Oberoi Realty, based in Mumbai, has purchased 63 residential units totaling over 5 lakh square feet in a luxury housing project in Worli. Oberoi Realty stated in a regulatory filing that its shareholders approved the purchase/acquisition of residential premises in the project ‘Three Sixty West’ constructed by Oasis Realty in December for up to Rs 4,000 crore.
It was a material related party transaction, it went on to say. Oberoi Realty announced on Saturday that it had completed the purchase/acquisition of residential premises in the project. Oberoi Realty stated that the company purchased 5,23,039 square feet of carpet area. The total number of units purchased is 63, with the company paying a total consideration of Rs 3,403 crore.
The stamp duty and other fees for purchasing these units amount to Rs 204 crore. Oasis Realty has discharged Rs 605 crore of its income tax liability. As a result, Oberoi Realty stated that it has recovered its entire funding for construction costs and other deposits, as well as its profit share from Oasis Realty. Oberoi Realty announced on Friday that it had purchased an 8-acre plot of land in Thane, Maharashtra, for Rs 192 crore. It has successfully completed the transaction with Blue Star Ltd (BSL) to acquire the land measuring approximately 32,204 square metres (approximately 8 acres) in Thane, Maharashtra.