Real Estate

Real Estate Transactions

Oberoi Realty inks pact to jointly develop 18-acre Thane land

Mint  

Oberoi Realty Ltd has signed a joint development agreement for an 18.28 acre land parcel in Kolshet, Thane, near Mumbai, with a local developer. The transaction values the land at INR 404 crore, slightly above the current ready reckoner rate, and translates to around INR 22 crore per acre. The developer has paid a little over INR 20 crore in stamp duty. Oberoi Realty gets full development rights to build residential buildings on the property under its own brand. As per the agreement, the land owner gets 23% of the net realisation generated out of the project and Oberoi gets the rest.