Q: Start off by putting the business as it stands right now into perspective: how much you have as a land bank and how much you hope to achieve by way of project execution over the next 4 quarters?

A: As of now, the current land reserves of the company stand at 112 million square feet, 80% of these land reserves are in the Mumbai Metropolitan region. The interesting thing to note is that 70% of these land reserves are actually owned by the company. So this is the differentiating factor between us and all the other companies.

Over the next 4 quarters we do expect good execution to happen. Last year we were able to complete 7 million square feet; this year obviously we will try and scale it up. The exact figures - we have mentioned in the Red Herring Prospectus, which are available to you.

Q: Can you talk a little bit about how you value all these projects because for many companies - construction or real estate that would be more important, from the 80% that you hold if you have to put a rupees crore figure to it how would you value them?

A: I am really sorry - we are not allowed to talk about valuations since the SEBI doesn’t allow that and since the valuations were included in the Draft Red Herring Prospectus but they were subsequently removed.

Q: What are the key projects that will come up for you in the next 2 quarters that you can talk about?

A: The company has around 45.5 million square feet of developments in ongoing projects; 85% of which the land cost is already paid for. It is across the length and breadth of Mumbai that we are present.

We have properties in Carmichael Road going all the way to Dadar into Bandra, Versova and then going into various other sub-regions of Mumbai. We are present now in Hyderabad and Cochin. A few of the other projects that we are into are slum rehabilitation scheme as well; although that’s only 15% of our ongoing projects.

We are doing a couple of major schemes in Bandra-Kurla Complex; it’s a 2.8 million square feet development, out of which 1.7 million square feet has been agreed to be sold to the Adani Group.

1.1 million square feet is still with us, which we will de developing over a period of time. The company also has a 17-acre plot in Versova, which along with Anil Dhirubai Ambani Group (ADA Group), is going to be put for the Metro rail yard - the development rights for that are with the company.

Q: How much of this 112 million square feet of land is owned by HDIL and how much is broken down into commercial real estate, commercial, residential, retail as it stands right now?

A: As of now, the 112 million square feet that we are talking, about 69.9% is actually owned by the company; 15% of it is under MoUs and agreements to acquire. But these MoUs do not have any revocation clauses. 11% of that is under joint venture with partners, but the joint venture with partners is only to the economic benefit of the project. It is not to the execution, the executions rest with HDIL. We are present in all business segments such as commercial, retail, multiplexes, offices - a breakup of it is available in the Red Herring Prospectus as to the ongoing projects.

Q: You touched upon the slum rehabilitation part of it: will you be bidding for the Dharavi project that’s ongoing right now and what plans do you have in terms of entering the airport and the SEZ space?

A: The company has received an in-principle approval for a multi-services SEZ in the Vasai-Virar sub -region. The State Government recommendation and other processes are on line now. We will venture into that as and when policies are cleared.

Q: How much of this amount that you will raise close to 1,500 crore will be spend in acquiring new land in 2008 and your current projects?

A: No money is being used for any development of planned projects. All the money that we are raising now which will be to the tune of 1,400 or 1,500 crore will be utilised for construction of ongoing projects. Only a 144 crore, which remains outstanding as land payment will be taken out from the proceeds.