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The Mumbai real estate market has been Oberoi Realty’s primary focus in the past years. The real estate firm is not yet present in Bengaluru or Delhi-NCR.
According to Vikas Oberoi, chairman and managing director of Oberoi Realty, the listed real estate company located in Mumbai, the company intends to start three housing projects in the upcoming year.
These projects would include its first in Gurugram, one in the Worli neighborhood of Mumbai, and one in Thane. Additionally, Oberoi stated that Bengaluru is not a focus for the business. We continue to peek in here and there, but we never actually venture outside.
Oberoi Realty To Launch Projects In Mumbai And Gurugram Next Year
Speaking about the Bengaluru real estate market, Oberoi stated, “We just want to keep understanding the market.” “What we are truly looking at is a timeframe of between eight and twelve months for both projects (Worli and Gurugram). Thus, essentially the following fiscal year,” Oberoi stated.
Oberoi Realty intends to renovate seven historic buildings in Worli with 504 flats in the Adarsh Nagar neighborhood in exchange for 6.24 lakh sq ft of RERA carpet that will be offered on the open market, according to a regulatory filing by the business. The business revealed the initiative on May 6.
Oberoi Realty Acquired A 14.81 Acres Of Land Parcel In Gurugram
Oberoi Realty announced in November 2023 that it will be purchasing 14.81 acres of land in Gurugram, Haryana’s Sector 58 for ₹597 crore. It is projected that the site has 2.6 million square feet of floor space potential. On this property, the business intends to build a high-end residential group housing building.
Additionally, the business had said that it has paid ₹192.31 crore to purchase property of about 8 acres at Pokhran Road 2 in Thane, which is close to Mumbai.
Oberoi Realty Ongoing Projects Are In Borivali, And Mulund In Mumbai
Oberoi stated during the Pokhran Road debut in Thane, “Our experience centers and display residences are ready. Our debut is anticipated to occur over the holiday season, ideally in early October or thereabouts. Everything is finished, and we are prepared to begin.
Oberoi claims that the business still has one more tower, about a million square feet in size, to be built in Borivali.
“We have the fourth and fifth towers in Garden City. We still have a lot of work to do, including selling the upper floors of Mulund. The occupation certificates for the remaining region will be obtained by us. Thus, we will also launch it. Mumbai has plenty going on, and now Thane too,” Oberoi said.
Oberoi Realty Recorded Net Profit In The Financial Year 2024
Oberoi Realty reported a 64% rise in consolidated net profit for the March quarter of FY24, coming in at ₹788.03 crore.
The company also revealed that it intends to fund up to ₹4,000 crores by issuing non-convertible debentures and equity shares. In the same time last year, it reported a net profit of ₹480.29 crore in a regulatory filing.
Source-HT
