Oberoi Realty Ltd is a Mumbai based real estate development company. The company's primary focus is to develop residential properties. They develop residential, office space, retail, hospitality and social infrastructure projects in mixed-use and single-segment developments.
The company has a diversified portfolio of Completed, Ongoing and Planned projects in mixed-use or single-segment developments, which cover key segments of the real estate market, namely: residential, office space, retail, hospitality and social infrastructure.
The company has an established brand reputation, and a track record of developing innovative projects through their emphasis on contemporary architecture, strong project execution and quality construction in the real estate industry.
Oberoi Realty Ltd was incorporated on May 8, 1998 as a private limited company with the name Kingston Properties Pvt Ltd. In February 20, 2002, the company acquired the land at Goregaon, Mumbai from Ciba Specialty Chemicals (India) Ltd. Also, they acquired the land at Goregaon, Mumbai from Novartis India Ltd. In April 8, 2003, Oberoi Mall Pvt Ltd became a wholly owned subsidiary of the company.
In February 10, 2005, the company acquired the development rights at Andheri (West), Mumbai from Excel Industries Ltd and Shroff Family Charitable Trust for the development of property. In March 31, 2005, the company entered into Master Asset Purchase Agreement with Tulip Hospitality Services Ltd, Tulip Hotels Pvt Ltd, Dr. Ajit Kerkar and SRPL for acquisition of Hotel Tulip Star at Juhu, Mumbai from Tulip Hospitality Services Ltd.
In September 26, 2005, the company acquired a land at Mulund, Mumbai from GlaxoSmithKline Pharmaceuticals Ltd. In October 18, 2005, they acquired the land at Andheri (East), Mumbai from Madhu Fantasy Land Pvt Ltd and Avinash Bhosale. In December 21, 2006, Oberoi Constructions Pvt Ltd became a wholly owned subsidiary of the company.
In January 14, 2007, SSIII, a company owned by a real estate fund advised by US registered investment advisers which are wholly-owned subsidiaries of Morgan Stanley Inc, invested Rs 6,750 million in the company. SSIII subscribed to 279,777 equity shares and 783 preference shares for Rs 5,967 million and Rs 783 million respectively in the company.
In January 2, 2008, the company entered into Hotel Operating Services Agreement with Starwood Asia Pacific Hotels & Resort Pte Ltd for operating The Westin Mumbai - Garden City hotel at Goregaon (East), Mumbai.
In September 23, 2009, the company entered into a joint venture agreement with Skylark Build and Shree Vrunda Enterprises for the development of the free-sale component under slum rehabilitation scheme at Annie Besant Road, Worli, Mumbai.
In October 2009, the name of the company was changed from Kingston Properties Pvt Ltd to Oberoi Realty Pvt Ltd. In December 2009, the company was converted in to a public limited company and the name was changed to Oberoi Realty Ltd.
As of June 30, 2010, the company completed 12 projects covering approximately 2,875,882 square feet of Saleable Area. They are having 13 ongoing and 11 planned projects, which they expect to provide a total Saleable Area of approximately 20,254,814 square feet.
The company is having five ongoing and four planned residential projects, which they expect to provide a total Saleable Area of approximately 12,337,001 square feet. They are having five ongoing and two planned office space projects, which they expect to provide a total Saleable Area of approximately 4,033,802 square feet.
The company is having one ongoing and one planned retail project, which they expect to provide a total Saleable Area of approximately 401,034 square feet. They are having one ongoing and one planned hospitality project, which they expect to provide a total Saleable Area of approximately 1,505,067 square feet. They are also having one ongoing and three planned social infrastructure projects, which we expect to provide a total Saleable Area of approximately 1,977,911 square feet.
The company is in the process of acquiring a property located in Benaulim, Salcete, South Goa which includes a hotel, 'The Beach' and measures approximately 8.90 acres. The aggregate consideration for the property is Rs 614 million. They propose to acquire land or land development rights primarily in the MMR and / or Pune.