Oberoi Realty gains on picking up 6.4-acre land parcel in Thane

Shares of Oberoi Realty gained over 1 percent early on December 6 after the company completed the acquisition of a 6.4-acre land parcel of NRB Bearings near Mumbai for Rs 196 crore. With this, the real estate developer completed the acquisition and consolidation of contiguous pieces of lands running up to 75 acres at Pokhran Road 2 in Thane.

At 9:24am, the Oberoi Realty shares were trading half a percent higher at Rs 1,446.40 on the National Stock Exchange (NSE). So far this year, the stock has surged 65 percent, outperforming benchmark Nifty 50 which has risen 15 percent.

After the terms and conditions of the deal with NRB Bearing were met with, Oberoi Realty registered conveyance deed of "the said land admeasuring approximately 25,700 square meters (approximately 6.4 acres), as per title deeds, in its favour and also taken possession of the said property," it said.

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Oberoi Realty paid Rs 196 crore to acquire the property. The land parcel is close to Raymond Group's 100-acre land where the company has taken up construction of real estate projects in phases since 2019.

The development comes a fortnight after Oberoi Realty announced the launch of Forestville, a luxury residential project in the Kolshet area of Thane. Spread on 18 acres, the project will have five residential towers with predominantly having 3 BHK apartments starting at Rs 1.87 crore.

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