Track2Realty: Oberoi Realty is looking to lucrative markets beyond its home market of Mumbai and is now planning to foray into new market of National Capital Region. The company has outlined budget of nearly Rs 150 crore for this and is aiming to do so in the current financial year, a top company official said.
“We will continue to be Mumbai-centric, but we also want to try our hand at other important markets,” says Vikas Oberoi, CMD, Oberoi Realty. “To begin with, it will be a small investment. We will be undertaking this project to study the market. If it works out well, then we can continue operating there.”
Oberoi Realty, India’s second most valued listed developer has been looking for a land parcel in National Capital Region for last six months. The company is open to joint ventures proposals too, he added.
In the backdrop of sluggish commercial market scenario, the company is contemplating of converting its office space project Oberoi Splendor Commercial I on Jogeshwari-Vikhroli Link Road in Andheri suburb of Mumbai into a residential one. The company is yet to take a final decision on this and is likely to do so in the next two months, Oberoi said.
As part of stipulated stake reduction by promoters of any company to maintain minimum public shareholding norm within three years of listing, Oberoi Realty is considering rights issue, offer for sale and other options to dilute promoters’ stake to mandatory 75% by October 2013. Promoters of Oberoi Realty held 78.49% stake in the company as on March 31.
For the quarter ended March, the company reported 1.1% year-on-year rise in consolidated net profit at Rs 145.17 crore on the back of 14.2% rise in revenue at Rs 325.99 crore.
