Mumbai-based Oberoi Realty Enters NCR Market, Buys 14.8-Acre Land for Rs 597 Crore in Gurugram

Mumbai-based Oberoi Realty Enters NCR Market, Buys 14.8-Acre Land for Rs 597 Crore in Gurugram

This deals marks Oberoi Realty’s foray into Delhi NCR. According to real estate sources, the company is planning to develop a luxury group housing project on this land. The development potential of the land is estimated to be around 2.6 million square feet.

Mumbai-based real estate developer Oberoi Realty has entered the National Capital Region (NCR) as the realty firm has acquired 14.81 acres of land in Gurugram in Haryana for Rs 597 crore, according to documents accessed by CRE Matrix, a real estate data analytics firm.

According to documents, the land parcel is located in sector 58 in Gurugram near Southern Peripheral Road (SPR), which is home to a number of luxury residential projects. The company paid a stamp duty of Rs 33.77 crore for the transaction. The land acquisition took place in November 2023 but the sale deed of the land was executed on May 7, 2024.

The land was acquired by Oberoi Realty from a consortium including Delhi NCR-based developer Ireo Residences and other firms.

There was no immediate response from the buyer and the seller on the queries by Moneycontrol. This story will be updated after getting the response.

This deals marks the Oberoi Realty’s foray into Delhi NCR. According to real estate sources, the company is planning to develop a luxury group housing project on this land. The development potential of the land is estimated to be around 2.6 million square feet.

Big Ticket Deals

Delhi NCR, which includes Gurugram, has been witness to many big-ticket property purchases in the recent past. In January 2024, listed real estate developer DLF Limited acquired 29-acre land on prime Golf Course Extension Road in Gurugram having a potential of 7.5 million square feet of development for Rs 825 crore.

Similarly, in March 2024, a Bengaluru-based online gaming company Gameskraft has purchased an 8.61-acre land at Gurugram in Haryana for Rs 90 crore.

In November 2023, Countrywide Promoters, a subsidiary of developer BPTP Group, had bought a 5.24-acre land parcel in Gurugram near the Dwarka Expressway for Rs 87.27 crore.

Source : Money Control

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