Oberoi Realty Ltd enters into NCR region with land acquisition at Gurugram

Oberoi Realty Limited has executed an Agreement for Sale with Ireo Residences Company Private Limited and others for acquiring land admeasuring approximately 14.816 Acres equivalent to 59,956.20 square meters at Sector 58, Gurugram, Haryana.

The consideration for the transaction is in the form of event / time linked monetary consideration of upto Rs. 597 Crore, and upto a certain area in the project for the existing homeowners and others, both subject to the terms and conditions of the aforesaid agreement.

The Company's entitlement from the project at full potential is presently estimated to be upto ~2.6 Million square feet of FAR as per the extant rules, regulations and policies.

Upon execution of the above agreement, the Company has taken possession of the above 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.

Shares of Oberoi Realty Limited was last trading in BSE at Rs. 1342.40 as compared to the previous close of Rs. 1333.60. The total number of shares traded during the day was 32781 in over 2479 trades.

The stock hit an intraday high of Rs. 1350.15 and intraday low of 1318.90. The net turnover during the day was Rs. 43875316.00.

Source : Equity Bulls

Keywords

OberoiRealty INE093I01010 NCR LandAcquisition Gurugram