Oberoi Realty expects Mumbai redevelopment order

Oberoi Realty expects Mumbai redevelopment order

Mumbai: Developer Oberoi Realty Ltd expects to be awarded a 1 million square feet redevelopment project in the Mumbai suburbs by next month, a top official said on Friday.

“We are at LoI (letter of intent) stage...I cannot disclose anything beyond that," chairman and managing director Vikas Oberoi said.

Oberoi said the project would be awarded “hopefully" next month.

The company earlier on Friday reported a 56.5% rise in consolidated Oct-Dec net profit to Rs205 crore.

Revenue for the quarter came in at Rs420 crore compared with Rs216 crore a year ago.

The company at present has about 10 million square feet under various stages of development.

Shares of Oberoi Realty closed down 0.46% at Rs246.2 in a weak Mumbai stock market.