ESG Factors Pivotal in the Real Estate, Incorporated as an Integral part of Our Corporate Culture: Vikas Oberoi, CMD of Oberoi Realty

Real Estate Leader Highlights Strong Performance and Sustainability Goals

MUMBAI (India CSR): Oberoi Realty, a prominent name in premium real estate, has released its ESG Report 2023, demonstrating its unwavering commitment to sustainable development. The report, presented by Chairman and Managing Director Vikas Oberoi, highlights the company’s achievements across various segments and underscores its dedication to integrating Environmental, Social, and Governance (ESG) principles into its business strategy.

“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 into every business vertical”, said.

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Strong Performance Across Segments

“The real estate sector has witnessed strong performance across segments during the year. Office spaces, residential, retail leasing, and green developments have all recorded a significant uptick,” said Vikas Oberoi. “Indian real estate continues to reign as the preferred investment avenue for homebuyers as well as investors. The sector has also seen continued strong sales demand, driven by increased income, preference for homeownership, and a growing base of aspirational customers.”

Outstanding Financial Results

“I am pleased to inform you that we have once again achieved outstanding results across all our verticals during the financial year,” Mr. Oberoi announced. “In the last fiscal, we recorded the highest ever quarterly and annual profitability driven by robust sales momentum and healthy operational performance.”

Focus on Innovation and Sustainable Development

“We have strongly focused on innovation, human-centric design, and our commitment to sustainable development to enhance urban living and add value to our residential offerings,” Oberoi explained. “In FY 2023-24, we have entered new markets such as Thane in Mumbai with Forestville at Koshlet. We have also launched the 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.”

Integrating ESG into Corporate Culture

“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 into every business vertical,” Oberoi emphasized. “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 providing transparency on our approach to measure and manage this impact.”

Recognition as ESG Champions

“As a leading entity in the Indian real estate sector, and a responsible corporate citizen, we recognize that our growth and development must create value for all our stakeholders,” Oberoi noted. “Through our engagement with them, we have identified the need to extend our contribution beyond our fiduciary responsibilities and prioritize sustainable development. We are glad to share that Oberoi Realty was recognized as the ‘ESG Champions of India 2024’ in the Home Builders sector by Dun & Bradstreet.”

Robust Governance Framework

“All matters related to sustainability and our approach are governed by our Board ESG and CSR Committee,” Oberoi explained. “Furthermore, our ESG Steering Committee, consisting of Senior Executives and Department Heads, is responsible for monitoring and providing oversight on our sustainability performance. Our transparent, accountable, and robust governance framework enables us to deliver positive outcomes.”

Commitment to Green Building Designs

“We are also aware that customers increasingly prefer construction and buildings that support environment-friendly and sustainable business practices,” Mr. Oberoi said. “We are strongly focused on green building designs and increasing our footprint. I am happy to share that most of our recent projects are pre-certified/certified under credible green rating systems like LEED/IGBC, or equivalent.”

Enhancing Sustainable Design and Construction

“Our endeavor remains to ensure alignment with LEED Standards and Requirements across all our commercial projects,” Mr. Oberoi stated. “We make focused efforts to enhance our commitment to sustainable design and construction. We prioritize energy efficiency and innovation in our projects to optimize resource utilization and minimize waste. Our efforts have included the implementation of sensor-based faucets, water-efficient fittings, energy-efficient HVAC systems, on-site organic waste converters, and rainwater harvesting systems.”

Positive Social Impact and Employee Well-being

“We also acknowledge the role we can play to create positive social impact,” Oberoi highlighted. “At Oberoi Realty, we prioritize the well-being of our employees and are committed to their overall growth and development. Robust employee-centric policies and systems supported with employee engagement initiatives support our stand as an ‘Employer of Choice’.”

Engagement with Local Communities

“Furthermore, we are also committed to positive engagement with local communities in and around our operations,” Oberoi added. “Aligned to our vision, ‘To create spaces that enhance the quality of life,’ we are committed to providing and preserving long-term value creation for society and the planet.”

Long-Term ESG Aspirations

“In a step forward, we have adopted focused and long-term ESG aspirations,” Oberoi stated. “We are committed to making focused investments and undertaking targeted initiatives to achieve these aspirations. These targets and goals, detailed in this report, are a further demonstration of our commitment to sustainable development and the promise we make to our stakeholders to drive and deliver long-term value creation.”

Final Words

Oberoi Realty’s ESG Report 2023 exemplifies its unwavering commitment to sustainability, setting a benchmark for the real estate industry and reinforcing its position as a leader in responsible business practices.

(India CSR)