Mumbai-based Oberoi Realty has acquired 6.4 acres of land in Thane near Mumbai from NRB Bearings Limited (NRB. The land is located at Pokhran Road in Thane; the acquisition includes structures on the site.
"The acquisition shall be completed upon fulfilment of certain terms and conditions of the MOU (memorandum of understanding),” the filing said in a reference to an agreement signed on May 23, 2023.
“The company has also made payment of part consideration amount to NRB, and the balance consideration shall be paid on and/or before the closing of the transaction,” it said without disclosing the cost of the purchase.
On May 16, Oberoi Realty announced consolidated revenue of Rs 995.11 crore for Q4FY23, up from Rs 842.94 crore a year ago. Its consolidated post-tax profit was Rs 480.16 crore, up from Rs 232.78 crore in the previous year.
“Despite global headwinds, the domestic tailwinds have given a huge boost to the residential sector. Demand for housing has continued to grow, driven by the aspiration of continued home ownership by end-users. Industry consolidation has led to incremental market share gains for organised players,” Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, had said.
