Oberoi Realty Q3 PAT nearly doubles on uptick in Mumbai Metropolitan Region

Cut stamp duty and other levies last Calendar year spurred buyer interest; company's revenues up 56%

Mumbai-based Oberoi Realty posted a 93.4 per cent jump in profit tax for Q3FY21, to Rs 286.43 crore from as Rs 148.08 crore in Q3FY20. Sales in Mumbai Metropolitan Region boomed afer the state government cut stamp duty and other levies last year.

The company's revenues went up 56 per cent at Rs 837.57 crore in Q3FY21 as compared to Rs 536.53 croee in Q3FY20. 

Commenting on the Q3FY21 results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty said, “Q3FY21 saw a convergence of multiple positive factors for resulting in our nine-month FY21 booking values surpassing the entire FY20 numbers. This assumes special significance considering that the beginning of FY21 has been severely impacted by the pandemic." 

Oberoi said changing consumer behaviour towards buying living spaces for end use requirements of today instead of perennially waiting for better deals, statutory benefits provided by the state government, economic stimulus provided by the central government, low interest rates etc. have all contributed towards the company's performance. 

Ge added that The volumes during the quarter shows a clear shift of home buyers towards developers with financial stability and a proven track record.