Oberoi Realty has concluded the acquisition of approximately 6.4 acres in Thane for Rs 196 crore, following a memorandum of understanding with NRB Bearings. This strategic move aligns with Oberoi Realty's existing land holdings and development plans near Raymond Group's property. Recently entering the Delhi-NCR market with a Rs 597 crore land purchase in Gurugram, the company launched the upscale Forestville project in Thane. Despite a 17 percent decline in Q2 sale bookings, Oberoi Realty reported a robust 43 percent rise in consolidated net profit to Rs 456.76 crore, reinforcing its position as a leading luxury real estate developer.
Oberoi Realty has successfully concluded the acquisition of an approximately 6.4-acre plot in Thane, Maharashtra, for a sum of Rs 196 crore. This transaction, initiated through a memorandum of understanding with NRB Bearings in May 2023, involved the purchase of land at Pokhran Road 2, Thane, along with existing structures. The acquired parcel is contiguous to Oberoi Realty's existing land holdings, totalling around 68 acres. This strategic consolidation aligns with the company's ongoing real estate projects, notably in proximity to Raymond Group's 100-acre land, where Oberoi Realty has been progressively developing projects since 2019.
In addition to this acquisition, Oberoi Realty recently expanded its footprint by procuring nearly 15 acres of land in Gurugram for Rs 597 crore. This move marks the company's entry into the Delhi-NCR property market, demonstrating its strategic diversification. Last month, Oberoi Realty announced the launch of Forestville, an upscale residential project situated in the Kolshet area of Thane. Covering 18 acres, the project comprises five residential towers primarily offering 3 BHK apartments, with prices starting at Rs 1.87 crore. This venture underscores Oberoi Realty's commitment to delivering high-quality and luxurious real estate offerings.
On the financial front, Oberoi Realty reported a robust 43 percent increase in consolidated net profit, reaching Rs 456.76 crore in the second quarter of the current fiscal year. This significant growth in net profit, compared to Rs 318.62 crore during the same period the previous year, reflects the company's effective revenue management. The total income of Oberoi Realty during July–September 2023 surged to Rs 1,243.80 crore, a substantial increase from Rs 711.79 crore recorded in the corresponding period of the previous year. Despite a 17 percent decline in sale bookings, which amounted to Rs 965 crore in Q2 of this fiscal year compared to Rs 1,156 crore in the year-ago period, Oberoi Realty remains a formidable player in the real estate sector.
Known as one of the country's premier real estate developers, Oberoi Realty has a pronounced focus on luxury housing projects. This strategic focus has enabled the company to carve a niche in the market, emphasizing quality and sophistication in its developments. In summary, Oberoi Realty's recent land acquisitions, strategic consolidation, and upscale project launches highlight its commitment to expanding its presence in key real estate markets. Despite fluctuations in sale bookings, the company's robust financial performance and dedication to delivering luxury residences position it as a prominent player in the evolving real estate landscape.
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