Oberoi Realty forays into NCR: announces acquisition in Gurugram

Oberoi Realty has announced a major milestone in its expansion strategy within the National Capital Region (NCR). The acquisition of approximately 14,816 hectares of land, equivalent to 59,956.20 square meters, located in Sector 58, Gurugram, Haryana, marks its foray into the NCR region.

This strategic move follows a successful sale agreement with Ireo Residences Company and others, representing an investment of Rs 597 crore. Consideration will include a dynamic combination of event/time-based monetary compensation and services for existing homeowners and others, including a designated area within the project, ensuring a fair and comprehensive approach. The Floor Area Ratio (FAR) for this project is estimated to be around 2.6 million sq ft, and Oberoi Realty is ready to tap the full potential of this venture in accordance with the existing rules, regulations and policies.

The company aims to develop a luxurious residential collective housing project.