| Oberoi Realty has executed an Agreement for Sale with Ireo Residences
Company and others for acquiring land admeasuring approximately 14.816 Acres
equivalent to 59,956.20 square meters at Sector 58, Gurugram, Haryana.
The consideration for the transaction is in the form of event/ time linked monetary consideration of upto Rs. 597 crore, and upto a certain area in the project for the existing homeowners and others, both subject to the terms and conditions of the aforesaid agreement.
The Company's entitlement from the project at full potential is presently estimated to be upto ~2.6 Million square feet of FAR as per the extant rules, regulations and policies.
Upon execution of the above agreement, the Company has taken possession of the above land.
This transaction marks the Company's foray into the NCR region. The Company intends to primarily develop a luxury residential group housing project on the said land. |