Oberoi Realty Sees Strong Growth: 3% Stock Rise and Rs 1,348 Crore Bookings

Oberoi Realty has reported a significant uptick in its performance, with its shares rising by 3% following impressive bookings for its new project in Thane. Within just three days, the company achieved gross bookings worth Rs 1,348 crore, showcasing robust demand in the real estate market. This surge in interest comes as Oberoi Realty announced a consolidated net profit increase of 29% for the second quarter of this fiscal year, reaching Rs 589.44 crore compared to Rs 456.76 crore from the same period last year.

The stock has shown a consistent upward trend over the last few trading sessions, marking a 4.02% increase recently. On October 21, the shares opened with a gain of 2.51%, reaching an intraday high of Rs 2,004.60 on the NSE, reflecting a 3.78% increase. This positive momentum can be attributed to the strong performance of the Oberoi Garden City project in Thane, which has been received with enthusiasm by potential buyers.

Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty, expressed his excitement regarding the project, stating that it "epitomizes our vision of delivering a holistic, luxurious living experience." He believes that the development will set a new benchmark for luxury in Thane. The project spans across 75 acres and aims to redefine upscale living by offering over 30 world-class amenities, including a deluxe JW Marriott hotel, an exclusive membership club, and an Oberoi International School.

The company's total income for the July-September period has also shown improvement, rising to Rs 1,358.62 crore from Rs 1,243.80 crore a year ago. As one of the leading real estate firms in India, Oberoi Realty continues to demonstrate resilience and innovation in the competitive real estate landscape.

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As the project progresses, it will be interesting to see how Oberoi Realty navigates the ongoing market conditions and the impact of their ambitious developments on their financial performance.

[Disclaimer: The information provided in this blog is for informational purposes only and should not be considered financial advice. Please consult a financial advisor before making any investment decisions.]