Mumbai-based listed real estate firm Oberoi Realty has announced that it has entered into an agreement to develop and redevelop a land measuring approximately 2576 sq m located at Carter Road, Bandra (West) in Mumbai, the company said in a regulatory filing on July 30.
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“The Company expects to currently generate a free sale component of around 40,000 square feet (RERA Carpet area) from the development and redevelopment of the said Land, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034,” the company said in a regulatory filing.
The per sq ft rate for apartments with a sea view in Carter Road and Pali Hill cost more than ₹1 lakh per sq ft, according to local brokers.
Worli acquisition
On May 6, Oberoi Realty had announced the redevelopment of seven old buildings having 504 flats in the Adarsh Nagar area of Worli. As part of the agreement, it had received 6.24 lakh sq ft RERA carpet to be sold in the open market.
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Q1FY25 financial results of Oberoi Realty
The company on July 19 reported an 81.8% year-on-year (YoY) spike in net profit at ₹584.5 crore for the Q1 of the ongoing financial year 2024-25.
During the same period in the first quarter of FY23-24, Oberoi Realty posted a net profit of ₹321.6 crore, the company said in a regulatory filing.
On the other hand, the company’s revenue from operations increased 54.4% to ₹1,405 crore against ₹910 crore during the same period of the last financial year.
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In the investors call for the fourth quarter of FY23-24, Vikas Oberoi, chairman and managing director of Oberoi Realty, had said that the company 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.
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.
