Oberoi Realty Expands with New Malabar Hill Redevelopment Project
Oberoi Realty has entered into a development agreement for the redevelopment of a land parcel measuring around 1,740 sq metres in Malabar Hill, Mumbai. The project will be undertaken along with neighbouring housing societies under a cluster development approach, which allows multiple adjoining plots to be redeveloped together for better planning and higher development potential.
The company expects to generate up to 51,000 sq ft of free-sale component on a RERA carpet area basis from this project, subject to approvals and applicable regulations under the Development Control and Promotion Regulations (DCPR) 2034. While the company has not disclosed the financial value of the deal or a project timeline, the location itself is considered one of the most premium residential pockets in Mumbai with consistently high property values.
This development comes shortly after the company secured another redevelopment project in South Mumbai at Peddar Road. That project involves two housing societies spread across a combined land area of about 4,800 sq metres and is expected to generate around 1.40 lakh sq ft of free-sale component. Compared to the Malabar Hill project, the Peddar Road development is larger in scale and has higher saleable potential.
Both projects highlight Oberoi Realty's continued focus on redevelopment opportunities in South Mumbai, where new land parcels are scarce and most supply is created through redevelopment of old buildings. The company has been steadily expanding its footprint through such deals, balancing premium projects with long-term value creation.
In addition to these South Mumbai developments, the company has also been active in other parts of the city. It recently entered into an agreement for a land parcel in Versova and had earlier emerged as the highest bidder for a large land parcel in Bandra East with a bid of around INR 5,400 crore. These acquisitions show a mix of redevelopment and outright land purchases as part of its broader growth strategy.
Malabar Hill and nearby areas have been seeing increased redevelopment activity in recent years. Older residential buildings are being replaced with modern luxury developments, driven by strong buyer demand, better infrastructure, and limited availability of fresh land. Developers are focusing on such micro-markets as they offer premium pricing and relatively stable demand despite market fluctuations.
