Oberoi Realty has inked a joint development deal for 18.28 acre land in Thane. The transaction values the land at ₹404 crore,
By Varun Singh
Oberoi Realty Ltd has entered into a joint development agreement for an 18.28 acre of land parcel in Thane. This land is located in Kolshet area of Thane.
According to documents accessed by SquareFeatIndia provided by CRE Matrix, a real estate data analytics firm the deal was signed on March 12, 2022, whereas the registration took place on March 14, 2022.
The deal is signed between Oberoi Realty Ltd and Ashok Nagari a sole proprietorship firm. According to documents, the Owner will receive 23% share of net realizations.
Stamp duty of Rs 20.22 Crore was paid for the registration of the land deal.
Documents reveal that Ashok Nagari had bought the land from Nicholas Piramal India Ltd. back in 2002.
Recently Dhruva Woollen Mills associated with Runwal developers had bought 21 acres of land in Thane for Rs 471 crore.
Thane the neighbouring district of Mumbai has seen mega development over the last few years.
Top developers from Mumbai including the Oberoi, Hiranandani, Lodha all have projects in this area.
Thane connects the central suburbs of Mumbai via the LBS Marg and the Eastern Express Highway, whereas the Ghodbunder road gives it access to Mira Road and the western suburbs of Mumbai.
Mumbai also has seen some big ticket deals in the recent past.
Including a ₹55 crore duplex being sold in BKC in Signature Island.
Another mega deal in the luxury segment was registered in April where an apartment was sold for ₹40 crore in Carmichael Residencies which took the per square feet rate to ₹1.25 lakh per square feet.
In March 2022, a 10,566 square feet flat in Worli’s Rahjea Legend was sold for Rs 144 crore, thus taking the per square feet value to ₹1.32 lakh.
