Oberoi Realty Expands into National Capital Region with Luxury Project
Mumbai-based developer Oberoi Realty Ltd has announced its expansion into the National Capital Region (NCR) with the acquisition of 14.8 acres of land in Sector 58, Gurugram, Haryana for INR 597 crore ($87 million). The company plans to develop a luxury residential group housing project on the site, marking its first venture outside of Mumbai.
Details of the Acquisition
In a regulatory filing, Oberoi Realty stated that 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), according to the company’s statement.
The consideration for the transaction includes event/time-linked monetary consideration of up to INR 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 agreement. After the agreement is executed, Oberoi Realty will take possession of the land.
Real estate industry insiders have been speculating about Oberoi Realty’s foray into Gurugram for some months, and this formal announcement confirms that the 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 its 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.
Impact on the Real Estate Market
Oberoi Realty’s expansion into the NCR and Thane markets is expected to create new opportunities for luxury residential projects and attract potential buyers seeking high-quality living spaces. The company’s reputation for delivering exceptional projects in Mumbai is likely to generate interest in its upcoming developments in these regions, leading to increased competition among local developers.
In conclusion, Oberoi Realty’s foray into the NCR with the acquisition of land for a luxury residential project marks a significant milestone in the company’s growth strategy. As the developer continues to expand its presence in new markets, it is expected to contribute positively to the overall real estate landscape, offering more options for homebuyers seeking premium properties.
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