Oberoi to take over Rs 3,000-crore stalled redevelopment project in Worli

Oberoi Realty will take over a stalled redevelopment project in Mumbai’s Worli area, worth nearly Rs 3,000 crores

After their buildings were demolished seven years ago for redevelopment, the residents of Shivshahi Cooperative Housing Society in Worli, Mumbai, have finally given their consent to Oberoi Realty to finish the stalled project and terminate the earlier agreement with HBS Realtors. The housing society had 12 buildings which were demolished seven years ago but no new construction came up after it. It is estimated that the redevelopment project could be worth Rs 3,000 crores.

The redevelopment work was awarded to HBS Realtors (Wonder Value Realty) in 2009 but the builder failed to finish the project. The 192 families residing in the society vacated their homes in 2014, after which the buildings were demolished. However, the work did not begin and the builder stopped the monthly allowance in 2019 that covered the rental expenses of the alternate accommodation for the families. As per to the original agreement signed with the builder, the old buildings were to be demolished only after construction of rehabilitation towers but the residents alleged that the agreement was amended by the managing committee of the society that allowed their eviction before the buildings came up.

See also: All you need to know about Maharashtra self-redevelopment scheme

The society is located on a prime three-acre plot, opposite to Glaxo’s property. According to an estimate, the plot has a saleable portion of almost eight lakh sq ft. The original construction came up in 1950 after the land was leased to MHADA for a period of 999 years. With the residents terminating the earlier agreement with HBR Realtors, a new contract has been created, according to which, each resident has been promised a 1,025-sq ft flat with 425 car parking spaces. Apart from this, Rs 27 crores will be paid to the families as an additional corpus. Each family will get Rs 1 lakh a month as Displacement Hardship Allowance (DHA). Moreover, another Rs 96 crores will be paid, based on FSI allowance.


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