Oberoi Realty has entered a development agreement for prime land in Mumbai, positioning itself for landmark real estate projects including slum rehabilitation, luxury hotels, and high-end residential villas. The Bandra Reclamation project and a major Alibaug acquisition highlight the company’s expanding Mumbai footprint.
Oberoi Realty has finalized a development agreement with the Maharashtra Housing and Area Development Authority (MHADA) for land measuring approximately 10,300 square meters in Mumbai’s Bandra Reclamation area. Appointed by the Slum Rehabilitation Authority (SRA), Oberoi Realty will oversee redevelopment and is entitled to a free sale component of about 3.2 lakh square feet (RERA carpet area) from the completed project.
Additionally, the company recently executed a separate agreement for 81.05 acres of land in Alibaug near Mumbai, comprising 8.6 acres for a luxury five-star hotel and resort, and 72.45 acres for approximately 150 branded, high-end villas. The projects adhere to Mumbai’s Development Control Regulations, aiming to upgrade luxury and affordable living in the city and surrounding areas.
Oberoi Realty’s new ventures reinforce its role in Mumbai’s urban transformation, meeting both premium and social housing needs while leveraging regulatory incentives. These initiatives are expected to drive future growth and value for stakeholders in Maharashtra’s evolving real estate market.
Key Highlights
-
Oberoi Realty inks development agreement for 10,300 sq m of MHADA-owned land in Bandra Reclamation, Mumbai
-
Slum Rehabilitation Authority project entitles company to ~3.2 lakh sq ft of free sale component
-
Separate Alibaug agreement for 81.05 acres: luxury hotel/resort and 150 branded villas
-
Compliance with state regulations and significant market impact
-
Expands presence in both social housing and luxury real estate segments
Source: Angel One, Economic Times Realty, Oberoi Realty Press Releases.