ORL is using interest subvention schemes for monetizing unsold inventory of 4.9mn sqft (~6x FY19 sales). New launches in Thane and Goregaon during 3QFY20E shall drive pre-sales recovery. Rentco investment in Malls and Office business will start yielding rental income from FY22E. Despite a tough environment, ORL recorded 47.6% YoY growth in residential pre-sales. Large outlay on Rental business amidst weak residential recovery shall put pressure on the stock price and limit further re-rating. We maintain NEU on ORL. We maintain NEU with a SOTP-based TP of Rs 525/sh post a largely in-line quarter. We have not made any material changes to our FY20/21E estimates.