Oberoi Realty Enters into JV in Worli Mumbai to develop 12790 sq.mtr Land

Oberoi Realty has secured a Joint development agreement for a large-scale project in Mumbai’s affluent Worli area. Oberoi Realty Enters into JV in Worli Mumbai to develop 12790 sq.mtr Land in Adarsh Nagar, Worli, Mumbai.

Project Details:

• The project encompasses the redevelopment of approximately 12,790 square meters of land in Adarsh Nagar, Worli.
• Currently, the land is leased to the Maharashtra Housing and Area Development Authority (MHADA) and houses seven buildings with a total of 504 flats.
• Oberoi Realty anticipates generating a free sale component of around 6.24 lakh sq ft upon project completion.

Financial Performance:

• Despite a decline in sales bookings during the previous fiscal year (down 53% to Rs 4,007 crore), Oberoi Realty remains confident in its future prospects.
• The company’s sales bookings for FY 2022-23 reached Rs 8,572 crore, demonstrating a significant recovery compared to FY 2021-22 (Rs 3,889 crore).
• In FY 2023-24, Oberoi Realty successfully sold 705 units, generating a revenue of Rs 4,007 crore.

This new project signifies Oberoi Realty’s continued commitment to development projects in Mumbai and their focus on capitalizing on redevelopment opportunities. The project is expected to generate a substantial free sale component, potentially boosting their future sales figures.