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Oberoi Realty signs deal to develop land parcel worth Rs 404 crore in Mumbai

High-value land transactions have gained ground in the recent past primarily on account of increase in demand for housing

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Representative Image

In yet another major deal in Mumbai’s Thane area, Oberoi Realty has entered into a joint development agreement for a land parcel for Rs 404 crore, documents accessed by  CREMatrix showed.

The total area of the land parcel is 18.28 acres. Oberoi Realty paid a stamp duty of Rs 20.22 crore. The deal was registered on March 14, the documents showed.

The owner, Ashok Nagari, a sole proprietorship, will receive 23 percent share of the total sales proceeds, they showed.

Email queries to Oberoi Realty remained unanswered.

High-value land transactions have gained ground in the recent past primarily on account of an increase in demand for housing. Several realtors are focusing on asset-light models such as joint development.

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“After Lodha, Rustomjee, Raymond, Sheth, Dosti, Wadhwa, Oberoi takes up a plot in Thane for housing development. This reiterates our strong belief that Thane has emerged as the preferred choice for developers and homebuyers. Thane provides large land parcels where mini townships can be built. We strongly reiterate that we foresee a structural shift in homebuyers’ preference towards large community living projects loaded with amenities. Also, Thane offers the much-needed affordability that Mumbai cannot,” said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.

Real estate experts said that land deals in the Thane market are driven by end-use demand. Thane is witnessing high velocity in sales largely because it is a well-planned market and a self-sufficient city.

A few weeks ago, Mumbai-based Runwal Group has acquired a land parcel spread across an area of 20.96 acres in Thane for Rs 471 crore from a chemical company PB Global Ltd, documents showed. The total stamp duty value paid is Rs 28.26 crore, they revealed.
Vandana Ramnani
first published: May 23, 2022 07:12 pm
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