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Oberoi Realty Announces Retirement of EVP - Construction and Signs Development Agreement for Malabar Hill

Published: April 02, 2026 | Category: Real Estate Mumbai
Oberoi Realty Announces Retirement of EVP - Construction and Signs Development Agreement for Malabar Hill

Oberoi Realty Limited has announced significant changes in its senior management and strategic developments. The company has disclosed the retirement of Mr. Selvaraj Ramasamy, Executive Vice President - Construction, effective April 2, 2026. This retirement follows the company's standard retirement policy and was disclosed in compliance with SEBI Listing Regulations. The company has formally notified both BSE and NSE about this senior management change.

Mr. Ramasamy was relieved from his duties at the closure of business hours on April 2, 2026. As Executive Vice President - Construction, he held a crucial role in overseeing the company's construction operations. The retirement disclosure was made in compliance with SEBI master circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company's official communication to the exchanges, signed by Company Secretary Bhaskar Kshirsagar, included detailed annexures as required by SEBI regulations for such disclosures.

In addition to the leadership change, Oberoi Realty has also signed a development agreement for the redevelopment of 1,740 square meters of land at Malabar Hill, Mumbai. This project, disclosed in regulatory filings to BSE and NSE, marks a significant strategic expansion in Mumbai's premium real estate segment. The development agreement covers land situated in the prestigious Malabar Hill location and will be developed under the cluster development scheme.

The project specifications and location details are as follows: - Land Area: 1,740 square meters - Location: Malabar Hill, Mumbai - Development Type: Cluster Development Scheme - Free Sale Component: Up to ~51,000 sq ft (RERA Carpet area) - Regulatory Framework: Development Control & Promotion Regulations for Greater Mumbai, 2034

Under the development agreement, Oberoi Realty's entitlement of free sale component from the land is estimated to be up to approximately 51,000 square feet in RERA Carpet area. This entitlement is subject to the provisions of the Development Control & Promotion Regulations for Greater Mumbai, 2034, ensuring compliance with current regulatory standards.

The Malabar Hill redevelopment project represents Oberoi Realty's continued focus on premium locations within Mumbai's real estate landscape. The cluster development approach allows for optimized land utilization while maintaining the area's prestigious character. The company has completed all necessary documentation and regulatory filings, with the agreement formally signed and disclosed to stock exchanges as per SEBI requirements.

The development agreement strengthens Oberoi Realty's portfolio in Mumbai's high-value real estate segment, with the project positioned to benefit from Malabar Hill's established reputation as one of the city's most sought-after residential locations.

Oberoi Realty's recent developments highlight the company's commitment to maintaining its leadership in the premium real estate market in Mumbai. The retirement of Mr. Ramasamy and the new development agreement are significant steps in the company's strategic roadmap, ensuring continued growth and adherence to regulatory requirements.

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Frequently Asked Questions

1. Who will Oberoi Realty appoint as the new Executive Vice President - Construction to replace Mr. Ramasamy?
Oberoi Realty has not yet announced the new Executive Vice President - Construction to replace Mr. Ramasamy. The company will likely make an announcement in the near future regarding the appointment.
2. How might this leadership transition impact Oberoi Realty's ongoing construction projects and delivery timelines?
The retirement of Mr. Ramasamy, a key figure in construction operations, could temporarily affect ongoing projects. However, Oberoi Realty has a robust management structure and is expected to minimize any disruptions to ensure the timely completion of ongoing projects.
3. Will this executive departure trigger any restructuring of Oberoi Realty's construction division or operational strategy?
While the retirement of Mr. Ramasamy is a significant change, it is unlikely to trigger a major restructuring. However, the company may review and optimize its construction division's operations to ensure continued efficiency and alignment with its strategic goals.
4. What is the significance of the Malabar Hill redevelopment project for Oberoi Realty?
The Malabar Hill redevelopment project is significant for Oberoi Realty as it represents the company's continued focus on premium locations in Mumbai's real estate market. The project will enhance the company's portfolio and leverage the prestigious character of Malabar Hill to attract high-value clients.
5. What are the regulatory requirements for disclosing senior management changes like the retirement of Mr. Ramasamy?
Oberoi Realty must disclose senior management changes in compliance with SEBI Listing Regulations, specifically Regulation 30. The company is required to notify both the BSE and NSE about such changes, providing detailed information and annexures as specified by SEBI regulations.