Oberoi Realty one of the few listed real estate companies with healthy cash on hand and zero debt is preparing to launch around 33 lakh sq ft of proposed development space in 2012-13 as it looks for a home for its surplus cash.
“We will launch around 33 lakh square feet of property within this financial year which is expected to be completed in the next couple of years. These properties will generate revenue of around Rs 5,000 crore for us when sold,” said Vikas Oberoi, CMD of Oberoi Realty.
The company plans to launch a project each in Mulund, Worli and the third phase of Oberoi Exquisite in Goregaon East. These properties in Mumbai will aggregate to 33 lakh square feet of space. While the Mulund and Goregaon developments will be residential projects, Worli will be a high-end luxury project with mixed-use residential and commercial components.
“We will launch the Worli project within the next three months and will also rope in a hotel operator by then,” said Oberoi. The developer has been mulling a launch of this high-end project with branded luxury serviced residences for over a year now.