Oberoi Realty, a leading luxury real estate developer in India, witnessed a 53% decline in sales bookings to INR 4,007 crore in the 2023-24 financial year, compared to INR 8,572 crore in the previous year. The company sold 228 units worth INR 1,775 crore in Q4 2023-24 and 705 units worth INR 4,007 crore for the entire fiscal year. Despite the drop, attributed to a higher base effect, Oberoi Realty's performance remains notable, given its focus on the luxury and ultra-luxury residential segments, which often exhibit higher price points and longer sales cycles.
The latest financial year witnessed a significant decline in sales bookings for Oberoi Realty, one of India's leading real estate developers renowned for its luxury and ultra-luxury residential projects. The Mumbai-based company reported a 53% drop in sales bookings, amounting to INR 4,007 crore, compared to the previous financial year's figure of INR 8,572 crore. This decline can be attributed to the higher base effect from the preceding year's exceptional performance.
In the fourth quarter of the 2023-24 fiscal year, Oberoi Realty sold 228 units worth INR 1,775 crore, encompassing a carpet area of 4.49 lakh square feet. Over the entire financial year, the company sold 705 units, generating sales bookings of INR 4,007 crore. The total carpet area booked during the last fiscal year stood at 10.76 lakh square feet. Despite the year-over-year decline, Oberoi Realty's performance remains notable, considering the company's focus on the luxury and ultra-luxury segments of the real estate market. These segments often exhibit higher price points and longer sales cycles, which can contribute to fluctuations in sales bookings from one year to the next.
Oberoi Realty focuses on the luxury and ultra-luxury segments, catering to a niche clientele seeking premium amenities, prime locations, and impeccable design. Unlike mass-market developers, several factors influence their sales figures. Higher price points for luxury apartments naturally result in a smaller pool of potential buyers and longer sales cycles. Additionally, Oberoi Realty cultivates an image of exclusivity with limited unit availability, creating a sense of prestige and potentially leading to a more measured sales pace compared to high-volume projects.
As one of the leading players in the Indian real estate market, Oberoi Realty's financial performance is closely watched by industry analysts and investors. The company's ability to navigate market dynamics and maintain its position in the luxury residential segment will be crucial for its future growth and success.
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