Realtor sells 31.67% stake to Balewadi Tech Park for 3.6 cr

Mumbai: Oberoi Realty has sold its entire 31.67% stake in a joint venture, Sangam City Township, which is planning to develop a township project in Pune.

The Mumbai-based property developer sold its stake comprising 9.500 equity shares to Bale wadi Tech Park fot3.6 crore.

The deal marks Oberol Realty’s complete exit from the project and the joint venture entity.

The sale transaction was initiated through a share purchase agreement on Thursday the same day it was executed, the company said in a regulatory filing In September,

Oberoi Realty announced entering into an agreement to redevelop a land parcel spread over 3.3 acres in the Tar- deo locality of South Mumbai.

The deal marks Oberol Realty’s complete exit from the project and the joint venture entity.

The company expects to gene- rate a free sale component of around 250,000 sq ft on carpet area from the development and redevelopment of this land parcel, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2023.

The said plot is adjoining a property already being redeveloped by the company in a joint venture. Currently there are structures on the said plot, and these are tenanted by the Municipal Corporation of Greater Mumbai (MCGM) in favour of various persons, the company said.

In May, the developer had ente- red into an agreement with NRB Bearings to acquire the latter’s around 6.4-acre land parcel in Thane’s Pokhran Road 2 along with structures thereon.

This land parcel is contiguous to the existing 68-acre plot owned by the company

Prior to that, Oberol Realty had acquired air-conditioning and commercial refrigeration com- pany Blue Star India’s nine-acre land parcel In the same vicinity in Thane for nearly 1200 crore.

Source- The Economic Times