Oberoi Realty Expands Beyond Mumbai with ₹597 Crore Land Acquisition in Gurugram
Oberoi Realty has taken a significant step towards expanding its presence outside the Mumbai Metropolitan Region (MMR) by acquiring a 14.8-acre land parcel in Gurugram for ₹597 crore. The company plans to develop a luxury group housing project on the newly acquired land.
Project Details and Payment Terms
Oberoi Realty acquired the land from Ireo Residences and other sellers. The purchase price will be paid based on event and time milestones. Additionally, the agreement includes a certain portion of the project area for the existing owners and others. The company’s entitlement in the project is estimated at 2.6 million square feet of floor area ratio at its full potential.
Current Projects and Future Expansion Plans
Currently, the Mumbai-centric luxury real estate developer is working on slightly over 10 million square feet of projects in the MMR region. The company has already developed 10 msf, all of which are located in the western suburbs of Mumbai. Oberoi Realty has recently entered the eastern suburbs, starting with Mulund, and plans to make its entry into Thane soon, where it has two launches in the pipeline. The company is also considering expanding into the Bengaluru and Pune markets.
Staying True to Its Niche Market
Oberoi Realty has remained focused on its niche segment of premium luxury residences, with prices starting from around ₹40,000 per square foot and upwards. The company’s ultra-luxury high-rise in Worli, Three Sixty West, located in the heart of Mumbai, has been selling for over ₹1 lakh per square foot.
Real Estate Developers Going Pan-India
Historically, real estate developers have tended to be regional players, but many are now making their presence felt across India. For example, Bengaluru-based Prestige Estates, a significant player in the southern market, entered Mumbai in 2021 and has already captured a considerable share of sales. Furthermore, IPO-bound Casagrand, a Chennai-based realtor, plans to launch in Pune and Mumbai within a year.
In conclusion, Oberoi Realty’s recent land acquisition in Gurugram marks a notable milestone in the company’s expansion plans beyond Mumbai. By developing a luxury group housing project on the newly acquired land, Oberoi Realty aims to continue providing high-quality residences to its niche market while expanding its presence across India.
Orginal article: Link To Article – provided by Kansas City Realtors
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