Oberoi Realty hits an all-time high after Rs 597 crore luxury housing project deal for Gurugram

Oberoi Realty Share Price: Oberoi Realty shares hit an all-time high of Rs 1,407.15 each on BSE on Monday (November 20, 2023) after the real estate company bought around 15-acre land in Gurugram on Friday. 

The stock that closed on Friday at Rs 1342.40 opened on Monday morning at 1369.25 before hitting an all-time high.

The stock was trading higher by 4.04 per cent, or Rs 54.30, at Rs 1,396.70 at 10:30 am on Monday. 

The market cap of the company at the same time was Rs 50,795.23 crore.

What is Oberoi Realty's new purchase? 

Oberoi Realty has bought nearly 15-acre land in Gurugram for Rs 597 crore to develop luxury housing project, marking its foray into the Delhi-NCR property market.

"The Company has executed an Agreement for Sale with Ireo Residences Company Private Limited and others for acquiring land admeasuring approximately 14.816 Acres equivalent to 59,956.20 square meters at Sector 58, Gurugram, Haryana," the company said in its BSE filing.

"The consideration for the transaction is in the form of event/time linked monetary consideration of up to Rs. 597 crore, and up to a certain area in the project for the existing homeowners and others," said the company.