‘Buying a house will never go out of fashion; it will always be there,’ said Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, while highlighting the enduring appeal of housing demand in the real estate market during the company’s investors’ call held recently.
Reacting to a question on residential demand in the luxury and mass-market segments, Oberoi said, “I feel that we are agnostic to demand as such because buying a house is not going out of fashion. It will always be there. There may be high demand or moderate demand. But when you are a good brand and make a good product, at that time, you always…people gravitate towards quality,” Oberoi said.
He also said that Oberoi Realty plans to launch a mall in Mumbai’s Borivali in mid-February or early March. The company is also preparing for its first launch in the Gurugram real estate market.
Luxury housing demand in the Mumbai real estate market
Mumbai’s residential real estate market saw an 11% increase in housing sales in 2024, especially luxury homes in the ₹5 to ₹10 crore price range and ₹20 to ₹50 crore segment, according to a report by Knight Frank India.
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Overall, 96,187 housing units were sold in 2024, surging to 11% compared to 86,871 units in 2023. The Knight Frank India report noted that launches mirrored the sales trends and luxury housing demand, with developers focusing on the ₹5 to 10 crore and ₹20 to 50 crore range.
On the launch of Oberoi Sky City Mall and residential tower in Borivali
Oberoi said the company also plans to launch one residential tower in Borivali and is trying to time it with the mall’s launch.
“Once people see what we have built, the way this entire lifestyle is built, literally when you walk out of the apartment, walk through the mall and straight away go into the metro station directly without even putting your feet on the road, exactly like what you would see life to be in Singapore or Hong Kong,” Oberoi said.
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Oberoi added, “We are just waiting to launch the mall, which we hope to do in mid-February or early March. This is a soft launch, of course, but it will be open to people. So once people use this entire infrastructure, they will realise that life’s really different at Sky City. We are waiting for that to happen, and we will quickly launch our last tower. And we have some higher floor inventory in other towers, which we will open again,” Oberoi said during a recent investor call.
Oberoi Realty has developed the Oberoi Sky City project in Borivali, spread across 25 acres. It is a ready-to-move-in residential project offering 3BHK, 3BHK studio apartments, and duplex apartments.
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On the company’s foray into Gurugram
In November 2023, Oberoi Realty announced the acquisition of 14.81 acres of land in Sector 58 in Gurugram, Haryana, for ₹597 crore. The land’s potential is estimated at up to 2.6 million sq ft of floor area. The company plans to develop a luxury residential group housing project on this land.
Speaking about the launch of the Gurugram project, Vikas Oberoi said, “Permissions are coming in as we speak on the project (Gurugram). So we are getting ready to launch. Like I said, that is probably either the end of the second quarter or third quarter next financial year. We should be good to go. Plans are done and ready,” he said.