PRESS RELEASES

Good morning ladies and gentlemen,

Thank you for joining us for the 26th Annual General Meeting of Oberoi Realty Limited. On behalf of the Board Members and Oberoi Realty, I would like to welcome you all to this event.

The Indian economy continues to be on a strong footing and is on course to becoming the fourth largest in the world. Strong economic fundamentals, growth-oriented policymaking, prudent fiscal spending, and structural reforms have enabled India to navigate through the global headwinds.

Indian real estate has witnessed strong demand across segments during the year and continues to reign as the preferred investment avenue for homebuyers as well as investors. The residential sector has seen a sharp recovery, surpassing pre-pandemic levels on the back of robust housing demand and resurgent supply by reputed developers.

I am pleased to inform you that your Company has once again achieved outstanding results across all verticals. In the last fiscal, we recorded our highest ever quarterly and annual profitability driven by substantial sales momentum and healthy operational performance.

The residential real estate sector continues to experience robust sales demand, driven by rising income levels, preference for homeownership, and a growing base of aspirational consumers. At Oberoi Realty, we continue to leverage innovation, human-centric design, and our commitment to sustainability to continually enrich urban living and add value to our residential offerings. In the last year, we entered the Thane market with Forestville at Kolshet and launched Elysian Tower-C at our flagship integrated development, Oberoi Garden City, Goregaon, while also delivering homes to customers at Maxima in JVLR, Eternia and Enigma in Mulund and Sky City in Borivali.

The Indian office market continues to exhibit healthy absorption levels near the pre-Covid peaks. Our Grade-A office spaces witnessed sustained demand as occupiers and businesses increasingly focus on quality workspaces and employee wellbeing. Commerz III, our architectural marvel at International Business Park, Goregaon will be operational in FY25 as we welcome our anchor tenant and continue to see encouraging leasing interest. Your Company is well-poised to take advantage of this upswing in the Mumbai Metropolitan Region (MMR) due to our focus on providing a complete ecosystem and state-of-the-art facilities.

The mall segment continues to perform well on the back of rising footfalls and a growing appetite for consumer spending. During the fiscal, Oberoi Mall recorded strong leasing interest from the best International and Indian brands. At Sky City Mall in Borivali, the construction work is progressing well and we expect to open its doors to customers in the second half of FY25.

Positive consumer sentiment, domestic and corporate travel and inbound travel momentum have continued to sustain and grow. Your Company is poised to expand its hospitality portfolio as we signed an agreement with Marriott International to develop hotels in Thane and Borivali. These luxury properties will be set in our integrated developments and redefine the landscape of urban living and hospitality.

On the business development front, we completed the acquisition of land parcels in Mumbai, MMR and Gurugram. We continue to actively explore potential business development opportunities and growth potential in various markets and follow a calibrated approach to launch new projects, ensuring quality and timely execution.

Environmental, Social and Governance (ESG) factors have become pivotal in the real estate industry and have been incorporated as an integral part of our corporate culture. With the publishing of our first ESG Report, your Company reaffirmed its commitment to create positive social and environmental impact while achieving business growth and provide transparency on our approach to measure and manage this impact.

Backed by strong policies and processes, a ‘People First’ culture, and our approach to project delivery enables us to record significant successes and remain a ‘partner of choice’ for our customers, our people, our communities and other stakeholders.

I extend my gratitude to our Board members for their continued guidance, our employees for their dedication and our stakeholders, for their consistent support. Lastly, I want to thank the shareholders for their unwavering faith in Oberoi Realty.