Mixed-Use Projects is a mega trend

Ajouté : 2026-05-23

[00:00:01]Hi guys good morning. So in this video I will talk about a theme and I think that whatever company is working under this theme for the next 5-10 years, it can make a lot of money for its shareholders. And the theme is very simple. Ok? The theme is called Mixed Use Projects. Ok? Mixed use projects mean that if you look at any developer today. He is not thinking that I will only build a hotel. Then he is not thinking that I will build only malls or he is also not thinking that I will build only commercial real estate properties which he gives at least to GCS, so he is thinking that I will build all this in one particular place. Ok?

[00:00:43]What would that mean? Let's say for example, there will also be a mall in the same particular place.

[00:00:48]You will also have a good hotel. Then you will also have a commercial property. And then let's say for example even residential flats, villas, apartments, all these will also be there. So mixed use projects mean like everything under one roof. Ok? And I think there are some companies in India which are growing at a very good rate.

[00:01:08]And in this video I will talk about two of such examples. Phoenix will talk about miles. And we will also talk about innovative hospitality. Ok?

[00:01:18]How he is taking his business forward with this particular theme.

[00:01:21]Ok? Now here you will ask what is the benefit of a mixed use project? The advantage is that think for example when you go to a mall late. Ok? What if you see that there is a hotel next to the mall? That hotel's free advertisement has been presented to you. This means that as the footfalls increase in malls, the occupancy rate of the hotel next to it in the same campus will also increase. Think about it the other way around, those staying in hotels will go to the nearby mall for shopping. Do you understand?

[00:01:52]Then think for example if there is any commercial real estate property there. Ok? Meaning, if there is an office of Google in the same place and then all the employees of Google, for example, when they have to stay late or if they reach the office very late, then they will stay in the adjacent hotel.

[00:02:09]And he also has to party with his entire team late on the weekend, so he will go to the mall.

[00:02:13]Went to the mall and watched some movies etc. Then I went there and ate some KFC burger or pizza or went to whatever liquor place there is. So what I am trying to say here is like you have to look at such themes very well. Ok? Where you get a mall, a hotel or your commercial real estate together.

[00:02:35]What is its benefit? I am telling you.

[00:02:36]Ok? The benefit is that you can both grow at a first piece and you also get a good annuity income here.

[00:02:45]Ok? I mean, think for example, if from lets you take any hotel company, I mean here if I talk about Leela Palace, right, if I talk about ITC Hotels, right?

[00:02:54]So what are these people? In our country, as long as the demand for premium and luxury hotels is more than the supply, you will see that these hotels will continue to grow at a good rate. This means that their occupancy rate will be high and their pricing power is also very strong. I mean, what we say is the average room rate, right, this ARR means the two parts of Ref Par, ARR and occupancy, you will see that these people are doing very well. But on the other hand, for example, if you look at companies like Phoenix, if you look at companies like Ventiv Hospitality, I am talking about Phoenix and Ventiv because both of them have growth divisions in their segments, so tell me what is the growth division of Phoenixiv? You have malls there, right Phoenix Mall. You must be aware of it.

[00:03:36]If you are in Mumbai, Bengaluru, or Pune, you must have gone to a Phoenix Mall. Also, on the other hand, if you look at Vent, what happens with Vent is that they buy land, then build their own buildings, or acquire someone else's building. Then, say, Marriott, then other big brands, say, Kyndred, then Westin. They give the property to the management of all of them and they run it by affixing the Marriott logo. And of course, the better the business, the company and Vent will also keep getting a part of the rent for each of their rooms. So, here, Vent also has the same thing to say, like we have hotels here, our growth segment. For example, Phoenix's growth segment is Phoenix's malls. But you will see that both these companies also have an annuity division.

[00:04:26]What is the annuity division here?

[00:04:30]You must have also seen your commercial real estate in Phoenix, which is office space.

[00:04:33]Meaning, every year he keeps increasing his, you know, commercial space. And then after that he puts it on lease. Isn't it?

[00:04:41]Puts it on lease. To big GCCs, to big Indian companies, to IT companies, to Fintex, so on and so forth. Even these companies, if I talk from the builder's angle, you are seeing these builders, all of them, let's say, your flexible workspace operators, right? What does it do? Hai kabhi kabhi kabhi kabhi ya flexible work space operators like your Indicube ho gaya smart works ho gayi to inko inko list kar deta hai and phir of course woh flexible work space operator kya karta hai aap toh phir usko poora office space ko banata hai bana ke usko sublist karta hai to their GCC clients hai na so effectively what I am trying to say here is that these kind of businesses like Phoenix and Ventiv ah ah Ventiv hospitality they both have a growth avenue which is which is their malls and the hotels waale ah part of the portfolio and say and they also have the anonymity part of the portfolio. Because when you give a lease to someone, if you give a lease on lease for 30 years or a lease for 10 years, then you give one of your places to Google. If you give away 500 square feet of commercial property space through Lets, then imagine that the rent payment that you will keep getting from Google will keep coming for the next 10 years, 20 years, 30 years. That is why you must have seen that all these flexible workspace operators or even such builders always try to give lease to big companies on long term tenure. Ok? And that is why I am telling you that you have to look at this particular space, this mixed use projects, because what is it? Because if you go only into the hotel sector, I am not saying that pure play hotel stocks will not make money. But what I am saying is that if you have such companies from let to mixed used projects, then here you can see both your growth and your you know and your annuity cash flow.

[00:06:29]And then along with that, if these companies can scale, you know, at a double digit and get operating leverage, then they can make a lot of money for their shareholders.

[00:06:39]Like if I talk about Phoenix here.

[00:06:41]Ok? If you look at Phoenix, they did not open any new malls in this particular fiscal.

[00:06:45]Ok? But still you will see that Phoenix's I think sales growth increased by some 15-16%. Overall sales increased by 15% in F26 over 25 when they did not have any new malls. Ok? Now you will ask how did this sale come about? This sale came because what did they do in the existing malls? In them, he replaced the small brands from Lets for example and gave the shop space to luxury brands from Lets. Do you understand? Think for example, if someone, let's take an example and talk about it. Let's say if there was a Titan watch shop there, he defeated Titan Watches, that is, he removed it and brought RX. Because you can see that the whole country is moving towards premiumization. So here in Phoenix, the management of Phoenix is also doing the same thing that in the existing mall they are bringing in all these luxury brands like Victoria's Secret, RX, then our Uniqlo, then your Apple. You must have noticed the size of Apple stores in whatever malls you go to.

[00:07:47]Correct? Because you all know that for Red, it becomes an aspiration for a person to buy Apple iPhone or iPad.

[00:07:54]So that's what happened to Phoenix here? Even two, they did not add any new malls. But by adding new better-butter brands to existing malls, they could grow footfalls and they could also grow consumption and they could grow sales. Do you understand?

[00:08:11]This is also on the other side. On the other hand, if I tell you a little more about Phoenix, then it is a company which only does malls. I think malls contribute to 55% of Phoenix's sales. The remaining part is also a hotel division of Phoenix.

[00:08:27]I think they also have a couple of properties which are luxury hotels and along with that, they are also expanding in your commercial real estate.

[00:08:36]So what I'm trying to say here is that if you look three, four, five years down the line, Phoenix, I think, will have four to five malls.

[00:08:44]Especially in FY28, I mean, I would say that after one and a half years from now, you will see that the Kolkata mall and the Surat mall will become operational.

[00:08:52]Ok? And going forward, I guess three more malls are coming up.

[00:08:57]One mall is coming up in Chandigarh and there are two more malls. I think one mall will come up in Hyderabad and I actually forgot the third mall. So the management had told that in the conference call. So what I am trying to say here is like Phoenix, wherever it opens malls, let's say in Chandigarh when it opens malls.

[00:09:12]Ok? So they will also have a hotel along with the mall.

[00:09:13]Along with the mall, there will also be a hotel and their commercial real estate property.

[00:09:18]Which he will rent out to big corporates.

[00:09:20]Meaning, I will give this to you on lease here. Do you understand? So basically what? Whatever malls Phoenix opens going forward, it won't just be a mall.

[00:09:29]Everything will be there in it. Malls, hotels, your commercial real estate and residential real estate. Meaning, lets have the same point as the one who sells these flats. Meaning they will then work as a real estate builder. The builders who are like your prestige from lets, they build villas for you, they build big luxury apartments for you. So it will work for that too. Similarly, if I talk about Ventiv Hospitality, I have already explained the model that Ventiv does not have any brand of its own. Wherever it is opening new hotels, it first sees that look, we want to become the owner of this property. Ok? So for example, there is one property which I think Ventiv is also planning to open a Marriott hotel in Varanasi. Ok? So what are they doing? In Varanasi they own the land they own the building. Ok? Now when this is done, he calls Marriott and says that you put the Marriott logo here and then you bring your guy and you run this entire property for his management fee because Ventiff knows one thing that like we do not have the experience of running a hotel here.

[00:10:32]But if we look at the entire country, they have properties even in Maldives.

[00:10:37]So whatever you say, your brand of Candid and All works there too. Raya is another brand. So what I am trying to say here is that they know that we do not have the expertise to run a good hotel. To run a five star hotel.

[00:10:51]But we can own property here and give it to big brands.

[00:10:56]So what? Your marriage is also expanding. Even for Marriott, buying new property to expand does not make sense. And the Mariott brand is expanding further in India. And what is there for Ventiv also is that the more Marriott expands through its own properties, that is, the more Vent's properties, the more Vent will earn. So that's why you'll also see Vent's numbers, that they grew their sales by more than 20%. They got operating leverage. And going further I think there is another such property in Sri Lanka, I think they have connected Ritz with Colton and they are opening a property in Varanasi, I told you there are a couple of other places also, they have recently opened two properties in Goa also.

[00:11:32]So the point I am trying to get here is that here also you can see that wherever Venti TV is opening hotels, it will also try to keep commercial properties around it. Do you understand? So here the point comes to the same thing that if I look at Phoenix. Ok? If I look at a venture capitalist, I see these two companies which are looking at their growth and your annual cash flows are fine, both can be taken forward together. I am not saying they are the only like for example if I tell you click Prestige what is in Prestige? I think 85% of their portfolio is in your residential real estate.

[00:12:12]If you look at Leela Palace, 100% of the portfolio is in these hotels. Even if you look at ITC Hotels, 100% of their portfolio is in hotels, but this is a category which I think at a very structural level, companies like Phoenix, say companies like Venti Hospitality, say they can grow sales in double digits and they can keep getting operating leverage because here they also have hotels, that is, hotels or hospitality, whatever you call it, then they also have office space and then of course, for example, Phoenix also has malls here, so what I am saying is that like this, look carefully at mixed use projects. If you find more companies like this, then track them carefully too. But all I am trying to do is like this, I like both these companies very much. Like I can give you some other, what should I say, I mean a little bit of Concall and give you insights about both these companies. For example, Ventity Hospitality says that we have completely captured the Pune market.

[00:13:10]Ok? Meaning, in Pune, by giving all the projects to Married World, I think 60-65% of the luxury market of Pune, which I am talking about hotels, is with Vent Hospitality. And here you can see that it is not easy for a new company to come in, you get the land, build the building and then after that if you connect it with Marriott, it is not possible. And what is happening in our entire hotel industry, you will see that the demand for like is still far more than the supply.

[00:13:38]And if you look at the luxury side, the luxury demand, then in our country, if I talk about India, then there is almost no supply of luxury hotels here.

[00:13:48]So that is why you can see whether you look at Leela Palace or if you look at ITC Hotels, you will see that in Q4 you will see that the occupancy rate of all the hotels has decreased.

[00:14:00]Why why why did it decrease tell me? Because of the West Asia Crisis.

[00:14:04]Fewer foreigners came to India. Even Indians could not go out. I have so many friends who cancelled their trip to Dubai because it was in March and then the news came that flights have been cancelled.

[00:14:15]People are throwing drones over Dubai and all that.

[00:14:17]So who will take his family at that time? Isn't it? But having said that right, what did we see in spite of reduced occupancy?

[00:14:26]People who have been tracking the hotel industry for a long time must have noticed one thing that whenever the occupancy decreases, what do people do? Reduce the room rent. Isn't it? Because they feel that like Bhaiya, to increase the occupancy, the room rent will have to be reduced now. But here I can tell you weather it's Ventif, weather it's Leela Palace, weather it's ITC Hotels, weather it's even Indian Hotels. In our Taj portfolio, no one has reduced their room rent. What does this mean? Everything is telling that this is a temporary event.

[00:14:51]Even in the conferences, everyone said that this Q4 scene is a temporary event.

[00:14:56]Ok? Because if this was not temporary then I would have seen everyone reducing their average room rent.

[00:15:01]But everyone is saying that look, this is a temporary event. Luxury market, if I talk about your super premium and luxury category in the hotel space like Marriott, Candred, Leela Palace.

[00:15:14]If I talk about all these properties, their locations are in such sexy places and along with that, it means that people are not going here just to stay in the hotel.

[00:15:22]People have to get their marriages done here. Isn't it? Then what happens here? There are big corporate meets of big companies and they are also held in such hotels.

[00:15:29]And then of course here people like you and me who are with their families, now you can see that after this uproar in the Middle East, people are also thinking that we will travel more in India. But if you are travelling in India then you have to travel in luxury. Because what is happening right now I can tell you this with the analogy of the alcohol space. That people, regarding their travel, people would rather want to travel less but travel more quality. Ok? For example, it is the same in liquor also.

[00:15:58]That people might want to drink less but they want to drink better quality. That is why you will see that the market growth of single mould whisky is the strongest in our country. Ok? Your cheap Ram, cheap Watt and cheap whiskey are not that cheap.

[00:16:12]Single mold whiskey has the best growth rate.

[00:16:14]So here also it is the same that if you have premium hotels, premium brands, luxury brands, what is there there? Especially, despite the West Asia crisis, the management of these hotels remained unaffected.

[00:16:26]So what did everyone do? Did you actually increase your room rent or keep it at the same rate? So because they know that in the next one or two quarters, I mean here also when I think one or two analysts had asked some hotel companies, they said that everything has become normal again from April itself. Do you understand? Like the management of Leela Palace had clearly told in this conference call, I think brother, the dip we saw in March was because Leela has a property in Dubai whose occupancy rate decreased. Here also you will see that Ventiv Hospitality has a property in Maldives. So Maldives property also struggled a bit in March.

[00:17:00]But by April everything was fine again. Because think about what happens in the properties of Maldives, the flights that are coming from the Middle East have stopped arriving due to delay.

[00:17:10]So of course some rooms remained vacant in the properties but later the same management is saying that everything is fine, there is no problem. So what I am trying to say here is like there are so many things here right means you can be bullish in the hotel space right because any bhi agar aap hotel company ko bhi dekh loge na ye leela itc Indian hotel aapka vent hospitality yahan pe yeh sab acche kar rhe hain.

[00:17:30]Going forward, I think in F27, there will be double digit sales growth and along with that, they will get operating leverage.

[00:17:39]Operating leverage in the hotel industry and what we are talking about, malls, hotels and what does this mean, operating leverage and why do they get it? Because their fixed cost is very high. Isn't it? Because think, today all the properties of Taj Indian Hotel are owned by Indian Hotel. So the more your occupancy in those properties increases. Right? And of course right your occupancy is increasing and on the other side you are also able to increase your prices. I mean, think about how much control is being brought on fixed costs.

[00:18:07]Meaning you will get more operating leverage. So I think this is what will happen.

[00:18:11]But yes, one thing is that if I tell you, I expect all these companies, that is, if I talk about all your hotel companies, I expect them to grow between 15 and 17%. Ok? This means that our nominal GDP growth will grow by more than 3%.

[00:18:26]Pat Can Grow at a Faster Piece. And there is one more point, you might remember that in the last Q1 there was Operation Sindoor, right, that was the time of India-Pakistan war, so this time the upcoming quarters will look even better for everyone because at that time also the hotel sector was affected in the North because of Operation Sindoor. So you have to keep that in mind as well. So that is another thing.

[00:18:48]And I would want you guys to look into all these mixed use projects because what happens is that then you also get an annuity income flow and you get your hotels, malls, real estate, commercial real estate and along with that your residential real estate entire portfolio is put together. So, it's a it's a good way to play the I I I feel like rather than playing that ah pure play residential realestate. Because if you ask me like should I take ah prestige na? Am I not good at Shobha? Is DLF not good? No, all that is also very good.

[00:19:19]You are seeing what strong growth they are seeing in pre-sales. But the problem for me seems to be the same, when will this pre-sales number, that is, when will this section number be recognized in the income statement.

[00:19:32]I feel there are some issues there. I mean, I don't know when it will be recognized. Right? Meaning there is a lot of accounting, that is, there are some accounting scenarios which they have to follow. These are real estate companies. But it's fair easier for let's say for example a phoenix small. Because now you will see that if from lets, for example, consumption is growing at 30% and from lets, your rental revenue is growing at 15%. So this is nothing to be afraid of. There is always a gap, right? Because think what happens? Most rents means wherever you have tenants in Phoenix, say Apple, say RX, say Paloons.

[00:20:11]Ok? He pays a fixed rent to Phoenix. So when your consumption increases, the next day its rent does not increase. Do you understand? So Phoenix is ​​also saying the same thing that in the next 2 to 3 years, about 40 to 50% of our tenants will be renewable.

[00:20:25]Ok? Meaning renewal will come here.

[00:20:28]Ok? So what will be in the rental renewal when it comes? They will try to do two things here. One, he will try to remove some small brands and add more luxury brands. Correct what will happen?

[00:20:40]You can charge more rent than the first day.

[00:20:42]What is the second thing? When Phoenix knows that you have increased your consumption rate by 30, 40, 50% from the time of your existing previous rental agreement.

[00:20:53]Ok? So what does that mean? Now we can charge more from you. So then what will he do after the new agreement? That particular tenant will also have to pay more money.

[00:21:04]Now you will say why will the tenant pay the most money? Because that tenant also knows that out of all our branches in the city, the branches inside Phoenix Mall are the best performing. Because Phoenix wants to become that destination for luxury shopping in India. For premium and luxury shopping in India. That means, if you go to Phoenix Mall of Asia, which is one of the latest malls in Phoenix, you will see that there is a lower lower first floor where you will get only luxury brands, there you will get Chanel, Gucci, Boss, Armani, you will get only these brands, okay, you will not get Pantaloons, Shop Stop and KFC on that floor.

[00:21:44]So what I am actually trying to say here is that all the tenants also know that if we stay in Phoenix, then people will come for such luxury shopping and they will get exposure in our shops.

[00:21:58]So then it is good for them too.

[00:22:00]Good for Phoenix too. And here the same thing comes to mind that like the malls of Phoenix, Kolkata and Surat, when they open, think about the footfall there, then you will also get volume growth.

[00:22:11]Because this was a particular slip and I don't want to talk about why the stock did not move that much but one of the reasons why I believe that Phoenix stock did not move in the last 12-15 months is because of the fact that the market knew that this is Kolkata and this is Surat in Gujarat, so by the time malls are opened in these two places, FY 28 will be over.

[00:22:31]Ok? And after that he will open the mall in Chandigarh. After that the mall in Hyderabad will open.

[00:22:35]Jaipur mall will open. But everyone knew that no mall was going to open in FY26.

[00:22:40]But the game is about to change. Because now the management has given a clarity that both those malls are going to open from Q2 FY28.

[00:22:48]So what does that mean? That means if in Q2 FY28, that means from that time onwards, for example, if I think a little ahead. So subsequent quarters will get that volumes growth. Because the trading of Bizak Mall will also start at your place, your occupancy will keep increasing and the occupancy of your Sat Mall will also keep increasing. So that is why Phoenix is ​​a very good company to look forward to. Also because of mixed use projects. And if you look in India, I mean, I know Lu is great and all. But Lulu is not listed. So Phoenix is ​​it for us. And Phoenix, I think, has 13 malls today. In the next five to seven years, you will see that they will have 20 plus malls. Because there are so many tier 2 cities in our country where Phoenix is ​​not there and better malls than Phoenix, that is, there is nothing like that anywhere in India.

[00:23:33]So having said that this is it, we have discussed many places.

[00:23:38]Now I am absolutely okay with playing pure play hotel companies.

[00:23:41]I can I am very also okay with the mixed use projects here. Ok? But the point is that you have to take such companies which are scalable. You have to take such companies which are opening these new malls. We have to take such companies which are opening new hotels here with great interest. Like you might have seen Indian hotels also. Right? Now everyone here is focusing on these management contracts.

[00:24:04]Not just Indian hotels but all other hotels too. Management contracts mean the same thing, that is, the property will belong to someone else and for example, the property here is let to the tenant.

[00:24:12]Ventive will be owned by some hospitality type companies and the property will be owned by Ventive.

[00:24:17]Taking that from the lets, for example, you have pasted the Taj logo on the lets and then what will you do after that, the management of your Indian hotel will run it for a management fee, I understand, so what will happen with this, you can also expand your room keys in an asset light way, so that is another way of looking at it, here I would rather if I talk about hotels, then I would prefer companies which are in the luxury segment, that is, those which have total control over their pricing. Ok? Meaning, the average room rent that is called ARR here should not decrease. That should keep on going up. Because here if you are giving a luxury feel to the customer, only then if your brand is very good then the customer will come and ask you for that luxury experience and will not bargain with you. The customer knows that yes brother, if I am going to Leela or I am going to Taj. I have to pay up.

[00:25:11]Right? So that's why now if you ever go there, you never bargain.

[00:25:16]You will bargain from Late by going to Lemon Tree or you will bargain from Late by going to Ibis or you will bargain from Late by going to any two star or three star property.

[00:25:24]So that's the point. I would rather choose luxury over this mid premium and the low premium game. Ok? So this happened.

[00:25:31]Because what you have here is that you have control over the pricing. Which is variant. What is the second thing? Secondly, because of premiumization, you can see in hotels also that today people are preferring more luxury properties. And also you can see these in malls, in these small malls, like there is a place called Highland Park near my house, Ajay Nagar Highland Park, there was a small mall there which has now become a completely dead mall. Ok? Meaning there is nothing in it today. But if you go from Lets to Quest Mall or South City Mall, you will see that it is completely crowded.

[00:26:07]So basically now here is the thing, in South City Mall and then Quest Mall you will see you will get all these premium ultra premium and the luxury brands.

[00:26:16]Tomorrow, when Phoenix comes to Kolkata, it is also going to be another mall of luxury brands. Of super premium and luxury brands. So there is more footfall here.

[00:26:24]So wherever there is premiumization, wherever there is pricing control, I want to stay there.

[00:26:28]Weather it comes to malls, weather it comes to hotels. And if I talk about commercial real estate properties, like here also I can talk about your flexible workspace area, right?

[00:26:39]So even in the area of ​​flexible work space, I see that brother, who are your clients for the properties you are subletting? If your client is let's say Google, if your client is Microsoft, Apple, then I am absolutely fine. Then I know that if this lease agreement is signed for the next three, four or five years, then the cash flow for five years is fixed, brother. And with that money I can make three or four offices. And think about it this way, the more Google expands in India, the more your flexible workspace company grows along with it, from physical offices to let's. Isn't it? So that's what you've seen right? So that is why I am also bullish in that space. Also, it means of course like everyone is afraid that like you know it is so much associated with IT, so that's why maybe those flexible work space stocks like EFC, say smart works, say indicu, it has fallen so much, say office, it has fallen so much, but I feel like the models are pretty sustainable, apart from IT, they have many other clients too. So do please read about those models. Meaning I do believe like means it was means the fear was over done in that in that space. But let's see, numbers of some companies are still to come.

[00:27:44]So I'm bullish on that.

[00:27:46]I am also bullish on residential real estate. But Then Again is the same. Their collection data comes and I don't know when to convert the pre-sales number into sales. Because what happens in presales is that you take the entire unit. Meaning, for example, if someone is letting a flat worth ₹1 crore, then he will pay ₹5 lakh in pre-sales, right?

[00:28:05]Now when will he recognize ₹1 crore? Right?

[00:28:08]You took ₹5 lakh. That's nothing like a deposit brother, yes the guy has booked the flat.

[00:28:13]That is the definition of presales.

[00:28:15]But when will that 1 crore come? Right? When will you recognize that in your income statement?

[00:28:20]I always have a little confusion about residential real estate. So that's why I stay away from that.

[00:28:26]But then again you can look into companies like Prestige Shobha De are doing very very well, they have very good presales growth.

[00:28:33]So you can watch it and let's end this video here. I spoke about a lot of sub-sectors in real estate. Mixed use projects is the theme of this particular video.

[00:28:44]But then I spoke about a lot of things as well. But yes, take a close look at the mixed use projects which are taking everything forward by combining them.

[00:28:51]What does it mean? In future, you will not have to face much market slickness.

[00:28:56]Meaning, if there is a big problem in the hotel industry, then what will happen if along with hotels there are also malls and your commercial real estate means these leasing assets? Even if the occupancy rate in his hotel business decreases, will his remaining assets remain intact, right? So those assets will keep their cash flow positive. That is the same in his business, meaning there will not be much fluctuation in EPS. So on that note, let's keep it at that. And if you like my content then please like my video and subscribe to my channel. Tell all your friends because it encourages me, it means it really motivates me to create more content like this so that you know, my content will lead you in one direction. You must have always noticed that I would never want to make a content when I feed you something like buy this or sell this. No one learns from this.

[00:29:46]Everything remains as garbage. So I do n't want to make anyone my parrot. My job is that if you are watching my content, at the end, after watching this video, you start thinking about this.

[00:29:56]Right? What can you do right now?

[00:29:58]Collect all the real estate stocks.

[00:30:01]Whatever you mean, call it residential, call it commercial, call it mall builders, call it hotel builders, then companies with flexible work spaces, gather them all.

[00:30:10]And then think about how you can separate all the companies here that have mixed use projects, that is, separate them, then separate the niche companies that are only hotels or those that are only in commercial space, and then think about what you will do with everyone, look at the numbers here, see what the management is saying, so the point is like and then you can come to your own judgment, that is the main game, and this is where I act as your mentor here because I always feel that the job of a mentor is not to say what is right or wrong, the job of a mentor is that you, I mean, whatever question you are asking, even if I ask you a dirty question like let's say, like sir, should I buy this stock or not, it is a very dirty question, it is basically like I am going to tell you where to invest your money, whereas I do not even know what your financial background is, what is your holding period, so your question is dirty, but then the answer that I give will be dirty. So I will say the same thing that whatever name of the stock you mentioned, I will then ask you that ok brother tell me what is happening in that company, what is the capix doing, what is the margin profile, what do you think in the next year, at what rate can the sales grow, in which direction can the ROV go, so I ask you these questions as a response to your question, Sir, should I buy this stock or not, then what will happen when I ask these questions to you which I taught you in the investment checklist, what happened after this, you will start thinking, am I understanding and then you will leave the wrong track from which you had come for recommendation and you will come to the right track, your mental model will build here.

[00:31:44]And then what will happen? When you find the answers to these questions, right? So after that you will be able to take the decision yourself. Do you want to invest in that stock or should you stay away from it? So that is exactly what I teach here and I love doing it.

[00:31:58]And I think every person should think like this. Otherwise there is no definition of learning. The real definition of learning is like that as a mentor, as a friend and as a guide, which means no matter which way you look at me, my job is to get you guys in the right direction. And after that it can also happen that the stock in which I am bullish, after going through a process you become not bullish on that stock. That is absolutely fine. Because we have different outlook towards life. But if our process is very strong then I can tell you one thing. You will survive comfortably in the bear market and will make a lot of money in the bull market. So that's the whole game here and I hope you guys like me, I mean read more and know more and track con calls because the thing here is the more you read, the more you learn, the more you will be able to connect. So on that note thank you so much.