Oberoi Realty forays into NCR, acquires 14.8 acre land for luxury project

Mumbai-based developer Oberoi Realty has acquired 14.8 acres of land in Gurugram, Haryana, for INR597cr ($87m). The company plans to develop a luxury residential group housing project on the site, marking its first venture outside of Mumbai. Oberoi Realty will also launch projects in Thane, including the Forestville development in Kolshet and a project on Glaxo pharma land in Vasant Vihar.

Mumbai: Oberoi Realty Ltd has made its foray into National Capital Region with the acquisition of land admeasuring 14.8 acres in Sector 58, Gurugram, Haryana for ₹597 crore, the company said in a regulatory filing on Friday evening.

HT Image

One of Mumbai’s leading developers, the company’s corporate announcement said it has executed an agreement for sale with Ireo Residences Company Pvt Ltd and others to acquire the land equivalent to 59,956.20 sq m. The land acquisition will yield an estimated 2.6 million sq ft of Floor Area Ratio (FAR), the company’s statement said.

“The consideration for the transaction is in the form of event/ time linked monetary consideration of up to Rs. 597 Crore, and up to a certain area in the project for the existing homeowners and others, both subject to the terms and conditions of the aforesaid agreement,” the statement said, adding that after the agreement is executed, the company will take possession of the land.

“This transaction marks the Company’s foray into the NCR region. The Company intends to primarily develop a luxury residential group housing project on the said land,” it said.

Real estate industry has been speculating about Oberoi Realty’s foray into Gurugram for some months now, but this formal announcement confirms that Vikas Oberoi-promoted company will venture for the first time outside its core market of Mumbai.

After launching multiple projects in the western suburbs and Mulund in eastern suburbs and is premium Three Sixty West in Worli, Oberoi Realty will venture for the first time into Thane with the launch of Forestville in Kolshet in Thane west this month. The bookings are scheduled to open on November 24, and the launch has created a buzz in Thane micro-market, which will mark the entry of yet another big Mumbai branded developer. The Kolshet project will be followed by the much-awaited project on Glaxo pharma land in Vasant Vihar in Thane.