Oberoi Realty has entered into a new development agreement for land parcels located in Aram Nagar, Versova, Andheri West, Mumbai, in partnership with the Maharashtra Housing and Area Development Authority (MHADA). The development is projected to yield approximately 17.18 lakh square feet (RERA carpet area) of free sale component for the company. This transaction is contingent upon obtaining necessary statutory approvals as per the 2034 Development Control Regulations for Greater Mumbai.
Oberoi Realty Enters Major Mumbai Development Pact
Oberoi Realty Limited announced on March 16, 2026, that it has executed a key development agreement concerning land situated in Aram Nagar, Versova, Andheri West, Mumbai. The project involves land belonging to the Maharashtra Housing and Area Development Authority (MHADA).
Projected Area and Scope
Based on the existing Development Control and Promotion Regulations applicable to Greater Mumbai (2034), the company anticipates deriving a substantial benefit from this venture. Oberoi Realty expects its share of the free sale component to amount to approximately 17.18 lakh square feet, measured by RERA carpet area. It is important to note that this projection explicitly excludes the company’s share related to the rehabilitation component designated for existing tenants.
The execution of the development on the Project Land is subject to receiving all requisite statutory approvals and compliance with applicable regulations.
Source: BSE
