Oberoi Realty clarifies on media buzz of restraining order from NGT on Worli project; Stock dives over 3%

7 Feb 2022 , 11:41 AM

Oberoi Realty Ltd on Monday has clarified to the exchanges with reference to certain media reports suggesting that the realty major has been restrained by the Hon’ble National Green Tribunal, Pune Bench (“NGT”) from creating third-party rights in Worli project.

“We understand that the said media reports emanate from an order of the Hon’ble NGT dated February 2, 2022 passed in relation to alleged non-providing of certain number of car parkings at a slum rehabilitation scheme”, said Company.

Further it added, that the said reportings are erroneous and presently there is no restraint as reported. The directions issued by the Hon’ble NGT vide the said Order are self-explanatory and reproduced below:

“Accordingly, we direct the Slum Rehabilitation Authority in coordination with SEIAA and SPCB, Maharashtra to hold joint meeting within one month and take remedial action inter-alia by restraining the PP from any further alienation till EC condition is complied with or till the joint Committee finds compliance.”

The Worli project referred in the media reports is being developed by Oasis Realty under the project name ‘Three Sixty West’, wherein Oberoi Realty group is a joint venture partner. The slum rehabilitation and related obligations in the project are the responsibility of the other joint venture partner, the company clarified to the exchanges in a regulatory filing on Monday.

At around 11:40 AM, Oberoi Realty was trading at Rs914.40 apiece down by Rs31.35 or 3.31% against previous closing of Rs945.75 apiece on the BSE.