Mumbai-based real estate giant Oberoi Realty has successfully concluded the acquisition of a 6.4-acre land parcel in Thane, Maharashtra, for a sum of Rs 196 crore, as revealed in a regulatory filing on Tuesday. The company informed stakeholders that the registry of the acquired land has been formalized in its favor, marking a significant milestone in the development of a new real estate project.
This strategic acquisition was part of a Memorandum of Understanding (MoU) entered into by Oberoi Realty with NRB Bearings Limited in May. The designated land, situated at Pokhran Road 2, Thane, Maharashtra, including existing structures, was subject to completion based on certain terms and conditions outlined in the MoU.
Oberoi Realty confirmed the fulfillment of these conditions, stating, “The Company has on December 5, 2023, registered a conveyance deed of the said land admeasuring approximately 25,700 square meters (approx. 6.4 acres) in its favor and also taken possession of the said property.” The entire consideration for this acquisition, totaling Rs 196 crore, has been paid in full.
This latest acquisition adds to Oberoi Realty’s strategic consolidation of contiguous land parcels, reaching approximately 75 acres in total at Pokhran Road 2, Thane. The company’s proactive land acquisition strategy aligns with its commitment to expanding and enhancing its real estate portfolio.
In a notable move beyond Maharashtra, Oberoi Realty recently ventured into the Delhi-NCR property market with the purchase of nearly 15 acres of land in Gurugram for Rs 597 crore. This acquisition aims to facilitate the development of a luxury housing project, demonstrating the company’s commitment to diversifying its presence in key real estate markets across the country.
Financially, Oberoi Realty continues to demonstrate robust performance, reporting a 43% increase in consolidated net profit at Rs 456.76 crore for the second quarter of the fiscal year. The company’s total income rose to Rs 1,243.80 crore during the same period, showcasing steady growth. Despite a 17% decline in sale bookings to Rs 965 crore in the second quarter, Oberoi Realty remains a dominant player in the real estate development sector, particularly renowned for its focus on luxury housing projects.
