Realty developer Oberoi Realty has entered into an agreement for redevelopment of a large housing society spread over 3.2-acre prime land parcel in Adarsh Nagar area in Worli locality of Central Mumbai.
The land parcel is leased to Maharashtra Housing and Area Development Authority (MHADA). At present, there are seven residential buildings on the said plot, with a total of 504 apartments.
The company expects to generate a free sale component of around 6.24 lakh sq. ft. RERA carpet area from the development and redevelopment of the land, as per the extant provisions of Development Control & Promotion Regulations (DCPR) for Greater Mumbai, 2034.
Oberoi Realty has so far delivered 43 completed projects in Mumbai in residential, office space, retail, hospitality, and social infrastructure verticals.