Oberoi Realty secures 6.4 acre land in Thane for Rs 196 crore

Oberoi Realty has completed the acquisition of a sprawling 6.4-acre land parcel in Thane, Maharashtra, for a sum of Rs 196 crore. The Mumbai-based real estate giant disclosed the accomplishment through a regulatory filing on Tuesday, confirming the completion of the land registry process in its favor.

Earlier in May, Oberoi Realty inked a Memorandum of Understanding (MoU) with NRB Bearings Limited, outlining the acquisition of lands situated at Pokhran Road 2, Thane, Maharashtra, inclusive of existing structures. The completion of this acquisition was contingent upon meeting specific terms and conditions stipulated in the MoU, all of which have now been fulfilled.

In an official statement, Oberoi Realty stated, "On December 5, 2023, the company registered a conveyance deed for the land, measuring approximately 25,700 square meters (approx. 6.4 acres), in its favor and has taken possession of the property." The entire consideration amounting to Rs 196 crore has been disbursed in full for the acquisition.

This acquisition marks the culmination of Oberoi Realty's strategic plan to acquire and consolidate contiguous land parcels, totaling approximately 75 acres, situated at Pokhran Road 2, Thane. Notably, last month, the company ventured into the Delhi-NCR property market by acquiring nearly 15 acres of land in Gurugram for Rs 597 crore, earmarked for the development of a luxury housing project.

Financially, Oberoi Realty reported a significant 43 per cent increase in consolidated net profit, reaching Rs 456.76 crore in the second quarter of the fiscal year, attributed to higher revenue. Total income surged to Rs 1,243.80 crore during July-September 2023-24, compared to Rs 711.79 crore in the corresponding period of the previous year.

Despite a 17 per cent decline in sale bookings, totaling Rs 965 crore in the second quarter of the fiscal year, Oberoi Realty remains a prominent player in the real estate development sector, specializing in luxury housing projects.

The shares of Oberoi Realty rose 1.19 per cent to Rs 1,456.4 apiece on the NSE on Wednesday, November 6.

(With PTI inputs.)