Oberoi Realty shares gain 2% on launch of luxe housing project in Thane

The company has launched the first phase of this development consisting of 3 towers.

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Shares of Oberoi Realty share price gained 2 percent in early trade on November 21 after the company launched the first luxury residential project in Kolshet, Thane.

At 9:38am, Oberoi Realty was quoting at Rs 1,385.55, up Rs 35.75, or 2.65 percent on the BSE.

On November 20, the company announced the launch of ‘Forestville by Oberoi Realty’, spread across 18 acres, consist of five residential towers. The company has launched the first phase of this development consisting of three towers.

The apartments at Forestville will comprise predominantly of spacious three-bedroom apartments starting from 1,090 sq ft at Rs. 1.87 crore onwards.

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Last week, the company executed an agreement for sale with Ireo Residences Company Private Limited and others for acquiring land admeasuring approximately 14.816 acres equivalent to 59,956.20 square meters at Sector 58, Gurugram, Haryana.

The consideration for the transaction is in the form of event/ time linked monetary consideration of up to Rs 597 crore, and up to a certain area in the project for the existing homeowners and others, both subject to the terms and conditions of the aforesaid agreement.

The company’s consolidated net profit surged 43 percent on-year to Rs 456 crore in the July-September quarter (Q2FY24) and income jumped 75 percent to Rs 1,243 crore.