1. Three Sixty North next phase - launch only in FY28 Pending - At the Q1 FY27 call, management committed that the next phase of Three Sixty North will be launched "only next year" (FY28). No launch has occurred yet; the FY28 horizon is not reached.
2. Hotel openings - Worli by end FY27, Borivali Marriott Q1-Q2 FY28, Ritz-Carlton FY27 On track - At the Q4 FY26 call, management guided hotel openings: Worli by "end of this year" (FY27), Borivali Marriott "early first quarter, second quarter next year" (FY28), and Ritz-Carlton "this financial year itself" (FY27). By Q1 FY27, Ritz-Carlton was 80-90% through interior work with last-mile finishing remaining, and no Worli or Borivali Marriott opening was disclosed.
3. Tardeo rehab freesale - within FY27 Pending - At the Q4 FY26 call, management said the Tardeo rehab tower freesale portion was expected "101% within this financial year" (FY27), possibly Q3 or Q4. No Tardeo freesale launch was disclosed in Q1 FY27 notes; the horizon is not reached.
4. West Asia conflict cost impact - within 2-3% contingencies Delivered - At the Q4 FY26 call, management quantified the overall cost increase from the West Asia conflict at "about 2% to 3%", expected to stay within contingencies built into budgeting. Contingencies were "getting consumed or eroded" in Q4 FY26, and Q1 FY27 residential margins of \~51-52% vs \~55% in prior quarters were attributed to project mix, not cost inflation.
5. FY27 launch pipeline - Q2: Jardin Tower A and Ralliwolf (Mulund) Pending - At the Q4 FY26 call, management committed to Q2 FY27 launches of Jardin Tower A and Ralliwolf (Mulund). No disclosure of these launches appears in Q1 FY27 notes; the Q2 FY27 window is not yet reached.
6. FY27 launch pipeline - Q1: Three Sixty North, Oceanic, Fairview, Forestville Tower D Partial - At the Q4 FY26 call, management committed to Q1 FY27 launches of Three Sixty North, Oceanic (Carter Road), Fairview (Malabar Hill) and Tower D of Forestville. Three Sixty North launched in Q1 FY27 and sold out; no Oceanic, Fairview or Forestville Tower D launch was disclosed.
7. 3 large MMR business development deals - announced Q4 FY26 or Q1 FY27 Delivered - At the Q3 FY26 call, management said 3 large business development deals in MMR were near the finishing line, to be announced in Q4 FY26 or Q1 FY27. FY26 business development of \~0.4 crore sq ft was announced across MMR, including 11 acres Bandra East and Aram Nagar-Versova (\~0.2 crore sq ft), plus redevelopment agreements at Pedder Road, Malabar Hill and Nepean Sea Road.
8. Sky City Mall - 100% occupancy in max two quarters (from Q3 FY26) Missed - At the Q3 FY26 call, management guided Sky City Mall to 100% occupancy in "max another two quarters", i.e., by Q1 FY27. Q1 FY27 occupancy was 82%, and the target was reset to 31st March 2027 at Q4 FY26, then "within this year" at Q1 FY27.
9. Borivali and Goregaon tower launches - Q4 FY26 Delivered - At the Q3 FY26 call, management committed to launching both Borivali and Goregaon towers in Q4 FY26 - Goregaon one more tower of higher floors, Borivali one tower of \~6-8 lakh sq ft with revenue potential of more than ₹3,000 crores. Borivali Tower H bookings commenced in FY26 at high pricing, and the Elysian higher-floor release at Goregaon drew robust booking momentum.
10. Three Sixty West - remaining \~30 units sold within 2 years On track - At the Q2 FY26 call, management expected Three Sixty West's \~30 remaining units to be sold off "within the next 2 years". FY26 saw 10 units sold vs 17 in FY25; the ex-partner residual inventory was fully sold by Q4 FY26, and Q1 FY27 sales slowed to one unit, with the inferred window to FY28 still open.
11. Thane sustenance sales - \~₹1,000 cr every year Pending - At the Q2 FY26 call, management hoped Thane would "probably settle somewhere around Rs. 1,000 crores every year kind of sustenance sales". \~16 units were sold in Thane in Q2 FY26, similar to prior two quarters, and Jardin's Q4 FY26 sales uptick was attributed to visible construction progress; no annual Thane sales figure has been disclosed.
12. I-Ven Realty ground-breaking - within FY26 Missed - At the Q2 FY26 call, management said the I-Ven Realty land parcel (shopping mall, office building, hotel) "should be breaking ground within this financial year itself" (FY26). By Q4 FY26 a renewed CC had been applied for with physical work expected "in the next 30 days", and no ground-breaking was disclosed in Q1 FY27 notes.
13. Ritz-Carlton hotel - launch within FY26 Missed - At the Q2 FY26 call, management was "hoping, fingers crossed" to launch the Ritz-Carlton hotel "within this financial year" (FY26), with \~70-80% of volume work done. As of Q1 FY27 the hotel was not yet launched, with 80-90% of interior work done and readiness reiterated for end of FY27.
14. Alibaug Ritz-Carlton + villas launch - H2 FY26 Partial - At the Q4 FY25 call, management said the Alibaug project (Ritz Carlton hotel + villas) launch could be "end of this year", possibly H2 FY26. No Alibaug launch had occurred as of Q1 FY27; the target slipped to Q3 FY27 at Q4 FY26, with a FY27 project commitment reiterated at Q1 FY27.
15. I-Ven Oasis Worli - built within 3-3.5 years On track - At the Q4 FY25 call, management committed to building the I-Ven Oasis Worli project (high-end mall, office building, small hotel on top) "hopefully… within the next three, three and a half years". Ground-breaking slipped past FY26 - a renewed CC was applied for at Q4 FY26 with physical work expected "in the next 30 days" - leaving the 3-3.5 year build window open.
16. Thane social infrastructure - mall, hotel, school work start Pending - At the Q4 FY25 call, management committed to starting work on the mall, hotel and school in the larger (\~60 acre) Thane parcel, building social infrastructure like Goregaon. By Q3 FY26, the next Thane launches were positioned as a mall, a JW Marriott hotel and an international school under Oberoi Garden City Thane; no ground-breaking appears in our record.
17. Sky City Mall - critical mass by June 2025 Missed - At the Q4 FY25 call, management guided Sky City Mall would have "close to 300, 400 [stores] to go" and a "decent critical mass by June" 2025. Occupancy was 50% in Q1 FY26, 53% in Q2, 56% in Q3 and 72% in Q4 FY26, with no store-count disclosure matching the 300-400 target.
18. Gurgaon / Adarsh Nagar launches - H2 FY26 Partial - At the Q4 FY25 call, management said Gurgaon and Adarsh Nagar launches were "all lined up in the second half of this year" (H2 FY26), with Adarsh Nagar "should happen this year". Three Sixty North (Gurugram) launched in Q1 FY27 and sold out with gross bookings of ₹8,000 crore plus; Adarsh Nagar is hoped for in Q3 FY27 with IOD still pending.
19. Office rental operating margin - return to +95% Partial - At the Q4 FY25 call, management agreed office rental operating margins should return to "+95%" once Commerz III occupancy stabilizes, versus \~90% in FY25 and 97% the year before. Commerz III occupancy reached 98% by Q4 FY26, but FY26 rental margin was 91.40%, after 92.30% in Q1 FY26, 93.43% in Q3 and 87.11% in Q4.
20. Commerz III - operational in FY25 Delivered - In the FY24 Annual Report, management stated Commerz III at International Business Park, Goregaon would be operational in FY25. Commerz III commenced operations in FY25, with occupancy rising from 54% in Q1 FY25 and 83% in Q1 FY26 to 98% by Q4 FY26.
21. Sky City Mall - launch in FY24 Missed - In the FY23 Annual Report, management stated Sky City Mall in Borivali was "to be launched in the coming financial year" (FY24). Sky City Mall soft-launched in Q4 FY25 instead.
22. Scheme of Amalgamation - Oberoi Constructions, Oberoi Mall, Evenstar Hotels Pending - The Board approved a revised Scheme of Amalgamation of Oberoi Constructions Ltd, Oberoi Mall Ltd and Evenstar Hotels Pvt Ltd with Oberoi Realty Ltd, with April 1, 2022 as Appointed Date, subject to requisite approvals and sanction. No completion or sanction disclosure appears in our record.