Business Development (sq ft)
4M
+33% YoY
Added ~4 million sq ft of development potential across MMR in FY26.
OBEROIREALTY
Infrastructure
14 May 2026
Oberoi Realty Limited — Q4 FY26
Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%).
✓ Verified against BSE filing
2-Min Summary
Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%). The company announced business development of ~4 million sq ft across MMR, including a 2 million sq ft project in Bandra East and redevelopment deals in South Bombay. Management outlined an ambitious launch pipeline for FY27, including 360 North in Gurugram, Oceanic, Fair View, Forest Wheel Tower D, Jardin Tower A, and Alibag. Key risks include rising construction costs (2-3% increase) due to the West Asia crisis, which is eroding contingencies, and potential demand slowdown in ultra-luxury segments as seen in 360 West. The company expects double-digit sales growth in FY28, contingent on timely launches and approvals.
Key Numbers
Sky City Mall Occupancy
72%
+72pp YoY
Achieved 72% occupancy within first year of operations; targeting 100% by FY27-end.
Commerce 3 Occupancy
98%
+8pp YoY
Commercial asset reached 98% occupancy with marquee tenants.
360 West Units Sold (FY26)
10
-41% YoY
Sold 10 units vs 17 in FY25, indicating slowdown in ultra-luxury segment.
Management Guidance
Launch of 360 North in Q1 FY27
Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor.
growthSky City Mall 100% occupancy by FY27-end
Management expects mall occupancy to reach 100% by March 2027, up from current 72%.
growthRLDA project strata sale model
RLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues.
expansionTardev pre-sale launch in FY27
Pre-sale portion of Tardev redevelopment to launch in Q3 or Q4 FY27.
growthKey Risks
Rising construction costs
Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.
medium · management_commentarySlowdown in ultra-luxury demand
360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.
medium · data_observationExecution risk in new market (Gurugram)
360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty.
medium · analyst_questionNotable Quotes
We have just delivered seven I mean literally five towers we've given possession. We have three more towers which were launched last year and then a year before that there's enough inventory within the project itself which is kind of ready or under construction.
We are very mindful of that and that's why just 20 minutes ago I said that we probably will even look at strata sale of course once we get strata sale we will ensure that we try and repay them faster.
Costs have gone up. Energy cost has gone up, aluminum has gone up, glass has gone up, labor's become expensive. So all these are stressing us out.