Oberoi Realty Sells 645 Housing Units in Q3 for Rs. 1,775 Crore

New Delhi: Oberoi Realty sold 645 housing units for about Rs.1,775 crore in the third quarter of this fiscal year, largely in its newly-launched residential project at Borivali in Mumbai.

The Mumbai-based developer sold 645 units, covering nearly 10.24 lakh square feet, for Rs. 1,774.39 crore, according to an analyst presentation.

Of the total sales bookings achieved in the quarter ended December, Oberoi Realty sold 619 units in newly-launched project Sky City for Rs. 1,567.15 crore.

The company said it launched three towers on October 30, 2015. “619 units booked, value about Rs. 1,567 crore till December 31, 2015…4th tower launched on 15th January, 2016…Work commenced at site,” the presentation said.

Oberoi Realty in October had said that it expects to earn a revenue of Rs. 10,000 crore from this 25-acre project comprising 10 towers of 60 storeys each.

The company’s collection stood at Rs. 524.49 crore during the third quarter of fiscal year 2015-16, of which about 290 crore was from the Sky City project.

Although the real estate market is facing a huge slowdown for last 2-3 years, housing sales have picked up in a few cities like Mumbai, Hyderabad and Bangalore.

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Last week, Oberoi Realty reported a more than two-fold jump in consolidated net profit to Rs. 209.35 crore for the quarter ended December on higher sales. Its net profit stood at Rs.79.23 crore in the corresponding period a year ago.

Total income increased to Rs. 790.33 crore for the October-December quarter of fiscal year 2015-16 from Rs. 219.6 crore in the corresponding period of the previous year, the Mumbai-based developer said in a filing to the BSE.

The company has developed about 40 projects at strategic locations across the Mumbai skyline aggregating about 9.18 million square feet. Another 20.61 million square feet is under construction.

Shares in Oberoi Realty, on Friday, ended 3.28 per cent lower at Rs. 249.10 apiece on the BSE, whose benchmark Sensex index finished down 1.28 per cent.