Oberoi Realty, a Mumbai-based company, has expanded into the National Capital Region (NCR) by paying Rs 597 crore to purchase 14.81 acres of land in Gurugram, Haryana’s Sector 58.
According to a regulatory filing, the listed real estate developer has signed a selling agreement with Ireo Residences Company Private Limited and other parties for the acquisition.
According to current laws, regulations, and policies, the company’s entitlement from the project at full capacity is expected to be up to 2.6 million square feet of floor area ratio on the property, which is equivalent to 59,956.20 square meters. On the property, the company intends to build a high-end residential group housing complex, according to the firm.
The company stated in a regulatory filing on November 18 that “the consideration for the transaction is in the form of event and time linked monetary consideration of up to Rs 597 crore, and up to a certain area in the project for the existing homeowners and others, both subject to the terms and conditions of the aforesaid agreement.”
