Mumbai Real Estate: The Oberoi Realty Has Sold 645 Housing Units in the Third Quarter of This Fiscal Year

The realty company, Oberoi, sold 645 housing units this third quarter of the fiscal year, and that sums up to about Rs 1,775 crore. That said figure is equivalent to ten million in the Indian numbering system, and the distribution of the sales is largely in the residential project at Borivali in Mumbai.

According to the analyst's presentation, the 645 units sold by the Mumbai-based developer cover nearly 10.24 lakh, which is equivalent to 100,000 square feet for Rs 1,774.39 crore.

Of the total sales in the quarter that ended December, Oberoi Realty sold 619 units in its 'Sky City' project for Rs 1,567.15 crore. On Oct. 30, 2015, the company launched three towers. "619 units booked, value about Rs 1,567 crore till Dec. 31, 2015...4th tower launched on 15th January, 2016...Work commenced at site," said the presentation, according to the Business Standard report.

The company had said in October that they expect to earn a revenue of RS 10,000 crore from the 25-acre project, which comprises 10 towers of 60 storeys each. Oberoi Realty has developed about 40 projects across the Mumbai skyline with strategic locations covering about 9.18 million square feet. Also under construction is another 20.61 million square feet.

The share price of Oberoi Realty closed on Friday at Rs 250.10 apiece, down 2.89 percent. The market cap of the company stood at Rs 8,486 crore.

As per the report of Profit NDTV, although the real estate market in India has been facing a huge downturn in the last two to three years, housing sales have picked up in some cities like Mumbai, Bangalore and Hyderabad. Oberoi Realty reported last week that they made more than a two-fold jump in consolidated net profit to Rs 209.35 crore for the quarter that ended December. The net profit in the corresponding period a year ago was Rs 79.23 crore.

The company's total income has increased to Rs 790.33 crore for the October-November quarter of fiscal year 2015-16, as compared to the corresponding period of the previous year which stood at Rs 219.6 crore, the developer said, in a filing to the BSE.