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Motilal Oswal Report
As per our channel checks, Oberoi Realty Ltd.'s Thane launch has been pushed out to Q1 FY23 (likely in April 2022) versus our initial expectation of an early launch in March 2022 as the company awaits approvals.
We had assumed Rs 6 billion of sales from the Thane project in Q4 FY22, which will now spill over to FY23. While the delayed launch will impact our Q4 FY22 presales/collections estimate, sales momentum of Oberoi Realty in ongoing projects has largely remained intact.
As per registry data, both February 2022 and March 2022 (till date) have reported a 25-30% rise in Mumbai property sales month-on-month. Total registrations are likely to end 35- 50% higher in Q4 than the rest of the quarters in FY22.
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