Oberoi Realty, a leading real estate developer in premium segment, is expected to launch the first phase of its Thane (MMRDA) project during this Diwali. The company is currently in the process of obtaining required approvals for affordable housing which the company is confident of completing by the end of this month.
Oberoi Realty has bought 60 acres of land from GSK after paying Rs 890 crore. According to the available information the company has already completed all the formalities vis-à-vis land acquisition and is hoping to develop 10-12 msf with this land. 20-25% of the developable area will be allocated for affordable housing. In the first phase, the company is likely to launch affordable housing with a ticket size of Rs 1.2-1.5 crore. With the Thane deal, Oberoi will mark its presence in the mid-income housing segment, where demand has been relatively good because of the rightly sized and priced units.
However, Oberoi may have to compete with other projects coming up in the region. Key residential projects like Tata Serein and Wadhwa Courtyard are exactly opposite Oberoi’s recently acquired land. Further, Raymond Realty’s TEN X HABITAT and Shapoorji’s Northern Lights are the other two newly launched projects in the location.
Further, Oberoi is likely to roll out Exquisite III (Goregaon) project close to Diwali.