Vikas Oberoi: Oberoi Realty to actively pursue redevelopment business

Vikas Oberoi, Chairman of Mumbai based developer, Oberoi Realty, plans to redevelop residential buildings in the coming quarters. Vikas told the analysts in a call that they have hired and are hiring people for redevelopment business, and their key responsibility area (KRA) will be to identify and pursue such opportunities. He told the media that the company is open to the redevelopment of large residential societies and doing joint development. Oberoi Realty was one of the bidders for the Chhatrapati Shivaji Maharaj Terminal redevelopment project. Vikas told the media that under the current circumstances, the company is looking to buy land aggressively. According to Vikas, this is the best time to buy land. He cited that as the coffers of most land developers are empty, it is the best time to purchase land. He added that the nation is under-built in terms of real estate and including Oberoi Realty, very few of them will build it due to strong balance sheet, capabilities and brand name. He said that the April and May months of the current year look like washouts and that they will have a large share of the market. He added that once the lockdown opens up, they would come to know how the momentum picks up. Image Source Also read: Century Real Estate raises Rs 175 cr for luxury housing project Also read: Oberoi ties up with EESL for energy initiatives across properties