May 7, 2024: Real estate developer Oberoi Realty has entered into a development agreement for development and redevelopment of land admeasuring approximately 12,790 square meter (sqm) that is located at Adarsh Nagar, Worli, Mumbai, the company mentioned in a regulatory filing with the National Stock Exchange (NSE).
The land that will be redeveloped is leased to the Maharashtra Housing and Area Development Authority (Mhada). Currently, there are seven buildings on this land and a total of 504 flats are present.
As per the regulatory filing, Oberoi Realty expects to currently generate a free sale component of around 6.24 lakh square foot (sqft) (RERA carpet area) from the development and redevelopment of the land, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034.
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