The real estate sector in India has been on a roll and the momentum seems to be continuing for the foreseeable future. Oberoi Realty, a Mumbai-based real estate company, has recently reported a whopping 7-times jump in its booking value for the March-ending quarter. This news comes after a series of strong operational updates from other major real estate companies such as Godrej Properties, Lodha, and Sunteck Realty in the last few weeks.
In the recently concluded quarter, Oberoi Realty saw its booking value surge to Rs 6,023 crore against Rs 925 crore in the same quarter last year and Rs 623 crore in the last quarter, led majorly by bulk and year-end bookings. One of the company's projects, 360 West in Worli, saw D-Mart’s Radhakishan Damani buy flats with a total value of Rs 1,250 crore.
The booking value per flat has seen a significant jump, as the value has risen while the number of flats booked has slipped year-on-year. In Q4FY23, Oberoi Realty saw a total of 207 units booked against 234 units in Q4FY22. If calculated, the booking value per flat for Q4FY23 comes in at almost Rs 29 crore against Rs 4 crore, a jump of more than 7 times in prices. Even the price realisation per flat has risen to Rs 42,659 from Rs 17,643 per square feet, a jump of 142 percent year-on-year.
For the whole year, total units booked have slipped 19 percent while booking value has risen 120 percent to Rs 8,572 crores, with Q4FY23 making the majority of the contribution.
Other players like Godrej, Macrotech and Sobha reported their lifetime high in residential sales. Godrej Properties exceeded its full year guidance by 22 percent for the financial year 2022-23. Macrotech Developers recorded pre-sales growth of 34 percent to Rs 12,064 crore, thereby surpassing its guidance. Sobha recorded its best ever sales quarter with a value of Rs. 14.63 billion and saleable area of 1.48 mn sft for the last quarter of financial year 2022-23.
In 2023 so far, the stock performance of Oberoi Realty has been almost in-line with its peers. It is up 5 percent against 4 percent for Godrej Properties and 11 percent for DLF.
(Edited by : Vahishta Unwalla)
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