Oberoi Realty buys 14.81 acres of Land to raise High-worth Housing Units in Gurugram

According to documents accessed by CRE Matrix, a real estate data analytics firm, Oberoi Realty, a prominent Mumbai-based real estate developer has entered the National Capital Region - NCR with the acquisition of 14.81 acres of land in Gurugram, Haryana, for Rs. 597 crore.

The documents states that the land parcel is in Gurugram’s sector 58 near the Southern Peripheral Road (SPR), which is home to several high-net worth luxury residential projects. The land securing occurred in November 2023 yet the deal deed of the land was implemented May 7, 2024.

Oberoi Realty was part of a group that bought the land from association such as  diverse developers in Delhi-NCR, and other businesses. There was no prompt reaction from the purchaser and the seller. 

This strategic land deal marks Oberoi Realty’s deliberated entry into the Delhi-NCR market. On this land, the company intends to build a luxury group housing project, according to real estate sources.

The land has an estimated development potential of approximately 2.6 million square feet. Gurugram and the Delhi NCR, which includes it, have recently seen a number of significant property purchases.

DLF Limited, a publicly traded key real estate developer in India paid Rs. 825 crore in January 2024 to acquire 29 acres of prime Golf Course Extension Road in Gurugram with a potential for 7.5 million square feet of development.