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Oberoi Realty, a Mumbai-based property developer, has hit an important milestone with the launch of Elysian Tower D at Oberoi Garden City, Goregaon. The flagship integrated development spans over 80 acres and garnered an astonishing response with gross booked value of ₹970 crore for 2.1 lakh sq. ft. of RERA carpet area, or total saleable area of over 3.25 lakh sq. ft.
This astounding achievement serves as validation of Oberoi Realty's efforts to redefine luxury living through integrated and innovative urban development.
Elysian Tower D: A Premium Residential Offering
The launch of Elysian Tower D is part of the vast Oberoi Garden City in Goregaon, which marries modern living with convenience. The project includes thoughtfully designed, 3- and 4-BHK apartments with carpet areas of 2,009 sq. ft. and less than 3,429 sq. ft. The mixed-use development also contains:
- Grade-A office premises.
- Oberoi Mall.
- The Oberoi International School.
- The Westin Mumbai Garden City - a luxury hotel.
The way that residential, commercial and leisure amenities seamlessly come together makes Oberoi Garden City a vibrant ecosystem.
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Vibrant Ecosystem Validates Vision
Regarding the project's success, Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said:
"The exceptional reception to the launch of Elysian Tower D affirms our long-held vision to create integrated urban developments as a catalyst for the luxury lifestyle."
The ongoing performance of Elysian Towers A, B, and C speaks volumes about the trust and confidence the buyer has in Oberoi Realty's brand and capability of delivering an exceptional value.
Mumbai’s Real Estate Trends and Oberoi Realty’s Position
At present, the real estate market for Mumbai in 2024 is decidedly leaning towards affordability, and indeed, it is striking that more than 50% of registered properties were less than 650 sq. ft. However, Oberoi Realty's specialty in premium apartments demonstrates that there is demand for spacious, high-end residences.
In terms of property launches, the majority of new launches in Mumbai were 1 BHK and 2 BHK apartments; yet, when compared to the overall market, the consistent sales of apartments categorized as 3 BHK and 4 BHK within Oberoi Garden City demonstrates its clustering to a niche demographic who desire luxurious and spacious homes within an urban environment.
Oberoi Realty’s Financial Performance
Despite the positive response to its latest launch, Oberoi Realty reported a dip in its financial performance for Q4 of FY 2024-25.
- Net Profit: Declined by 45% to ₹433.17 crore from ₹788.03 crore in the same quarter last year.
- Revenue from Core Operations: Dropped 12.5% to ₹1,150.14 crore compared to ₹1,314.77 crore.
These figures highlight challenges in the market but also reflect Oberoi Realty’s resilience and ability to generate significant value through flagship projects like Elysian Tower D.
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Why Oberoi Garden City Stands Out
Oberoi Garden City has maintained sustained performance because of the unique value proposition it comes with. From the start, Oberoi Garden City has been able to bring together a mixed-use market focused on residential and commercial properties, dotting the ever-evolving urban fabric of Mumbai. Oberoi Garden City's location has also been in Goregaon allowing for easy access and connectivity.
Conclusion
By launching Elysian Tower D, Oberoi Realty continues to showcase its leadership position in luxury real estate. With ₹970 crore of bookings and a fully integrated development model, Oberoi Realty continues to pave the way in luxury real estate benchmarks. As we continue to see Mumbai's skylines change, they continue to move forward with design-based, sustainable, and future-ready projects that benefit the overall quality of life for its residents.
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Ans 1. Oberoi Realty achieved a gross booked value of ₹970 crore for Elysian Tower D.
Ans 2. The sold carpet area totals 2.1 lakh sq. ft., with a saleable area exceeding 3.25 lakh sq. ft.
Ans 3. Elysian Tower D offers premium 3- and 4-BHK apartments, with carpet areas ranging from 2,009 sq. ft. to 3,429 sq. ft.
Ans 4. Oberoi Garden City is a flagship integrated development spanning 80 acres. It includes residential apartments, Grade-A office spaces, Oberoi Mall, Oberoi International School, and The Westin Mumbai Garden City hotel.
Ans 5. Its mixed-use ecosystem integrates residential, commercial, and leisure facilities, providing a modern and convenient lifestyle.
Ans 6. Oberoi Realty focuses on spacious and high-end apartments for niche buyers who value luxury and integrated urban living.
Ans 7. The market leans towards affordable housing, with most properties being under 650 sq. ft. However, demand for spacious 3- and 4-BHK luxury apartments persists among a specific demographic.
Ans 8. Oberoi Realty reported a 45% decline in net profit to ₹433.17 crore and a 12.5% decrease in revenue from core operations to ₹1,150.14 crore in Q4 FY 2024-25.