Oberoi Realty has entered into an agreement to develop and redevelop a land measuring approximately 2,576 sq m at Carter Road in Bandra (West). "The Company expects to currently generate a free sale component of around 40,000 square feet (RERA Carpet area) from the development and redevelopment of the said Land, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034," Oberoi Realty said in its regulatory filing on July 30, 2024.
According to experts, the per sq ft rate for apartments with a sea view in Carter Road and Pali Hill cost more than Rs 1 lakh. On May 6, Oberoi Realty had announced the redevelopment of seven old buildings having 504 flats in the Adarsh Nagar area of Worli. As part of the agreement, it had received 6.24 lakh sq ft RERA carpet to be sold in the open market.
The company had reported an 81.8% year-on-year (YoY) jump in net profit at Rs 584.5 crore for the first quarter ended June 30, 2024. In the corresponding quarter, Oberoi Realty posted a net profit of Rs 321.6 crore, the company said in the filing. Its revenue from operations increased 54.4% to Rs 1,405.2 crore against Rs 910 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 72% to Rs 815.1 crore in the first quarter of this fiscal over Rs 473.7 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 58% in the reporting quarter compared to 52% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The board of directors of the company has declared an interim dividend for FY 24-25 at the rate of Rs 2 per equity share i.e. 20% of the face value of equity shares of Rs 10 each. Further, August 1, 2024, is the record date for the purpose of payment of the interim dividend, and it will be paid starting from August 12, 2024.
