20 , November , 2023
In a major development, Oberoi Realty has executed an agreement for sale with Ireo Residences Company and others for acquiring land admeasuring approximately 14.816 acres equivalent to 59,956.20 sq meters at Sector 58, Gurugram. The consideration for the transaction is in the form of event/ time linked monetary consideration of up to Rs. 597 crore, and up to a certain area in the project for the existing homeowners and others, the company said in the regulatory filing.
The company’s entitlement from the project at full potential is presently estimated to be up to 2.6 million sq. ft. of FAR.
With this transaction, the company forays into the National Capital Region (NCR). It intends to primarily develop a luxury residential group housing project on the said land.