Oberoi Realty Set to Launch Mall and Luxury Homes in Mumbai and Gurugram
Oberoi Realty is expanding its footprint in Mumbai and Gurugram, aiming to enhance its position in India’s real estate market. With a strong focus on luxury residential developments and retail spaces, the company is making significant investments to tap into the growing demand for high-end properties in key urban locations.
The company is planning to launch a new mall, Sky City Mall, in Mumbai. This will be their second mall in the city, after the successful Oberoi Mall in Goregaon East. Sky City Mall will be located in Borivali, a busy area in the western suburbs of Mumbai. The mall is set to open in January 2025, with construction going well so far. If there are any delays, it will open by early 2025.
In addition to expanding in Mumbai, Oberoi Realty is also entering the real estate market in Gurugram, which is a major city in the National Capital Region (NCR). In November 2023, the company bought a large piece of land in Sector 58, Gurugram, for ₹597 crore. The land will be developed into a luxury residential project, which will be Oberoi Realty’s first project outside the Mumbai Metropolitan Region. The Gurugram project is expected to offer around 2.6 million square feet of living space. The project is in the design and approval phase, and the company plans to launch it in the first half of the financial year 2025-26.
Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty, said that the Gurugram project will be a long-term investment. The company wants to establish a strong presence in the NCR, which is a growing area for luxury residential developments. By entering this market, Oberoi Realty hopes to meet the demand for high-end homes in the region. This move is an important part of the company’s strategy to expand beyond Mumbai and reach new markets.
To help fund its expansion, Oberoi Realty has approved a fundraising plan to raise up to ₹6,000 crore. The money will come from equity shares and other financial instruments. The funds will be used to support the company’s growth, acquire new properties, and finance large projects. Oberoi Realty already makes a lot of money from its current developments, but it wants to secure additional capital to speed up its expansion. The real estate market in India is attracting more investors, and Oberoi Realty wants to take advantage of this interest to fund its growth.
The company’s financial performance has been strong. In the second quarter of the financial year 2024-25, Oberoi Realty saw a 74% increase in the value of its bookings. The total value of bookings reached ₹2,509 crore, compared to ₹1,441 crore in the same period last year. The company’s profit after tax for the first half of FY25 increased by 33%, reaching ₹1,173.71 crore.
Oberoi Realty is expanding its presence with new projects in Mumbai and Gurugram, aiming to grow its portfolio in India's competitive real estate market.
Image source- oberoirealty
