"Oberoi Realty Acquires ₹597 Crore Land in Gurugram, Marks Debut Entry into NCR"

Oberoi Realty, a distinguished luxury real estate developer primarily focused on Mumbai, has taken a significant stride beyond the Mumbai Metropolitan Region (MMR) with the acquisition of a 14.8-acre land parcel in Gurugram for ₹597 crore.

The acquisition, from Ireo Residences and others, involves a purchase price structured around event and time milestones. The agreement also outlines considerations for a specific portion of the project area dedicated to existing owners and others.

Upon reaching its full potential, Oberoi Realty is entitled to an estimated 2.6 million square feet of floor area ratio, with plans to develop a luxury group housing project on the acquired land. The company, known for its upscale luxury residences with prices starting at around ₹40,000 per square foot and beyond, has been a prominent player in Mumbai's western suburbs.

Currently engaged in developing slightly over 10 million square feet of projects in the MMR region, Oberoi Realty has recently expanded to the eastern suburbs, initiating projects in Mulund and upcoming launches in Thane. The company is also exploring opportunities in the Bengaluru and Pune markets.

Oberoi Realty's niche focus on premium luxury residences, exemplified by projects like the ultra-luxury highrise Three Sixty West in Worli, Mumbai, where prices exceed ₹1 lakh per square foot, has contributed to its reputation in the real estate sector.

This move reflects a broader trend in the real estate industry, with developers traditionally concentrated in regional markets now expanding their presence nationally. Prestige Estates, based in Bengaluru, entered Mumbai in 2021, while Casagrand, a Chennai-based realtor, plans to launch in Pune and Mumbai within a year as it prepares for an initial public offering (IPO).

HBL