RERA has been a huge game-changer for the real estate sector: Vikas Oberoi

 

Oberoi Realty Ltd. is India’s leading real estate development company, headquartered in Mumbai. It is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals. Its primary aim is to build aspirational developments for its customers with distinctive designs, functional aesthetics and quality finishes that translate into landmark projects through its mixed-use and single-segment developments.

Yash Ved of Newsbarons provides you with the highlights of a conference call, where Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited says” With the onset of RERA and GST, we are already witnessing an increase in customer confidence and an improved market sentiment. We have developed over 39 projects at strategic locations across the Mumbai skyline aggregating about 9.18 million sq. ft of spaces.”

NB: How was the performance for Q2?

Vikas Oberoi: This quarter has seen the implementation of the biggest tax reform in the country – GST. Additionally, RERA has been a huge game-changer for the real estate sector. Our projects has done well in terms of sales, construction. We have completed registration for all of our projects.

With the onset of RERA and GST, we are already witnessing an increase in customer confidence and an improved market sentiment.

We have always been ready and well-equipped to meet all regulatory changes and despite the external ripples, our projects have performed consistently well this quarter.

With a robust pipeline, We believe that we will create image of our shareholders.

NB : Brief us about your Financials?

Vikas Oberoi: The Company has recorded Consolidated Revenue of Rs.308.49 crore for Q2FY18 as against Rs. 264.42 crore for Q2FY17 and Rs. 578.81 crore for H1FY18 as against Rs. 594.39 crore for H1FY17.

The Consolidated Profit Before Tax was Rs. 154.36 crore for Q2FY18 as against Rs. 124.51 crore for Q2FY17 and for H1FY18 was Rs.285.54 crore as against Rs.287.34 crore for H1FY17.

The Consolidated Profit After Tax was Rs. 104.32 crore for Q2FY18 as against Rs. 83.51 crore for Q2FY17 and for H1FY18 was Rs. 195.69 crore as against Rs. 192.05 crore for H1FY17.

NB: What are your future plans?

Vikas Oberoi : We have developed over 39 projects at strategic locations across the Mumbai skyline aggregating about 9.18 million sq. ft of spaces (group entity including promoter group). With another 21.98 million sq. ft in the making, we have aggressive plans for upcoming projects in various parts of Mumbai and other regions.

NB:What was the land sale for GSK property?

Vikas Oberoi: The company has been selected as the successful bidder for GSK Pharma for the land admeasuring approximately 60 acres located at Thane.

The company’s bid for the said land was for a consideration of Rs.555 crore.

We are doing paper work for the land deal.

NB: What is the current order book?

Vikas Oberoi : The order book stands at Rs. 4,052 crore as against Rs. 4,043 crore at the end of H1FY17.

NB: What was the promoter holding?

Vikas Oberoi: The current promoter holding stands at 72.49%.