Oberoi Realty shares drop after June quarter bookings decline by nearly 40% from last year

Further, the total carpet area booked in the quarter plunged to 1.46 lakh square feet in the first quarter that ended on June 30, 2023, from 2.45 lakh square feet in the same quarter preceding the fiscal. In the March quarter, the carpet area booked stood at 9.74 lakh square feet.

The real estate firm has developed more than 42 projects at strategic locations across Mumbai aggregating about 11.89 million square feet of space.

In May, the company signed a Memorandum of Understanding with NRB Bearings Ltd for acquiring 6.4 acres of land located at Thane in Maharashtra.

In addition, the company in its board meeting on May 16 passed a resolution for the issue of non-convertible debentures up to an aggregate amount of Rs 1,500 crore by way of private placement, in one or more offerings.

Shares of Oberoi Realty were trading 1.63 percent lower at Rs 1058.25. The stock has risen over 20 percent so far on a year-to-date basis.