#OberoiRealty Q3 FY22 concall highlights 🏡🏚
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1. The gross booking value stood at ₹3150 Cr which has been the highest ever for the 9 month period of any financial year.
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1. The gross booking value stood at ₹3150 Cr which has been the highest ever for the 9 month period of any financial year.
2. They launched Tower 2 in Elysian (second tower launched in the same financial year) and have received an overwhelming response.
3. They crossed ₹1000 Cr sales booking in this quarter itself. Sky City and Maxima delivered the highest booking value in any non-launch quarter
3. They crossed ₹1000 Cr sales booking in this quarter itself. Sky City and Maxima delivered the highest booking value in any non-launch quarter
4. They are primarily residential real estate developers. They look at commercial real estate and malls as an extension of their business and not their main business. But they are willing to pivot towards commercial if there is more demand there.
5. They are building Commerz 3 in Borivali which is going to be 2.4 million square feet and about 50% of that is already leased. They are currently on the 17th level and more than 70% of the building has been completed.
6. The Commerz towers are right on the Metro stations. They are also working on building a private connection so that you can walk right out of the Metro and into your office. This will completely re-rate the area because of simple accessibility.
7. On the contractual escalation in rents, a lot of tenants have renegotiated and increased their tenure. Since they were coming out of COVID, the company decided to show leniency by increasing the rates only marginally or let that go also.
But any new tenants will be paying the higher revised rents.
8. Close 28% of the sales are done for Three Sixty West. The project has been completed and registered under 2034 DCR. They have applied for OC and expect to receive it in the next 2 to 3 weeks.
8. Close 28% of the sales are done for Three Sixty West. The project has been completed and registered under 2034 DCR. They have applied for OC and expect to receive it in the next 2 to 3 weeks.
They have a pipeline of people waiting to buy and they believe 2022 is going to be the year of Three Sixty West.
9. They are very open to buying large land parcels. They believe there are plenty of opportunities in the market today
9. They are very open to buying large land parcels. They believe there are plenty of opportunities in the market today
because there aren’t many developers who can write a big cheque.
10. They are going to have a lot of cash flows from the inventory in Mulund and Borivali. That cash needs to be deployed somewhere and the company will be using it to buy land.
10. They are going to have a lot of cash flows from the inventory in Mulund and Borivali. That cash needs to be deployed somewhere and the company will be using it to buy land.
11. They are hoping to start the Thane project this quarter. If certain permissions don’t fall in place on time, the project will launch in the 1st quarter of next year.
12. There has been no construction happening in Real Estate for almost one a half year due to COVID. As existing inventory sells, there could be a supply constraint in 2024 or 2025. Oberoi has Mulund and Borivali almost completed.
Worli is fully completed. So they have a lot of inventory to sell, but most developers don’t have that kind of inventory that will come in 2022, 2023 and 2024. So there will be an increase in price.
13. They can retain their margins because they have been very prudent in buying land and they don’t take a lot of debt so they don’t pay a lot in interest.
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