GURUGRAM, June 24, 2024 — Oberoi Realty, a Mumbai-based real estate developer, has entered the National Capital Region (NCR) with the acquisition of a substantial 14.81-acre land parcel in Gurugram for Rs 597 crore. According to documents obtained from CRE Matrix, a real estate data analytics firm, the transaction was completed in November 2023, with the sale deed finalized on May 7, 2024.
Prime Location: Sector 58, Gurugram
The newly acquired land is situated in Sector 58, Gurugram, near the Southern Peripheral Road (SPR), a burgeoning area renowned for its high-end residential projects. This locale is rapidly becoming one of the most sought-after addresses in Gurugram, offering excellent connectivity and proximity to key commercial hubs. The strategic location aligns perfectly with Oberoi Realty’s vision of developing premium properties that cater to discerning customers.
Development Potential: A Luxurious Vision
Oberoi Realty plans to leverage the land’s development potential, estimated at around 2.6 million square feet, to create a luxury group housing project. This ambitious plan will not only enhance the landscape of Sector 58 but also set new benchmarks for luxury living in the NCR region. The project aims to offer a blend of contemporary design, state-of-the-art amenities, and sustainable features, promising a superior living experience.
The Transaction Details
The land acquisition was executed with precision and diligence. The sale deed was finalized on May 7, 2024, although the transaction took place in November 2023. Oberoi Realty purchased the land from a consortium that included Ireo Residences, a well-known Delhi NCR-based developer, among other firms. The deal also involved a significant stamp duty payment of Rs 33.77 crore, further emphasizing the scale and importance of this acquisition.
Significant Transactions in Delhi NCR
Gurugram, a vibrant part of the Delhi NCR, has witnessed a flurry of high-value property transactions in recent times. Notable among these are:
- DLF Limited: In January 2024, DLF Limited acquired a 29-acre land parcel on Golf Course Extension Road in Gurugram for Rs 825 crore. This prime piece of real estate has a development potential of 7.5 million square feet.
- Gameskraft: In March 2024, the Bengaluru-based online gaming company purchased an 8.61-acre land in Gurugram for Rs 90 crore, showcasing the growing interest in this dynamic region.
- Countrywide Promoters (BPTP Group): In November 2023, BPTP Group’s subsidiary acquired a 5.24-acre land near the Dwarka Expressway for Rs 87.27 crore, highlighting the continuous investment flow into Gurugram’s real estate market.
A Promising Future for Oberoi Realty in NCR
Oberoi Realty’s entry into the NCR market represents a strategic expansion that holds immense promise. By choosing a prime location and planning a luxury group housing project, the company is poised to make a significant impact on the NCR real estate landscape. This move not only diversifies Oberoi Realty’s portfolio but also brings its hallmark of quality and luxury to a new market, benefiting both the company and prospective residents.
Conclusion
Oberoi Realty’s foray into the NCR market with the acquisition of a prime land parcel in Gurugram marks a significant step in the company’s growth trajectory. This strategic move is set to redefine luxury living in the region and underscores Oberoi Realty’s commitment to excellence and innovation. As the project unfolds, we anticipate it will set new standards and become a benchmark for luxury residential developments in Gurugram.