Investor Presentation 8th November, 2019 - Indiabulls

Indiabulls Real Estate LimitedInvestor Presentation8th November, 2019

Financial PerformanceKey Financial Highlights: Q2 FY19-20Q2 FY19-20Q2 s ( Cr)733.0904.2PBT ( Cr)365.9136.9Income Tax ( Cr)64.861.1PAT after minority interest ( Cr)301.275.9EPS ( )6.651.68IBREL ConsolidatedRevenue from Operations ( Cr)Other Income ( Cr)Total Revenues ( Cr)2

Business Update Company has made substantial progress to achieve Zero Net Debt.Accordingly, the Company has achieved the following milestones:o Completed strategic divestment of its 50% stake in the JV Portfolio tothe entities controlled by Blackstone Group Inc (Blackstone) for anaggregate equity value of 2,717 Cr. Reduction of 2,242 Cr of bankloans exposure.o On 2nd Nov, Company divested Hanover Square property, London.Reduction of 1,162 Cr of bank loans exposure. The Board of Directors of the Company has approved a proposal ofbuyback of upto 5 Crore Equity Shares at 100/- per Equity Share, throughthe “Tender Offer” route. Rating agency, Infomerics Valuation and Rating Pvt. Ltd, has assigned thelong-term rating of “IVR AA-” (with Stable Outlook) and “IVR A1 ” to shortterm borrowings/instruments of the Company citing substantialimprovement in the capital structure, adequate liquidity, and businessstrategy focusing on asset-light model.3

Portfolio Summary as on dateIndiabulls Real Estate LimitedDevelopment PortfolioDevelopmentCompletedUnder ConstructionPlannedArea(Mn.sq. ft.)Office Rental PortfolioSalesValue( Cr)1.465921.816,8448.35,089# Annualized Annuity Revenue by FY22RentalUnder Construction#on basis of 98% occupancy.Land BankArea Annuity(Mn. Revenuesq. ft.) ( Cr)2.4460Land BankArea(Acres)Mumbai, NCR &Chennai1,929Nashik SEZ1,4244

Growth Plan Company will focus on its core markets - Mumbai Metropolitan Region & NationalCapital Region for sustainable growth, and strengthening of its on-going businesses Regular sales from the under construction office properties to Investors, and deployfunds to acquire land parcels/unfinished projects for development Company will focus on asset light model through JV development with landowners/other developers without incurring significant upfront land acquisition cost. Unexploited Land Bank - 1,929 acres of fully paid land spread across Mumbai, NCR,Chennai, and additional 1,424 acres of Nashik SEZ. The land bank has the growthpotential for Development & Rental portfolio and worth atleast 5,000 Cr onreplacement value basis. Current Development Portfolio - Execution of ongoing & planned projects togenerate a Net Surplus of 11,015 Cr. This excludes all projects & assets that willbe sold in the current financial year (as mentioned in the previous slide). Updateson these ongoing projects are included in Appendix 1.5

Appendix 1 – Project Updates6

Development Portfolio7

Blu Estate & Club, WorliLocationWorli, MumbaiArea (Mn. Sq. Ft)2.10Total Sales Value ( Cr)8,715Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Actual image3393,184Actual image8

Indiabulls Greens, PanvelLocationPanvel, Navi MumbaiArea (Mn. Sq. Ft)8.95Total Sales Value ( Cr)4,413Pending Collection from Area Sold ( Cr)1,261Net Surplus ( Cr)Actual image863Actual image9

Indiabulls Golf City, SavroliLocationSavroli, Navi MumbaiArea (Mn. Sq. Ft)5.40Total Sales Value ( Cr)2,513Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)891,233Actual imageActual imageActual image10

One Indiabulls ThaneLocationThaneArea (Mn. Sq. Ft)1.59Total Sales Value ( Cr)1,827Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Project location3141,011Actual imageCGI11

Enigma, GurgaonLocationGurgaon (Sector 110)Area (Mn. Sq. Ft)1.76Total Sales Value ( Cr)1,100Pending Collection from Area Sold ( Cr)105Net Surplus ( Cr)246Project locationActual imageActual image12

One Indiabulls, GurgaonLocationGurgaon (Sector 104)Area (Mn. Sq. Ft)3.59Total Sales Value ( Cr)2,289Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Project location1791,051CGICGI13

Indiabulls One 09, GurgaonLocationGurgaon (Sector 109)Area (Mn. Sq. Ft)1.09Total Sales Value ( Cr)756Pending Collection from Area Sold ( Cr)195Net Surplus ( Cr)268Project locationActual imageCGI14

Indiabulls City, SonepatLocationSonepatArea (Mn. Sq. Ft)1.75Total Sales Value ( Cr)232Pending Collection from Area Sold ( Cr)25Net Surplus ( Cr)89Project locationActual image15

Indiabulls Seirra, VizagLocationVishakhapatnamArea (Mn. Sq. Ft)0.84Total Sales Value ( Cr)268Pending Collection from Area Sold ( Cr)68Net Surplus ( Cr)14Actual imageProject locationCGI16

Centrum Park, Gurgaon - CompletedLocationGurgaon (Sector 103)Area (Mn. Sq. Ft)2.08Total Sales Value ( Cr)804Pending Collection from Area Sold ( Cr)42Net Surplus ( Cr)125Project locationActual imageActual image17

Mega Mall, Jodhpur - CompletedLocationJodhpurArea (Mn. Sq. Ft)0.65Total Sales Value ( Cr)319Pending Collection from Area Sold ( Cr)83Net Surplus ( Cr)235Actual imageProject locationActual Image18

One Indiabulls Park, Vadodara - CompletedLocationArea (mn. Sq. Ft)Vadodara0.23Total Sales Value ( Cr)84Pending Collection from Area Sold ( Cr)10Net Surplus ( Cr)73Project locationActual imageActual image19

Development Portfolio – Net SurplusProjectLocationNet Surplus( Cr)Ongoing ProjectsBlu Estate & Club, WorliMumbai3,184Indiabulls Greens, PanvelMumbai863Indiabulls Golf City, SavroliMumbai1,233One Indiabulls ThaneMumbai1,011Enigma, GurgaonNCR246One Indiabulls, GurgaonNCR1,051Indiabulls One 09NCR268Indiabulls City, SonepatNCR89Indiabulls Seirra, VizagVizag14Sub Total - Ongoing Projects7,959Completed ProjectsCentrum Park, GurgaonNCR125Mega Mall, JodhpurJodhpur235One Indiabulls Park, VadodaraVadodara73Sub Total - Completed Projects433Net Surplus Pending Collections from Area Sold Value of Unsold Inventory – Pending Construction Cost20

Development Portfolio – Net Surplus (Contd.)ProjectLocationPlanned ProjectsIndiabulls Imperial, Gurgaon (Sec 106)Arivali, PanvelSilverlake Villas, AlibaugCentrum, IndoreSub Total - Planned ProjectsGrand TotalNCRMumbaiMumbaiNCRNet Surplus( Cr)1,930292693322,62311,015Land Bank1.2.1,929 acres spread over Mumbai, NCR, Chennai.Nashik SEZ# of 1,424 acresChennai5%NashikSEZ42%NCR19%MMR34%Net Surplus Pending Collections from Area Sold Value of Unsold Inventory – Pending Construction Cost# Company has 89% Economic Interest in SEZ Land21

Project ApprovalsProjectsFire NOCBuilding PlanEnvironmentClearanceAirportNOCBlu Commercial, Mumbai Indiabulls Mint, Gurgaon (Sec 104) Commercial, Gurgaon Sec 106---------- Land Development License in Place ---------Owned Office PortfolioDevelopment PortfolioBlu Estate & Club, Mumbai Indiabulls Greens, Panvel Indiabulls Golf City, Savroli NAOne Indiabulls Thane NAEnigma, Gurgaon One Indiabulls Gurgaon Indiabulls One 09, Gurgaon Indiabulls Seirra, Vizag Approval Received Revised Approval Awaited22

Owned Office Portfolio23

Owned Office Portfolio – Under ConstructionCommercial Development at BluLocationWorli, MumbaiArea (Mn. Sq. Ft)0.82Annuity Revenue ( Cr)282Expected in2022Project locationCGI24

Owned Office Portfolio – Under ConstructionIndiabulls Mint, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Expected inGurgaon (Sector 104)0.31342020Project locationActual ImageCGI25

Owned Office Portfolio – Under ConstructionSector 106, GurgaonLocationGurgaon (Sector 106)Area (Mn. Sq. Ft)1.31Annuity Revenue ( Cr)144Expected in2022Project locationCGI26

Appendix 2 –Real Estate Market in India27

Real Estate - Industry UpdatesRegulatory Act (RERA) Speedy settlement of disputes Boost foreign/domesticinvestment due to improvedtransparencyHousing for All Increased investment outlays Boost foreign/domesticinvestment due to improvetransparencyGSTREIT Listing Single, unified market with taxtransparency and predictability,promoting ease of doing businessand improving supply chainefficiency Govt rationalized the GST rateson Residential real estate from12% to 5%/1%. Embassy-Blackstone Office ParksREIT listing has propelled REIT asa commercial realty investmentproduct, giving developersadditional monetization options.AffordabilityDemand Affordability levels in residentialreal estate at a six-year high. Customer preference has movedto completed properties. Home mortgage rates are still atmulti-year low. Developers having good trackrecord of on-time deliveries, areable to perform with underconstruction and ready productsales. Developers have reduced unitconfigurations to smaller sizes.Major reforms to benefit established players, with proven track record28

Wave of Growth in the Real Estate SectorIBREL is rightly positioned to ride the next wave of growth in the sectorPeak in mid 20101995-96 property bustSector has likely bottomed outand consolidation is imminentwith growth opportunities forlarge institutional players 7 years 6 to 7 years 8th yearin progressResidentialDown cycle islikely behindBottom 2002-03Commercial: Economic growth is fuelling the demandResidential: Green shoots emerging India office market is now well above mid-cycle levels, with rentsincreasing across markets and absorption gaining pace towardsend of CY2018 Listed Mumbai/NCR developers have been registeringimprovements in pre-sales over the last few quartersduring CY2018 Mumbai, NCR is expected to witness uptick in rentals over thenext few years owing to increased demand for Grade A space Advent of RERA and GST has made the industry morefavourable for large established players to success goingforwardSource: JP Morgan, India Property Sector Outlook Report dated 14 April 201929

Appendix 3 –Corporate Social Responsibility30

Indiabulls Foundation:Corporate Social ResponsibilityHealthJanSwasthya Kalyan Vahika-Free primary healthcare facility provided atdoorsteps for the underprivileged with 40mobile medical vans3,11,901 patients diagnosed in this quarter33,28,453 patients benefitted since inception-Free Charitable Medical Clinic-1,14,082 patients have benefitted from 14clinics pan-India in this quarter; 6,44,013patients benefitted since inceptionFree Dialysis Treatment-3,444 dialysis done this quarter25,000 beneficiaries since inceptionHealth Check up Camps-Transforming TalukasTransforming Mokhada, Shahapur& Trimbakeshwar--Medical vans, clinics, health camps, nutritionsupplements, sanitary napkins, awareness, etc.provided to the above mentioned districts ofMaharashtra2,50,756 people benefitted this quarter15,38,304 people benefitted since inceptionWater Wheel Project--10,499 people benefitted this quarter1,12,377 beneficiaries since inceptionRural DevelopmentFetching water became easier for 56,833people through water wheels distributed underthe Water Wheel ProjectProject Rahat has provided water connectionto tribal ashram schools; 11,044 tribal studentsand staff have benefited since inceptionFree Cataract Surgeries-178 cataract surgeries sponsored this quarter;935 beneficiaries since inceptionSmile Train- Cleft and Palate Surgeries-Nutrition550 children benefitted this quarter4,900 beneficiaries since inceptionKumud-Sanitary napkins distributed to over 17,882women and adolescent girlsHygiene awareness sessions were alsoconducted in this quarter.1,68,320 women benefitted since inceptionPaushtik AaharScholarship Program---Free nutrition supplements distributed to theunderprivileged and malnourished individuals1,50,000 individuals benefitted in this quarter12,69,582 individuals benefitted sinceinception-Sanitation Education138 underprivileged students awardedscholarship for higher education in this quarter1,367 beneficiaries since inceptionSkill Development-160 school dropouts between 18-30 years ofage trained in this quarter in various domains1,577 youths trained since inception31