Oberoi Realty Confirms Gurugram Project Status as Land Acquisition is Completed
Oberoi Realty Ltd provided details regarding its real estate venture in Gurugram, confirming a land acquisition and clarifying the status of the project's regulatory milestones. The company intends to develop a luxury residential group housing project on the acquired land in the National Capital Region (NCR).The development initiative began with an Agreement for Sale executed in November 2023. Oberoi Realty secured the land through this agreement, which was structured with Ireo Residences. Upon execution of the contract, the company took possession of the property.
This transaction marked the firm’s entry into the NCR market, and Oberoi Realty has since confirmed that it intends to primarily develop a luxury residential group housing project on the site. The company noted that updates regarding this project have been routinely discussed in quarterly post-earnings conference calls.
Regarding regulatory processes, the company stated that the project land is registered with Haryana RERA, though the registration certificate generation is currently in process and has yet to be received.
Key details of the land acquisition are summarized below:
| Detail | Specification |
|---|---|
| Transaction Date (Acquisition) | November 2023 |
| Land Area | 14.8 acres / 59,956.20 square meters |
| Location | Gurugram, Haryana |
| Counterparty | Ireo Residences |
| Consideration | Up to Rs. 597 Crore and a certain area in the project |
The company also confirmed that it was not aware of any information that has not been previously announced to the markets which could explain recent price movements related to the stock.
OBEROIRLTY Stock Price Movement
Today, Oberoi Realty Limited shares edged higher to settle at ₹1753.1, gaining 3.09% in post-market trading. The stock traded a total of 957,281 shares during the session, demonstrating strong investor interest.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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