June 26, 2024: Real estate developer Oberoi Realty has entered the National Capital Region (NCR) market by acquiring a 14.81-acre land parcel in Gurgaon for Rs 597 crore. According to CRE Matrix, a real estate data analytics firm, this land is situated in Sector 58, near the Southern Peripheral Road (SPR). Oberoi Realty paid a stamp duty of Rs 33.77 crore for this transaction. The acquisition occurred in November 2023, with the sale deed executed on May 7, 2024.
The land was purchased from a consortium, including Delhi NCR-based developer Ireo Residences and other firms. The payment for the land will be made through event and time milestones. The agreement also includes providing a portion of the project area to the existing owners and other stakeholders.
Oberoi Realty plans to develop a luxury residential group housing project on this site, marking its first project outside Mumbai. The company’s entitlement in this project is expected to be around 2.6 million square foot (msf) of floor area ratio.
Traditionally focused on Mumbai, Oberoi Realty is currently developing over 10 million square feet of projects in the Mumbai Metropolitan Region (MMR), having already completed 10 million square feet, primarily in the western suburbs. Additionally, Oberoi Realty is launching projects in Thane, including the Forestville development in Kolshet and a project on Glaxo Pharma land in Vasant Vihar.
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