Oberoi Realty enters Delhi-NCR; buys 15-acre land in Gurugram for nearly Rs 600 crore

Mumbai-based real estate company, Oberoi Realty, has acquired a 15-acre land in Gurugram for Rs 597 crore. This marks the company's entry into the Delhi-NCR property market. Oberoi Realty plans to develop a luxury residential group housing project on the land, which will provide an estimated area of 2.6 million square feet for development. The transaction is in the form of monetary consideration and area allocation for existing homeowners and others. The company reported a 17% decline in sale bookings for the second quarter of this fiscal year but saw a 43% increase in consolidated net profit.