Oberoi Realty is a developer that turns large, well-located land parcels in and around Mumbai into self-contained lifestyle destinations - places where people live, work, shop, stay and go to school, all within the same master-planned boundary. Founded in 1998 and led by Chairman Vikas Oberoi, the company has spent over four decades assembling a portfolio of 51 projects across the Mumbai skyline and, more recently, a first move into Gurugram in the National Capital Region. The recurring approach is to buy or win rights to a large site, layer on residential towers, offices, a mall and often a hotel and a school, and then sell the homes at a premium while holding the commercial and retail pieces for steady rent - a model designed to generate cash even when the property cycle turns down. # Business segments Three engines that feed each other - residential sales that release the value of land, commercial and retail rentals that build a recurring-income base, and a hospitality arm that lifts the prestige of the whole development - all anchored inside the same integrated townships. ## 1. Residential development: the value-unlock engine **The company buys or wins rights to large land parcels, builds luxury apartments on them, and sells those apartments in carefully timed phases - capturing higher prices as the neighbourhood matures and the towers rise.** - **Sells homes, not just square feet** - residential revenue is recognised as construction progresses, using the percentage-of-completion method, and customers sign sale agreements and start paying well before they get possession, which means cash flows in throughout the build. - **Times the market inside each project** - the company launches a few towers to capture early demand, then deliberately slows or pauses sales mid-construction so it does not sell cheap, while using the cash already locked in under RERA rules to fund the work; it raises prices as the project nears completion and the location becomes more desirable. - **Prices like a hotel revenue manager** - rather than following a fixed rate card, the company sets prices by weighing market conditions, what it would cost to replace the apartment today, and its own input costs, which helps it command premiums over nearby competing projects. - **A land bank built through redevelopment and auctions** - beyond its owned greenfield sites, the company has signed multiple redevelopment agreements in prime South Mumbai locations (Worli, Bandra, Nepean Sea Road, Peddar Road, Malabar Hill) and a large MHADA site at Versova, and it emerged as the highest bidder for a railway land parcel at Bandra East with a potential 19.5 lakh square feet of development. ## 2. Commercial and retail property: the recurring-income base **The company keeps the office parks and shopping malls it builds inside its townships, leasing them out to corporates and retailers - a portfolio that ran at a 91% EBITDA margin in FY26 and gives the group a steady stream of cash even when home sales slow.** - **Three office parks under one brand** - the “Commerz” International Business Park inside Oberoi Garden City, Goregaon, holds 49.3 lakh square feet of gross leasable area across three phases, with Commerz III alone accounting for roughly 38.1 lakh square feet; combined commercial occupancy hit 91% in FY26, a record level driven by demand from global capability centres and domestic corporates. - **Two malls that anchor the townships** - Oberoi Mall at Goregaon (5.3 lakh square feet) and the recently soft-launched Sky City Mall at Borivali East (12.1 lakh square feet) together offer 17.4 lakh square feet of retail space; Oberoi Mall was 99% occupied in FY26, while Sky City Mall was still ramping up at 58%. - **Green credentials that attract global tenants** - all common areas of the Commerz offices run on renewable energy, and the buildings hold LEED Platinum ratings; Oberoi Mall was the first retail destination in India to earn USGBC LEED Platinum certification, which matters to multinational occupiers with their own sustainability targets. - **A built-in option to sell** - while the core strategy is to hold and lease, for the RLDA project the company is focusing on a strata sale model, which will be great for cash flows, giving it flexibility. ## 3. Hospitality: the prestige layer **Hotels are not a major profit centre on their own - they contributed about 3% of turnover in FY26 - but they sit inside the integrated developments and lift the address of every apartment and office around them.** - **Anchored by a 269-room Westin** - The Westin Mumbai Garden City in Goregaon ran at 77% occupancy in FY26 with an average room rate of Rs. 16,142, and more than 60% of its electricity comes from renewable wind energy. - **A pipeline of global luxury brands** - upcoming hotels include The Ritz-Carlton at Three Sixty West in Worli, a Marriott at Sky City in Borivali, a JW Marriott at Oberoi Garden City Thane, and an Aman-branded hotel on a \~4-acre Worli site held through the I-Ven Realty joint venture, with an expected opening in 2032 under a 25-year management contract. - **Part of the township promise** - each hotel is placed inside a mixed-use project so that residents, office tenants and visitors get a five-star facility on their doorstep, which reinforces the premium pricing of the residential and commercial space around it. # Group structure and partners **A tightly held promoter group with a 68% stake, a web of wholly-owned project subsidiaries, and a landmark private-equity deal that brought in Rs. 1,250 crore for a single Worli joint venture - all while the listed parent simplified its structure by merging several entities into itself.** - **Promoter control with public float** - Chairman Vikas Oberoi holds 58.55% directly and another 9.16% through R. S. Estate Developers Private Limited, giving the promoter group a combined 67.70% stake as of March 2026. - **Ten wholly-owned subsidiaries as project vehicles** - each major land parcel or development sits in its own entity, including Incline Realty (the material unlisted subsidiary) and the newly incorporated Centerstage Realty, which was set up in June 2026 as the special-purpose vehicle for the Bandra East railway land. - **A private-equity partnership at arm’s length** - in May 2025, Alpha Wave Ventures II invested Rs. 1,250 crore into the I-Ven Realty joint venture for a 21.74% stake, leaving Oberoi Realty and Vikas Oberoi each with 39.13%; the shareholders’ agreement gives the investor veto rights on key matters and includes exit routes via an IPO, a third-party sale, or a share swap into Oberoi Realty shares capped at 2% of the listed company’s capital. - **Simplification through mergers** - three wholly-owned subsidiaries (Oberoi Constructions, Oberoi Mall, and Evenstar Hotels) were amalgamated into the listed parent in 2024, and Nirmal Lifestyle Realty - acquired through an insolvency resolution process to gain land contiguous to the Mulund project - was merged in April 2026. - **A consortium acquisition on Juhu beach** - together with Shree Naman Developers and JM Financial, the company acquired Hotel Horizon Private Limited under the IBC in May 2026, taking a 49.999% stake and infusing Rs. 460 crore for a site overlooking the Arabian Sea that is being developed into a retail-cum-hotel building.