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Dolat Capital Report
Oberoi Realty Ltd.'s presales of Rs 4.8 billion was aided by Sky City (Borivali) accounting for 44% followed by Mulund / Goregaon at 30% / 25% respectively.
No show in 360 west is set to reverse with Oberoi Realty guiding to have closed five transactions following the quarter. Average selling price in Mulund / Goregaon increased 5-15% QoQ while Borivali flat QoQ.
Improved visibility on new launches –
Kolshet – three towers planned and Larsen and Toubro Ltd. has been appointed as the principal contractor.
Pokhran – three towers to be launched in the first phase but work on five towers to commence simultaneously. Contractor is near finalisation as the project launch is set to precede Kolshet. Notably a three-BHK show flat is ready and marketing is expected to start in September – aiming for festival launch.
On business development, the developer indicated that it has undertaken redevelopment projects in Mumbai while the Gurgaon land deal is in closing stages.
We note that ready inventory stands at ~Rs 90 billion; positioning the developer to accelerate new BD activity with limited toll on balance sheet. Notably ND / E declined 3% QoQ to 22%.
Reiterate 'Buy' –
deep micro market strategy (tapping across price points) in Thane set to aid market share gains,
sizeable ready inventory setting stage for accelerating BD activity and
growing annuity business.
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