Oberoi Realty's FY24 Sales Bookings Decline by 53% to Rs 40.07 Bn
Real Estate

Oberoi Realty's FY24 Sales Bookings Decline by 53% to Rs 40.07 Bn

Oberoi Realty, a prominent real estate developer, has reported a significant decline in sales bookings for the fiscal year 2023-24. The company's sales bookings dropped by 53% compared to the previous fiscal year, amounting to Rs 4,007 crore.

The sharp decline in sales bookings reflects the challenges faced by the real estate sector, including subdued demand and economic uncertainties. Factors such as the ongoing COVID-19 pandemic and regulatory changes have contributed to the decline in Oberoi Realty's sales performance.

Despite the decline in sales bookings, Oberoi Realty remains optimistic about the future and is focused on implementing strategic initiatives to enhance sales and revenue generation. The company continues to explore opportunities to strengthen its market position and drive growth in the long term.

Oberoi Realty's performance in FY24 underscores the importance of resilience and adaptability in navigating challenging market conditions. The company's ability to weather the downturn and maintain its leadership position in the real estate sector highlights its strong fundamentals and strategic capabilities.

Looking ahead, Oberoi Realty remains committed to delivering value to its customers and stakeholders while pursuing growth opportunities in the dynamic real estate landscape. The company's focus on innovation and customer-centric approach positions it well for future success despite the prevailing market challenges.

Oberoi Realty, a prominent real estate developer, has reported a significant decline in sales bookings for the fiscal year 2023-24. The company's sales bookings dropped by 53% compared to the previous fiscal year, amounting to Rs 4,007 crore. The sharp decline in sales bookings reflects the challenges faced by the real estate sector, including subdued demand and economic uncertainties. Factors such as the ongoing COVID-19 pandemic and regulatory changes have contributed to the decline in Oberoi Realty's sales performance. Despite the decline in sales bookings, Oberoi Realty remains optimistic about the future and is focused on implementing strategic initiatives to enhance sales and revenue generation. The company continues to explore opportunities to strengthen its market position and drive growth in the long term. Oberoi Realty's performance in FY24 underscores the importance of resilience and adaptability in navigating challenging market conditions. The company's ability to weather the downturn and maintain its leadership position in the real estate sector highlights its strong fundamentals and strategic capabilities. Looking ahead, Oberoi Realty remains committed to delivering value to its customers and stakeholders while pursuing growth opportunities in the dynamic real estate landscape. The company's focus on innovation and customer-centric approach positions it well for future success despite the prevailing market challenges.

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Real Estate

Oberoi Realty to Redevelop Worli Housing Society

Oberoi Realty has entered into an agreement to redevelop a 3.2-acre housing society in Mumbai's Worli area. This redevelopment project marks a significant development in the real estate landscape of Mumbai, as Oberoi Realty aims to transform the existing housing society into a modern and luxurious residential complex.

The agreement underscores Oberoi Realty's commitment to delivering premium living spaces and enhancing the quality of life for residents in Worli. By leveraging its expertise in real estate development, the company intends to create a state-of-the-art residential project ..

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Open for business

The Indian hospitality industry is on a roll. 2023 saw a record number of hotel signings and openings: 25,176 keys were signed and 12,647 keys were opened, taking the branded keys inventory to ~ 207,000, up from ~ 94,000 a decade ago, with a more equitable distribution across most segments, reports Jaideep Dang, Managing Director, Hotels and Hospitality Group, India, JLL.

Hotel investments touched $401 million, nearly four-fold the volume witnessed in 2022. Last year also saw 22 hotel assets traded, the most in the previous decade, and th..

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Real Estate

Himachal CM hails SC order for Oberoi Group to vacate Wildflower Hall

The prolonged legal dispute spanning two decades between East India Hotels (EIH) of the Oberoi Group and the Himachal government regarding Wildflower Hall Luxury Hotel concluded as the Supreme Court affirmed the Himachal Pradesh High Court's decision. The Supreme Court instructed EIH to vacate the premises and hand over possession of the hotel to the state government by March 2025. Chief Minister Sukhvinder Singh Sukhu, in a statement issued, expressed satisfaction with the apex court's ruling, hailing it as a favourable outcome.

Sukhu credited the "favourable" decision to the careful..

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Real Estate

Brookfield India REIT to Acquire Bharti's Stake in Realty JV

Brookfield India Real Estate Trust (BIRET) is set to acquire nearly 50% stake in a real estate joint venture with Bharti Enterprises. This joint venture, Rostrum Realty Private Limited, includes properties across Delhi-NCR. The transaction is valued at approximately ?6,000 crores. Last year, Brookfield Asset Management already acquired a similar stake in four Bharti commercial properties.

With this acquisition, Brookfield?s REIT in India and Brookfield Asset Management will collectively control Rostrum Realty. This move is part of Brookfield's strategy to expand its real estate portfoli..

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Real Estate

DLF Ventures into Mumbai, Goa with Luxury Homes This Year

DLF, India's leading real estate developer, is set to enter the luxury housing markets of Mumbai and Goa by the end of this financial year. The company plans to introduce high-end residential projects, marking its first significant ventures in these regions.

In Mumbai, DLF will launch a premium condominium project in Andheri, featuring luxury apartments priced between ?6 crore and ?8 crore. This development signifies DLF's re-entry into Mumbai's real estate market after a long hiatus. The project aims to cater to the burgeoning demand for luxury homes in India's financial capital.

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