Oberoi Realty shares rise 3% as Thane project sees Rs 1,348 crore in bookings; Q2 profit up 29%

Real estate developer Oberoi Realty Ltd reported a 29 per cent rise in its consolidated net profit to Rs 589.44 crore for the second quarter of this fiscal year.

Oberoi Realty share prize advanced over 3 percent on October 21 after the company achieved Rs 1,350 crore gross bookings for new project in first three days.

The real estate developer also posted a 29 percent rise in its consolidated net profit to Rs 589.44 crore for the second quarter of this fiscal year. Its net profit stood at Rs 456.76 crore in the year-ago period.

The stock has been gaining for the last two trading sessions and has risen 4.02 percent in the period. The counter opened with a gain of 2.51 percent. It touched an intraday high of Rs 2,004.6 per share on the NSE, up 3.78 percent.

The sharp up move in the stock price was witnessed after its Oberoi Garden City Thane recorded gross booking value of Rs 1,348 crores over the first three days. Commenting on the overwhelming response to the project, Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, "This project epitomizes our vision of delivering a holistic, luxurious living experience and we believe it will set a new benchmark for luxury in Thane."

"Spread across 75 acres; Oberoi Garden City Thane is set to establish new standards in luxury living offering homes with over 30 worldclass amenities, a 5-star deluxe JW Marriott Hotel Thane Garden City, an exclusive Private Membership Club and an Oberoi International School," the company said in an exchange filing.

The first phase of the development will consist of 5 Residential Towers.

Total income rose to Rs 1,358.62 crore in the July-September period of this fiscal from Rs 1,243.80 crore a year ago, according to a regulatory filing.

Mumbai-based Oberoi Realty is one of the leading realty firms in the country.

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