Oberoi Realty builds up

Last night, Oberoi Realty announced that its land acquisition in Thane is now fully done.

This pertains to the MoU which it had entered in May’23 with NRB Bearings for acquiring its land

located at Pokhran Road 2, Thane, Maharashtra, together with structures thereon. The said acquisition was to be completed upon fulfilment of certain terms and conditions of the MOU.

The company said that terms and conditions of the MOU were fulfilled and yesterday, registered conveyance deed of the said land admeasuring approximately 25,700 square meters (approx. 6.4 acres) in its favour and also taken possession of the said property.

The total consideration for acquisition of the said property is Rs. 196 crore, which has been paid in its entirety.

With the above, the Company has completed the acquisition and consolidation of contiguous pieces of lands admeasuring 75 acres situate at Pokhran Road 2, Thane, Maharashtra.

The stock price has reacted well to this development, with the stock opening marginally higher at Rs.1444.95 and soon jumping to Rs.1455.75, a new 52-week high. Profit booking came in at this level and the stock is now just about holding on to the green at Rs.1451.