Oberoi Realty is all set to launch a new 70 storey tower christened Oberoi Elysian at its Garden City, Goregaon project in Mumbai’s western suburbs. As per the RERA filings, the project will be completed by 31st December, 2026.
The 70 storey super structure tower will have a total of 362 units spread across 234 3 BHK units having carpet area ranging from 1,872-1,980sft and 128 4BHK units with 2,538sft carpet area each. The new tower will have 362 units with a base unit ticket size of Rs45-47mn+ for 3BHKs units and Rs60mn+ for 4BHK units or an overall potential sale value of over Rs18bn on the initial project pricing.
Further, with clarity on FSI norms emerging under the Unified DCR for Maharashtra (excluding Mumbai city/suburbs) and overall revival in market sentiment in Mumbai, Oberoi is targeting launches spread across 4-5msf in Q4FY21.
Meanwhile, MMR market led the way on the back of the stamp duty cut offered by the state government, thus driving 126% yoy growth in absorptions even as new launches were down 38% in December 2020. Among Oberoi’s projects, recent quarters have witnessed good traction in its Esquire (Goregaon), Sky City (Borivali) and Mulund projects.