Oberoi Realty up on green nod for residential project

Market grapevine has it that Mumbai-based realty developer Oberoi Realty has received environmental clearance for its proposed residential project in Mulund, a central suburb of Mumbai.

The company has a total 18.8 acres in Mulund, with a total development potential of over 3 million sq ft.

Company officials declined to comment on the clearance. In its quarterly earnings conference call, the company mentioned its intention to launch the Mulund project in the second quarter of FY13.

In 2005, Oberoi acquired 18.8 acres, located on LBS Marg of Mulund (W), from GlaxoSmithKline Pharma for a total consideration of Rs 220 crore.

Oberoi earlier planned to develop the entire project in two phases.

On Tuesday, shares of Oberoi Realty closed at Rs 262.10 on BSE, up 0.1% from Monday.