 Very good evening ladies and gentlemen, I am Amit Madhmani from Saiya State Concertance and one thing that I am not going to do this evening is to talk about Raiga. We received our first communication from Gautamji's office about couple of months back for certain advertisements that we have released and I must tell you that since the time we have received that communication and today we have also evolved as a company. So, when we talk about brokers today I have about 198 people working with my company called Saiya State Concertance which I found about 7 years back. The way start to start talking about the broken community, the way when I dropped out of college to join an airline called Jet Airways and I joined as a cabin crew in 2004, served the airline for about 6 years, started this company Saiya State Concertance. I came only with limited knowledge of customer service, learned from the military school of customer service Jet Airways. In 2010 when I thought of being a broker, there was nobody who wanted to associate with me when I started formulating a team. Back in 2010 that is just about 7 years back, broken was not something an IIM or an IITN would think of but today out of the 198 people we have a sequel of Madhuri Dixit. Now everybody wants to start this, that is the sentiment which is there within the company because broken as a profession has picked up big time in the last 7, 7.5 years. There are people starting from 20,000 rupees a month going up to about 1.2 crore rupees annually is the kind of people that we recruit in our company. There are IITNs, there are IIMs who have chosen to work with our company. The way the entire broken community as a whole has changed is very very exciting. I was at a radio station a couple of hours back and the RJ asked me what do you think about sales? How will brokers contribute? So realistically I feel the brokers also have to take a stand. Ki kya bechna hai aur kya nahi bechna hai. There are many a times we look at bottom line, we look at okay 2%, 5%, 7% but heart and heart when we are speaking to a client we know that this product or this flat is something which is not good for that specific buyer. Brokers in this session today will know that appreciation at least in Mumbai markets for the next 18 to 24 months at least I do real estate for about 16, 18 hours every day. I do not see any person putting in money and after an entry load of 17% right at the outset any appreciation. In fact I have been consistently writing and talking about it that if you are planning to make money my developer friends probably will not like me saying this but I will still maintain the stand that says real estate when you buy at 17% entry load may not give you the kind of returns that we are speaking about to our clients and users whether it is a built-in sales team or it is a broken community. In fact mutual funds, equity markets, fixed deposits, debt all these you know asset classes are much better. We have been consistently maintaining our stand that if you are planning to buy real estate if you are consuming real estate then only think about going to a real estate broker or a sales fraternity. Now talking about numbers whether markets are bullish or bearish. I have always believed that in a country like India where you have immense demand immense population. It is only about clear communication. So Manish spoke about our company trying and using innovative strategies. We sometimes use Bollywood celebrities. We try and use mince words, use Hindi, English, everything to reach out to every pocket. Try InKalab sometimes, try Gujarati midday, Bombay times. What are we trying to do? We are trying to reach out to each and every one basically utilizing the population of Mumbai. Hence all my developer friends whenever they speak with me they ask me How are you doing? We hear about SIE State Concert and selling X number of flats. Are you guys only doing affordable housing? So I am a believer of the fact that everything in Mumbai sells provided. Execution is good. Communication is clear. The developer's intention is good. So as far as demand is concerned I am a big fan of the fact that there is no shortage of money in the market when it comes to subscribing to good properties. But yet there was a panel discussion wherein we spoke about 70-80% developers or 70-80% developers being wiped out in the market. I strongly feel that there is a great sense of rather an energy flowing within developers where they know that they are in danger. Many of the developers have started looking out for JD and JVs and they know that EMU won't be able to do it. This is a project that I will not be able to do. Let me hand over the project to somebody else. Let consumers see the light of the day. We have also been working with certain developers who have not done very well in the last 2-3 years. We studied their books KPMG is on board, EY is on board. They give us all the guidance as far as taking a project is concerned. So though we look at past history, if we feel that the developer has potential, clear title, we help the developer by getting 100% barter. Talking about the role of brokers today, it is not only about you showing a flat, you have taken its token and the cheese is gone. You have to go an extra mile and see whether the developer needs funding, the developer needs any organized investment. If the developer needs a contractor who can come into play and say, I will take your 100% inventory on barter, let us say that 2 is to 1 ratio. So entire cost of construction can be outsourced to a contractor who will do the bartering. Talking about how 2017 will play GST, RERA, demonetization, all 3 things, any change in my view initially is stressful. But if you look at it 3 months, 6 months from now, you look back and see that it was a good change for the industry today. So many consumers come in, they don't understand floor guys, they don't understand car park, they don't understand GST. More than selling stuff, concentrate on selling stuff. If we can halt at this point in time, give about 3 months to our businesses and accept that in these 3 months, there will be no deal. Speaking about brokers or speaking about developers, that in these 3-6 months, I will not have sufficient cash flow. Can I go to banks, can I go to private equity, finance options and check whether they will be able to give me a short term, 3-year or 2-year stop gap arrangement? Because the more desperate, so look at today's paper, we've got 3 jackets, 4 jackets. The media definitely is encashing on this opportunity where developers and a broken community is spending money on advertisements and we are having fierce competition within ourselves. If we can educate, now there are a lot of ads that talk about zero GST impact. I was speaking to a journalist this morning from economic times wherein she was telling me that consumers do not understand what is zero GST impact. She had a question and I will discuss that with you. When you say zero GST impact, does that mean that your building is OC or hence you are not going to buy GST? Or does that mean that the developer is absorbing GST? GST forms about 12% of the purchase in the state of Maharashtra with absolute no clarity for the consumers. Few developers are saying I'll absorb 6% while few others are saying I'll absorb 12% while others are offering discount on the baseline. So if we stop aggressive sales, concentrate on the nomenclature around taxation, maybe come up with plans where we say that we are not charging for Kappa, we are not charging floor rise, my base price is 60 lakh rupees, in 2015 I used to sell this at 75, today I'm selling this at 60, I'm offering a flat 50% discount. We know India is a country where you see a lot of festivities, a lot of buying happens during Dasera Diwali. I am of the opinion wherein to give gold coins, to give gold bars, free vacations and cars and scooters to people who are buying flats may not work now because as a middle-class family I will take my wife and kids out on Dasera Day and purchase something which is worth 5 grams or 10 grams of gold but I am not going to cut out a check without doing proper due diligence, without checking the RERA number, background and history. So during this festival period, in fact give you some very startling numbers, we did, we usually do anywhere between 60 to 75 crore rupees of sales across about 35-40 sites that we man every weekend. So weekend at Science State Concerts starts on a Tuesday afternoon at 2.30. From Tuesday afternoon 2.30 to Sunday midnight we sell anywhere between 60 to 75 crore rupees of inventory. A lot of media sales guys came to my office and said, Sir this period between 5th and 19th, do not advertise in this because you will not get any response. As per Hindu calendar it is a very unospicious period to buy or look at properties. I have documented written proof that between 5th to 19th my company sold 6% more than we usually sell within a fortnight. So the message here is that I give you car free, I give you coin free, I give you Singapore free but my core product is not good, my execution is not good. I have a sales member team which is 40 people are sitting there nicely dressed, IIM, IITNs, JV IMS, Wellinkers, you know X, Lodha and X flamboyant companies but my site office's main site I can count workers that there are only 7, 8, 10 people who are working there. I don't see construction material, I don't see steel, I don't see anything, any activity. Let me tell you, I am a ridiculous sales guy because I never followed up with any of my clients more than once and I tell you that's the best sales strategy. The minute you call up anybody more than once, and this is one question that most of the developer friends have asked me, does it actually sell? You spend so much money, 50, 60 crore rupees, annually on jackets, on advertising, I have seen close to 300 hoardings across the city. Does it actually sell? The art of selling is not enforcing anybody to cut out a check because either the wife is not like or somebody in the family is not like but if you only use right communication tools, say this, Sir, this is 65 crore flat, this is 450 crore carpet, there is no floor rise. I can't give you a building for 5 years, I won't make a building for 5 years. Then let him take a call, do you want to take me or not? But you commit 3 years and then we know that, you know, micro and micro factors will not allow us to execute at the pace. Anybody with, you know, I'm 33 in this area, there are people with 33 years of experience of real estate and related areas, can we predict what is going to happen in the next 6 months with certainty that January may you will not have the fourth so-called bullet that will hit real estate and ensure that prices do not go down further. So, hence when it comes to committing on execution, communication, jitna, transparent, we keep talking about transparency but heart in heart, all my broker friends, when you sit down, so I am here, the minute I get down I will speak to my sales director what happened in the next 30 minutes when I was not online checking on the sales speaker on email or on WhatsApp. He tell me I tried convincing X, we all do it. But what we need to do is if you see somebody and you realize this is not good for that specific person to buy real estate, walk up to that person and tell that this is not the right time, maybe you can come back to me in 6 months. And this works because that is what we have been consistently doing. At this point in time, at size end, we end up selling close to about 2000 crores of inventory only from our Mumbai office. There is a new Dubai office because we believe that the Middle East UAE audience, we don't sell the macro properties, we don't sell Danube there, we sell the island city in the Middle East in Dubai because we feel that Indians settled abroad. First, you go to any NRA at this point in time and tell him I am a real estate guy. Be prepared to listen to him for 20 minutes of what an NRA feels about Indian real estate. And after you have heard him out, then tell him I have not come here to sell anything. This is A, B, C. Whenever you are in India, you come down to my office, see the growth, Rai Rai is doing this, Gautam Ji is doing this. Our current CM is very dynamic. The minute somebody talks about a dynamic CM or good political structure, you know that thoughts come maybe this guy has some funding or something to do with political touch. But I strongly feel that the current environment is most conducive for bullish markets. When I say bullish, the B2B fraternity will feel that I am talking about prices going up. But no, I am a staunch believer of the fact that prices will continue to correct because 99.6% of the entire market comprises of whom buyers. What do buyers want? Buyers want affordable housing. The vision of 2022. If you have seen our current campaign, which Manishri is designed, talks about difficulties that one goes through when you are commuting within the city. And there is a question mark put why. The answer to that lies in introspection that these are the difficulties that the consumers face. Can I simplify? Can all of us agree that the next one and a half years is going to be a difficult ride? Can we tell our companies that one and a half years I am not going to make money? I will keep my head above water and 2019 onwards it will be a fantastic year, great 10-year run where you can work on decent margins. In the next 18 months, however hard we try as bankers, developers, contractors, brokers we will not make money. We will have to accept this fact and then work in that direction. Now going into Q3 and Q4, I feel that it is definitely the concept of survival of the fittest but I also agree with people who would say that smaller developers are trying hard. I see a lot of developers between 30 to 45 years old. We write of developers who are of second generation not giving them enough credit that this was a business which was created by the father and the son is not capable to do this. Lot of young developers today are architects, are engineers. They lack the ability to come to a Mumbai audience or an Indian audience and say that yes, I ensure that you will get your homes on time and I will give you a product which is something which is world-class. So overall, we are quite bullish. If I have to summarize in 60 seconds as to how we managed to sell inventory is we do not push, we do not call the client more than twice. We take projects up where developers are offering a gendered 25 to 30% discount and we are positively disruptive. We will continue to stand for consumers ensuring, educating developers that the next 18 months are slightly sensitive. Please do your 100% in execution, execution and execution. I do not see any other formula which will bail out the industry from a lull phase to a phase where they will again start making money. On that note, thank you very much. Mr. Badwani, if I may please request you to remain on the stage and if I may please invite Mr. Vijay Manhot as well as Mr. Anurag Bhattra to please come on stage to present. I took no gratitude to thank Mr. Badwani as well. We have with us Mr. Tripthi joining Mr. Manhot on stage to do the honors.