Oberoi Realty buys 63 residential units in luxury housing project in Mumbai

Mumbai-based Oberoi Realty has bought 63 residential units comprising over 5 lakh square feet in a luxury housing project at Worli in Mumbai.

In a regulatory filing, Oberoi Realty said its shareholders had in December approved purchase/ acquisition of residential premises in the project 'Three Sixty West' constructed by Oasis Realty for up to Rs 4,000 crore.

It was a material related party transaction, it added.

On Saturday, Oberoi Realty said the company has concluded the purchase/ acquisition of residential premises in the project.

Giving details, Oberoi Realty said the company has purchased 5,23,039 square feet carpet area.

The total number of units purchased is 63, while the total amount of consideration paid by the company is Rs 3,403 crore.

The stamp duty and other charges for purchase of these units are Rs 204 crore. The share of income tax liability discharged through Oasis Realty is Rs 605 crore.

Consequently, Oberoi Realty said the company has recovered its entire funding towards construction cost and other deposits as well as its share of profit from Oasis Realty.

On Friday, Oberoi Realty said it has bought an 8-acre land in Thane, Maharashtra for Rs 192 crore.

It has successfully concluded the transaction with Blue Star Ltd (BSL) for acquiring the land admeasuring about 32,204 square metre (about 8 acres) located at Thane, Maharashtra.

Oberoi Realty is one of the leading real estate developers in the country.