The share of Oberoi Realty hit a 52-week high of Rs 1,399.40 on 21 November after the company announced the launch of its first luxury residential project in Kolshet, Thane.
On 20 November, the company announced the launch of ‘Forestville by Oberoi Realty’, which spreads across 18 acres and consists of five residential towers. The first phase of the project consists of three buildings.
The project’s apartments will consist of spacious three-bedroom apartments that will span 1,090 square feet and be priced at Rs 1.87 crore onwards.
Earlier this month, the company executed an agreement for sale with Ireo Residences Company Private Limited and others to acquire land measuring around 14,846 acres, equivalent to 59,956.20 square meters, at Sector 58, Gurugram, Haryana.
In the quarterly earnings report for the July-September quarter, the company reported a 43% year-on-year (YoY) increase in its consolidated net profit, which reached Rs 456.76 crore for the quarter from Rs 318.62 crore reported in the same quarter of the previous fiscal year.
The company’s total income for the quarter was at Rs 1,243.80 crore, a 74% YoY increase from Rs 711.79 crore reported in the year-ago quarter.
Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, “We believe the real estate market will continue its upward trajectory through consistently surging demand for established brands, spacious apartments and a desire for home ownership.”
He added that the company expects strong demand in retail, driven by the festive season and increased consumer confidence.
At 11:04 am, the shares of Oberoi Realty were trading 3.70% higher at Rs 1,399 on NSE.