With a launch pipeline of ~5.5mn sqft (incl. ~2mn sqft in affordable) we expect the ~1mn sqft quarterly pre-sales run rate to continue (despite a slow start to FY20E post change in GST credit rules). We expect organized developers like BEL to continue cornering market share. We will continue to monitor the completion timelines and leasing velocity in the SEZ projects. Despite capex commitment of Rs 14.5bn we expect consolidated Net D/E to reduce to 1.4x by FY21E (vs. 1.6x now) as pending Rs 25.7bn pre-tax cash flows from real estate projects should suffice. We maintain BUY. We maintain BUY post an encouraging quarter. Our SOTP-based TP has reduced to Rs 289 (vs Rs 304 earlier). We have increased our EPS estimate by 10.5/10.2% for FY20/21E.