Subvention schemes continue across ORL's projects (NHB's directive does not affect banks) which, along with ORL's strong brand recall, will aid inventory monetization of 4.6mn sqft (~4x FY20E sales). Timely launches in Thane/ Goregaon and pre-sales momentum improvement post receipt of OC in Worli will certainly aid pre-sales growth in FY20E, outside Borivali. Off late, the industry has been plagued with an increasing credit crunch (both for buyers and developers) and the reduction of FSI charges (for a 2 year window) from 50% to 40% is a positive development in such a scenario. ORL will continue to incur large capex to complete its annuity portfolio which will put pressure on the stock price and limit further re-rating. We maintain NEU on ORL. We maintain NEU with a reduced SOTP of Rs 517/sh (vs Rs 525/sh earlier). We have cut FY20/21E EPS by 3.9/3.5% to account for increased interest expense. Real estate headwinds mar re-rating.