In Thane, Oberoi Realty buys Land Parcel for worth Rs. 890 Crore

News Thane

A day ago, Oberoi Realty Ltd purchased approximately 60 acres of land in Thane, Maharashtra for worth Rs. 890 crores.

The developer in its regulatory filing said that the company has successfully closed the deal with GlaxoSmithKline Pharmaceuticals Ltd (GSK) for acquiring the land that measures upto approximately 2,40,140 square meters.

For this land parcel, the Oberoi group has paid Rs. 889.50 crores and will take the property possession soon.  However, a small plot measuring upto 1,410 square meters is yet to be transferred to the company, an official said.

In 2018, the Oberoi Realty planned land acquisition and was in talks with the Blue Star India. The company is a major brand in the air-conditioning and commercial refrigeration sector. The sources informed that this deal is estimated to be for a 9-acre land parcel in the city next to Mumbai.

This plot is situated on the Pokhran road 2, Thane and is close to the GlaxoSmithKline Pharmaceuticals’ and they own 60-acre land parcel.

According to the sources, the deal was likely to be finalized soon and the plot value lies between Rs. 120 crore and Rs 150 crore.