Oberoi Realty and Aman Group Partner for Luxury Development in Mumbai's Worli

Oberoi Realty’s joint venture company, I-Ven Realty, has signed a hotel management agreement and a branding and marketing pact with the Switzerland-based Aman Group for a luxury hotel and residential project in Mumbai’s Worli locality. This strategic partnership marks a significant step in the development of high-end real estate in one of Mumbai's most prestigious areas.

The listed company holds a 39.13% ownership interest on a fully diluted basis in the special purpose vehicle (SPV). Promoter Vikas Oberoi also holds 39.13% ownership interest, while the remaining 21.74% is held by Alpha Wave Ventures II, LP, each on a fully diluted basis. The SPV has leasehold rights for around 4 acres of land on Dr. Annie Besant Road in Worli, a prime location known for its upscale residential and commercial developments.

The project plans to construct a hotel with 80 rooms and approximately 150,000-200,000 sq ft (carpet area) of residential real estate for sale. The hotel, which will operate under the prestigious 'Aman' brand, is expected to be operational by August 2032. Aman will manage and operate the hotel for an initial term of 25 years, with an automatic extension for a further 10 years unless chosen otherwise by Aman.

In addition to the hotel, the residences will be developed, marketed, and sold using the licensed Aman marks. They will also be managed and operated under the 'Aman' brand, ensuring a consistent level of luxury and service that is synonymous with the Aman Group. The tenure of this agreement will be the same as that of the hotel, providing a long-term commitment to the project.

This partnership between Oberoi Realty and Aman Group is a testament to the growing demand for luxury real estate in Mumbai. The Worli locality, known for its scenic views of the Arabian Sea and its proximity to key business districts, is an ideal location for such a high-end development. The project is expected to attract both domestic and international buyers looking for premium living and hospitality experiences in one of India's largest and most dynamic cities.

Oberoi Realty, a leading real estate developer in Mumbai, has a strong track record of delivering high-quality residential and commercial projects. The company’s focus on luxury and premium developments aligns well with the Aman Group’s global reputation for luxury hospitality. This collaboration is expected to set new standards in the luxury real estate market in Mumbai, further enhancing the city's appeal as a global hub for high-end living and hospitality.

The development of this project is not only a significant milestone for Oberoi Realty and the Aman Group but also for the real estate sector in Mumbai. It is expected to contribute to the economic growth of the city and provide a benchmark for future luxury developments in the region. With meticulous planning and a focus on sustainability, the project aims to create a harmonious blend of luxury, comfort, and environmental responsibility, setting a new standard for high-end real estate in Mumbai.