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Oberoi Realty Sells Flats Worth Rs 787 Crore In New Mumbai Tower

In a regulatory filing, the Mumbai-based firm informed that it had launched a new tower in the Elysian project at Oberoi Garden City, Goregaon, on October 28, 2021.

Outlook Business Team

Updated on: 1 November 2021 2:49 pm

Oberoi Realty Sells Flats Worth Rs 787 Crore In New Mumbai Tower

Oberoi Realty on Monday said it has sold properties worth Rs 787 crore in its newly launched residential tower in Mumbai.

In a regulatory filing, the Mumbai-based firm informed that it had launched a new tower in the Elysian project at Oberoi Garden City, Goregaon, on October 28, 2021.

The company has recorded a gross booking value of around Rs 787 crore for about 3.90 Lakh square feet till date, it said.

With this, the cumulative gross booking value from January 1, 2021, till date in Oberoi Garden City stood at around Rs 2,705 crore.

Oberoi Garden City, spread over 80 acre land, is a flagship project of Oberoi Realty.

Vikas Oberoi, Chairman and Managing Director, Oberoi Realty Limited said, “It is a fantastic moment for us to receive such an overwhelming response from our customers who have time and again reposed their faith in the brand.”

Elysian is an ideal choice for those looking for a vibrant lifestyle in a ready ecosystem within a well-connected suburb. The group is delighted and motivated by the response, he added.

Recently, the company reported a 94 per cent increase in its consolidated net profit at Rs 266.59 crore for the quarter ended September on higher revenue.

Its net profit stood at Rs 137.74 crore in the year-ago period.

The total income rose to Rs 768.52 crore in the second quarter from Rs 325.28 crore in the corresponding period of the previous year.

Last year in July, Oberoi Realty had said it has leased 1.1 million sq ft of its office space in Goregaon, Maharashtra, to Morgan Stanley for 9.5 years for around Rs 1,700 crore.

This was being done to consolidate Morgan Stanley''s Mumbai Global In-house Centre (GIC) operations to a single campus in the city, the company had said in a regulatory filing.

Property consultant JLL was the transaction advisor for the deal.

Under the deal, the US investment bank had to pay a rent starting from Rs 180 per sq ft per month on carpet with a 15 per cent escalation every three years for the 1.1 million sq ft space. This takes the total rent over 9.5 years to be close to Rs 1,700 crore.

(With PTI Inputs)