1. Dahlias super-luxury monetization - The Dahlias hit its 3.5-year sales target in 15-16 months, with \~65% sold and price realization above ₹1 lakh per sq ft; management plans another three years of sales. Booked sales stand at ₹19,104 cr with ₹13,182 cr of balance margin - on a project where per-unit pricing starts at ₹100 crore and margins are guided to stay intact.
2. Privana next phase - Privana North and West sold out with \~₹16,600 cr of bookings; the next phase is expected in Q3-Q4 FY27. Arbour plus Privana phases have ₹12,150 cr of balance margin to recognize, and secondary-market demand at ₹2,500-4,000 per sq ft signals pricing headroom for the next launch.
3. Atrium Place rent commencement - All four towers are fully leased, OCs received for three, with the fourth expected in Q2 FY27; rent commencement started for one or two tenants last quarter and will pick up pace. At \~₹175 per sq ft weighted average on 0.32 crore sq ft, this adds roughly ₹600-650 crore of gross rental income - against FY26 total rental revenue of ₹575 cr.
4. Downtown Gurugram Phase 2 leasing - Tower 7 (0.22 crore sq ft) is nearly fully leased, Towers 5 and 6 are released and leasing, with completion in late FY28 to early FY29. Phase 2 leasing is averaging ₹200 per sq ft versus ₹150-155 at Downtown 4, and \~0.35-0.4 crore sq ft of leasing remains across this and Downtown Chennai Phase 2.
5. Downtown Chennai Towers 4 & 5 - Construction is ahead of Gurgaon by 6-8 months, with completion expected by beginning of 2028; \~500,000 sq ft is already leased. Top floors with city/sea views are leased at ₹145-150 per sq ft versus a ₹125-130 average, and Chennai's operating portfolio grows from 1 crore to \~1.4-1.5 crore sq ft.
6. Three new malls - Midtown Plaza is operational at 95% leasing, Summit Plaza is 95-97% leased with opening expected in the second half of July, and Goa mall (Promenade Goa) has a line of sight of leasing to the extent of 50% with opening targeted 2-3 months after its August completion. Cumulative exit run-rate rental income for the three malls is \~₹450-460 crore in FY27, on top of \~10-11% income growth from existing retail properties.
7. Aureva senior living launch - Launch is pending RERA approval expected within weeks; GDV potential is close to ₹2,000 cr. This is the first of the large projects that start contributing to revenue and profit from FY27-28 under completed-contract accounting, with FY28 called the P&L inflection point.
8. Westpark Mumbai phase II - The maiden Mumbai launch monetized almost entire inventory with over ₹2,300 cr of sales; the next phase of 800,000-odd sq ft launches this fiscal, with 500,000-600,000 sq ft the fiscal after. Total pipeline exceeds 0.5 crore sq ft, and management is actively pursuing other Mumbai opportunities.
9. DLF City group housing launch - One big launch in DLF City is expected in the ₹8,000-9,000 cr range in FY27, with \~0.25 crore sq ft including all TDRs. This is the largest single launch in the FY27 pipeline by value, against FY26 total new sales bookings of roughly ₹20,000 cr.
10. RERA escrow cash unlock - Escrow cash starts unlocking from FY27-28 onwards, with a three-pronged use: shareholder returns, annuity business capex, and opportunistic margin-accretive land deals. Land acquisition payments were ₹210 cr in Q1 FY27, and management is pursuing strategic parcels within Gurgaon - funded without new debt.