Oberoi Realty has entered into an pact to jointly develop an over four million sq ft residential project on 18.3 acre land parcel in Kolshet locality, Thane.

The realty company has formed a revenue-share alliance with the landowner, who will receive 23 percent of net realisations as part of deal compensation.

The developer has also paid Rs 50 crore to the land owner as an upfront adjustable and refundable deposit while executing the agreement.

The land owner has already secured approval for development on the land parcel. This will be only a residential development and an altered plan could be chalked out and submitted to the authorities soon.

The project, with a total development potential of four million sq ft, is expected to generate revenue of Rs 5,000 crore.

Apart from this, the company had recently acquired an industrial land parcel in Bhandup from the Debt Recovery Tribunal (DRT) for a consideration of Rs 115 crore.

here is company details.

 

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