And now it's time for today's very interesting management. Real estate giant DLF and the company's Managing Director Ashok Tyagi, sir, is now joining us. Tyagi sir, welcome to the show. Long time no see, it's good to see you. Tyagi sir, first of all, that new sales booking figure of 4,332 crore. It largely seems like Mumbai has welcomed you with open arms, that's a reflection of that. Well, that welcome we gave you must have exceeded your expectations. Should I consider that? And what is the update on West Park Phase 2? And more importantly, what launches are coming in Q3 and Q4 that we will be monetizing?
Okay, thank you Ashish ji. So look, you are right that these Q2 numbers of 4,300 crore include about 2,400 crore plus from the launch of Mumbai's West Park. In Mumbai, we were told that this sort of high sales don't happen in such a short period. Sales happen gradually, evenly. But frankly, we are very grateful to the customers that they showed great interest in our product. And in a very short period, we were able to successfully launch 100% of our Phase 1. As for your second question about when Phase 2 of West Park will come, look, it's like this: because it's a slum rehabilitation project, as we gradually build and hand over the slum rehabilitation, we keep getting new FSI. So we expect that roughly around September 2026, Phase 2 should come. The launch pipeline is the basis of one question. Ashish ji, we gave the market a complete five-year roadmap in February or March. We made a presentation at an analyst meet, and according to that, our total five-year launch plan, after deducting what has already been launched, we have products worth about 60,000 crore that we will launch in the market over the next 24 to 36 months. So this launch will continue driven by both approvals and demand. Now exactly what will come in Q3 and Q4? It will be difficult for me to say right now, except that we gave the market an annual guidance that we will sell approximately 20,000 to 22,000 crore. We are maintaining that guidance.
But you had given that guidance for FY26, and in the first half you have already achieved 72% of it. So does that mean you are not revisiting that guidance? Not increasing it, or will H2 be weak? Should we assume that? Why are we not revisiting that guidance?
Two reasons. One is that unlike a sort of assembly line operation like auto or any other, we don't have a new launch every day or every quarter or every month. Our big launch was in Pivana in Q1. Actually, we thought that launch would sell across two or three quarters, but it all sold in one quarter. So our launches are identified. We have one or two launches that, if approvals come, we hopefully will bring out by Q4. But as far as guidance is concerned, Ashish ji, if you look at our track record over the last two or three years, we always share a disproportionate share in the first half, and by and large we also exceed the annual guidance. But we do not revise guidance in between. So you need your intelligence to understand that I will not revise the guidance now. This is a good thing, Ashish. You know what happens? If you do well in the first half, the entire team becomes very confident about their appraisals, right? It's fine, no problem. [Laughter] If there is any problem in the second half, then what happens? When targets are set for the next year for the team, it becomes that much more of a headache. The previous sins are forgiven, targets will go up for you. And then what happens? If you do well in the first half and God forbid there is a problem in the second half, at least you win the match on backward-looking perspective. [Laughter]
Yes, that's good. That's true, brother. Absolutely right.
Well, sir, the Mumbai people are now attracting you to their side. Sir, I am sitting in Delhi. I am asking you a question. The Delhi market, the Delhi NCR market, that market has seen the biggest price hike in the last 5 years. Now, sir, what I feel is that demand is a bit sluggish in the Delhi NCR market. Have prices been driven so much that there is demand in the luxury segment, but in low cost housing? Although your portfolio is not very strong in that. Is demand drying up a bit there, sir?
So Virendra ji, let me give you a little perspective. It is true that over the last five years, the NCR market, especially Noida and Gurgaon, has seen a price rise that is not as much in the rest of the country. But if you go back five years before that, the price decline that came in NCR was also not seen in other geographies. It didn't happen in Mumbai to that extent. So if you calculate the average IRR over 10 years, perhaps NCR will not be very different compared to other markets. Having said that, your second point is correct. The reports we get indicate that some slowness has started to appear, perhaps in the lower or mid-range price points, it has started a bit. But the more important thing is, Virendra and Ashish, the large credible developers, whether listed or unlisted, whose products give customers confidence that they will deliver what they say, deliver that quality, deliver on that timeline, I think their demand remains intact. But yes, when the bull train runs, relatively sometimes other players also join in. Perhaps those players will gradually start to face a little resistance, especially if they are in the lower and mid-range product range. But again, early days yet.
Good, a follow-up on this then, Tyagi sahab. Real estate made a very powerful comeback from COVID when we emerged. Now, let's say from mid-2020 to end of that, and after that, four years of an amazing bull run phase. Now you are four years down the line. What is your assessment? At what stage of that expansion phase are we? Are we moving towards maturity or not?
