Oberoi Realty, a prominent Indian real estate developer, has reported a significant increase in its second-quarter profit, driven by strong demand for its premium offerings, including luxury homes and office spaces. For the quarter ending September 30, the company’s consolidated net profit surged by 29%, reaching 5.89 billion rupees (approximately $70 million).
The firm’s revenue from operations also saw a positive trend, growing by 8.5% to 13.20 billion rupees. The Indian real estate market has experienced consistent demand for homeownership in recent quarters, particularly in the premium segment, as interest in affordable housing has diminished.
In tier-one cities, there is a noticeable shift toward luxury properties, with many buyers opting for high-end homes. This trend indicates a robust preference for premium real estate as the affordable housing market continues to lag behind.
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Furthermore, the return-to-office initiatives implemented by various companies have contributed to increased rental realizations for developers like Oberoi Realty. As businesses encourage employees to return to their offices, the demand for commercial spaces has risen.
Oberoi Realty has set the pace among its competitors by being the first developer to report quarterly results, showcasing its strong performance amid a competitive market landscape.
