Mumbai-based real-estate developer Oberoi Realty Ltd. is the top gainer on the Nifty Realty Index on Monday after the stock gained as much as 5%.

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The company has announced a foray into the National Capital Region of Delhi real estate market by acquiring a 14.8 acres land parcel in Gurugram, in a deal valued at ₹597 crore.

The company looks to develop a luxury residential group housing project on the land parcel.

According to an exchange filing, Oberoi Realty has entered into a sale agreement with Ireo Residences Company Pvt. Ltd. and others to acquire the 14.8-acre land parcel in Sector 58, Gurugram.

At full potential, the project is supposed to have a Floor Area Ratio (FAR) of up to 2.6 million square feet as per the extant rules currently. The company has taken possession of the land following the execution of the agreement.

Oberoi Realty is a Mumbai-based premium real estate developer. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

The company last month announced the completion of the divestment of its 31.67% shareholding in a joint venture, Sangam City Township Pvt Ltd, for ₹3.6 crore.

Shares of Oberoi Realty are trading 4% higher at 1,393.65. The stock has gained nearly 60% so far in 2023. The stock has gained in five out of the last six trading sessions.

(Edited by : Hormaz Fatakia)