Parekh — Sunidhi Securities — Analyst
Okay.
Irfan Razack — Chairman and Managing Director
All permissions including environment, CRZ, everything has been received.
Rishabh Parekh — Sunidhi Securities — Analyst
Okay, that’s great. And secondly, my question was on…
Irfan Razack — Chairman and Managing Director
Again, I have to tell you that is, see in Mumbai, it works a little differently. So it’s different stages as you keep building, but as things stand, every including height also has been received.
Rishabh Parekh — Sunidhi Securities — Analyst
So we can build out the full building in 3.5 years without needing any more permissions?
Irfan Razack — Chairman and Managing Director
We’ll take it as four years, sir.
Rishabh Parekh — Sunidhi Securities — Analyst
Sure, sure. And my second question was on our net debt level. So we have guided for 0.5 times net debt to equity ratio. So the ceiling comes to about INR4,500-odd crores. We are currently at about INR4,000 crores. So does that guidance still hold and how are we looking to manage the debt level from going ahead?
Venkat K. Narayana — Chief Executive Officer
No that is good. No issues. We have enough cash flows coming in for the new launches that we’re going to do. We’ve got completed inventory, which is going to give cash flows. And our net worth also will increase because more and more projects will get completed and come for revenue recognition.
Rishabh Parekh — Sunidhi Securities — Analyst
Yeah, okay, great, thank you.
Irfan Razack — Chairman and Managing Director
Thank you.
Venkat K. Narayana — Chief Executive Officer
Thank you.
Operator
Thank you. [Operator Instructions] We have our next question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead.
Parikshit Kandpal — HDFC Securities — Analyst
Hi, Venkat, and hi, Irfan ji, congratulations on a strong quarter, sir. So my first question is on the Mumbai portfolio on the regulation side. So we had all the projects which had approval got launched and we had a robust quarter in terms of pre-sales. So if you can just highlight what is the residual GDV release in this year? And are we still holding to that INR3,000 crores of pre-sales number for the full year?
Venkat K. Narayana — Chief Executive Officer
You’re not fully — I couldn’t hear properly, sir.
Parikshit Kandpal — HDFC Securities — Analyst
One second, sir.
Irfan Razack — Chairman and Managing Director
We just couldn’t hear you correctly.
Parikshit Kandpal — HDFC Securities — Analyst
Is it better now? Hello?
Irfan Razack — Chairman and Managing Director
Better, better. But — what you’re asking is clear, but the…
Parikshit Kandpal — HDFC Securities — Analyst
I’ll ask the question, sir. I’ll repeat my question. So I’m asking, sir, in this quarter, we had almost all the Mumbai launch which is getting launched, and we had a very strong quarter in terms of pre-sales. So for the year as a whole, so what are the residual launch pipeline for the Mumbai portfolio? And what is the pre-sales number we are targeting for the full year as a whole?
Irfan Razack — Chairman and Managing Director
Okay, all right. See now this INR738 crores, what you are seeing is for just 45 days of sales. And then of course, you have a — when you do a launch, you always have a bigger multiplier. We’ve launched two projects that is Jasdan Classic as well as the Prestige City in Mulund. Now we are going to concentrate on Pali Hills, of course, that’s pretty small, it’s — in terms of area. Even that, I believe will start clocking and will start giving us numbers. Going forward, we’ve got one other major project which will definitely happen in this financial year, which is the Ocean Tower, which is marine lines.
And hopefully, maybe — and you see Prestige City in Mulund, what we launched is only one Tower D in Bellanza. We’ve got Tower E — E, F, all of that tower, actually C, we did. Now we’ve got D, E, F. And then we’ve got much more at second phase. We’ve also got CSR. So there’s a lot more inventory that will keep coming quarter-on-quarter as we keep selling. And we also have tied up in Shivshahi which now the society has finally given the green signal. The plans have been drawn up. It depends on how soon or how long it takes us to get the approvals. Once the approvals are in place, even that will come, but again, it all depends on the approval process.
Venkat K. Narayana — Chief Executive Officer
We look at INR3,000 crores to INR4,000 crores of pre-sales coming from this region during the fiscal.
Parikshit Kandpal — HDFC Securities — Analyst
In this financial year, FY ’23, you’re talking about?
Venkat K. Narayana — Chief Executive Officer
Yes.
Parikshit Kandpal — HDFC Securities — Analyst
So does it include any — does it include the contribution coming in from the Ocean Towers?
Irfan Razack — Chairman and Managing Director
It includes everything. Actually, see, the Shivshahi, we named the project, Prestige North [Phonetic]. So that’s the name that we have given. In case the team believes that they want to change, it’s up to them, right now it’s a working name.
Parikshit Kandpal — HDFC Securities — Analyst
And what is the total gross development value of the Shivshahi because I think the earlier developers mentioned about INR4,000 crores plus, so is it the right number?
Irfan Razack — Chairman and Managing Director
No, no, that will be there because see, they had — the earlier developer had taken into account some TOD, which is not going to happen, there are some height issues. What we have done is we scaled down the whole thing and brought it in line with whatever height that realistically can be approved. And I think we are looking at some 5 [Phonetic] precise approximately.
Venkat K. Narayana — Chief Executive Officer
So around — between INR3,000 crores and INR3,500 crores is what would come. We are still in the drawing stage with respect to what is the exact saleable area that we can get without any problems. All-in-all, just to answer your question, the total sale value of all the projects put together, that is Prestige City at Mulund, Prestige Daffodils, Prestige Ocean Towers, and the Prestige Jasdan Classic and Prestige North, which Mr. Irfan just mentioned, leaving aside the Jijamata Nagar would be close to…
Irfan Razack — Chairman and Managing Director
Around INR2,500 crores to INR3,000 crores.
Parikshit Kandpal — HDFC Securities — Analyst
Overall value, sir?
Irfan Razack — Chairman and Managing Director
Overall value will be quite high.
Venkat K. Narayana — Chief Executive Officer
Around INR18,000 crores, total sale value.
Parikshit Kandpal — HDFC Securities — Analyst
INR18,000 crores all put together. And you will be having periodic quarterly releases, like so every tower like the tower which you released just now, another Tower D, which you mentioned in the call. So what will be the area approximately and the gross development value of that tower?
Venkat K. Narayana — Chief Executive Officer
I don’t have it handy with me because we’ve not broken down the project in that manner, but I’ll share with you.
Parikshit Kandpal — HDFC Securities — Analyst
Okay, all right, sir. Sir, the second question was on the — now we are moving with the commercial portfolio from this into ongoing projects. So are we in talks, because what I hear from the leading IPCs that you already started engaging for tenants. And also is there any visibility like pathway like in the financial year, we have some like tenants coming in at the anchor level in X and Y towers, so either in BKC or in Mahalakshmi. So any guidance or any sense you can give us on that?
Irfan Razack — Chairman and Managing Director
Actually, both these locations are top class. Both these developments are going to be grade A+. There is a lot of interest from all quarters, but for strategic reasons, I can’t spell it out now. We’ll let you know as we go along because I don’t want to reveal all my cards just now on this call. But all I can say is the interest is huge and the traction is big, and only good things are going to happen.
Parikshit Kandpal — HDFC Securities — Analyst
By this year end something will happen, sir, and do you think by this year, you will have something?
Irfan Razack — Chairman and Managing Director
If something happens, we’ll definitely — you’ll be the first one to come to know. But for strategic reasons, I don’t want to spell out things just now.
Parikshit Kandpal — HDFC Securities — Analyst
Okay. Sure, sir. Just lastly, Venkat, if you can tell us what is the total gross debt number for this quarter?
Venkat K. Narayana — Chief Executive Officer
Gross debt is around INR5,600 crores.
Parikshit Kandpal — HDFC Securities — Analyst
Okay, thank you, sir. And those were my questions, and all the best.
Venkat K. Narayana — Chief Executive Officer
Thank you.
Irfan Razack — Chairman and Managing Director
Thank you.
Operator
Thank you. We have our next question from the line of Pritesh Sheth from Motilal Oswal Financial Services. Please go ahead.
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Yeah, sir, thanks for taking my question, and congrats on sustaining the strong residential performance. First question is on the cash flow side. So what were the land investments we made this quarter? And what should be the number that we should look forward to for this year, given that we have already have a one quarter result?
Irfan Razack — Chairman and Managing Director
Yeah, yeah.
Venkat K. Narayana — Chief Executive Officer
INR700 crores is the overall investment in land buybacks and deposits, INR770 crores in this quarter. And considering the fact that we have around INR7,000 crores of inventory right now, but our pre-sales target is to — benchmark at least is beyond what we have done last year, there’s a need to launch more projects, and that’s what we are working on right now. We will have enough launches coming across various cities. Hyderabad, we have Prestige City coming up. We have Prestige Rock Cliff coming up, and we have Prestige — we have three projects. We have Prestige Highline coming up in Chennai, large project, a little over 2 million square foot. We have multiple projects in Bangalore. We have Prestige Ocean Towers in Mumbai coming up.
So we are adding to the inventory so that there are options available, there is geographical spread, and we can cross the pre-sale number, the target that we have set. So we need to increase the business development and add enough upcoming projects to operate from where we used to be before at INR5,000 crores of pre-sales, INR7,000 [Phonetic] crores to INR10,000 crores of pre-sale level. So you can expect the business development activity to continue at around INR700 crores — INR600 crores to INR700 crores per quarter kind of deployment.
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Got it. And whatever we have acquired till now, Hyderabad, Chennai, everything is right now paid out for or you have still — there’s a balance that need to be paid for those land banks that we have acquired in last couple of quarters?
Irfan Razack — Chairman and Managing Director
So — yeah, so in Hyderabad and some of it in Bangalore put together, we have balance to pay off around INR250 crores, INR300 crores.
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Okay, got it. And one last, in terms of your Bangalore performance in terms of pre-sales, we’re at INR2,000 crores this quarter. Should we assume that, I mean, you will be probably sustaining this number in Bangalore and most of the growth is going to come from the other markets like Mumbai, Chennai, Hyderabad, where we are just scaling up?
Irfan Razack — Chairman and Managing Director
Bangalore also we have launches in other geographies coming up. If you look at last year number, a little over INR10,000 crores, we have done predominantly from Bangalore and Hyderabad. Hyderabad has contributed for INR1,000-plus crores of sales and Bangalore gave a little over INR8,500 crores. So there’s a room to do so much and Mumbai will be a new addition. Of course, we’ll have a launch in NCR also toward the end of this quarter, early next quarter.
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Yeah. So just to clarify, again, I mean, Bangalore would be somewhere INR8,000 crores, INR8,500 crores and rest of the growth will come from other regions, right, that’s what you feel?
Irfan Razack — Chairman and Managing Director
Correct.
Pritesh Sheth — Motilal Oswal Financial Services — Analyst
Okay, okay, fair enough. That’s it from my side, and all the best. Yeah.
Irfan Razack — Chairman and Managing Director
Thank you.
Operator
Thank you. We have our next question from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead.
Biplab Debbarma — Antique Stock Broking — Analyst
Thank you. So sir, on the Shivshahi project, first of all, congratulations, excellent property. And sir, my understanding is that the project was stuck with previous developers, it was like seven years, eight years, the project was stuck. So I’m assuming — you can throw some light, I’m assuming there were issues like there were lenders, there were various parties like buyers who have already bought some land and all. So are we to assume that all those issues have been thrashed out? So that is my first question, sir.
Irfan Razack — Chairman and Managing Director
Yeah, yeah, without thrashing that up, you won’t even touch the project.
Biplab Debbarma — Antique Stock Broking — Analyst
So all the liabilities, legal as well as financial liabilities has been thrashed out?
Irfan Razack — Chairman and Managing Director
Exactly. Everything has to get cleaned up, only then we enter.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, excellent sir, excellent, that’s excellent news. And just one more question is on the BKC 1, I mean BKC X and Y project. Sir, I’m just asking the question. Sir, have you — at least have you decided that whether we’ll do leasing model or for-sale model or mix or we will decide little bit later. I mean what is — how you’re going to go about it these two projects, sir?
Irfan Razack — Chairman and Managing Director
No, no. That’s again a very good question. As I said, we have certain thoughts and strategies in our mind. We are working on it. And it’s too early for us to spell it out. The only thing that we can tell you is we have got all the approvals, and we have already broken ground by filing and the contractors have been appointed, it’s L&T and work will commence or commence soon.
Biplab Debbarma — Antique Stock Broking — Analyst
Oh, that’s great. So sir, just a final question, who are the contractors? And just I forgot, what would be the — and what would be the total leasing area in these two projects, total?
Irfan Razack — Chairman and Managing Director
Which one?
Biplab Debbarma — Antique Stock Broking — Analyst
BKC X, Y, who are the contractors? And…
Irfan Razack — Chairman and Managing Director
Contractors is L&T, L&T has been given the contract and they are already on board.
Biplab Debbarma — Antique Stock Broking — Analyst
Okay.
Irfan Razack — Chairman and Managing Director
And in this, even CBRE are the project managers.
Biplab Debbarma — Antique Stock Broking — Analyst
And what will be the total leasing area in both X and Y?
Irfan Razack — Chairman and Managing Director
Leasing area, okay, I think leasing area, both put together will be roughly around 4 million [Phonetic].
Biplab Debbarma — Antique Stock Broking — Analyst
Okay, thank you, sir. Thank you. That’s great news, sir.
Operator
Thank you. We have our next question from the line of Poonam Joshi from Nirmal Bang Securities. Please go ahead.
Poonam Joshi — Nirmal Bang Securities — Analyst
Yeah. Am I audible?
Operator
Yes, sir. Please go ahead.
Irfan Razack — Chairman and Managing Director
Yeah, yeah, we can hear you.
Poonam Joshi — Nirmal Bang Securities — Analyst
Yeah, thank you for taking my question, and congratulations to the management for the good set of number. I have a query like we have a pipeline of roughly around 19 million square feet, especially in annuity business rather than commercial space. I believe out of which, 10 million square feet is supposed to come out of Mahalakshmi. So I wanted your understanding when is it supposed to get launched, any timeline do you have for that?
Venkat K. Narayana — Chief Executive Officer
If you’re talking about commercial portfolio?
Poonam Joshi — Nirmal Bang Securities — Analyst
Yeah, yeah.
Venkat K. Narayana — Chief Executive Officer
Can you please repeat the question specifically, what is it regarding Mahalakshmi?
Poonam Joshi — Nirmal Bang Securities — Analyst
So I want — yeah, I wanted to understand that when is it expected to get launched, especially in Mahalakshmi location, where we have a huge pipeline roughly around 10 million square feet. Is it expected to get launched in this year?
Venkat K. Narayana — Chief Executive Officer
We don’t have 10 million square feet launch just now. We have Liberty Towers, Prestige Liberty Towers, which is 2.74 million square foot of office.
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay. But our pipeline is roughly around 19 million…
Venkat K. Narayana — Chief Executive Officer
Okay, okay, okay, sorry, sorry. If you’re referring to Jijamata Nagar, which is a large project, yeah. So that is slated for launch, not this fiscal, maybe in the next fiscal. So Prestige Liberty Towers, which is at Mahalakshmi, we have just commenced the work. The project has already started, and it will move to ongoing projects this quarter. And the other project that you are referring to, Jijamata Nagar, that will be the next fiscal.
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay, okay, the next fiscal year. Understood. Sir, one more thing, I see that the revenue from commercial project has declined sharply by 12.4%. Is it because you have concluded Phase 2 deal with Blackstone in the last quarter? Hello?
Venkat K. Narayana — Chief Executive Officer
Last quarter, we have concluded the CPPIB that started paying because of this…
Operator
Sir, your volume is low. Can you…
Venkat K. Narayana — Chief Executive Officer
So last quarter, we had — last year, we concluded sale of a transaction to CPPIB in a project called Prestige Star Tech. Therefore, the rentals are down because of the sale transaction.
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay, Prestige transaction.
Venkat K. Narayana — Chief Executive Officer
Yeah, we sold one building, rental building to CPPIB.
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay, okay. And what would be the consideration for this?
Venkat K. Narayana — Chief Executive Officer
Gross consideration was a little of INR2,000 crores and we had 51% stake in that.
Poonam Joshi — Nirmal Bang Securities — Analyst
51% stake. Okay. And that would be for what leasable area, if you can elaborate?
Venkat K. Narayana — Chief Executive Officer
Your voice is echoing, we’re not able to follow your question.
Poonam Joshi — Nirmal Bang Securities — Analyst
Am I audible now?
Irfan Razack — Chairman and Managing Director
Now it’s okay, otherwise, it’s echoing.
Venkat K. Narayana — Chief Executive Officer
Yeah.
Operator
Ma’am, please use the handset.
Poonam Joshi — Nirmal Bang Securities — Analyst
Hello?
Venkat K. Narayana — Chief Executive Officer
Yes, please.
Operator
Yes, please go ahead.
Poonam Joshi — Nirmal Bang Securities — Analyst
Yeah, yeah, wanted to understand the leasable area for that transaction?
Venkat K. Narayana — Chief Executive Officer
Which transaction?
Poonam Joshi — Nirmal Bang Securities — Analyst
The sale transaction, like one building we have…
Venkat K. Narayana — Chief Executive Officer
Prestige sold, okay, a little over 1 million square foot.
Poonam Joshi — Nirmal Bang Securities — Analyst
Sorry, 1 million square foot?
Venkat K. Narayana — Chief Executive Officer
Little over 1 million square foot. Prestige started little over 1 million square foot.
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay. And one more thing, so right now, the interest rate…
Operator
Ma’am, may we request you to come back in the queue?
Poonam Joshi — Nirmal Bang Securities — Analyst
Okay. So I’ll come back in the queue later. Thank you.
Operator
Thank you. Ladies and gentlemen, I would request you to restrict your questions to two at a time. We have our next question from the line of Sameer Baisiwala from Morgan Stanley. Please go ahead.
Sameer Baisiwala — Morgan Stanley — Analyst
Yeah, thank you so much. Venkat, can you update us on the funding platform that you were planning with some private equity players to — for land acquisitions?
Venkat K. Narayana — Chief Executive Officer
Hi, Sameer, so we have concluded our discussions with the partner, the LP, is going to be the covering point, and we are in the documentation phase. This quarter, the platform will be hopefully live. And we also have identified the assets, which will acquired into the platform. So by the time we have a conversation next quarter, we should be able to give more details. On the discussions with respect to the terms, identifying the investor, the size of the platform is going to be around INR2,500 crores to begin with.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay, that’s excellent. And the second question is, any updated thoughts on the 15% stake that you have in the mall portfolio that you had divested, whether you want to keep it or do you want to monetize it, any thoughts would be great?
Venkat K. Narayana — Chief Executive Officer
As you are aware, Blackstone is, I think getting ready for listing of retail REIT, consolidating all the assets that we have. So therefore, our stake will get converted into the REIT units. And once that happens, we’ll take a decision whether we should retain the units or we should monetize.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay. And one final…
Operator
Sir, I request you to come back in the queue.
Venkat K. Narayana — Chief Executive Officer
Let him finish off the question, no.
Operator
Okay, sir, please go ahead.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay, thanks. Just Venkat on the BD activities, now what really interests you going forward now that you have a very strong hold in Mumbai. So just your thoughts, locations, verticals or cities that you’re looking for?
Venkat K. Narayana — Chief Executive Officer
I think given the fact that we’ve been able to deliver over 70 million square foot of area last five years across various geographies, and there’s a lot of traction towards the credible developers who are able to deliver during this challenging five years, residential is good build that we are looking at. We don’t have much presence in NCR. We have one project launch that is coming up, I think we look at that geography, and we’ll also look at residential projects in Pune in addition to existing geographies.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay. So NCR, Pune would be the additional cities plus your current markets?
Venkat K. Narayana — Chief Executive Officer
Current markets.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay. And within your current market is Bangalore, Mumbai is going to do more or is it some other cities?
Venkat K. Narayana — Chief Executive Officer
Bangalore, Hyderabad, Mumbai.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay, perfect. Thanks a lot.
Venkat K. Narayana — Chief Executive Officer
Maybe a project in Goa as well.
Sameer Baisiwala — Morgan Stanley — Analyst
Okay, got it. Thanks.
Venkat K. Narayana — Chief Executive Officer
Large project in Goa, we are planning.
Operator
Thank you. We have our next question from the line of Kunal Lakhan from CLSA. Please go ahead.
Kunal Lakhan — CLSA — Analyst
Hi, good evening. My first question was on our BKC projects, in fact our Mumbai commercial projects. If you can just give some color on how much money we have spent?
Operator
Ladies and gentlemen — Mr. Lakhan, please stay connected. The management time — management line is disconnected. Please wait. Mr. Lakhan, can you repeat your question, please?
Kunal Lakhan — CLSA — Analyst
Yeah, sure. So on our Mumbai projects, commercial projects, how much is the money we have spent so far? And how much of the balance spend, including approvals, the premiums that we may have to pay firstly? Hello?
Venkat K. Narayana — Chief Executive Officer
Kunal, just give me a moment.
Kunal Lakhan — CLSA — Analyst
Sure.
Venkat K. Narayana — Chief Executive Officer
Around INR2,000 crores is what we have spent.
Kunal Lakhan — CLSA — Analyst
Okay. And the balance spend?
Venkat K. Narayana — Chief Executive Officer
Balance spend is primarily towards construction what we need to incur.
Kunal Lakhan — CLSA — Analyst
Okay. That would be around?
Venkat K. Narayana — Chief Executive Officer
INR4,500 crores.
Kunal Lakhan — CLSA — Analyst
This is for the total project, and our share will be about 50% in this?
Venkat K. Narayana — Chief Executive Officer
Yeah, I’m talking about total.
Kunal Lakhan — CLSA — Analyst
Correct. Okay. And the mix here, the capital structure that we would follow here would be in line with what we are following at the entity level, like 0.5 times net debt to equity rules would maintain here as well or?
Venkat K. Narayana — Chief Executive Officer
Here as well holds good. Our organization as a whole is what we have indicated.
Kunal Lakhan — CLSA — Analyst
Sure, sure. And similarly, what is the capex spend and balance to be spent at Aerocity, can you share?
Venkat K. Narayana — Chief Executive Officer
Aerocity, I don’t have a breakup as such for that project alone. I have for all the capital projects, Kunal. Can I get it to you?
Kunal Lakhan — CLSA — Analyst
Sure, sure, sure. Just again, like following up on the — on an earlier question.
Venkat K. Narayana — Chief Executive Officer
The finished cost in Aerocity all put together will be around INR1,500 crores.
Kunal Lakhan — CLSA — Analyst
INR1,500 crores is the balance cost?
Venkat K. Narayana — Chief Executive Officer
Yeah, including finishes — finishing of the rooms.
Kunal Lakhan — CLSA — Analyst
Okay, got it, got it. So I will ask you in terms of like the question was asked by a previous participant regarding — haven’t we decided on the — because we share this data on the sales potential of our commercial BKC projects versus the rental potential. I mean, how do we plan to balance this because I mean we have done some part sale already to, I think HDFC. So — and then how should we look at it, because we didn’t have one tower, which will be part sold and part leased, right. So how are we thinking of this in terms of like leasing and maintaining going ahead?
Venkat K. Narayana — Chief Executive Officer
No. So total sales potential has been indicated in the slide. So all projects put together will be a little over around INR23,000 crores. We have taken a very realistic and reasonable number. And we will only get higher number than what we have indicated. But to hold this part hold or sell is a strategy that we have started the work, these projects are going to move from upcoming to…
Irfan Razack — Chairman and Managing Director
He’s asking how are you going to part sell, part lease, it is possible because the leases have happened in blocks and floors. Definitely nobody is going to come and say, give you one full building to lease. So there’s no problem. Whatever is sold — sold to somebody that they will occupy themselves, the rest will be, of course, leased out and there should be no difficulty in that.
Kunal Lakhan — CLSA — Analyst
But Mr. Razack, we’ve typically seen that when we generally do start up sale, we don’t really have any control on the genre of the clientele that may occupy. And just to…
Irfan Razack — Chairman and Managing Director
No, no, that We’ve seen that built up in all agreements right from the beginning in Bangalore also, somebody is buying for leasing, the entire lease management will be with us. If some company or a bank is buying for their own use, obviously, we can’t put any conditions to them. So that’s a mix and match that we keep doing all the time.
Venkat K. Narayana — Chief Executive Officer
Kunal, there’s only one thing that has happened that is for end use. The — whatever sale that we do further, we take all assets into consideration, it’s more hypothetical what you’re asking right now. We don’t have any contemplated sales as of now.
Kunal Lakhan — CLSA — Analyst
Sure, sure. And my second question was on…
Operator
Mr. Lakhan, I request you to come back in the queue, sir.
Kunal Lakhan — CLSA — Analyst
Okay, all right.
Operator
Thank you. We have our next question from the line of Ritwik Sheth from Deep Financial Consultants Limited. Please go ahead.
Ritwik Sheth — Deep Financial Consultants Limited — Analyst
Yeah. Hi, thank you for the opportunity, sir. Sir, I have one question on — you mentioned NCR and Pune. So NCR, we have been trying to enter this market, and we have one project which was delayed. So we are looking to launch this in this quarter. So what is the hindrance in this market to grow, say, maybe in the medium term, like what we have done in Mumbai, what is the ambition here in the next three-odd years — three years to five years? Can it be like about, say, INR1,500 crores to INR2,000 crores of sales from this region itself?
Irfan Razack — Chairman and Managing Director
No, no, I think you’ve hit the nail on the head. But the whole idea, if I enter a market, I should get that INR1,500 crores to INR2,000 crores sales per annum. NCR, the only problem was we’ve got the site, we’ve done the drawings, we’ve submitted for approval, we’ve done the CEC, we’ve done the show units already, ready for launch, unfortunately, one was the elections in U.P. and then some issues which are land on our side, it will get resolved and get the approval.
I think most probably, the approval should come by this month end or next month. Moment that comes, there’s a huge traction, huge demand, and that will give us the courage to tie up more properties. For us, this was just a test case. And there are many, many properties that are being offered to us, but we are playing it a little safe to see how the demand comes. And then based on that, we’ll tie up more and then probably we’ll be there in full force in NCR also. Pune, yes, we are doing approximately 1 million square feet of office. It’s half built, another 50% still has to go. Hopefully, it will get ready in the maximum 18 months time from now. And there is a good traction again for demand for leasing as well as there are some funds who are also interested in buying. So we’ll do a mix and match, we’ll see whatever suits us, whatever is good for the Company, we’ll take a decision on that, net-net, it will be lucrative for the Company.
Ritwik Sheth — Deep Financial Consultants Limited — Analyst
Okay. And Pune, we are looking to enter residential also, right?
Irfan Razack — Chairman and Managing Director
There is — there are lots of opportunities being that we want to get ourselves, don’t want to spread ourselves too thin, too fast. We want to stabilize ourselves in Mumbai, stabilize ourselves in NCR, we have grown quite big in Hyderabad, a lot of large projects contemplated there, Chennai, very large projects under the approval. So while we are doing all that, yes, the Western region, Pune is next door to Mumbai. Once Mumbai gets stabilized, we will look at residential in Pune also, but right now, it’s all contemplation. We really haven’t even got a single land that we can say we are tied up or looking at.
Ritwik Sheth — Deep Financial Consultants Limited — Analyst
Sure. And sir, my second question…
Operator
Mr. Sheth, I request you to come back in the queue.
Ritwik Sheth — Deep Financial Consultants Limited — Analyst
Yeah, this is the second question.
Operator
Right, sir. Due to time constraints, I request you to restrict your question to one. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all participants in the conference, please limit your questions to one. We have our next question from the line of Saurabh from JPMorgan. Please go ahead.
Saurabh Kumar — JPMorgan — Analyst
Sir, just wanted to follow up on this Joy Ice Creams land case and that UB City case. So with this High Court order coming in, are you free to sell in White Meadows or other additional players required? And also what’s the status of the receivables in UB City? Thank you. Yeah…
Irfan Razack — Chairman and Managing Director
I can see Joy has given us joy finally, not agony. So Tower 3 in White Meadows that was held up. The tower structure is ready. We didn’t want to venture into any sales till we got total clarity. And with this divisional bench order, we have total clarity. We are free to do what we want to. Unless and of course, somebody feels like going on an appeal to Supreme Court and then that matter will be finally decided. But I don’t think so looking at the type of order that we’ve got even if it goes to Supreme Court, it won’t even stand.
Having said that, now we are gearing up, it’s a total revenue potential between INR450 crores to INR500 crores. We are gearing up to see that we get this right. And that will give us that huge upside as we go along. And there is demand because rest of the — most of the 95% of White Meadows was sold out. So this is an opportune time for us to launch it and sell it, and we are free to do it without any problem. Around UB City, as said, there’s no problem as far as UB City is concerned.
Saurabh Kumar — JPMorgan — Analyst
Sir, I was telling Kingfisher Towers?
Irfan Razack — Chairman and Managing Director
Kingfisher Towers, as far as we are concerned, we’ve sold out all our stock, we have earned all our money. Yes, there is a certain claim that we have on the land owner to get some receivables from them, including deposits, TDR money and all of it, that claim holds. It is with the official liquidator. And hopefully, in fact, see, we got a payment from official liquidator for the maintenance dues, almost INR27 crores. So that also has given us hope that one day or the other, the official liquidator finally will decide and we’ll obviously have to pay off our money with interest. And it will happen, the stock is there, the inventory is quite good. And whenever that happens, we will cash out on it.
Saurabh Kumar — JPMorgan — Analyst
Okay, got it, sir. I had a follow-up, but I’ll come back in the queue. Thank you.
Operator
Yeah, thank you, sir. We have our next question from the line of Manish Agrawal from JM Financial. Please go ahead.
Manish Agrawal — JM Financial — Analyst
Yeah, hi, good evening. If you could indicate more on your commercial portfolio, what sort of completions are you looking at for the next two years, three years? And what could be the exit run rate, say, in FY ’24, FY ’25?
Venkat K. Narayana — Chief Executive Officer
Except for Metro Drive and Mumbai project, which will be 3.5 years to 4 years from now, the remaining ongoing commercial projects will get completed in 3 years time.
Manish Agrawal — JM Financial — Analyst
Okay. And what sort of exit run rate we’ll be having?
Venkat K. Narayana — Chief Executive Officer
With that?
Manish Agrawal — JM Financial — Analyst
Yeah.
Venkat K. Narayana — Chief Executive Officer
Just give me a moment, I have it with me, I will tell you. As far as the retail growth, we had another INR180 crores of rental with the completion of two malls. And as far as office goes, we had another INR600 crores of rental income.
Manish Agrawal — JM Financial — Analyst
Understood. And just one question. Is there any startup sales component in the INR3,000 crores sales which we have shown this quarter?
Venkat K. Narayana — Chief Executive Officer
Startup sales, where sir?
Manish Agrawal — JM Financial — Analyst
This quarter office space.
Venkat K. Narayana — Chief Executive Officer
No, we are doing startup sales in one development called Prestige Tech Hub, which we just launched, and that’s a very small component, some three lakh square feet. So we have thought just is to sell it. But we’ve already shared this information in our investor presentation on the exist — exit rentals for our office portfolio. It’s already there, retail as well as office. And it’s quite a large bit structure that is there. And hopefully, all this will get done in the next three years time.
In fact, there are 16 projects that are there with a total leasable area of 3.49 million square feet, 2.79 [Phonetic] is our economic interest with the rental of 157.5 [Phonetic], which is — what is with us, which is at the moment that is there. Under construction ongoing is where the thing that you’re asking us, which will give us INR722 crores, which is already operating at INR157 crores, ongoing at INR722 crores.
Manish Agrawal — JM Financial — Analyst
Thank you. That’s all from my side. All the best.
Venkat K. Narayana — Chief Executive Officer
Thank you.
Operator
Thank you. We have our next question from the line of Abhinav Sinha from Jefferies. Please go ahead.
Abhinav Sinha — Jefferies — Analyst
Hi. Sir, can you talk a bit about how pricing is behaving on the residential part of Bangalore, and what you have seen, say, like-to-like basis in the portfolio this quarter?
Venkat K. Narayana — Chief Executive Officer
What is behaving?
Irfan Razack — Chairman and Managing Director
Pricing.
Abhinav Sinha — Jefferies — Analyst
Pricing.
Venkat K. Narayana — Chief Executive Officer
Pricing is going up — has to go up. There’s no two ways because the costs also have gone up. And — but it’s been accepted. Our latest and the biggest launch is Prestige City in Sarjapur, which is doing very well. And recently, we had a launch call with Prestige Green Gables and fully sold out almost. And that also gave us, I think an average pricing of about INR9,000. And the Prestige City has really gone up nicely, and it’s INR6,500 [Phonetic], upwards of INR6,000 [Phonetic], INR7,000 [Phonetic] upwards, and it’s still selling and it’s selling with volumes.
Abhinav Sinha — Jefferies — Analyst
So in percentage terms, we are up by, say, 20%-odd in last four quarters, is that a fair number?
Venkat K. Narayana — Chief Executive Officer
I wouldn’t hazard a guess on what the percentage is because it’s honestly just keeps creeping up. So I think we need to do some homework to tell you the exact number in terms of percentages.
Abhinav Sinha — Jefferies — Analyst
But double-digits definitely?
Venkat K. Narayana — Chief Executive Officer
Easily, easily.
Abhinav Sinha — Jefferies — Analyst
Okay. Thank you, sir. I’ll get back in the queue.
Operator
Thank you. We have our next question from the line of Saurabh Jalan from SJ Capital Group. Please go ahead.
Saurabh Jalan — SJ Capital Group — Analyst
Hello? Hello?
Irfan Razack — Chairman and Managing Director
Go on, go on, we can hear you.
Operator
Sir, your voice is not clear.
Saurabh Jalan — SJ Capital Group — Analyst
Good evening, sir. Congratulations on a good set of numbers. Sir, my question is regarding our entry into the Pune market. Sir, I was going through one data, sir, in that data, sir, it was mentioned that Pune residential market is fourth largest in India. And the annual size is almost 90% of Bangalore. So sir, can you throw some light that what is the timeline which we are looking for entry into the Pune residential market?
Venkat K. Narayana — Chief Executive Officer
We have looked at a few land passes. We’ve done — we’re evaluating to understand the ground reality, which we will do maybe in the next two weeks or so. By the time we have a call next quarter, we should be able to concretely tell when we are going to launch and how many projects we will do in Pune terms of residential with industry…
Operator
Sir, your volume is low.
Venkat K. Narayana — Chief Executive Officer
We are looking at this market given the potential that is there. And you’re also mentioning that it has got great potential, we are evaluating. And hopefully, we should have something on our plate this fiscal.
Saurabh Jalan — SJ Capital Group — Analyst
Okay, okay, sir. Thank you, sir, and all the best.
Operator
Thank you. We have our next question from the line of Rishabh Parekh from Sunidhi Securities. Please go ahead.
Rishabh Parekh — Sunidhi Securities — Analyst
Hi. Just a follow-up question, our Liberty Towers still also shown as upcoming, have we received permissions for this also?
Venkat K. Narayana — Chief Executive Officer
Yes, fully. We have received all the permissions that will also move to ongoing this quarter.
Rishabh Parekh — Sunidhi Securities — Analyst
And — okay, sir. Okay. And the completion is 3.5 years, 4 years?
Venkat K. Narayana — Chief Executive Officer
4 years.
Rishabh Parekh — Sunidhi Securities — Analyst
Okay, thank you.
Operator
Thank you. We have our next question from the line of Girish Choudhary from Spark Capital Advisors Private Limited. Please go ahead.
Girish Choudhary — Spark Capital Advisors Private Limited — Analyst
Yeah, hi, thanks for the opportunity. Just one question on the — on your upcoming projects, if you can provide some clarity or timelines on the Noida projects and also the Prestige Highline, Chennai and Nandi Prestige Park Grove in Bangalore, when can we expect launches?
Venkat K. Narayana — Chief Executive Officer
Prestige NCR Bougainvillea Gardens waiting for the approval, hopefully, we should get it soon towards the end of this quarter, early next quarter will be the launch. And Park Grove and Highline will be later Q3 or early Q4. Highline is Chennai project.
Irfan Razack — Chairman and Managing Director
Actually, we gave Highline some other name, Pallava Gardens. It’s under approval, it all depends on how quickly the approval process happens. The moment the approval comes, we will update you, no issues.
Girish Choudhary — Spark Capital Advisors Private Limited — Analyst
Okay. But can we expect this year?
Venkat K. Narayana — Chief Executive Officer
Yeah, yeah, definitely, yes.
Girish Choudhary — Spark Capital Advisors Private Limited — Analyst
Okay, thank you, sir.
Operator
Thank you. We have our next question from the line of Kunal Lakhan from CLSA. Please go ahead.
Kunal Lakhan — CLSA — Analyst
Yeah, hi. My question was on the land spend that we’ve done, the INR700 crores this quarter. Is this going to be a sustainable number on a quarterly basis, considering like for us to like maintain that pipeline of projects to keep growing from this high base now?
Venkat K. Narayana — Chief Executive Officer
Yes. That’s what I mentioned while answering earlier question, INR600 crores to INR700 crores, we will have quarterly run rate.
Kunal Lakhan — CLSA — Analyst
Okay, all right, thanks.
Venkat K. Narayana — Chief Executive Officer
Thanks, Kunal.
Operator
Thank you. We have our next question from the line of Abhinav Sinha from Jefferies. Please go ahead.
Abhinav Sinha — Jefferies — Analyst
Yeah, sir, thanks for the follow-up. So on the residential bid, you mentioned that Bangalore, you were expecting sales of about INR8,000 crores to INR8,500 crores, Bombay of about INR2,500 crores to INR3,000 crores and there are other cities. So putting this together, I mean, INR12,000 crores should be minimum to be expected this year?
Venkat K. Narayana — Chief Executive Officer
That is the number that we are looking at minimum. We are actually looking at much more than that. It all depends on how soon approval comes for various projects, but the target is there, the goal is there, hopefully we should exceed that.
Abhinav Sinha — Jefferies — Analyst
Okay. And sir, also on the rental bid, this is just a clarification on one of the previous questions. So when we are exiting, say, both FY ’23 and FY ’24, we understand that two malls are about to open up, any offices will open up and can you give us a exit rental number for, say, March ’23 and
March ’24?
Venkat K. Narayana — Chief Executive Officer
Yeah. So March ’23, two projects, one is Prestige Tech Park IV Kodbisanhalli and Prestige Tech Pacifica, both will get ready, put together around 1.5 million square foot in Bangalore. Next year, we should have another 2.5 million square foot to be ready, including Prestige Sky Tech in Hyderabad.
Abhinav Sinha — Jefferies — Analyst
Okay. And sir, finally, what was the rental income overall?
Venkat K. Narayana — Chief Executive Officer
Overall, next two years, we should have 4.5 million square foot, 5 million square foot of office being ready and yielding.
Abhinav Sinha — Jefferies — Analyst
5 million square foot. So 1.5 million square foot plus 2.5 million square foot and some bit of malls. So that’s what you’re getting to 5 million square foot or…
Venkat K. Narayana — Chief Executive Officer
And also 1 million square foot.
Abhinav Sinha — Jefferies — Analyst
Okay, okay. And sir, what was the rental income in first quarter?
Venkat K. Narayana — Chief Executive Officer
Shared, no, with rental.
Abhinav Sinha — Jefferies — Analyst
Yeah. Income, I mean, that you would have earned in the first quarter, rental?
Operator
Mr. Sinha, I request you to stay connected. We lost the management team. I’ll reconnect them.
Abhinav Sinha — Jefferies — Analyst
Sure.
Venkat K. Narayana — Chief Executive Officer
Abhinav?
Operator
Yes, sir. Please go ahead.
Abhinav Sinha — Jefferies — Analyst
Yes, sir.
Venkat K. Narayana — Chief Executive Officer
Yeah, Abhinav, rental for this quarter has been at INR54 crores, and the exit rental for this year overall is going to be around INR240 crores, office plus retail put together, INR157 crores of office and INR80 crores of retail.
Abhinav Sinha — Jefferies — Analyst
Sir, INR240 crores is as of today, right? I mean, this will climb…
Venkat K. Narayana — Chief Executive Officer
Does not include the two new malls.
Abhinav Sinha — Jefferies — Analyst
Right, and the two offices which you mentioned, which should open PTP IV and Tech Pacifica?
Venkat K. Narayana — Chief Executive Officer
Yes, does not include those.
Abhinav Sinha — Jefferies — Analyst
Okay, thank you, sir.
Venkat K. Narayana — Chief Executive Officer
Thank you.
Operator
Thank you. I would now like to hand the conference over to the management team for closing comments. Over to you, sir.
Irfan Razack — Chairman and Managing Director
Thank you, everyone, for the superlatively active participation. A lot of interaction has happened, a lot of thoughts you have brought out. And it’s always a pleasure to speak to you. I do hope we’ve given you enough clarity. Of course, Venkat and the team are available for further clarifications whenever you want. And we really enjoyed interacting with you. Venkat, do you want to add up something?
Venkat K. Narayana — Chief Executive Officer
Thanks, everyone once again, for a interesting — very interesting and engaging conversation. And we’ll continue to deliver on our commitments that we have made and looking forward to another exciting year ahead. And once again, we would like to thank the new region that has contributed and welcomed us with a good number, that is Mumbai. And a lot of Mumbai channel partners also visited Bangalore and seen what we have done. And with support from everyone, we’ve got this, hopefully, we should be able to do something good like the way we have done in Bangalore and Mumbai as well. Look forward to your support. Thank you once again.
Irfan Razack — Chairman and Managing Director
Thanks, guys.
Operator
[Operator Closing Remarks]