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Shares of Oberoi Realty Ltd. saw a 2% increase early today, reaching ₹1,385.55 following the announcement of their latest high-end residential project, ‘Forestville by Oberoi Realty’, located in Thane. The development features three towers set within a sprawling 18-acre estate, signaling the company’s ongoing expansion in premium real estate.
The uptick in share value comes on the heels of yesterday’s disclosure that Oberoi Realty acquired approximately 14.816 acres from Ireo Residences Company in Gurugram. The acquisition, valued at up to ₹597 crore, also includes additional space allocations for existing homeowners, marking a strategic move to bolster the company’s land bank and future project pipeline.
Financially, Oberoi Realty has demonstrated strong performance with its second-quarter results for FY24. The company recorded a robust net profit growth of 43%, amounting to ₹456 crore (INR100 crore = approx. USD12 million). Additionally, there was a significant income surge of 75%, with revenues hitting ₹1,243 crore. These figures reflect the company’s solid footing in the market and its ability to capitalize on the demand for luxury housing.
The real estate firm’s strategic land acquisitions and launches of upscale projects like Forestville are indicative of its confidence in the luxury segment’s growth potential.
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