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Oberoi Realty acquires 4.2 acre land parcel in Bhandup

Friday, 14 Jan 2022
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Realty developer Oberoi Realty has acquired over 4.2 acre land parcel on LBS Marg in Bhandup, Mumbai, 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 25 November 2021. The developer has paid stamp duty worth Rs 5.96 crore to register the deal, and showed documents accessed through CRE Matrix, a real estate data analytics firm.

Currently, the land parcel falls in the industrial zone and the developer has acquired the plot along with the existing structure on the same.

The Debt Recovery Tribunal had conducted the e-auction on 15 September 2021 for recovery of debt from Industrial & Agricultural Engineering Company (Mumbai). This company’s manufacturing unit on the said land parcel undertaking manufacturing of plant and machinery for chemical and agricultural industry had stopped the activity for more than 25 years.

The plot has a total residential development potential of around eight-nine lakh sq ft and based on the ongoing property rates, the project can fetch revenue of around Rs 900-1,000 crore.
 
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