Getting strong enquiries for Mulund launches: Oberoi Realty

Speaking about the two new residential projects Enigma and Eternia launched today in Mulund, Vikas Oberoi the CMD of Oberoi Realty said this is the first time the company has ventured into the central suburbs of Mumbai. The company is receiving strong enquiries for the same.Aswnering a query on rates he said the broad price for the cheapest apartment of 880 square feed would cost less than Rs 2 crore, said Oberoi. “It is the first time we have launched at this price bracket,” he added in an interview to CNBC-TV18.Both the projects launched are on a land parcel of 9 acres and woulld collectively be of 3.3 million square feet in size. Talking about other launches he said a 25 acre parcel in Borivali could be launched between March and June.Below is the verbatim transcript of the interview.Q: If you can start off by giving us some details on the new project that you launched in Mulund?A: This is the first time Oberoi Realty is venturing into the central suburbs of Mumbai. We are doing that with two projects Enigma and Eternia. Both these projects are on land parcels which are about 9 acres with two buildings each. So, on one project we have got two 3 bhk apartments and in the other one we have got 3 bhk and 4 bhk. The first one has a compact 3 bhk and a premium 3 bhk. Second project is luxury 3 bhk and luxury 4 bhk. Q: Can you tell us what is the rate at which this project is being sold?A: I will just give you some sort of a broad range. The cheapest apartment which is about 880 square feet will cost you less than Rs 2 crore. We have come in into this price bracket virtually for the first time. We have never had an apartment at this price for a very long time.Q: What kind of sales booking can we expect from these two projects?A: I really can't give you numbers but from what I am gathering we have set ourselves a target and we will pretty much cross that. The vibe is good, we are getting very strong enquiry. This also is because this is our first project in the central suburbs and the kind of work we do, I do not want to say others don't do but all of us have our own peculiar style of working and I feel that the kind of work we do will be appreciated in this part of Mumbai also. Moreover central suburbs is now very well connected with both New Mumbai and the city with the Eastern Freeway coming along. So, we are really positive and looking forward to that. Q: What are the launches that one can look forward to in the next 6-12 months from the Oberoi Realty stable?A: Mulund is one project that we are launching - two projects in Mulund. They collectively come to be about 3.3 million square feet. So, this is all work starting at one go. So, it is literally launching 10 buildings of reasonably big size projects for any other developer. Similarly our Borivali is a 25 acre land parcel which we will be launching altogether anywhere between March and June. So, interesting year for us. In fact a lot to do and we are ready for it.