Oberoi Realty, a Mumbai-based real estate developer, was the top gainer on the Nifty Real Estate Index on Monday, with its stock rising by 5 per cent.
The company announced its entry into the Delhi-National Capital Region real estate market by acquiring a 14.8-acre land parcel in Gurugram in a deal worth Rs. ₹59.7 billion.
The company is considering developing a luxury residential multifamily project on that parcel of land.
Oberoi Realty has entered into a purchase and sale agreement with Ireo Residences Company Private Limited, according to an exchange filing. Ltd. and others will acquire a 14.8 acre land parcel in Sector 58, Gurugram.
According to current current rules, the project with maximum potential is to have a floor area ratio (FAR) of up to 2.6 million square feet. After signing the contract, the company acquired the land.
Oberoi Realty is a luxury real estate development company based in Mumbai. We focus on premium developments in the residential, office space, retail, hospitality and social infrastructure sectors.
Last month, the company announced that it had completed the sale of its 31.67% stake in joint venture Sangam City Township Pvt Ltd for Rs 3,600 crore.
Oberoi Realty share price was trading 4% higher at 1393.65. The stock is up nearly 60% year to date in 2023, with the stock increasing in five of the past six trading sessions.
(Editor: Hormaz Fatakia)