Oberoi Realty Secures MHADA Land for Development in Mumbai
Real estate firm Oberoi Realty Ltd announced on Monday (March 16) that it has entered into a development agreement for land located at Aram Nagar, Versova, Andheri West in Mumbai, owned by the Maharashtra Housing and Area Development Authority (MHADA).
Under the agreement, the project will be developed in accordance with the Development Control and Promotion Regulations for Greater Mumbai, 2034. Based on the current provisions, the company expects its share of the free-sale component from the project land to be approximately 17.18 lakh square feet in RERA carpet area.
The estimated free-sale component excludes Oberoi Realty’s share of the rehabilitation component meant for existing tenants at the site. The development remains subject to statutory approvals and applicable regulations.
Oberoi Realty Ltd reported steady performance in Q3FY26, with net profit inching up 0.7% to ₹622.6 crore, supported by a 5.8% rise in revenue to ₹1,492.6 crore. While earnings before interest, taxes, depreciation and amortisation (EBITDA) held steady at ₹856 crore, margins narrowed to 57.4% from 60.7% a year ago, reflecting higher costs and operational pressures during the quarter.
At a board meeting on January 19, 2026, the company declared its third interim dividend for FY25-26 at ₹2 per equity share, equivalent to 20% of the face value of ₹10 per share. January 23, 2026, has been fixed as the record date for the dividend, which will be paid on or before February 5, 2026.
The company also noted the impact of the new labour codes implemented by the Government of India, including the Code on Wages, 2019, effective from November 21, 2025. Oberoi Realty carried out an actuarial valuation as of December 31, 2025, incorporating the uniform definition of 'wages' under the new codes. An additional obligation of ₹2.306 lakh was recorded as an exceptional item in the quarterly and nine-month results.
Shares of Oberoi Realty Ltd ended at ₹1,413.20, down by ₹39.45, or 2.72%, on the BSE.
