Oberoi Realty has made a foray outside the Mumbai Metropolitan Region (MMR), by acquiring a 14.8 acre land parcel in Gurugram, Haryana for Rs 597 crore. The Mumbai-based company has acquired the land from Ireo Residences and others.

The consideration is in the form of event and time linked milestones, and also involves a certain portion of the area in the project for the existing owners and others, as per agreement terms.

At full potential, the company’s entitlement in the project is estimated at 2.6 million sq. ft. of floor area ratio. It will develop a luxury group housing project on the land.

The company is currently developing slightly over 10 million sq. ft. of projects in the MMR region, while it has already developed 10 msf in the western suburb of Mumbai.

Recently, the company entered the Mulund market, and will make its entry into Thane, where it has two launches in the pipeline.