While most real estate developers are still begging buyers with discounts and schemes, Oberoi Realty spent this concall explaining why it is intentionally slowing sales. Yes, you read that right.
Festive demand is strong, prices are rising after resale deals clear at higher rates, and Oberoi is perfectly happy sitting on inventory because RERA locks the cash anyway. Why rush?
Sky City shrugged off a price hike. Three Sixty West is still selling four homes a quarter at obscene ticket sizes. NCR expansion is warming up. And malls are quietly turning into annuity machines.
If confidence could be capitalised, Oberoi would not need debt. Read on — this concall was less about numbers, and more about control.
2. At a Glance
Residential sales strong – Festive demand showed up on time, wallets intact.
Sky City price hike absorbed – Buyers didn’t blink, resale led the way.
Three Sixty West sold 4 units – At this pace, exclusivity remains intact.
Mall occupancy ramping fast – Sky City Mall surprised even management.
Margins dipped optically – Accounting, not deterioration.
Launch pipeline stacked – Oberoi just doesn’t like to rush.
3. Management’s Key Commentary (Decoded)
“There seems to be no stopping price hikes.” (Translation: We raised prices and demand laughed it off 😏)
“We have very little supply available.” (Translation: Scarcity is not accidental.)
“We deserve to push prices higher.” (Translation: Brand premium, unapologetically.)
“If not for RERA, we would have collected cheques already.” (Translation: Demand exists before brochures do.)
“We slow down sales intentionally.” (Translation: Why sell cheap when resale is 20% higher?)
“Ready apartments are selling above our booking prices.” (Translation: Holding inventory gives us equity-like returns.)
4. Numbers Decoded
Segment
Commentary
Sky City (Borivali)
Strong velocity despite price hike
Three Sixty West
~30 units left; 2-year sell-down window
Thane (Forestville/Jardin)
Sustenance phase, cyclical slowdown
Residential Margins
Lower due to mix + accounting
Malls
Footfalls hit Goregaon levels in 6 months
Decoded: Business health intact; accounting noise doing the mischief.
