The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Congratulations on good numbers. My first question is on your office projects. So the Bangalore and the Pune one are close to completion and set
to launch. Can you elaborate on what is the progress on leasing there? And how are you seeing the market?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. And so I thought the total area leasability was 1.2 million, right? And you said 0.8 million.
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. So you're building 0.8 million in Bangalore and similar 0.8 million in Pune as well.
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. And can you also indicate what kind of rentals are you likely to negotiate there?
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NOVEMBER 09, 2023 / 5:00AM, PHOE.NS - Q2 2024 Phoenix Mills Ltd Earnings Call
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: And Bangalore?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. That's interesting. And secondly, on this land purchase, I might have missed it, I joined a bit late. On the land purchase, what are the thoughts
-- what do you want to develop in Thane?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. But you would have done some IRR calculation, right? And what would that have been based on?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Understood. And just on the broad question, I know you've answered it to a certain extent. How are you looking at deploying the huge amount of
free cash flow that you'll be generating? Should we expect anything in next 1, 2 years to get added and in which geographies...?
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NOVEMBER 09, 2023 / 5:00AM, PHOE.NS - Q2 2024 Phoenix Mills Ltd Earnings Call
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Right. Okay. But you have to spend close to at least INR 1,000-plus crores every year, right? So that's a large sum to spend as well.
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Yes, yes.
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