Real estate developer Oberoi Realty has completed the acquisition of a 6.4- acre land parcel of NRB Bearings Limited near Mumbai for Rs 196 crore, the company said in a regulatory filing on December 5.
With this, the company said that it completed the acquisition and consolidation of contiguous pieces of lands admeasuring 75 acres at Pokhran Road 2 in Thane.
The company had in May signed a memorandum of understanding (MoU) with NRB Bearings Limited for the land parcel.
After the terms and conditions of the MoU were met with, the company on December 5 registered conveyance deed of "the said land admeasuring approximately 25,700 square meters (approx. 6.4 acres) (as per title deeds) in its favour and also taken possession of the said property," the firm developer told exchanges. The company paid Rs 196 crore to acquire the property.
Also read: Oberoi Realty shares gain 2% on launch of luxe housing project in ThaneR
The 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.
On November 20, Oberoi Realty announced the launch of Forestville, a luxury residential project in 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.
On December 5, the stock closed at Rs 1,436.35 on the National Stock Exchange, down 0.17 percent from the previous day.
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