Mumbai-headquartered Oberoi Realty is set to enter the market in the National Capital Region, and is in the final stages of acquiring a 50-acre land parcel at Gurgaon’s Golf Course Road Extension, three people aware of the deal said.
They didn’t disclose the financial terms. Experts put the value of the land at more than Rs 1,000 crore.
Based on the preliminary study the company undertook, it made the decision to proceed and indicate interest in this project. Although Oberoi Realty has a solid reputation as a developer in the Mumbai real estate market, the industry will be closely watching its foray into the NCR market. Industry experts claim that helping to restart a large project that had stopped in a market like NCR can be an excellent reference for Oberoi Realty Gurgaon. Many significant developers, according to them, are interested in this micro market. With major companies proposing a project in this micro market, Golf Course Road Extension is quickly developing into a new centre for residential and commercial developments.