To this effect, Mumbai-based listed real estate player Oberoi Realty has disclosed that it has signed an understanding for the development and redevelopment of Carter Road, Bandra (West) in Mumbai, comprising approximately 2576 sq m of land.
As per the company’s filing of the regulations, the proposed development & redevelopment of the said land will produce a free sale component of about 40,000 sq ft (RERA Carpet area) per provisions of Development Control & Promotion regulations; Greater Mumbai – 2034.
Carter Road and Pali Hill in Mumbai are considered luxurious areas. Local brokers estimated the cost per sq ft of apartments with sea views to be more than one lakh rupees per square foot.
This latest buy came after Oberoi Realty gave out information in May 2023 on the strategic reconstruction of seven old buildings, which consisted of 504 flats in the Adarsh Nagar area in Worli. Within that deal, the company was to have been furnished with a 6. 9000 sq ft RERA carpet area classified as residual RERA carpet area to be sold in the open market: 24 lacks.
The company’s financial performance has been equally good in the current years, with Oberoi Realty posting an 81. 8% YoY growth in net profit to ₹ 584. The finance minister said five crores for the Q1 of the current financial year 2024-25. However, the same figure in the first quarter of the current fiscal FY23-24 was ₹321. 6 crore.
Also, the Company’s revenue from operations for the fiscal year ending March 31, 2014, was Rs 54, up 4% to ₹ 1, 405 crore from ₹ 910 crore for the same period of the last financial year.
Specifically, in the investors’ call for the fourth quarter of FY23-24, Vikas Oberoi, the chairman and managing director of Oberoi Realty, said that the company is expecting to launch three or four housing projects in the next year—one in Gurugram, the second in the Worli area of Mumbai, and one in Thane.
The deal to acquire a plot in Bandra and the current trends in the company performance reflect Oberoi Realty’s business strategy of expanding its land bank and creating value for the shareholders.
