Luxury real estate developer Oberoi Realty has entered into a development agreement for a prominent land parcel in Mumbai’s sought-after Worli district. The project will involve the joint development and redevelopment of an existing site measuring approximately 12,790 square metres, currently occupied by seven buildings and containing a total of 504 flats.
Things we covered for you
+
Project Details and Location:
Specific details regarding the project design, timelines, and partners for the joint development are yet to be revealed by Oberoi Realty. However, the prime location in Worli, a prominent commercial and residential hub, suggests the development will likely cater to the premium segment of the Mumbai property market.
Read: Real Estate Firms Switching to Digital Mode
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight
Redevelopment Opportunity:
The project signifies an opportunity to transform the existing underutilised land into a modern and luxurious development. Oberoi Realty, known for its high-quality constructions and focus on premium living spaces, is well-positioned to execute this project.
Oberoi Realty’s Growth Strategy:
This development agreement aligns with Oberoi Realty’s strategy of expanding its presence in key Indian cities. The company, facing a decline in sales bookings during the previous fiscal year, views this project as a potential driver of future growth. Notably, the company expects to generate a free sale component of around 6.24 lakh sq ft from the project, translating to a significant addition to their saleable area.
Impact on Mumbai’s Real Estate Market:
The Oberoi Realty project is expected to generate interest in Worli’s redevelopment potential, potentially influencing surrounding property values. The addition of a high-end residential development could further elevate the area’s status as a premium residential and commercial hub within Mumbai.
Looking Ahead:
With details still emerging, Oberoi Realty’s upcoming project in Worli is poised to be a significant development in Mumbai’s real estate landscape. Further announcements regarding the project design, partner, and timeline will provide a clearer picture of this venture and its potential impact on the city’s luxury property market.
