Oberoi Realty share price fell 2 percent in the opening trade on January 13 despite company bagged a project in Bandra, Mumbai.
At 09:44 hrs Oberoi Realty was quoting at Rs 2,068.45, down Rs 58.10, or 2.73 percent, on the BSE.
The Slum Rehabilitation Authority (SRA), Brihanmumbai, has vide its letter dated January 10, 2025 confirmed the appointment of the company as the developer in respect of the slum rehabilitation scheme for lands admeasuring approximately 10,300 sq. mtr. situate at Bandra Reclamation, Mumbai.
The said land is owned by Maharashtra Housing and Area Development Authority.
The company expects to be entitled to a free sale component of around 3.2 lakh sq. ft. (RERA Carpet area) from the development and redevelopment of the said land.
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Earlier in this month, Morgan Stanley highlighted that the real estate sector’s outlook remains favourable on the back of strong sales momentum in the third quarter of the financial year 2024-2025. The firm observed that Oberoi Realty expected to report robust pre-sales in the third quarter of FY25.
In the month of December 2024, the company executed a development agreement for development of land admeasuring approximately 81.05 acres equivalent to 3,28,010 square meters, situated at village Tekali, Taluka Alibaug, District Raigad, Maharashtra.
Out of the above land, land admeasuring approximately 8.6 acres equivalent to 34,803 square meters shall be earmarked and conveyed to the company for construction of high-end luxury 5 star hotel / resort to the extent of FSI admeasuring 30,000 square meters.
On the balance land admeasuring 72.45 acres equivalent to 2,93,207 square meters, the company intends to construct approximately 150 high end luxury, fully serviced, branded residential villas by consuming FSI of approximately 1,20,000 square meters.
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