Oberoi Realty to actively pursue redevelopment business: Chairman

Oberoi Realty, the Mumbai based developer of premium apartments, is aggressively looking to redevelop residential buildings in the coming quarters, said its chairman Vikas Oberoi.

"We have hired and hiring people for redevelopment business . Their KRA (key responsibility area) will be to identify and pursue such opportunities, " Oberoi said in a call with analysts on Monday.

Oberoi said the company is open to redevelopment of large residential societies and doing joint development, he said .

Oberoi Realty was one of the bidders for Chhatrapathi Shivaji Maharaj Terminal redevelopment project.

He said the company is looking to buy land aggressively under the current circumstances.

"We will continue to buy land. It is the best time to buy land as coffers of most of developers are empty. Land owners have very few options ," he said.

Oberoi added that the country is under-built in terms of real estate and few of them, including Oberoi Realty will build it due to strong balance sheet, brand name and capabilities.

"We will have a large share of the market, " he said.

He said April and May months of the current  year look like wash outs.

"Once lock down opens up, we come to know how momentum picks up." He said.