How Will Oberoi Realty's Acquisition About 6 Acres of Land on Pokhran Road Influence The Thane Real Estate Market?

Oberoi Realty Buys Land in Thane

According to a regulatory filing at the BSE, Oberoi Realty of Mumbai has purchased 6.4 acres of land from NRB Bearings Limited (NRB) in Thane's Pokhran Road.

According to the filing, the property is located on Pokhran Road in Thane and the acquisition includes structures on the property.

The filing stated, in reference to a contract signed on May 23, 2023, "The aforementioned acquisition is contingent upon the fulfilment of certain MOU (memorandum of understanding) terms and conditions."

"The company has also paid a portion of the consideration amount to NRB, and the remaining consideration shall be paid on or prior to the closing of the transaction," the document stated, without disclosing the acquisition's price.

"Despite global headwinds, domestic tailwinds have provided a tremendous boost to the residential sector. End-users' desire to maintain home ownership has continued to promote the expansion of housing demand. According to Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, industry consolidation has resulted in incremental market share gains for organised companies.

On May 16, 2023 Oberoi Realty reported consolidated revenue of Rs 995.11 crores for the fourth quarter of fiscal year 23 (Q4FY23), up from Rs 894.94 crores in the same period of the previous fiscal year. Its profit after taxes increased from Rs 232.78 Crores to Rs 480.16 Crores.

There is little doubt that the real estate market in Pokhran Road will be impacted positively as Oberoi Realty is one of the most respected real estate development companies in India. This sale of plot in Pokhran Road by Oberoi Realty will also greatly affect the Thane real estate market in a big way indeed.