Oberoi Realty Buys 6.4-Acre Land In Thane For Nearly Rs 200 Crore

Oberoi Realty has completed the purchase of a 6.4-acre land at Thane in Maharashtra for Rs 196 crore for the development of a real estate project.

In a regulatory filing on Tuesday, Mumbai-based Oberoi Realty informed that the registry of the land has been done in its favour.

In May, the company had entered into a Memorandum of Understanding with NRB Bearings Limited for acquiring the lands located at Pokhran Road 2, Thane, Maharashtra, together with structures thereon.

The acquisition was to be completed upon fulfilment of certain terms and conditions of the MoU. The same has been fulfilled.

"The Company has on December 5, 2023, registered a conveyance deed of the said land admeasuring approximately 25,700 square meters in its favour and also taken possession of the said property," Oberoi Realty said.

The total consideration for the acquisition of this land is about Rs 196 crore, which has been paid in its entirety.

With the acquisition of this 6.4-acre land, Oberoi Realty said the company has completed the acquisition and consolidation of contiguous pieces of lands admeasuring about 75 acres situated at Pokhran Road 2, Thane.

Last month, Oberoi Realty bought nearly 15 acres of land in Gurugram for Rs 597 crore to develop a luxury housing project, marking its foray into the Delhi-NCR property market.

On the financial front, Oberoi Realty reported a 43% rise in consolidated net profit at Rs 456.76 crore in the second quarter of this fiscal on higher revenue. Its net profit stood at Rs 318.62 crore in the year-ago period.

Total income rose to Rs 1,243.80 crore during July–September 2023–24 from Rs 711.79 crore in the corresponding period of the previous year.

Oberoi Realty has reported a 17% decline in sale bookings to Rs 965 crore in the second quarter of this fiscal. Its sale bookings stood at Rs 1,156 crore in the year-ago period.

Oberoi Realty is one of the leading real estate developers in the country. It mainly focuses on the development of luxury housing projects.