Oberoi Realty acquired the land from a consortium including Delhi NCR-based developer Ireo Residences and other firms.
According to records obtained by real estate data analytics company CRE Matrix, Mumbai-based Oberoi Realty has expanded into the National Capital Region (NCR) with the purchase of 14.81 acres of property in Gurugram, Haryana, for Rs 597 crore.
According to the records, the land parcel is situated in Sector 58 of Gurugram, which is home to upscale residential developments, close to Southern Peripheral Road (SPR). For the transaction, the corporation paid a stamp duty of Rs 33.77 crore. The land was acquired in November 2023, and the selling deed was completed on May 7, 2024.
The land was purchased by Oberoi Realty from a group that included Ireo Residences, a developer located in Delhi NCR, and other businesses.
The buyer and seller did not respond to the requests, according to the Moneycontrol report; the story will be updated if the answers are received.
With this transaction, Oberoi Realty enters the Delhi NCR market. On this property, the corporation intends to build a project of opulent group living, according to real estate insiders. An approximate of 2.6 million square feet are thought to be available for development on the property.
The Delhi NCR, which includes Gurugram, has recently seen a number of high-profile real estate transactions. For Rs 825 crore, listed real estate developer DLF Limited purchased a 29-acre plot of property with 7.5 million square feet of building potential on Gurugram's prestigious Golf Course Extension Road in January 2024.
Similarly, in March 2024, the online gaming business Gameskraft, located in Bengaluru, paid Rs 90 crore to acquire an 8.61-acre plot of land in Gurugram, Haryana.
For Rs 87.27 crore, Countrywide Promoters, a division of developer BPTP Group, purchased a 5.24-acre plot of property in Gurugram close to the Dwarka Motorway in November 2023.
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