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Oberoi Realty acquires 4.2-acre land parcel in Mumbai’s Bhandup suburb

Realty developer Oberoi Realty has acquired an over 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer has acquired the property through one of its subsidiaries Oberoi Constructions. 

The company has acquired the land parcel after emerging as the highest bidder for the plot at an e-auction held by the Debt Recovery Tribunal. 

The transaction was concluded and registered by Oberoi Constructions on November 25. The developer has paid stamp duty worth Rs 5.96 crore to register the deal, showed documents accessed through CRE Matrix, a real estate data analytics firm. 

“With physical offices here to stay, portfolio optimization and hybrid working are expected to be the dominant themes going forward driven by incremental demand from IT/ITes firms and the rebond of flexible office operators. For the residential sector further demand revival is expected with strong end-user interest aided by government impetus and incentives by developers ensuring buoyancy. The warehousing segment that has been risk averse during the pandemic will maintain the growth run rate driven by demand from the ecommerce and 3PL players,” the report said.

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The Economic Times

SOURCE: THE ECONOMIC TIMES

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