Oberoi Realty Acquires 14.8 Acre Land In NCR For Luxury Project

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.

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.