Shaping the Landscape of Gurugram
Mumbai-based real estate powerhouse, Oberoi Realty, has recently inked a pivotal agreement with Ireo Residences and other stakeholders, securing a substantial 14.81-acre parcel in Gurugram’s sector 58. The regulatory filing reveals the transaction’s total value at an impressive Rs 597 crore, signaling Oberoi Realty’s strategic expansion in the National Capital Region (NCR).
Milestone-Linked Acquisition and Community Focus
The consideration for this significant acquisition will be structured around event and time-linked milestones, showcasing Oberoi Realty’s careful planning and execution strategy. Noteworthy is the inclusion of provisions within the agreement, allocating a specific area within the project for existing homeowners and others, highlighting the company’s commitment to community-centric development.
Unlocking Potential – A Closer Look
Oberoi Realty’s anticipated entitlement from this venture is poised to reach up to 2.6 million square feet of floor area ratio, adhering to prevailing rules, regulations, and policies. This strategic move not only marks Oberoi Realty’s maiden entry into the NCR but also underscores its vision for sustainable and upscale real estate development.
Possession Secured – Setting the Stage
With the completion of the agreement, Oberoi Realty has officially taken possession of the prime land in Gurugram. This crucial milestone sets the stage for the company’s ambitious plans to shape the landscape of Gurugram through the development of a luxury residential group housing project.