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Oberoi Realty launches ‘Sky City’ in Mumbai

MUMBAI: Real estate player Oberoi Realty today launched a multi-tower residential project ‘Sky City’ in Borivali in suburban Mumbai and expects to gain Rs 10,000 crore revenue from it.

Spread over 25 acres, the project would consist of 10 towers of 60 storeys each, with a saleable area of over 5.5 million sq ft. The project would comprise expansive three bedrooms in various configurations with prices starting from upwards of Rs 2.5 crore.

“This is one of our ambitious projects. Going by the current market rates, we expect to earn nearly Rs 10,000 crore from this project,” company’s Chairman and MD Vikas Oberoi told reporters.

He said the revenues generated from this project would be used for new projects and buying land parcels. Also, it would be used to repay its debt of around Rs 500 crore.

“Last year, we had raised Rs 750 crore through non-convertible debentures (NCDs). We have so far repaid Rs 250 crore and the remaining Rs 500 crore, we plan to repay in the next 18 months,” he said.

Oberoi Realty has delivered many projects in Mumbai across residential, commercial, retail, hospitality and social infrastructure spaces.