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Oberoi Realty has sealed a deal with Ireo Residences Company and other stakeholders to procure around 14.816 acres (59,956.20 square meters) of land in Sector 58, Gurugram, Haryana. The acquisition, valued at approximately Rs 597 crore, encompasses both financial considerations and area allocation for existing homeowners and other stakeholders. This strategic transaction is anticipated to grant Oberoi Realty access to approximately 2.6 million square feet of Floor Area Ratio (FAR) from the project.
Following the completion of this acquisition, Oberoi Realty has assumed possession of the land, laying the groundwork for the development of an exclusive luxury residential group housing project. This marks Oberoi Realty's foray into the NCR region, signaling a significant expansion of its real estate footprint.
Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.
The realtor's consolidated net profit surged 43.36% to Rs 456.76 crore in Q2 FY24 as against Rs 318.62 crore for Q2 FY23. Revenue from operations for Q2 FY24 increased to Rs 1,217.41 crore, up by 76.8% YoY.
Shares of Oberoi Realty rose 0.66% to Rs 1342.40 on 17 November 2023.
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