Rs 4 cr Thane flats: Oberoi Realty sells homes worth Rs 1348 cr in 3 days

Mumbai-based listed real estate company Oberoi Realty  has sold luxury homes worth Rs 1,348 crore in its newly-launched 75-acre housing project in Thane near Mumbai, the company said on Monday. 

The company launched the project 'Oberoi Garden City Thane' on October 18. 

Oberoi Realty has "recorded gross booking value of around ₹1,348 crore for 5.65 lakh sq ft (carpet area) over the first three days," it said in a regulatory filing.

It will be developing and marketing the project in phases. The first phase of the development will consist of five Residential Towers with expansive gardens and bookings for two towers commenced on 18 October 2024. The homes at Oberoi Garden City Thane will comprise of spacious 3-bedroom and 3-bedroom + studio apartments starting from 1475 sq ft and will rise over 65 storeys.

In the current phase, Oberoi Realty has launched only the 3BHKs and 3BHK+Studio apartments. Prices for 3 BHKs begin at Rs. 3.23 crore while the 3BHK + Studio apartments start at Rs. 4.30 crore (both exclusive of GST and additional

charges).

"We have received an overwhelming response over our launch weekend where we sold more than 50% of our launched area. Our gross sales for the launch weekend stand at Rs. 1350 Crore. The demand was spread across unit types with a higher

than anticipated demand for the larger units," said  Chintan Sanghavi, Sr. Executive Vice President - Head of Strategy & BD. 

According to the company, the project spread around 75 acres named Oberoi Garden City, Thane will offer homes with over 30 amenities, a 5-star deluxe JW Marriott Hotel Thane Garden City, an exclusive private membership club and an Oberoi International School.

"We have a clubhouse with multiple amenities that is exclusively accessible to the residents of Jardin at Oberoi Garden City Thane. Additionally, there will be a larger private paid membership club, open to both residents

and non-residents. The membership fee will be determined and communicated closer to the club's booking," Sanghvi told Business Standard. 

The Thane project will feature luxury residences, the JW Marriott Hotel Thane Garden City, an expansive private membership club, and the Oberoi International School.

What access does one get to all the facilities if you buy a house there?

"The residents of Jardin at Oberoi Garden City Thane will have exclusive access to the clubhouse and other facilities within the complex. The luxurious amenities are not only limited to the clubhouse but also spread out across the expanse of the podium. In addition to those, the residents will also have the option to take a paid membership at the Premium Private Member’s club when launched. As residents of OGC Thane, they will get a priority for admissions to the Oberoi International School," said Sanghavi. 

The Oberoi Garden City Project in Thane

Oberoi Realty reported a 28% increase in the September quarter net profit at Rs 589.4 crore. The company’s revenue from operations climbed  8.4% to Rs 1,320 Crore from Rs 1,217.4 crore in the previous year.

The company’s board issued a second interim dividend for FY25 at Rs 2 per equity share, representing 20% of the face value of equity shares of Rs 10 each. The record date for payment of the interim dividend is November 4, 2024. 

In the past one year, shares of Oberoi Realty have gained 70 per cent, compared to the BSE Sensex's rise of 23 per cent during the same period. 

Moreover, Oberoi Realty, which is also  known for building premium residences and the uber-luxury Three Sixty West highrise in Worli, is now looking to expand its commercial portfolio as it already has 80 acres under development at Oberoi Garden City and within that is the International Business Park, housing the office complexes.