Ladies and gentlemen, good day and welcome to DLF Ltd.'s Q4 FY2025 earnings conference call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Ltd.; Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business; Mr. Aakash Ohri, Joint Managing Director and Chief Business Officer; and Mr. Badal Bagri, Group CFO, DLF Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashok Tyagi. Thank you, and over to you, sir.
Thank you. Good afternoon, everybody. Welcome to DLF Ltd.'s Q4 and 2024-2025 years analyst call. Hopefully, all of you have seen the presentation by now. I mean, in all fairness, I think across the board, be it sales, collections, cash flow, net debt, profitability, and rentals, I think it has been by and large an extremely strong performance across the board. Our sales, as you know, have been, I think, at highest ever of INR 21,000 crore plus. We had collections of almost INR 11,750 crore and operating cash surplus of INR 2,300 crore in the quarter and a total of INR 6,200 crore cash surplus in the year. Our outlook has been the rating outlook. A strong PAT of INR 4,350 crore this year, which again is the highest for a long time now.
There's one more metric that a lot of investors and analysts used to task us, which was that you must now, over time, get into a double-digit ROE territory. You'll be very happy to note that this year we have had an ROE of 10.2%. We have crossed over into the double-digit category, and hopefully, we'll keep on improving year to year on this piece. The business continues to be strong. We had met most of you in the analyst day in March, where our Chairman and Aakash and everybody else had spoken to you at length. You'd also seen a couple of the projects, so hopefully, that should have given you more confidence as well.
In the spirit of what we had done in the analyst call, we continue to present the overall progress around the debt and the rent core articles, even though the financial data of DLF Ltd and DCCDL is there fully as per the statutory format. Frankly, we would encourage businesses, I mean, analysts and investors, to look at our RentCo specifically across the board, which is the rent core of DCCDL, which obviously is the biggest, followed by whatever little DLF has, and over time, as Atrium Place proxy. With that, I would like to hand it over to Sriram for a brief intro of the rent core performance, and then we open to Q&A.
Thank you, Ashok. The rental portfolio is now, as Ashok mentioned, a combination of DCCDL, DLF, and Atrium Place .
This total portfolio now has operating assets of about 43 million-44 million sq ft. As you know, the pipeline is there, so in the next year, 18 months, this will go up further. The vacancy levels, as I had mentioned in the last quarters, are down to 6%, which we had said we were targeting towards. I'm further pleased to say that if you take the occupancy by value, which means the rentals that you earn and the rental loss because of vacancy, it is about 4-odd % now. The progress on our rental side is pretty good. We, in this quarter, have received the occupancy certificate for Downtown 4 in Gurgaon, and about 10 days back, we have received the occupancy certificate for Downtown 3 in Taramani. Both these buildings, as you know, are pre-leased.
The fit-outs are in an advanced stage, and the rentals should start in another three to four months' time. The construction of Downtown Gurgaon, which is 5.5 million sq ft of offices and 2 million of retail, is in full swing. The construction of 3.5 million in two towers in Taramoni is also in full swing. These are two very large and game-changing projects. Downtown Gurgaon, once completed, will be a multi-use development of 12 million, and Downtown Taramoni will be a 7 million-7.5 million sq ft development. In DLF, the construction at Noida for Dowtown for Data Center 2 is just about completing, and the construction started for Data Center 3, which, as you may know, we have already entered into the lease agreement for. Atrium Place, our joint venture with Hines, is in two phases.
The first phase of 2.1 million is we expect the OC in the month of July, and 1 million, we expect the OC in quarter four of FY 2026 or quarter one of FY 2027. It's really a February, March, April next year target. I'm pleased to share that we have already leased the entire about 95% of the 3.1 million space. On the retail side, Midtown Plaza, which is our high street plaza, the OC has been received, and it is about 80%-83% leased. We are in the process of handing over the stores to the retailers to do their fit-outs. Summit Plaza, which is the plaza in DLF Phase 5, we expect the OC to come in about two-two and a half months' time. Promenade Goa, we expect the OC to come in another about four-five months.
Leasing at Summit Plaza has started, and Promenade Goa will commence shortly. Our journey in sustainability continues. During the quarter, we were able to get the U.S. WELL Institute certification of all our buildings. We realized that some of the larger American tenants wanted to know our Wired Score, which is a score on the digital connectivity of the buildings. Three buildings have now got a Wireds core, a platinum rating. We have asked the Wireds core Institute to rate all our buildings across our portfolio. I'm pleased to share that during the quarter, CRISIL enhanced our ranking to AAA with a Stable outlook. This is probably among the very few non-listed entities in the country which have got a AAA rating. At the same time, ICRA upped our rating from AA+ stable outlook to AA+ with a positive outlook.
After this quarter's results, we are hopeful that they will relook at this rating also. With that, I hand it back to Ashok to start the question and answer session.
Thank you, Sriram. We are now open for questions.
Thank you very much. We will now begin the question and answer session. Participants connected on webcast may click on the ask a question tab available on your screen. Kindly turn on your mic when the operator announces your name. For participants joining through the audio bridge, to ask a question, you may press star and one on your touchstone 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. Ladies and gentlemen, please stay connected. We'll take our first question from the line of Pritesh Sheth from Axis Capital. Pritesh, please go ahead with your question.
Yeah, hope I am audible.
Yes, please go ahead.
Perfect. Okay. Thanks for the opportunity and congrats on a great year across the residential and commercial segment. First question is on the launches. So INR 17,000-odd crore of launches planned for next year. Obviously, I think a few of them we know, which is Privana, third phase, Mumbai, and Goa. If you can share, apart from these three, what are the other launches which are planned? Specifically interested to know whether do we have launches planned for DLF City or IREO Land towards the later part of the year.
We are still in various stages of development and discussions. There will be something, say, in Q4, but at this point in time, we won't be able to speculate on that or to confirm. There are two, three things that are being discussed. This year, we've got our hands full already, and lots happening, actually.
Got it. This INR 17,000 crore includes these launches that we discussed till now, and anything over and above that will be obviously discussed later.
Yeah.
Perfect. Okay.
That is correct.
That plus the daily revenues will continue.
Yeah. Yeah. Okay. Okay. And second, on the commercial side, I suppose 4.6 million sq ft of office space between DLF and DCCDL, plus 1.4 million sq ft of malls would be delivered in FY 2026 itself. Exit rentals by FY 2026 would be INR 700,000 crore, if I'm not wrong, sir?
Exit rentals by FY 2026 should be about INR 6,700 crore.
Yeah.
That is because these assets which are getting completed this year, we will not have the advantage of rentals for the full 12-month period. In financial year 2027, we will see a further jump in the rentals because we would have had the advantage of these for a full year.
Correct. Nothing getting delivered in FY 2027, right, incrementally? Now, whatever we do will be two, three years later.
Yeah. Next year, the only delivery will probably be the Data Center 3 in Noida. The year after that, again, we will see a spurt of completions.
Yeah. Got it. Fair enough. I think those were my questions. I'll come back in queue in case I have more. Thank you.
Thank you. We'll take our next question from the line of Praveen Choudhary from Morgan Stanley. Praveen, can you please unmute and go ahead with your question, please?
Yes. Thank you. Can you hear me?
Yes. Please go ahead.
Okay. Hello, Mr. Tyagi. Hello, Khattar, sir. Hello, Mr. Ohri and Badal. First of all, I just wanted to congratulate for a phenomenal result. I just have literally one question, which is, if you can guide us about your operating cash flow outlook for FY 2026-2027, as well as CapEx, including construction, that'll be helpful for us to think about for the next couple of years.
Okay. Praveen, thank you. As you know, we typically do not guide in a very specific manner on the forward-looking detailed financial data. If you have seen now, for fiscal 2025, I think our total free cash flow was INR 6,200 crore. Now it is running at a rate of, okay, maybe this quarter was a slight hike because of one Midtown completion. It is clearly looking, I mean, running at INR 1,500 crore per quarter sort of a run rate, if you will, which will only keep on growing over time. You could make your own assumptions based on that. What was the second question? I'm sorry.
It was mostly about construction expenses and CapEx.
Yeah. The CapEx spent in RentCo, which, again, if I may say, the combination of DCCDL, DLF, and Atrium Place, in FY 2026 and in FY 2027 will be in the ballpark of INR 5,000 crore. This is a big jump of what we used to see earlier because the pace of execution of the downtowns and the completion of Atrium Place, etc., and the certain approval fees that have to be paid for incremental FAR will take it to about an INR 5,000 crore number this year and also next year.
Okay. That is very clear. As you mentioned, you are definitely spitting a lot of cash based on this free cash flow that you just explained, and we are seeing growth. You also grew dividend this year. Can you just rehash one more time going forward, how should we think about the dividend outlook, please?
Look, I mean, again, I would not want to make a speculative go-forward statement, Praveen. If you look at the last four years, our dividend has been growing from INR 2, INR 3, INR 4, INR 5, and INR 6. In all fairness, the dividend inflow from Cyber City has also been growing year on year. Both our outflow and inflow from Cyber City have been growing. I mean, I can't comment on exactly what number it will be for the following fiscal, but we do hope that we can sustain some form of a growth strategy that we have had on dividend.
That is very clear. Thank you so much once again, and congratulations.
Thank you.
Thank you. We'll take our next question from Parvez Akhtar from Edelweiss. Parvez, can you unmute yourself and go ahead with your question, please?
Hi. Good afternoon. Congratulations for a great set of numbers. I mean, if we, let's say, want to meet our whatever we have done in FY 2025 numbers, we would need significant absorption in the new launches, etc., that we plan to do in FY 2026. Just wanted to get your thoughts on how do we see one, launches and housing demand, and second, your outlook on the pricing front. Thank you.
Housing demand for good houses and DLF has got its own diaspora. Housing demand is on. Housing demand for quality products is continuously there. There is also what is happening is Gurgaon today has become a very solid investment option too. Why I'm not just saying building investment options was also monetized. People are monetizing it through rentals and all that because of the large Cyber City that exists with the major workforce that exists in Gurgaon and so many other things that the city today is in the employment matrix is almost number one in the top three in the country. There is housing demand for sale as well as rentals.
Therefore, a lot of people are investing in the DLF real estate as an asset class, which they prefer because of the certain quality deliveries and on time and the escalations that they get. Therefore, it becomes a very good opportunity to invest also should they not take it for their own. Our attempt has always been that we go for people who are buying these for themselves. That is one. Second, people who are also NRIs or the rest of India have started to invest in Gurgaon in a reasonably big way. Those people are doing this as an investment, and they get great rentals. If you look at our assets across the board, and I'm not even talking about our blue chip assets in the Golf Links. I'm also talking about Altima in the rest of Gurgaon region.
I'm talking about floors which we launched have great rentability. That is actually added to the entire demand scenario of Gurgaon.
Sure.
Parvez?
Yeah. Sure. Thanks and all the best for future.
Thank you.
Thank you. Before we take the next question, we'd like to remind participants connected on Vivek Cast, you may click on the Ask a Question tab available on your screen. Participants connected through the audio bridge may please press star and one. We'll take our next question from the line of Abhinav Sinha from Jefferies. Please go ahead.
Hi. Congrats on a strong quarter. Tyagi sir, any guidance for pre-sales that you would like to give for next year?
Any guidance for sales? Okay. If you recall, Abhinav, when you were here in March and we had that big analyst day, we had said that we will continue to be broadly at this level, what we have achieved last year. I think, but I'd still say that we should be in the INR 20,000-22,000 million range for next year. Again, as Akash has consistently outperformed in the last three years, I do not see why he cannot again. Right now, our guidance will be INR 20,000-22,000 million.
Sir, also on cash collections, we've had a very strong year. Do you think that we will sort of have INR 30 billion quarters now or even higher?
A quarter collection.
I think, Abhinav, our trajectory should not be any different from what possibly we have achieved in the last couple of quarters in terms of gross collection. It should follow the same trend line in the coming year.
Okay. On the construction cost for the DLF part?
Construction cost, if you see the cash flows, we spent around close to INR 724 crore in the last quarter. I think this number should become the baseline for next year with all the projects coming through. I would say INR 800 crore a quarter, inching up slightly over the next three-four quarters, should be a safe assumption to take.
Okay. That's very helpful. My next question is for Mr. Ohri. Sir, on the Privana side, how are we looking at the next phase currently and what the product and the size looks like and what's the timing here? Thank you.
Okay. So the Privana North is a far more evolved product. It is quite a nice product. Allow us a little more time to come to the market to come and talk about it for compliance reasons. Like anything else, it is the natural progression. The area has been pretty well received and established. It abuts a great green lung. It's got great infrastructure where five minutes you are in various parts of well-connected expressways. The two products themselves, the two launches have been so well received. Previously, as you are aware, South and West. It's a very homogenous setup in terms of both the product offering as well as the crowd. Overall, the Privana, it's like one contiguous 116 acres of a thing which is of a piece of land which has really been received very well by the people.
I feel that is something people look forward to. It's now an established brand within the DLF stable. Privana is an established brand. It's got a very healthy and very eclectic mix of people who bought Privanas in the previous lots also where there are all sorts of people who have taken it. The good part is that since we know most of them, they've taken it for their own purpose to reside. I think that has kept us sticking as also to let you know that presently, the two Privanas that were sold last year are trading at a premium of INR 2,500-INR 4,000 a sq ft at present as I speak to you, which is also very heartening and good to know. That's the kind of demand that the present set of Privanas have.
Therefore, now the next phase, I think as soon as we have our paperwork in terms of RERA and all done, we will be in the market very soon. You should hear about it soon.
Sure. All the best and hello.
Yeah.
Yeah. Sir, I will just get back in the queue for more questions.
Thank you. We'll take our next question from Akash Gupta from Nomura. Please go ahead.
Hi. Am I audible?
Yes, Akash.
Please go ahead.
Hi. Hi, everyone. Congratulations on a great set of numbers. My first question is on the timing of the launches for Privana and the Bombay project and the next phase of Dahlias. How are we looking at the timing of launches?
Timing of launches are now in Q1. For the first two, Privana and Bombay, we are working towards the Q1 story. Dahlia is obviously, as I mentioned to you, once the experience center is ready, which would be sometime in November, December, we will then do the show and tell and kind of bring it. In fact, this particular thing was the main launch is slated for then for the Dahlias. For the Privana and Bombay, it's now Q1.
Okay. So are we sure that we'll get the RERA approval for the Bombay project in the first quarter?
Yes.
I think we will. Frankly, the reason for the delay of a few weeks on the Bombay project has actually nothing to do with RERA. It is that because it is a slum rehab society with multiple societies whose approval and all of those things have to be taken. I mean, it is just the multiplicity of the smaller approval which has led to a delay. I think we are now looking good, as Akash said, for hopefully.
Got it. Got it, sir.
RERA in June for sure. Yeah.
Got it, sir. My second question is about the Privana North product. Sir, your previous Privanas have been sold out with awesome demand. I wanted to understand what kind of interest is this product generating?
As I was saying just about in the previous question, Privana has got an established ecosystem today. There is a very good demand for the Privana. The present Privanas are being traded at a premium of INR 2,500-4,000 a sq ft. Therefore, there is a reasonable demand for the new offering now, and people are waiting for it. As far as we are concerned, we'll get into the market post-RERA and then get down to doing what it is. Right now, overall, I think because I'm not in the market, I can't give you an exact statement here. I mean, what I hear is that there is a reasonable amount of demand, and people are looking forward to the launch.
So.
That's great. Yeah.
Thank you.
Thank you so much, sir.
Thank you. We'll take our next question from Tarun Gupta from Millara. Tarun, please unmute yourself and go ahead with your question, please. I'm sorry, we've lost his connection. I now invite Pritesh Sheth from Axis Capital to please unmute and go ahead with your question.
Okay. I think it was answered a bit in the previous question. Just on Privana again, previous two phases have been sell-out with the kind of expectations that's already built in since we are closer to the launch. If not during launch, but if there's a demand, would we still look to sell it out by this year? What's your base expectation for Privana North for this year? A similar question for Mumbai as well. We've been hearing about a lot of demand coming from NCR and especially from Gurgaon as well for the Mumbai project. Just your initial thoughts on the kind of interest that we have got for Mumbai as well.
Yeah. You're right. DLF product today is agnostic to geography in terms of investors. Today, you are looking at various sets of people who are wanting to pick up a DLF home. As I said previously also, why they're looking at it is because these are not dead assets. Not only do they make money in capital appreciation, but also you can have recurring, once you lease them out, you have recurring income also. It's good for both investors and people who want to live in them. Right now, as I see it, there is a sizable demand. I can't go beyond that today to explain to you because you understand why. There is a sizable demand for both the products, both here in Privana and Mumbai, both from the micro geographies, rest of the country, as well as the NRIs.
We will cross the bridge when we come to it. Just give us a little more time. I think we will have more answers for you, and you will hopefully hear about it. I would just like to leave it here right now based on how we want to do it. Yes, as you know, we do not discount our products. We do not do that. I think at this point in time, we planned a structured launch to do some launch, some towers now and some in the following quarters. I think let us see how it goes. Also, because Mumbai, it will start raining from June end. I think our window is very short in June for both Mumbai. Of course, we have got as soon as Privana comes in before that. Both are going to almost run concurrently.
Okay. So phasing out of towers that you mentioned is for Mumbai project. And Privana would be all opened up altogether, right?
Prevana also, like I said, it's too close to the quarter end. Also, June is the time where North India generally travels. Most of the people are out for vacations. It's just the timing. Otherwise, there is a good amount of, I'm only talking about logistics. Right now, just to manage logistics, that's all. Otherwise, as far as demand is concerned, right now, so far, we're in a good place.
Sure. Sure. That's it from my side. All the best and looking forward to good news in June. Thank you.
Thank you.
Thank you. We have our next question from Manish Dhariwal from Fiducia Capital. Please go ahead.
Yeah. Very good afternoon. Am I audible?
Yes, sir.
Please go ahead.
Yeah. Thank you very much for this opportunity. Great numbers, great performance. Year on year, as the MD mentioned, it's been an incremental improvement year on year. All that's very good news. See, the thing is that my question was a little long-term-ish in nature. I wanted to understand how is the management attempting to build DLF into a structural business, not a hardcore cyclical business that a typical real estate development business is? You're a great brand, okay? That's a great strength that you have an advantage of. Also, a great rental business, the biggest in the country. How is it that you kind of maybe the structural story? Or is that even a thought?
Yeah. I mean, Manish, a very interesting question, frankly. I mean, clearly, we have two halves of the business, the development and the rental business. In some sense, the rental business provides the stability and the gradual increase while the development business basically is the one where you take risks, hopefully grow a lot, and then unfortunately also encounter a few cycles when it happens. The combination of these two provides natural institutional hedge against a completely all-or-nothing story, which may impact developers who are only in one side of the business. That is clearly one. From an institutional and from a management standpoint, we have clearly been strengthening all streams of our management over the last few years now in that sense. I think we feel that now we have the wherewithal.
I mean, something like COVID happens in a big way. Nothing can be for six months. You may have to ride it too. For most normal business cycles, I think we are now reasonably well covered. Yes, this is the residential business will at some stage have a security to it. When it comes, I do not think anybody has a crystal ball on that. I think we are reasonably well captured. Also, structurally, there are now zero leverage companies on the development business. That entire pressure that we used to have earlier of being caught in a down cycle with no debt, I mean, that is gone now. Yeah.
Manish, you're on mute.
Yeah. Yeah. Am I on mute now? Can I?
Yes. Please go ahead.
Yeah. Just to take this forward, and thank you so much for this answer. See, now I think we've reached a situation where about 15,000-20,000 floors of development sales can happen on a, like the market is taking it, right? In fact, there are other competition which is also doing it. When I mentioned that how you kind of make it a structural thing is then, so you have a huge land bank in the NCR, that is Gurgaon and the extended Gurgaon and the further extended Gurgaon region. Now, one way to de-risk that is to have a multi-locational kind of a play. You've tried Goa, Mumbai in a very small way. I basically want to understand that can the company or maybe are your long-term plans, do they talk of 15,000-20,000 kind of sales on a year-on-year basis?
Manish, if you can mute, please. There's some disturbance on your line. Thank you.
Yes. I'll mute it. Yeah.
Thank you. So Manish, first of all, obviously, while our sales are running at this INR 20,000 crore approximately level, I think we internally chase two metrics, which is A, the free cash flow that we are generating, and B, the embedded margins that we are generating. You could have developers who are doing INR 35,000 crore of sales and generating embedded margins of maybe INR 7,000 crore, while there are developers who are INR 20,000 crore can generate embedded margins of INR 12,000 crore. We would like to be in the latter category. So we clearly want to be in a situation where our embedded margins on an annual basis continue to be in the five-figure range and the sales that supports it. While Mumbai is a geography which interests us because it is the largest real estate play in the country for sure.
Having said that, I do not think that we have any doubts in our mind that our center of gravity will overwhelmingly remain NCR. That is for clear in that sense. NCR today is one of the deepest and one of the widest sort of markets that exist in the country. There are pockets of NCR we are not present in also today. I think there is enough to grow in NCR itself.
Thank you.
This question about the structural stability or institutionalization, I may just add to one or two points which Ashok mentioned. As we have declared, we have adequate freehold licensed land to take forward our growth for the next several years, whether it is on the residential side or on the renting side. I think that is a very big competitive advantage that we have over the other developers who are continuously scouting for land and therefore have to be on the edge at all points of time to grow.
I would agree. Absolutely. Thank you for your detailed response.
Thank you.
Thank you. We'll take our next question from Kunal Lakhan from CLSA. Kunal, kindly unmute your microphone and go ahead with your question, please.
Yeah. Hi. Thanks. Good evening. Sorry, I just missed the timelines on launches of Goa and IREO. Also, if you can comment on our Delhi subsequent phases, what will be the timeline of launching that?
Kunal, half of your question, I think, was muted at that time. Can you please repeat?
Am I audible now?
Yes, sir.
Yeah. Sir, I just wanted the timelines for launches of Goa, IREO, and also the Delhi subsequent phase.
IREO, I think we should be in a position, hopefully, with all the approvals. IREO was, as you know, it's an 8.5-acre parcel, but it is two distinct parcels. I think we should hopefully have all our approvals done sometime in this year. If all goes well, I mean, the IREO pieces should be launched next fiscal. Mumbai, we have completed one mid-term as part of some residual sales that remain. I think Mumbai will get back to the planning stage. Not Mumbai, Delhi. Delhi. In Delhi, we will get back to the next stage and to the planning stage. A Delhi launch of the next phase may not happen next year.
You mean FY 2026, it will not happen? 2027?
It may not happen in FY 2027. It may take longer than that.
Okay. Okay. And Goa?
Goa should happen sometime this year, I presume. Yeah.
Second half?
Second half, I'm—
Yeah. Around that time.
Around that time.
Understood. Understood. Thanks. My second question was to Khattar Ji. Sir, if you look at the Cyber City portfolio, right, which is, I would not say mature yet because when I look at the rentals, I would say about INR 110-INR 115. And when I look at the rentals in the newer blocks that we are leasing, like INR 145-INR 175, what is the re-rating potential there in terms of rent over the next few years?
Let me take Cyber City, which is really a legacy asset. We have the current rental for the minimum space that is vacant and for the term expiry is in the ballpark of about INR 125-INR 135. If you compare that with Downtown Four, which is the last building, or Atrium Place, which we have just leased, that is in the ballpark of INR 160-INR 170.
Sure. Sure. Understood. Probably it'll never reach those levels because these are much newer assets. You're saying that roughly about 10% upside potential on rent on the Cyber City portfolio is something that we should look at?
I think maybe a little higher than 10% compared to the weighted average rate that is already there in the portfolio.
Understood, sir. Understood. Secondly, on the ROE target, we have reached 10%+ , so that's a great thing. On a sustainable basis over the next, say, two to three years, where do we aspire to be?
As I call, about four years back, we were told that ideally we should at least target at the double- digit first. Having done that, now, obviously, double digit teens atta, mid teens atta. Let's see how that process runs, yeah.
On a lighter way, triple digit is still a little way off.
Okay. Okay. Thank you. My last question is to Badal. Badal, this year, we had a fair bit of deferred taxes or tax reversals. How should we look at tax rate going ahead over the next two to three years, maybe?
The tax rate should be normal to my mind. The deferred tax was a very, very minor component in the current P&L from a P&L perspective, Kunal. The tax rate from a P&L forecasting perspective should be business as usual. No significant deferred tax asset gain to be considered in the coming years.
Understood. Thank you so much and all the best.
Thank you.
Thank you. We have our next follow-up question from Abhinav Sinha from Jefferies. Please go ahead.
Hi. Thanks for the follow-up. First question on Dahlia is what are the price points we are at right now, and what could be the jump when we relaunch in 3Q?
Abhinav, right now, we are at almost about a lakh plus on carpet.
On carpet, yeah.
Right now, that's where we are. Just to tell you what Camellia is about now, two lakhs on carpet. You do the math now because we are almost sold out. As you know, we are sold out in Camellia. We've got nothing. Tomorrow, when people want to get into the DLF Golf Links, the price points, I think, will continue to go up. I do not want to right now speculate on what we are going to be. If you see the gap between what Dahlia is today and what the present prices of Camellia are, I think that's what the catch-up will be. It's going to be faster because of what Camellia has already delivered, done. People have seen the product, used it, using it. Therefore, there is obviously a great legacy.
I think people who missed the boat then are now joining the Dahlia story. There is a tremendous amount of, I'd say, money to be made. Also, there is a good amount of escalation here.
Great. One clarification, I think, Tyagi sir, if you can provide on the land bank slide 17. So we have this 12 million sq ft of pipeline in DLF City and 9 million in New Gurgaon. So what does this refer to specifically among the projects?
The DLF City refers to primarily the IREO timeline, Sector 61. It refers to some pockets that we have for group housing in DLF City in the earthwide DLF phases one to four. Privana is reflected in New Gurgaon.
Okay. Metros will be Mumbai then?
Metros are Mumbai and Delhi. Mumbai, Delhi, Goa.
Okay. Thank you.
Thank you.
Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand over the call to Mr. Ashok Tyagi for closing comments. Over to you, sir.
Okay. Thank you so much for joining this call. As I think we sort of presented, and I think a lot of questions also were on the same tune that it's been a pretty strong performance. The key for us continues to be how do we sustain ourselves not only on the sales cycle, but also on the execution cycle. Because now, between the rental buildings that we are building and the sales commitments that we have made, I think we are already building now in excess of almost 45 million sq ft, which is under construction today. That number will keep on growing. That's the number that we have to track because selling is exciting, but you also have to eventually deliver those products. We have had a pretty strong tracker of delivery.
On all the financial metrics, as we mentioned, we will continue to be razor-focused on PAT, on EBITDA, on cash flow, on rental rates. As Mr. Khattar also said, that even on the older buildings, he keeps on trying to see how we can squeeze in an additional 10% there. We will continue to be extremely focused on all of that. Hopefully, look forward to reconnecting back with you guys in the June analyst call. Thank you.
Thank you, members of the management team. On behalf of DLF Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting.