Oberoi Realty Inks Agreement for Malabar Hill Redevelopment Under Cluster Scheme, Eyes ₹700 Cr Sales

Mumbai, April 2: Listed real estate developer Oberoi Realty has signed a development agreement for a 1,740 sq m (approximately 0.43 acre) land parcel in the prestigious Malabar Hill area of South Mumbai. The company plans to undertake the project under the Maharashtra government's cluster development scheme.

Project Details

The said land is proposed to be developed along with other adjoining societies under the cluster development scheme.

Company's free sale component: Up to 51,000 square feet (RERA Carpet area) , subject to Development Control & Promotion Regulations for Greater Mumbai, 2034
FSI: Approximately 2.7
Launch timeline: Expected in FY27
Estimated sales potential: Over ₹700 crore (as per ICICI Direct)

Location Significance

Malabar Hill is one of Mumbai's most exclusive and premium residential addresses, home to several high-net-worth individuals, business families, and dignitaries. The area commands some of the highest property prices in the city.

Recent Oberoi Realty Announcements

Peddar Road Project (March 28):

Development agreement for two housing societies
Sale potential: 1.40 lakh sq ft of RERA carpet area
Estimated gross sales potential: Over ₹1,500 crore

Versova MHADA Deal (March 16):

Development agreement for MHADA-owned land in Aram Nagar, Andheri West
Free sale component: Approximately 17.18 lakh sq ft (RERA carpet area)

Bandra East Lease (February 2025):

Highest bidder for 11 acres of land in Bandra East
Bid amount: ₹5,400 crore (Rail Land Development Authority)