Oberoi Realty Ltd. will develop lands at Bandra Reclamation in Mumbai under the Slum Rehabilitation Scheme, the said in the exchange filing Friday. Slum Rehabilitation Authority has appointed the realtor for the purpose.
Oberoi Realty will develop approximately 10,300 square metre land at Bandra Reclamation. Maharashtra Housing and Area Development Authority owns the land, the exchange filing said.
The realtor expects to be entitled to a free sale component of around 3.2 lakh square feet from the development and redevelopment of the said land, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034, Oberoi Realty said in the exchange filing.
Oberoi Realty share price closed 5.26% down at Rs 2,128.30 apiece extending loss to a second session. It fell as much as 5.40% down to Rs 2,125.00, the lowest level since Dec 16.
The stock gained 37.46% in 12 months. Total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 42.07.
Out of 27 analysts tracking the company, 11 maintain a 'buy' rating, 12 recommend a 'hold,' and four suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 2.7%
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