Oberoi Realty shares jump after it announces foray into Delhi NCR
Nov 20, 2023
New Delhi [India], November 20 : Shares of Oberoi Realty traded firm on Monday morning after the real estate developer over the weekend announced its foray into the National Capital Region.
At the time of filing this report, the realty company's shares were 3 per cent higher at Rs 1,380. Its intra-day high is Rs 1,406.
So far in 2023, the shares climbed a whopping 58 per cent, accumulating handsome gains for its shareholders.
Late last week, the company executed an agreement for sale with Ireo Residences Company Private Limited and others for acquiring land measuring approximately 14.816 acres equivalent to 59,956.20 square meters at Sector 58, Gurugram in Haryana.
The consideration for the transaction is up to Rs 597 crore, and up to a certain area in the project for the existing homeowners and others, the company informed stock exchanges on Sunday evening.
The company's entitlement from the project at full potential is presently estimated to be upto 2.6 million square feet of floor area ratio (FAR) as per the extant rules, regulations and policies.
"Upon execution of the above agreement, the company has taken possession of the above (mentioned) land," the stock filing read.
This transaction marks the company's foray into the NCR region. The company intends to primarily develop a luxury residential group housing project on the said land.
