Property developer Oberoi Realty plans to expand its land holdings in key cities as debt-laden rivals struggling with rising costs and slowing sale look to cut assets, its managing director said on Tuesday.
Mumbai-based Oberoi, which is sitting on USD 350 million cash reserves after an initial public offering and steady sales in the last financial year, is eyeing projects in Delhi, Bangalore, Hyderabad and Pune.
"We are loaded with cash. When some of the highly leveraged players get desperate, that is going to be an opportunity for us. We will replenish our land bank," Vikas Oberoi told the Reuters Global Real Estate and Infrastructure Summit.
The company, which is curremtly developing 10 million sq feet, mostly in Mumbai, hopes to double this by March 2013.
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