The company’s consolidated net profit decreased to Rs 569.56 crore as against Rs 618.09 crore a year ago. Total revenue for the period declined to Rs 1,289.71 crore as against Rs 1,659.72 crore a year ago.
“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 our performance,” said Vikas Oberoi, Chairman & Managing Director, Oberoi Realty.
According to him, the volumes during the quarter shows a clear shift of home buyers towards developers with financial stability and a proven track record. The consolidation trend in the real estate sector has now truly begun.
Even the commercial segment is expected to see a turnaround in the near term driven by shortage of Grade A office spaces as developing them requires a high level of financial discipline and strong brand equity, he added.