Oberoi Realty has entered into a development agreement for the redevelopment of land measuring approximately 1,740 square metres located at Malabar Hill, Mumbai. The company announced that the project would be developed under a cluster development scheme, which includes other adjoining societies.
The entitlement of Oberoi Realty from this land is estimated to be up to 51,000 square feet of free sale component in RERA Carpet area. This is subject to the provisions of the Development Control & Promotion Regulations for Greater Mumbai, 2034, and applicable laws.
This agreement marks a significant step for Oberoi Realty as it expands its footprint in one of Mumbai’s most prestigious locales. The Malabar Hill area is known for its prime real estate value, and this development is expected to further enhance the company’s portfolio.
The company has not disclosed further financial details or timelines for the project. However, the announcement underscores Oberoi Realty’s strategic focus on high-value developments in key urban areas.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).