BackOberoi Realty to redevelop land in Mumbai's Tardeo, expects 2.5 lakh sq ft of free sale component
The plot of the land, which is to be redeveloped, is adjoining a property already being redeveloped by Oberoi Realty in a joint venture, a regulatory filing said.
PremiumOberoi Realty on September 27 announced that it would be redeveloping an area spreading across 13,450 square metres in Tardeo, a prime location in Mumbai city, which would generate a free sale component of around 2.5 lakh square feet.
“The company has today i.e. on September 27, 2023, entered into a development agreement for development and redevelopment of land admeasuring approximately 13,450 square meters, situate at Tardeo, Mumbai city," the real estate major informed the stock exchanges.
“The company expects to generate a free sale component of around 2.5 lakh square feet (on carpet area) from the development and redevelopment of the said land," Oberoi Realty added.
The plot of the land, which is to be redeveloped, is adjoining a property “already being redeveloped" by Oberoi Realty in a joint venture, the regulatory filing noted.
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Currently, there are structures on the land which are tenanted by Municipal Corporation of Greater Mumbai in favour of various persons, it further stated.
In the trading session on September 27, Oberoi Realty's stock edged higher, settling at ₹1,137.70 apiece on the National Stock Exchange, which was 1.06 percent higher than the previous day's close. On the BSE, the scrip settled at ₹1,135 apiece, up 0.84 percent from last session's closing price.
In the quarter ending June 2023, Oberoi Realty had posted a 20 percent on-year slump in net profit to ₹321.64 crore. The decline was attributed to higher expenses, while the revenue remained stable.
The company's total income during the first quarter of the current fiscal had came in at ₹933.45 crore, which was marginally lower as against ₹934.8 crore in the year-ago period. The expenditure, however, climbed to ₹509.07 crore as compared to ₹509.07 crore in corresponding period of the previous fiscal.
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