Oberoi Realty Expands its Horizons: Enters NCR Market with Land Acquisition in Gurugram

Mumbai-based real estate developer Oberoi Realty makes its foray into the National Capital Region (NCR) with the acquisition of a 14.81-acre land parcel in Gurugram, Haryana.

Oberoi RealtyNcr MarketGurugramReal EstateLuxury Residential ProjectsReal Estate MumbaiJun 25, 2024

Oberoi Realty Expands its Horizons: Enters NCR Market with Land Acquisition in Gurugram

Real Estate Mumbai:Oberoi Realty, a prominent Mumbai-based real estate developer, has marked its entry into the National Capital Region (NCR) market with the acquisition of a significant 14.81-acre land parcel in Gurugram, Haryana. According to documents accessed by CRE Matrix, a leading real estate data analytics firm, the land deal was valued at Rs 597 crore. Located in sector 58 of Gurugram, near the Southern Peripheral Road (SPR), the land parcel is surrounded by several luxury residential projects. The company paid a stamp duty of Rs 33.77 crore for the transaction, which took place in November 2023, with the sale deed being executed on May 7, 2024. The land was acquired from a consortium consisting of Delhi NCR-based developer Ireo Residences and other firms. This strategic acquisition marks Oberoi Realty's foray into the Delhi NCR market, with the company planning to develop a luxury group housing project on the acquired land. The development potential of the land is estimated to be around 2.6 million square feet. With this move, Oberoi Realty is poised to expand its presence in the NCR market, which is known for its high demand for luxury residential projects.

Frequently Asked Questions

Who is the Mumbai-based real estate developer that has entered the NCR market?

Oberoi Realty

Where is the 14.81-acre land parcel acquired by Oberoi Realty located?

Sector 58, Gurugram, Haryana

What is the value of the land deal between Oberoi Realty and the consortium of developers?

Rs 597 crore

What is the development potential of the acquired land parcel?

Around 2.6 million square feet

What type of project is Oberoi Realty planning to develop on the acquired land parcel?

Luxury group housing project

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