Oberoi Realty has entered into a development agreement with two adjacent housing societies located at M.L. Dahanukar Marg and Dr. G. Deskhmukh Marg, Peddar Road, Mumbai. The agreement pertains to the redevelopment of lands measuring approximately 4,800 square metres, subject to set-back areas.
The real estate company’s entitlement from this redevelopment project is estimated to be up to 1.40 lakh square feet of free sale component, calculated based on the RERA Carpet area. This entitlement is subject to the provisions outlined in the Development Control & Promotion Regulations for Greater Mumbai, 2034, as well as other applicable laws.
This strategic move by Oberoi Realty aligns with its ongoing efforts to expand its portfolio of high-value real estate projects in Mumbai, leveraging the city’s prime locations for redevelopment opportunities.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).