Oberoi Realty signs an MoU with NRB Bearings for 6.4 acres in Thane

Mumbai's Premium Real Estate Brand Oberoi Realty has announced that it has entered into a memorandum of understanding with NRB Bearings (NRB) for the acquisition of land in Thane, Mumbai. The land measures approximately 25,700 square meters (about 6.4 acres) according to the title deeds. Oberoi Realty has already made a partial payment towards the acquisition, and the remaining balance will be paid before the completion of the transaction. It must be noted that prior to this ORL had picked up the Blue Star plot and before that Glaxo - All these 3 land parcels will form part of the larger land development in Pokhran Road 2 at Thane. This makes ORL one of the largest companies to hold the largest piece of land bank in Thane.

The new launch of these will happen for both Kolshet Land and Pokhran Road land in the next few months. Oberoi Realty is likely to replicate the success story of Oberoi Garden City, Goregaon East with a Hotel, Oberoi International School, Mall and impetus on family living.

Oberoi is known for creating landmarks and Thane is a New Market for Oberoi Realty as this market is full of competition of strong players. Oberoi over the years has never had to face any competition and Thane will be one of the markets which will have competion from Lodha, Kalpataru, Rustomjee, Ashar, Hiranandani, Piramal etc.

The newly acquired land is adjacent to the company's existing land, which spans approximately 2,72,344 square meters (about 68 acres). This acquisition will likely allow Oberoi Realty to expand its existing property holdings in Thane.

In the recently concluded quarter ended March 31, 2023, Oberoi Realty reported significant growth in its net consolidated profit. The company's profit after tax for Q4 FY23 was Rs 480.29 crore, reflecting a substantial increase of 106.71% compared to the corresponding quarter of the previous fiscal year. Additionally, its net consolidated total income rose to Rs 995.11 crore, representing a growth of 18.05% comp