Oberoi Realty clarifies on restraining order from NGT on Worli project

Oberoi Realty Limited has clarified with reference to certain media reports suggesting that the company has been restrained by the Hon'ble National Green Tribunal, Pune Bench ("NGT") from creating third-party rights in Worli project. The said media reports emanate from an order of the Hon'ble NGT dated February 2, 2022 in Org. Application No. 05/2021(WZ) ("said Order") passed in relation to alleged non-providing of certain number of car parkings at a slum rehabilitation scheme.

The said reportings are erroneous and presently there is no restraint as reported. The directions issued by the Hon'ble NGT vide the said Order are self-explanatory and reproduced below:

- Accordingly, we direct the Slum Rehabilitation Authority in coordination with SEIAA and SPCB, Maharashtra to hold joint meeting within one month and take remedial action by restraining the PP from any further alienation till EC condition is complied with or till the joint Committee finds compliance.

The Worli project referred in the media reports is being developed by Oasis Realty under the project name ‘Three Sixty West', wherein Oberoi Realty group is a joint venture partner. The slum rehabilitation and related obligations in the project are the responsibility of the other joint venture partner.

Shares of Oberoi Realty Limited was last trading in BSE at Rs. 945.75 as compared to the previous close of Rs. 947.95. The total number of shares traded during the day was 114917 in over 4682 trades.

The stock hit an intraday high of Rs. 998.50 and intraday low of 938.50. The net turnover during the day was Rs. 111449366.00.

Source : Equity Bulls

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OberoiRealty INE093I01010 OBEROIRLTY NGTOrder Clarification WorliProject