Oberoi Realty Q2 housing sales jump over 3-fold to Rs 504 crore

NEW DELHI: Mumbai-based Oberoi Realty has clocked sales of residential properties worth Rs 504.34 crore during the second quarter of the current fiscal, up over three times from the year-ago period.

The company sold 67 units in eight different projects for sales value of Rs 504.34 crore.

"Residential bookings during the quarter were of over Rs 500 crores," Oberoi Realty said in an investor presentation.

Sales bookings are higher compared with the year-ago period as well as on quarterly basis.

In the year-ago period, the company had sold 29 units for sales value of Rs 140.84 crore, while the sales bookings were Rs 406.28 crore i
n the first quarter of this financial year.

In terms of volume, the aggregate area booked in the second quarter of 2016-17 fiscal was 1.77 lakh sq ft against 0.63 lakh sq ft booked in the corresponding period of the previous year.

The maximum sale of Rs 300.63 crore was achieved in 'Three Sixty West' project at Worli. The company collected Rs 295.40 crore during the quarter ended September, according to presentation.

Last week, Oberoi Realty reported a 12 per cent increase in consolidated net profit at Rs 83.72 crore for the quarter ended September as against Rs 74.45 crore in the year-ago period.

Income from operations increased to Rs 252.02 crore during July-September period of this fiscal from Rs 190.77 crore in the corresponding period of the previous year.

During the first six months of this fiscal, the company has recorded consolidated revenue of Rs 594.93 crore against Rs 423.03 crore in the corresponding period of last fiscal.

Net profit rose to Rs 192.59 crore in the first half of this fiscal as against Rs 156.38 crore in the year-ago period.

"The real estate sector has been influenced by some significant policy changes, recent being the monetary policy announced by RBI, which will bring the cost of money down and encourage sales," Oberoi Realty CMD Vikas Oberoi had said.

The various initiatives announced by the government have improved market sentiments thus accelerating sales volumes, he added.

The Maharashtra government's sustained focus on infrastructure in Mumbai is helping bridge the infrastructure divide, acting as an added incentive for the sector here, Oberoi said.

The company has a total of 39 completed projects across Mumbai.