Oberoi Realty Selected as a Developer for Bandra Reclamation Slum Redevelopment Project

Oberoi Realty’s share price dropped by 2% in the early hours of trading on January 13. At 9:44 AM, the stock was trading at ₹2,068.45 on BSE, showing a decline of ₹58.10 or 2.73%. 

Details of the Slum Rehabilitation Project

The Slum Rehabilitation Authority (SRA), Brihanmumbai, confirmed the appointment of Oberoi Realty as the developer for a slum rehabilitation scheme on January 10, 2025. The project involves land measuring approximately 10,300 square meters at Bandra Reclamation, Mumbai. The land, owned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed under the provisions of the Development Control & Promotion Regulations for Greater Mumbai, 2034.

The company is expected to receive a free sale component of approximately 3.2 lakh square feet (RERA carpet area) from the redevelopment.

Previous Developments in December 2024

In December 2024, Oberoi Realty signed a development agreement for land measuring around 81.05 acres (equivalent to 3,28,010 square meters) in Alibaug, Maharashtra. Of this, 8.6 acres (34,803 square meters) is set for a high-end luxury five-star hotel/resort with an FSI of 30,000 square meters. The remaining 72.45 acres (2,93,207 square meters) will host approximately 150 high-end luxury villas, utilizing an FSI of 1,20,000 square meters.

Project Confirmation and Regulatory Details

Oberoi Realty officially announced the SRA’s approval in an exchange filing, reiterating the development specifics. The company emphasized compliance with Mumbai’s Development Control Regulations and its entitlement to a major free sale component from the project.

As of 1:51 PM on January 13, Oberoi Realty’s share price stood at ₹2,022.95, marking a drop of ₹105.35 or 4.95% for the day. Over the past year, the stock has gained 28.84%, with a 17.93% rise in the last six months.

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