May 28, 2024 |
Oberoi Realty Plans to Foray Into Gurugram; Launch Projects in Thane and Worli in the Next 12 Months: Vikas Oberoi
Oberoi Realty has been predominantly active in the Mumbai real estate market. The company does not have a presence in Delhi-NCR or Bengaluru yet.
Mumbai-based listed real estate firm Oberoi Realty plans to launch three housing projects in the next 12 months, including its first project in Gurugram, a project in the Worli area in Mumbai and one in Thane, said Vikas Oberoi, chairman and managing director of Oberoi Realty.
Oberoi also said that the company is not looking at Bengaluru aggressively. “We keep snooping in here and there but not go deep or really go out there. We just want to keep understanding the market,” Oberoi said while speaking on the Bengaluru real estate market.
“Both projects (Worli and Gurugram) I think should probably be anywhere between an 8 and 12 months window is what we are really looking at. So, pretty much next financial year,” Oberoi said.
According to a regulatory filing by the company, Oberoi Realty plans to redevelop seven old buildings in Worli with 504 flats in the Adarsh Nagar area in lieu of which it will get 6.24 lakh sq ft RERA carpet to be sold in the open market. The project was announced by the company on May 6.
In November 2023, Oberoi Realty had announced the acquisition of 14.81 acres of land in Sector 58 in Gurugram, Haryana for ₹597 crore. The land potential is estimated to be up to 2.6 million sq ft of floor area. The company plans to develop a luxury residential group housing project on this land.
The company had also announced acquiring lands admeasuring approximately 8 acres located at Pokhran Road 2 in Thane near Mumbai for ₹192.31 crore.
On the Pokhran Road launch in Thane, Oberoi said “Our show apartments are ready, experience centers are ready … we should hopefully be launching within the festive season starting you know whatever early October or something like that. We are through with everything and we are ready to launch.”
According to Oberoi, the company has one more tower left to be launched in Borivali which is of around one million square feet.
“We have our Garden City fourth and fifth tower. We have so much to do and we have the balance of Mulund to be sold, the higher floors. We will be getting occupation certificates for the rest of the area. So, we will launch that also. Enough activity within Mumbai and now Thane,” said Oberoi.
Q4FY24 results
On May 16, Oberoi Realty had posted a 64% increase in consolidated net profit at ₹788.03 crore for March quarter FY24 and announced plans to raise up to ₹4,000 crore through issuance of equity shares and non-convertible. debentures. Its net profit stood at ₹480.29 crore in the year-ago period, it said in a regulatory filing.
Source : HT
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