Oberoi Realty has taken its first step to foray outside the Mumbai Metropolitan Region, acquiring a 14.8 acre land parcel in Gurugram for ₹597 crore.
It has acquired the land from Ireo Residences and others and the purchase price will be paid in the form of event and time milestones. The consideration also involves a certain portion of the area in the project for the existing owners and others, as per the terms of the agreement.
At full potential, the company’s entitlement in the project is estimated at 2.6 million square feet of floor area ratio. It will be developing a luxury group housing project on the land.
The Mumbai-centric luxury real estate developer is currently developing slightly over 10 million square feet of projects in the MMR region, having already developed 10 msf all of which are located in the western suburbs of the financial capital.
Very recently the company entered the eastern suburbs starting with Mulund while it will shortly make its entry into Thane, where it has two launches in the pipeline.
The company has also been talking about moving into the Bengaluru and Pune markets.
The builder has stayed in its niche segment of premium luxury residences with prices that start from around ₹40,000 a square feet and upwards. Its ultra luxury highrise in Worli, Three Sixty West, in the heart of Mumbai, has been selling for over ₹1 lakh a square feet.
Real estate developers, who have historically tended to be regional players, are now making their presence felt pan-India. Bengaluru-based Prestige Estates, a big player in the southern market, entered Mumbai in 2021 and has already captured a significant share of the sales. IPO-bound Casagrand, a Chennai-based realtor, also plans to launch in Pune and Mumbai within a year.