Oberoi Realty Expands Horizon With The Acquisition of 6.4 Acres of Land in Thane

Oberoi Realty acquires 6.4 acres in Thane and 14.816 acres in Gurugram, shaping a dynamic future in real estate evolution.

Oberoi Realty has acquired 6.4 acres of prime land in Thane for Rs. 196 crore. The transaction, initiated through a memorandum of understanding with NRB Bearings (NRB) in May 2023, has now been completed, with the entire amount disbursed.

The newly acquired land, situated on Pokhran Road 2 in Thane, Maharashtra, is an expansion of the company's existing holdings. Covering approximately 25,700 square metres, it seamlessly integrates with Oberoi Realty's current land bank, totalling around 68 acres or 2,72,344 square metres. This consolidation marks a huge step in optimising the company's land assets for future development.

November 2023 witnessed another milestone for Oberoi Realty as it finalised an agreement with Ire Residences Company and others for an additional 14.816 acres, equivalent to 59,956.20 square metres, in Sector 58, Gurugram. The deal, valued at up to Rs. 597 crore, incorporates a unique consideration structure, including event and time-linked monetary considerations. Furthermore, it extends certain benefits and areas in the project to existing homeowners and others involved.

This dual acquisition underscores Oberoi Realty's commitment to expanding its footprint strategically, enhancing its presence in key real estate markets.