Oberoi Realty expects a number of its launches to be bunched uo in the second half of the year and more units to be sold in its ultra-luxury project, Three Sixty West in the heart of Mumbai.
Two of its much anticipated projects — both in Thane, a separate district, but part of the Mumbai Metropolitan Region, are expected to be launched later this fiscal year. One of the projects is expected to be launched in the second half of October while the second project will come up later, CMD Vikas Oberoi told analysts in an earnings call.
The contract for the second project has already been awarded to L&T while the company is in the process of awarding the contract for the first project.
There is another project in Worli in central Mumbai, which is still in the works. Oberoi Realty had acquired the 60-acre land parcel from GlaxoSmithKline in 2019 for close to ₹900 crore. Oberoi said that part of the land had been given over to the State government for metro construction work, though now it has been handed back.
The real estate developer’s upcoming mall in the the central suburb of Borivli is also expected to be completed soon and fit-outs to start in February and the mall is expected to launched before Diwali in 2024.
With respect to the slow momentum in sales of Three Sixty West where rates are at an astronomical ₹1 lakh a square feet, Oberoi said that it was a ‘çult project’ and there was demand for the units.
The company’s investor presentation showed that of the total area of 5.5 lakh square feet in the project about 4 per cent has been booked to date. In 2022, after receiving occupancy certificate, the price in the project doubled and there was a spurt in sales. Subsequently the company bought out its joint venture partner in the project and took the inventory on its own books.