Oberoi Realty buys 60 acre land in Thane for Rs 889.5 cr

Oberoi Realty Ltd on Friday said it has bought around 60 acres of land in Thane, Maharashtra from GlaxoSmithKline Pharmaceuticals for nearly Rs 890 crore.

In a regulatory filing, the Mumbai-based developer said "the company has successfully concluded the transaction with GlaxoSmithKline Pharmaceuticals Ltd (GSK) for acquiring the lands admeasuring approximately 2,40,140 square meters (approx 60 acres) located at Thane, Maharashtra."

The company has paid the entire consideration of Rs 889.50 crore to GSK and has registered the property, and taken possession on Friday, it added.

A small piece of land measuring about 1,410 square meters is still to be transferred in favour of the company owing to a stay order passed by the Bombay High Court, Oberoi Realty added.