Mumbai-based Oberoi Realty has made a significant entry into the National Capital Region (NCR) by acquiring a 14.81-acre land parcel in Gurugram for Rs 597 crore. This move marks Oberoi Realty's foray into the competitive Delhi NCR market, showcasing the company's ambition to expand its footprint beyond Mumbai.
Key Highlights:
Strategic Location: The land is located in Sector 58, near the Southern Peripheral Road (SPR) in Gurugram, an area known for its luxury residential projects.
Development Potential: The site offers a development potential of approximately 2.6 million square feet, ideal for a high-end group housing project.
Transaction Details: The land was purchased from a consortium including Ireo Residences. The acquisition occurred in November 2023, with the sale deed executed on May 7, 2024. Oberoi Realty paid a stamp duty of Rs 33.77 crore for the transaction.
Why This Acquisition is a Game-Changer:
Oberoi Realty's entry into the NCR market is a strategic move, capitalizing on the growing demand for luxury housing in Gurugram. This acquisition not only strengthens their portfolio but also positions them in a thriving real estate market with significant growth potential.
The Luxury Real Estate Boom in Gurugram:
Gurugram, often dubbed the 'Millennium City,' has seen a surge in luxury real estate development. The Southern Peripheral Road (SPR) area, in particular, has become a hotspot for high-end residential projects, attracting both domestic and international buyers. Oberoi Realty's new project is set to cater to this market, offering premium living spaces with top-notch amenities.
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