Realty developer Oberoi Realty has entered into an agreement with Ireo Residences and others to acquire 14.81 acres in sector 58 of Gurugram for a total of Rs 597 crore, the company said in a regulatory filing.
The consideration for the transaction will be paid in the form of event and time-linked milestones. The consideration also involves up to a certain area in the project for the existing homeowners and others, as per the terms of the agreement.
Oberoi Realty’s entitlement from the project at full potential is currently estimated to be up to 2.6 million sq ft of floor area ratio as per the extant rules, regulations, and policies.
Upon execution of the above agreement, the Mumbai-based realty developer has taken possession of the above land.
This transaction marks the company’s foray into the National Capital Region (NCR). The company is planning to primarily develop a luxury residential group housing project on this land parcel.
Source : ET
