Oberoi Realty Enters Development Agreement for Worli Housing Society

On May 6, 2024, Oberoi Realty informed the stock exchanges that the company had entered into a Development Agreement to develop land and redevelop a large housing society spread over approximately 12,790 square meters in the Adarsh Nagar area of Worli, Mumbai.

The company stated that the land parcel is leased to Maharashtra Housing and Area Development Authority (MHADA), which is the state government’s housing body. Currently, there are seven residential buildings on the plot with a total of 504 flats.

According to current Development Control & Promotion Regulations (DCPR) for Greater Mumbai, 2034, Oberoi Realty anticipates generating approximately 6.24 lakh sq ft RERA carpet area through the development and redevelopment of the mentioned land.

For the quarter ended March, the company reported a booking value of ₹1,775 crore by selling 228 apartments spread over a carpet area of nearly 4,48,844 sq ft. This performance has propelled the developer’s booking value for the financial year 2023-24 to ₹4,007 crore on the back of sales of 705 apartments spread over a carpet area of more than 10,76,192 sq ft.

So far, Oberoi Realty has delivered 43 completed projects in Mumbai, including premium developments in office space, residential, hospitality, retail, and social infrastructure verticals.

Earlier this year, in March, the company announced the amalgamation of 3 of its wholly-owned subsidiary companies, which include Oberoi Constructions Limited, Oberoi Mall Limited, and Evenstar Hotels Private Limited, with Oberoi Realty Limited. This amalgamation took place after the approval of the National Company Law Tribunal, Mumbai Bench (NCLT).

About Oberoi Realty Ltd

Oberoi Realty Ltd is a real estate development company. It is part of the prominent Oberoi Realty Group. The company focuses on residential, retail, office space, social infrastructure and hospitality vertical developments.

In Q3 FY 2024, the company reported a revenue of ₹3,665.70 crore, down by ~1.99%, compared to the same period last year. In Q3 FY 2024, the net profit of the company stood at ₹1,497.60 crore, less by ~29.11%, compared to Q3 FY 2023.

On May 7, 2024, the share price of Oberoi Realty Ltd opened at ₹1,507.90, touching the day’s low at ₹1,459.10, as of 12:00 PM on the NSE.

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