5 September 2019 OBER has completed the Thane land acquisition by paying INR8.9b to GSK for a 60-acre land parcel with development potential of 10-12msf. According to management, 20-25% of the developable area will be allocated for affordable housing (AFH). The first phase of the project is scheduled for launch around Diwali this year (end- Oct) it will more likely be under AFH with a ticket size of INR12-15m. We expect good response to the project based on our catchment analysis (detailed project is likely to be rolled out close to Diwali. We expect Thane and Goregaon launches to substantially boost volumes velocity to ~1.6msf in FY20, double of 0.8msf in the previous year. Oberoi Realty Annuity portfolio revenue increased by a robust 33% to INR3.1b in FY19. Revenue from retail grew backed by renewals while growth in office portfolio increased due to higher occupancy in Commerz II. We expect annuity portfolio CAGR of 47% to INR14.