Please note that this conference is being recorded. I now hand the conference over to Mr. M. R. Jaishankar, Executive Chairman. Thank you, and over to you, sir.
Thank you. Good afternoon, ladies and gentlemen, and welcome to the Brigade Enterprises Q3 FY 2025 earnings call. I'm joined by our Managing Director, Ms. Pavitra Shankar; Joint Managing Director, Ms. Nirupa Shankar; our Executive Directors, Mr. Roshin Mathew, Mr. Amar Mysore, and Mr. Pradyumna Krishna Kumar; CFO Jayant Manmadkar, along with the members of the senior management team. We are pleased to share that Q3 FY 2025 has been a period of strong performance and steady growth across all our business segments. In line with our expansion strategy, we are actively acquiring high-potential land parcels, including a 20-acre site in Whitefield area with a potential saleable area of 2.5 million sq ft and a gross development value of approximately INR 3,000 crores.
We have a strong pipeline of 15 million sq ft of upcoming launches in the next four quarters across Bangalore, Mysore, of which a couple of million square feet will be launched or being launched in this quarter itself. Coming to various SBUs, real estate, I'll take it first. In Q3 FY 2025, our real estate segment achieved a pre-sale of 2.19 million sq ft, a 30% growth over Q2 FY 2025, with a sales value of INR 2,492 crores, 7% over the previous quarter. The residential segment is supported by demand for premium housing and sustainable spaces, with an average price realization of INR 11,364 per sq ft and an increase of 5% over Q2 FY 2025. During Q3, we launched Brigade Gateway Hyderabad in the Neopolis, Kokapet submarket, a 4.5 million sq ft integrated mixed-use development with premium residential, office, retail, and hospitality spaces.
The project is the first of its kind in Hyderabad and will be home to the World Trade Center Hyderabad, the InterContinental five-star luxury hotel, our flagship retail brand Orion Mall, and almost 600 premium residences. We also launched Brigade Citrine in Bangalore, which is India's truly net-zero residential development, strengthening our presence in the luxury real estate space and commitment towards our sustainability goals. You will be happy to know of the first phase of the launch in Brigade Gateway Hyderabad. The response to the launch is tremendous. Coming to leasing, we leased 0.3 million sq ft in Q3 FY 2025, driven by demand from technology, engineering, and manufacturing sectors. Leasing revenue grew 13% year-on-year to INR 280 crores, with a stable 99% office rental collection rate.
Industry-wide global capability centers led leasing activity at 34%, with technology companies, flexible office space operators, and BFSI firms following. Bangalore and Hyderabad continued to drive over half of the leasing activity, highlighting their growth potential. Retail performance was robust, with an 8% year-on-year increase in mall consumption during Q3 FY 2025, driven by festive season promotions and strong footfalls. Cinema sales also grew 20% year-on-year, aided by big-budget releases. In December of last year, all three malls achieved highest-ever single-day footfall in parking collections.
We expect this momentum to continue, driven by strong demand across residential, office, and retail sectors. We will not be in a position to take up any questions on the hospitality business, as we are governed by publicity restrictions due to the DRHP. We have filed for Brigade Hotel Ventures Limited on 30th October 2024. I will now hand over to our CFO, Jayant Manmadkar, to present the detailed financials for the quarter. Thank you.
Thank you, and good afternoon. On behalf of the company, we would like to welcome you to the earnings call of Q3 FY 2025. Our Chairman has already shared operational highlights. I'll be sharing key financial highlights for the quarter. To start with, the consolidated financial performance for Q3 FY 2025. The consolidated revenue for Q3 FY 2025 stood at INR 1,530 crores against INR 1,208 crores in Q3 FY 2024, an increase of 27%. The consolidated EBITDA for Q3 FY 2025 stood at INR 479 crores as against INR 296 crores in Q3 FY 2024, an increase of 62%. EBITDA margin for Q3 FY 2025 stood at 31%. Consolidated PAT was INR 236 crores versus INR 66 crores for the same quarter last financial year. Consolidated PAT after minority interest stood at INR 236 crores as compared to INR 74 crores in Q3 FY 2024. The real estate segment clocked a turnover of INR 1,103 crores with an EBITDA of 23% during the quarter.
The leasing segment clocked a turnover of INR 280 crores with an EBITDA of INR 216 crores during the quarter. Real estate collections for Q3 FY 2025 was at INR 1,777 crores versus INR 1,394 crores in Q3 FY 2024, an increase of 27%. With respect to the consolidated performance for nine-month period FY 2025, the consolidated revenue for nine-month FY25 stood at INR 3,781 crores versus INR 3,302 crores for nine-month FY 2024, an increase of 15%. The real estate segment clocked a turnover of INR 2,563 crores with an EBITDA of 18% in nine-month FY 2025, as against a turnover of INR 2,273 crores with an EBITDA of 10% in nine-month FY24. The leasing segment clocked a turnover of INR 834 crores with an EBITDA of 69% in nine-month FY 2025 versus a turnover of INR 691 crores in nine-month period FY 2024, an increase of 21%.
The consolidated EBITDA for nine-month FY 2025 stood at INR 1,166 crores versus INR 869 crores in nine-month FY 2024, an increase of 34%. EBITDA margin stood at 31%. Real estate collection increased by 39% to INR 3,999 crores in nine-month period FY 2025 from INR 2,882 crores in nine-month FY 2024. Overall collections for nine-month FY 2025 was at INR 5,321 crores versus INR 4,078 crores in nine-month FY 2024, an increase of 30%. Net cash flow from operations stood at INR 1,551 crores in nine-month FY 2025 as compared to INR 986 crores in nine-month FY 2024, an increase of 57%. Coming to the debt position and its breakup, the gross debt of the company stood at INR 4,531 crores as of December 2024. The cash and cash equivalents stood at INR 3,404 crores, which includes INR 987 crores of QIP funds.
Consequently, the company's net debt outstanding as of December 31, 2024, is INR 367 crores. Debt-equity ratio stood at 0.18. With the continued robust cash flow, QIP funds, and available credit lines, the company has a strong liquidity position to meet its expansion plan. I will hand it back to the moderator for questions.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead.
Yeah. Hi, team. Congratulations on a commendable performance in this quarter. So my first question is on Brigade Gateway. So what was the total value of inventory released, and what was the sales contribution from this project?
Hi. Yeah. So we had about almost 300 units that we launched. We are not able to sell about 50 of those units because they are mortgage units as per the Hyderabad regulations. Of the remaining 250 units, we have already sold 200 for a value of INR 1,000 crores.
Okay. Okay. Got it. And Shankar, if you can.
In contribution to the overall numbers, it's about 72% from new launches this quarter.
Okay. And generally, how is the approval scenario now in Bangalore? I mean, we have still seen some challenges being faced by some of your peers. So despite that, you have put up a very commendable performance in this quarter. So I just wanted to check how has been the approval scenario, especially in Bangalore now, Bangalore and Chennai both?
Approval challenges have always been there. It is not new. But going by the scenario in life itself is becoming difficult year-on-year, and so is approval, I would say. So every state, I think the approvals are becoming taking a little bit longer than what they were happening earlier. I think Bangalore is not an exception. I think somehow there have been delays. A lot is due to change in procedures a couple of months back, introduction of what is referred to locally as e-Khata. That is, those are the main things which have slowed down the procedure. But I think we are in business for 38 years. We will sail through.
Okay. And just a marker on the demand side. So how do you see now there have been concerns and demands on the real estate side? So if you can help us understand how is the demand scenario on the ground, what are the launches which you have planned in Bangalore, Chennai, Hyderabad in this quarter?
Yeah. So I think demand on the ground is still pretty strong. I would say we should not really be pegging against what we saw two years ago when there was no real hold in terms of what is the pricing environment that we were in. So today, the launches that we're looking at are all coming in pretty fully priced. It's not so much of a price discovery mode other than a few hundred rupees here and there. So from that perspective, if we have a launch where we can sell about 50% of the inventory in the first couple of quarters, that is how Brigade looks at it. We would like to achieve the maximum pricing and velocity at that point in time, and then the rest is sustenance. That's the model that we follow, and that is what we feel is the best suited for our approach.
Considering that kind of approach, we are actually seeing it's pretty good demand on ground itself. So both of our launches last quarter, which is Brigade Citrine in Bangalore, which is India's first net-zero project in residential, and the Tower A of Brigade Gateway Neopolis did extremely well. In both of them, we sold about 50% already of the inventory, which was much higher than our expectation. So the situation on ground is still pretty good, provided you get the pricing right.
What is the launch pipeline for the Q4? I mean, in Chennai and Bangalore and anything else you'd like to open up in Hyderabad in the Gateway?
Yeah. So in Q4, we're hoping to launch about 4 million sq ft across Bangalore and Chennai and ideally Mysore as well. And I think we have decent visibility on all of these. But of course, the last 10 years are a step in approvals. One or two of them are still pending.
Okay. And just the last question, Pavitra, what has been the business development for the nine months? I mean, you have been regularly announcing land acquisitions. So if you can help us get the entire total number of value of the gross development value added in nine months.
Yeah. Pradyumna will answer that.
Yeah. Hi, Parikshit. So in the nine months, we've added about a little more than 8 million sq ft with a GDV of about, say, INR 8,000 crores, INR 9,000 crores. Yeah, to about INR 10,000 crores is what we've added in the nine months. In the past quarter, we have added about 3 million sq ft.
Okay. And approximately, what is the pending to be spent on this acquisition? I think it was INR 800 crores?
Overall, we have about INR 900 crores to be spent still on land.
Okay. Okay. Thank you. I'll join later again for the questions. Thank you.
Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead.
Yeah. Hi. Thanks for taking my question and congrats on very strong performance. Just one question. On Hyderabad, since we have seen very good success with this project, with this one and even the previous one, Citadel, so how is the pipeline looking like in terms of future projects that we will do in Hyderabad? Will we have to still wait for those government options to come up, or there are some private transactions also being looked at?
We are actually negotiating a couple of projects. It is there probably, if we are lucky, hopeful of finalizing one or two of them in this quarter. Otherwise, it will move to the next quarter, is what I hope. But the team is actually working to finalize a few more projects.
That's good to hear. And just in terms of launches, 4 million sq ft, we have good visibility. Can you just give a breakup? I suppose Chennai would be bulk of it. So once you give the breakup and specifically you can talk about or comment on how Chennai approvals are moving along, that would be helpful.
Of the launches that we have planned in Q4, close to 2 million sq ft will be from Chennai, and another 2 million sq ft plus will be from Bangalore. In terms of the approvals, we are seeing some momentum on the ground as far as Chennai goes. We have recently got the approval for a project for Brigade Altius , which is the land that we bought from Pfizer. So that's what the approvals we've got there are in place, and we are in the process of launching it.
We also have another project in the same location or in a similar micro market, which is called Brigade Morgan Heights. That will be also coming up in this quarter. As far as these projects go, we've seen the approvals come through in the last six months in quite a fast manner. So as you were explaining, maybe in the last quarter, we're seeing some pickup on the ground as far as Chennai goes.
Interesting. That's good to hear, and thanks for the clarity. That's it from my side and all of it.
Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking Limited. Please go ahead.
Good afternoon. First question is on the commercial portfolio. So we have currently around 98% occupancy, and there is not much left to lease. So what is the visibility on new projects, and when are they expected to be operationalized?
Yeah. So for the commercial portfolio, currently, we have two projects that will soon come into the portfolio. One is, of course, Brigade Twin Towers, and one is Brigade Padmini Tech Valley. So ongoing, we have about 2.67 million sq ft of various office projects ongoing right now. But in the next quarter, you will see that Brigade Twin Towers will come into the portfolio. So that's a 1.2 million sq ft project. About 530,000 is for sale. So that will come under the residential side, and the balance will be under the lease. So we've already done some sales in that project, almost close to 2 lakh sales in the pre-sale segment of Brigade Twin Towers.
So in the Twin Towers, the remaining 7 million sq ft would be for lease. Out of that, how much have we leased?
No. So, about 6.6 lakh sq ft for lease. And right now, our strategy is to first do the sales. We are still entering a lot of RFPs for that project, but right now, nothing has been leased. A smaller portion has been taken for working space, but the remaining right now, the focus is on sales because the rate we've been able to get has been a good, healthy rate. And that market seems to be wanting to buy, and it seems to be like a more end-user-driven market.
Regarding Padmini Tech Valley, by when do you think it will be operationalized?
So Block A, we will be sorry. Block C, we have already the OC, but of course, some spend capital expenditures still remain so that it will come into the quarter portfolio next quarter. So Block C, which is 264,000, will come into the portfolio. There as well, we are looking at sales strategy for that building, our share of that building. The balance is still in some excavation, so maybe two, two and a half years before it becomes operational.
Okay. Okay. And my final question is, I initially missed the discussion on Kokapet. Just how much have you launched, and how much have you sold, and what would be the selling rate and typical ticket size on Kokapet project?
So the Tower A is just 300 units, about 297. We have to hold about 50 of those units for the mortgage restrictions in Hyderabad. So of the remaining 200 or sorry, 250 or so, we sold 200 units for a total of INR 1,000 crores. So on average, INR 5 crores ticket size. And on average, the price realization is around INR 12,500 on an agreement basis and all-inclusive to the customer, excluding taxes, closer to INR 13,500, INR 14,000. So it was a very, very successful launch. I think it is the most successful launch in Hyderabad this year.
Okay. Thank you. Congratulations again on the stupendous numbers. Thank you, ma'am.
Thank you. The next question is from the line of Krishnan. From Ashika Stock Broking, please go ahead.
Yeah. So my first question is on the line of Krishnan. So what is our annual target for FY 2025, and how likely are we going to complete it?
We're not really as you know, we don't really do the guidance aspect of things. But I think the usual approach of trying to grow around 15% per year is there, whether it's on value or area.
Okay. Got it. And my second question is in terms of landscape. So we have seen a lot of affordable housing . Hello. Hello. Is it better?
Sorry to interrupt, Mr. Krishnan. You are very near to your mic. I would just wish you to go a little far.
Okay. Is this better?
Yes, sir. Please continue.
Okay. So my second question is on the lines of premium versus affordable housing. So where are we seeing more demand at this point in the markets that you are present in, and where do we plan to go forward?
So this is different based on the market. I was just talking about a Brigade Gateway project in Neopolis. I would call that as high-end, but that market did extremely well in terms of doing high-end launches. And despite selling almost 1 million sq ft, we were able to do it in a very short period of time. I still think the sweet spot for the mid-segment customers, anywhere to INR 1.5 crores, that's where we would call the mid-segment. There is also Brigade has also done a lot of upper mid-segment and premium housing where a lot of our inventory is coming in the INR 2 crores to upwards of that range. So there is still strong demand overall. We are not seeing much appetite for affordable housing at this current point in time, and also that the supply issue as well.
It's difficult to put INR 45 lakh kind of inventory out in this market. So we are focusing on mid-segment, which has always been our strategy. But of late, we are seeing it push towards the upper mid-segment. And there are some opportunities like Brigade Icon in Chennai, Brigade Gateway Neopolis in Hyderabad, where we are looking at luxury or very high-end housing.
Okay, so what will our high-end housing prices be so I would like to take a rate from INR 1.5 crore in the mid-segment to the luxury segment would be still? Or unit price?
It really depends. In Brigade Icon, it starts at INR seven crores and goes all the way up to INR 25 crores. Also, it's a factor of the unit size and the per sq ft pricing. In Hyderabad, it goes up from INR five to INR 12 crores a ticket size. So I think it's variable based on the product that's put out there.
Okay. This is helpful. Thank you so much and all the best.
Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.
Hi. Thanks for taking my question, and congrats for these little numbers. So my first question is regarding the WTC that we are supposed to build in Hyderabad. What would be the reasonable area for that particular project?
It will be about 1 million sq ft for what we've done to Hyderabad.
Sure, and secondly, I mean, in terms of business development, you said we added about eight million sq ft in nine months this year. For FY 2026, what is the kind of land lease, et cetera, that we may target?
Yeah. So typically, our sort of approach is to ensure that at a minimum, we recognize the land bank that is being utilized, right, as far as the launches that we do in the particular financial year that is going by or as we see it happening. So the objective is to, at a minimum, to add to that number. And wherever the opportunities come, if we find them along the lines that we want them, that we can actually go ahead and acquire those particular lands. But at the minimum, what we would do is replenish the land that is being utilized in our new launches.
Sure. And lastly, just a bookkeeping question. How much would the—sorry, the Bangalore project contributed in Q3 in terms of sales?
About 50% in this quarter.
Sure. Thanks, and all the best.
Thank you. Thank you. The next question is from the line of Abhishek Khanna from Kotak Institutional Equities. Please go ahead.
Hello?
Yes, sir. You're on the beat.
Yeah. I was just checking. Could you share the revenue and the return numbers for the leasing business for Q1, Q2, Q3? I mean, we have it for Q3, but it seems that the leasing revenues and even the EBITDA have gone down in Q3. Is that the case, or am I reading it wrong?
Sure. The leasing revenue for Q1, Q2, Q3 is (I'm talking about office fees) about INR 164 crore, INR 201 crore, INR 188 crore.
If we were to include the malls as well?
The malls is.
Just to tell you where am I coming from, the EBITDA that I see for 1H in your presentation last quarter was about INR 400 crores, which is INR 200 crores within the red. But this quarter, it seems to be at INR 170 crores. So I just want to check the reason for that decline and if I'm reading that correct?
So let me repeat. I think the revenue, as far as current quarter is concerned, all three put together is INR 280 crore. And EBITDA is at about 62%, which is primarily because of last quarter, if you see our remark, we have given that property tax INR 15 crore is the charge that has come with it one time. But on a maintainable basis, going forward, it will be always around 71%, 72%.
You're saying 3Q, we had some one-off tax charge that we paid.
Q2 also, and Q3 also, we had some one-off expenses. But especially when you look at YTD also, it is about 69%, which on a maintainable basis will be around 71%, 72%.
Got it. And was the quantum of that charge higher in Q3 than Q2, or was it higher in Q2 as opposed to Q3?
Q2, it was INR 15 crores as a one-time charge. And in Q2, there was one typical India accounting entry that comes for the fit-out that we do, which was to the tune of INR 20 crores, both in revenue and cost. That temporarily pulls down the EBITDA.
But my problem is with 3Q EBITDA, which looks lower than the earlier quarters. That is where the question was. The 3Q EBITDA for the leasing business looks lower than the run rate for the first two quarters. Where are you coming to?
So these are the two things: the property tax, as well as this, as I explained you, the fit-out kind of accounting that is pulling it down. I still request you to look at only on YTD basis, and that is a real reason that you.
Okay. So you're saying the margin should be in the 71%, 72% range going forward, the normalized margin, right?
Correct.
Okay. And the second question that I had was, when you look at the Hyderabad market, would you be focused on where you are right now, Kokapet, or are there other areas also that are of interest to you?
So naturally, we'll be looking at the entire market wherever there are good opportunities, whether it is residential, office, retail, hotel, whatever it may be. We're looking across the board.
Got it. Okay. That's it. Thanks a lot.
Thank you. The next follow-up question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead.
Yeah. Hi. Parikshit, what was the total value of Citrine project, which was launched, and how much was the sales contribution from that project in this quarter?
Yeah. So Citrine, the total GDV for that project is around INR 700 crores. We sold about 50% of it.
Okay. 50%. And on Brigade Icon, so how has been the sales response? It was launched in Q2. So what was the launch value? How much you would have sold until now in that project?
So, Icon, we have sold about 25% of the project. That's in line with our expectations because it's very high-end, and that's not something that we want to sell very quickly on an accelerated basis. So we expect to sell during the entire timeframe of the construction. We also realized an average price of INR 30,000 in Icon.
The GDV will be about INR 1,900 crores, yeah?
About INR 1,800 crores. Yeah.
Okay. And just one question now. I mean, you will maybe next year or a year after that, touching that INR 10,000 crore pre-sales. Given you are now almost crossing INR 2,000 crores this quarter you have done and maybe fourth quarter with launches, you will again cross that number. You may cross. So are you gearing up or looking now to venture outside south in MMR or NCR? So any thoughts there? How are you looking at, I mean, because INR 10,000 crores becomes a big base to grow from there on. So how do you think, two to three years out from here, your plans would be whether you'll venture out to newer geographies?
I think it is a work in progress. Currently, as mentioned earlier, the focus is still on these three metropolitan cities of Bangalore, Hyderabad, and Chennai. We do have a few Tier 2 cities like Mysore and Kochi and like that where some activity will be happening. But the primary focus is these three. And maybe in two, three years, we may take a call. I do not know at this point of time.
Okay, so just on the office demand?
We have a lot we would like to do more in Hyderabad and see that contribute a little bit more. So the way Chennai has also shaped up for Bangalore, we'd like to see the same in Hyderabad. So while we can reach or are working towards reaching these numbers, there is still a lot of opportunity in our existing market without having to look outside. So I think there is still room to grow where we are today before we really have to consider expansion into other markets because we fully believe that it requires focus to stay on certain markets.
Okay. And just to take your thoughts on the office now. We have almost leased out everything, and we're still talking about doing strata sales. So your thoughts on lease market now and whether it makes sense to do strata sales in your commercial or whether you should do lease also, given that we have a very strong balance sheet and cash. So how do you think in the next two, three years, this asset business will shape out?
Well, see, it is a part of our strategy. Strata sale also is part of our strategy because even we started our business itself in 1986 as doing a strata sale of offices. In fact, our first three projects were all office strata sales. So we are very comfortable with that. It's always a combination of strata sales and leasing. So it depends on a case-by-case basis. Some projects we will take with the intention of strata sale also, so that way, it is a part of our overall strategy.
And so your views on the office market now? So given that we have leased out everything, so if you can give some color on the demand on the office side.
Yeah. So we do have 2.67 million sq ft of office that is ongoing. So for instance, we have Boulevard, which is 840,000 sq ft in Chennai. We've started the construction for Brigade Padmini Tech Valley, which is 730,000 sq ft. We've also started the construction for Brigade Square, which is 190,000 sq ft in Trivandrum. So what we are doing is, because the existing portfolio is almost leased out, but like I said, Twin Towers will come into the portfolio, and that's something we definitely need to. We are working on leasing out as well. We're trying to do some pre-leases over the next couple of years to get the leasing going there. And apart from that, we have close to 3 million sq ft of office space that we will be launching soon.
So we have some properties closer to the Bangalore International Airport, a couple of projects in CBD. So we will be launching all of that. Even in GIFT City, we're launching another 380,000 sq ft building. Like I said, the one at the airport is 1.4 million sq ft. We are constantly doing new business development because we do want to continue to grow the office portfolio. In fact, we have a good growth plan there, and we are tying up properties. But just when it comes to office, it's very typical, right? Most of the leasing happens closer to once the structure is up. So it's just a little typical, but we are quite focused on some of the ongoing projects. And we will be launching a few new projects as well in the coming quarter.
Okay. Thanks. Those are my questions. Thank you.
Thank you. The next follow-up question is from the line of Biplab Debbarma from Antique Stock Broking Limited. Please go ahead.
Yeah. Two quick follow-up questions. The four million sq ft to be launched in Chennai and Bangalore in 4Q FY 2025, what will be the GDV of this project?
The GDV of this will be more than INR 4,000 crores.
Okay. And the Orion Mall that you are planning in Hyderabad, Kokapet, how big would that mall be?
It will be 600 ,000 sq ft, close to 600,000 sq ft.
Okay. So this Orion Mall in Hyderabad and WTC in Hyderabad would also be part of your pipeline that would be launched soon, right?
Yes. In the coming fiscal year, not in the next quarter, but in the coming fiscal year, we're planning to launch on that. But because the WTC sits on top of the. That will come in a little later.
Okay. Okay. But it is part of your pipeline there?
Yes. Yes. Definitely. Yeah.
Thank you. Thank you, ma'am. All the best.
Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Rajesh from SBI Mutual Fund. Please go ahead.
Hi, everyone. I had a follow-up question on the strata sales strategy. In a hypothetical situation, if we hold on to the asset and lease it out, what would be our yield on cost?
Normally, when you hold on to the asset, the yield on cost will be about 8% or so. No, 8% or so. But on our end, we sell it on cap rate, but our own yield may be about 10%-12%. Yeah. Mid-teens sometimes.
For Brigade Twin Towers and for Padmini, is it? That's the kind of yield you would expect on your CapEx?
On first year, yes.
On first year, m id-teens type. Okay. Okay.
Yeah.
That's all from me. Thank you.
Thank you. The next question is from the line of Rahool Jain from Elara Capital. Please go ahead.
Hi. Thanks for the opportunity. Just one question. What explains the dip in total collections quarter-over-quarter?
The collections is usually a factor of both collections from ongoing projects, so your normal milestone payments. I'm talking about residential because office and other segments were on track. On the residential side, the slight dip is because most of the collections coming from new launches ended up happening towards the very end of the quarter. So that's why we didn't have a full quarter to sort of realize those numbers. But I think it's just a timing effect. There's no real issue on grounds.
Got it. Thanks.
Thank you. The next follow-up question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.
Hi. Thanks for taking my follow-up question. So my question is on the price appreciation. I think most of the projects that we are now launching have ASPs in the range of anywhere between INR 10,000- INR 13,000 odd per sq ft. So across the three cities that we are present, I mean, what is your estimate of, you could say, the pricing increase that we can see over the next year? And secondly, also in terms of ticket size, I mean, what would be a kind of mix in terms of pre-sales for us in FY 2026? As in, how much portion do you think we'll have from units less than, say, !NR 2 crores , and how much, let's say, above INR 4 crores? I mean, a broad split also will be helpful.
Yeah. Yeah. Yeah. So for some context, I think if you look year- over- year, our increase in average price realization has gone up by 35%-40%. So there are two factors there. One is the type of product that Brigade is launching, the type of project that we're launching. And second is the overall market price increase for like-for-like kind of product. So the big factor of the like-for-like increase for the same kind of product over the last few years, that has already been factored into our pricing and into our launch strategy. So when we launch, we do not expect to see something like a 20% price increase year- over- year for newly launched projects.
We are fine to see a single-digit price increase during the lifecycle of the project because when we launch, we're also looking to sell about 50% within the first few months of the launch. And that will sort of anchor the entire price realization. So for all of the markets and for all of the products that we all of the projects that we are launching, it depends on that submarket and the product type itself. So going forward, our contribution from what I would call high-end housing, which is, I would say, INR 3 crores plus, that should be around 20% because of Brigade Icon, Brigade Gateway, Neopolis, and the upper end of some of our upper-mid segment projects. But typically, we will see what becomes upper-mid segment for, again, in our market, will be between INR 1.5 crores-INR 2.5 crores. Ticket size is going to be our upper-mid segment.
The mid segment will be from INR 80 lakhs to around INR 1.5 crores . We still believe that this mid segment, including upper-mid segment, should be around 80% of the total portfolio and 20% from high-end projects. Earlier, also, I had mentioned that we don't really have much contribution from affordable apart from our Brigade El Dorado project where we have some one-bedroom inventory.
Sure. Thanks. And the last question to Nirupa. What would have been the contribution from BTG and WTC this quarter?
Yeah. So for all projects for this quarter, we got about INR 188 crores in terms of the rental revenue. And for Chennai, it was contributed about INR 51 crores, and BTG contributed about INR 62 crores.
Sure. Thanks and all the best.
Thank you.
Thank you.
Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions from the participants, I would now like to hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments.
Thank you, everyone. Before we wrap up, we'd like to share a few highlights beyond our financial performance for this quarter. As Brigade said, our commitment to community development remains strong. Through the Brigade Foundation, our not-for-profit trust, we continue to support meaningful initiatives. The library by Brigade at RV University's Bangalore campus was inaugurated last month. It's a 60,000 sq ft, four-floor space designed to integrate digital and physical resources across academic disciplines. Furthermore, we're excited about the upcoming Brigade School for Business at RV University's Mysore campus. The Compassionate Companion Program conceived by Mrs. Gita Shankar, founder of the Brigade School, emphasized the message of balancing personal success with humanitarian efforts with the donation to the Wildlife Rescue and Rehabilitation Center at Jeevand hara Foundation and [Site Care].
The renovation of the Venkatappa Art Gallery in Bangalore is nearing completion with structural improvements, design enhancements, and expanded gallery spaces that will soon breathe new life into this historical landmark. Our annual flagship PropT ech event hosted by Brigade REAP for PropAGate 2024 was held in the first week of December 2024. It was inaugurated by Sri Priyank Kharge, Honorable Minister for IT/BT. The event brought together industry leaders, startup founders, and banking experts for insightful discussions. We also celebrated the graduation of over 16 startups, marking another milestone in our mission to foster innovation in the real estate sector. We're also incredibly proud of the recognitions we've received over the last quarter. We were recognized by IGBC as the Green Champion for leading the Green Homes Movement in India.
Pavitra and I were recognized as Women Icons of the Year at the Realty+ Women Icon and Conclave Awards 2024. Our chairman was inducted into the Hall of Fame and awarded the Pride of India at the Commercial Design Awards 2024, alongside being named Visionary Entrepreneur and Philanthropist of the Year at the Realty+ Conclave and Excellence Awards 2024. Our projects were also in the spotlight. Brigade Twin Towers was recognized as an outstanding concrete structure by the Institute while Brigade Cornerstone Utopia won Facility Management Project of the Year residential at the Realty+ Excellence Awards 2024. On that note, we'd like to conclude this quarter's earnings call. Thank you all for joining us today and for your continued interest in Brigade Group. Thank you.
On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.