Oberoi targets new high from Sky City

Oberoi Realty, which launched its new project Sky City in Mumbai on the land that it purchased from Tata Steel, is eyeing sales of around Rs 10,000 crore from the project.

“The total developable area in the project across all phases would be 5.5 million square feet and the company believes that there is a revenue potential of over Rs 10,000 crore in the project at the launch price of Rs 21,000 (carpet area price) and Rs 12,750 (built-up area price),” Oberoi Realty chairman and managing director Vikas Oberoi said.

The project will be done in five phases and we expect it to be completed over the next five years, Oberoi added.

Oberoi Realty had emerged as the highest bidder for Tata Steel’s steel wire manufacturing plant at Borivali, Mumbai, with an offer of Rs 1,155 crore in March 2014. The unit was shut in 2009 and its operations were moved to Tarapur, Maharashtra, in 2008. Spread across 25 acres of land, Sky City will consist of multiple towers of up to 60 storeys each. The company plans to launch the first phase of this development consisting of three towers.

The apartments at Sky City will comprise predominantly of expansive three bedrooms in various configurations, with carpet areas starting from 1,029 sq ft onwards.