Oberoi Realty gains marginally on Tardeo land deal

Shares of Oberoi Realty jumped nearly 1 percent in trade on September 28 after signing of the agreement for the redevelopment of 13,450 square meters of land at Tardeo in Mumbai.

At 9:24 am, the Oberoi Realty stock was trading 0.73 percent higher at Rs 1145.95 on NSE.

The company expects to generate a free sale component of around 2.5 lakh square feet (on carpet area) from the development and redevelopment of the said land, as per the extent provisions of Development Control & Promotion Regulations for Greater Mumbai, 2023 as detailed in the BSE notification dated September 27.

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The said land is adjoining a property already being redeveloped by Oberoi Realty in a joint venture. Currently, there are structures on the said land which are tenanted by Municipal Corporation of Greater Mumbai in favor of various persons.

Also Read: Neutral Oberoi Realty; target of Rs 1200: Motilal Oswal

Brokerage Views

Brokerage firm Motilal Oswal has recommended a ‘neutral’ rating on Oberoi Realty with a target price of Rs 1,200 in its research report dated August 1, 2023.

Also Read: Oberoi Realty to redevelop land in Mumbai’s Tardeo area

Stock Performance

Oberoi Realty stock has given a return of 39.05 percent over the last six months. The benchmark Nifty50 index has given a return of 17.31 percent over the same duration.

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