Oberoi Realty to develop integrated townships

Written by Shubhra Tandon | Mumbai | Updated: Nov 30 2012, 09:22am hrs
Oberoi Realty, the countrys second-largest realty player by market capitalisation, is planning to develop integrated township projects, without giving details of such projects.

The company, which has around 20 million sq ft of development pipeline for over the next six years, feels that it has reached a stage where it could do lot more work in providing better living amenities to buyers. Oberois development is at present concentrated in Goregaon, Andheri, Mulund and Worli. The company had a market capitalisation of Rs 9613.95 crore as on Thursday, according to BSE.

We as a company are mature to now get into more work, Vikas Oberoi, chairman and managing director, Oberoi Realty told FE in a recent interaction, where he said that his company will be interested in building integrated townships. We feel now that we know how to do that integrated development having a good school, a good hotel and a mall. And we want to do that at every grade, and its not that we want to do it at the upper end, he said.

Oberoi, as part of its real estate development in Goregaon, a western suburb in Mumbai, houses a mall by the name of Oberoi Mall and has commercial development under Commerz and soon to be launched Commerz II, apart from its residential projects. It has also built Oberoi International School within the vicinity.

We are just waiting for the right opportunity to come to buy land. We bought land in 2000, in 2005, and in 2009, and we continue to look at land, said Oberoi.

In response to what is holding him back despite Oberoi Realtys name featuring as interested buyers of recently concluded marque property transactions like Hindustan Unilevers Gulita, DLFs land in Lower Parel or not yet closed Raymond land in Thane, Oberoi said that the talks fail either on valuations or the firms decide not to sell.

At the same time, Oberoi said that the government should open up more land parcels around Mumbai and provide with good infrastructure connectivity from there to city centres so that more houses can come up.