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Oberoi Realty to enter affordable housing segment

Tuesday, 13 Aug 2019
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Oberoi Realty, a real estate developer, is set to enter the affordable housing segment with new project launches during Diwali.

The new project comprises 2,000-3,000 apartments on over 60 acre plot in Thane in Maharashtra. The company had purchased the plot from GlaxoSmithKline Pharmaceuticals for Rs 555 crore two years ago.

The government’s definition of affordable housing prior to the budget was based on area, which is up to 600 sq ft and the company has received certain approvals as per the previous definition which are still valid. Hence, it will complete these projects.

The housing units will be up to 600 sq ft in carpet area, and are likely to be priced at Rs 12,000 per sq ft.

At present, Oberoi Realty is building around 27.43 million sq ft of both commercial and residential space.

So far the company has developed 42 projects in Mumbai, aggregating about 11.89 million sq ft.

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