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New launch drives ~104% YoY growth in ORL sales volumes

News: According to its Q3FY22 operations update, Oberoi Realty (ORL) has clocked Q3FY22, sales bookings of 1.04 million sq feet (msf), up ~136% QoQ and ~104% YoY worth Rs.1965 crore, up 137% QoQ and 102%% YoY.  The sales volume/value is largely driven by launched Elysian Tower B in Goregaon in the last week of Oct’21 and had already sold inventory 0.4 msf worth Rs.787 crore within a week of the launch.

Views: Sales volume, excluding new launch are in similar range as last quarter and, thus, reflects sustained demand.  Going ahead, Thane and completion of Worli project (wherein in sales has been sluggish) will be key drivers for growth.

Impact: Positive