Oberoi Realty Reports ₹970 Crore in Sales for Elysian Tower in Goregaon

Oberoi Realty has reported the successful sale of 2.1 lakh square feet of apartments in its latest project, Elysian Tower D, located within the Oberoi Garden City development in Goregaon. The sales, valued at ₹970 crore, represent a significant achievement for the company, with the total saleable area of the project spanning 3.25 lakh square feet. The apartments range from 2,009 square feet to 3,430 square feet in carpet area, catering to the demand for spacious residences in one of Mumbai’s most sought-after localities.

The Elysian Tower D development is part of the larger Oberoi Garden City project, which spans 80 acres and includes a variety of features. The project offers not just residential units but also Grade-A office spaces, Oberoi Mall, Oberoi International School, and The Westin Mumbai Garden City hotel. This mixed-use approach aims to create a self-contained environment where residents can live, work, shop, and relax within the same development, adding to its appeal as a premier destination in Mumbai.

Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty, expressed satisfaction with the response to Elysian Tower D, calling the sales results a testament to the strength of the Oberoi Realty brand. He also highlighted the company’s long-term vision of creating integrated urban developments that offer a higher standard of living. The success of this project further solidifies the reputation of Oberoi Garden City as a preferred residential destination in the city.

The sales in Elysian Tower D follow the successful sales of earlier phases, including Elysian Towers A, B, and C. The strong performance of these previous towers has laid a solid foundation for the continued success of the new phase. The demand for larger apartments, such as those in Elysian Tower D, is particularly notable given the current market conditions. While the luxury segment in Mumbai has seen some slowdown, the success of this project highlights that prime developments in well-connected areas continue to attract significant buyer interest.

Despite a generally sluggish market for high-end properties, the demand for larger, well-located homes remains strong. The Elysian Tower D project, located in the Goregaon area, benefits from its strategic location with easy access to key parts of Mumbai, making it an attractive choice for affluent buyers.

The company’s sales performance comes at a time when the real estate market is facing challenges. Recently, Oberoi Realty reported a 45% decline in its consolidated net profits for Q4 of the 2024-25 financial year, down to ₹433.17 crore from ₹788.03 crore in the same quarter of the previous fiscal year. The company also reported a 12.5% drop in revenue from core operations for the quarter, a reflection of the broader challenges in the luxury real estate market. However, despite these financial challenges, the strong sales performance in Elysian Tower D demonstrates the continued demand for premium residential properties.

The sales in Elysian Tower D highlight that, despite some challenges in the Mumbai real estate market, there is still strong demand for luxury developments. Developers like Oberoi Realty are succeeding by emphasizing quality, design, and integrated living solutions that meet the needs of high-end buyers. As Mumbai’s real estate market continues to evolve, projects such as Oberoi Garden City are expected to remain appealing to those seeking premium living spaces in a competitive market.