Home / Companies / Oberoi Realty launches residential project

Mumbai: Oberoi Realty Ltd on Wednesday launched a large residential project that is expected to generate a revenue of around Rs10,000 crore.

Located at Borivali, a suburb of Mumbai, the project called Sky City is being built over 25 acres the company bought from Tata Steel Ltd last year for around Rs1,150 crore.

Apart from the cost of land, the company has invested over Rs.200 crore so far in the project.

“We expect a revenue of around Rs.10,000 crore at the current price. This cash will used in buying land parcels or properties in the later stage," Vikas Oberoi, chairman and managing director, Oberoi Realty, said at a press conference.

The project will have ten 60-storey towers, each with 300 apartments.

Construction is expected to be completed in the next five years and the total development area of the project is expected to be around 5.5 million square feet, the company said.

“Unlike our other projects which we launch in phases, we will be completing this project at one go," he said.

The residential apartments will be sold at Rs.12,750 per square feet. The ticket sizes will start from around Rs2.3 crore, the firm said.

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