Oberoi Realty gets Rs 850-cr bookings

Mumbai-based real estate developer Oberoi Realty has received a stupendous response to its recently launched project in Mulund. 

According to sources, the company got bookings for nearly 300 units totalling around Rs 850 crore within the first couple of weeks of its launch.An emailed query sent to the company in this regard did not elicit any response till the time of going to press.
Oberoi had announced the launch of the twin developments, Eternia and Enigma, in Mulund in early January and bookings for it had commenced on January 14. Eternia comprises of approximately over 1,100 units while Enigma is expected to have around 600-plus units. The smallest apartment, comprising of 880 sq ft, costs around Rs 2 crore.
“A slowdown in the Mumbai residential property market seemed inevitable due to the high oversupply in the market. But this kind of response shows that consumers are still willing to invest if the pricing, the location, and the developer are good,” a Mumbai-based realty expert said.
Future plans
Sources indicate that the company has a big pipeline of launches planned. “The company plans to launch, sell, deliver and develop 13 million sq ft over the next eight years, which will have a revenue recognition of around Rs 22,000-23,000 crore,” sources said.
The company has already received approval from local authorities for change of land use permission for its Borivali project from industrial to residential and the project is expected to be launched by June 2015, sources added. 

Oberoi had purchased the Borivali land parcel measuring roughly 25 acres from Tata Steel for a final bid of Rs 1,155 crore.