Oberoi Realty Limited has informed the Exchange about Execution of Development Agreement for lands situate at Aram Nagar, Versova, Andheri West, Mumbai
OBEROIRLTY · price
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Oberoi Realty has signed a development agreement with Maharashtra Housing and Area Development Authority (MHADA) for land at Aram Nagar, Versova, Andheri West, Mumbai. The company expects its share of the free sale component to be around 17.18 lakh square feet (RERA carpet area), excluding the rehabilitation component for existing tenants. The actual share is subject to statutory approvals and applicable development regulations. The project adds a sizeable development pipeline in a prime western Mumbai location.
This expands Oberoi Realty's project portfolio with a significant free-sale area in a prime Mumbai micro-market, which is positive for future revenue visibility, though execution depends on regulatory approvals.