Oberoi Realty Selected as Developer for Bandra Reclamation Slum Redevelopment Project
Real estate developer Oberoi Realty Ltd has been appointed as the developer for a significant slum rehabilitation project at Bandra Reclamation in Mumbai. The project, spanning a 10,300-square-meter plot, aims to enhance the living conditions of the area'
Oberoi RealtyBandra ReclamationSlum RehabilitationReal EstateMumbaiReal Estate MumbaiJan 11, 2025
The appointment was confirmed by the Slum Rehabilitation Authority (SRA) of Brihanmumbai through a letter dated January 10, 2025.
This prestigious project is set to transform a 10,300-square-meter plot in Bandra Reclamation, Mumbai, a bustling urban hub with a mix of residential and commercial developments.
of Oberoi RealtyOberoi Realty is a renowned real estate developer in India, known for its high-quality projects and commitment to sustainable urban development.
The company has a strong portfolio of residential, commercial, and luxury properties across Mumbai and other key cities.
With a focus on innovation and customer satisfaction, Oberoi Realty has consistently delivered projects that set new benchmarks in the industry.
Details of the ProjectThe land, owned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed under the Development Control & Promotion Regulations for Greater Mumbai, 2034.
These regulations outline the guidelines and standards for urban development in the city, ensuring that the project aligns with the broader goals of urban planning and social welfare.
As part of the slum rehabilitation scheme, Oberoi Realty is expected to provide improved living conditions for the current residents of the area.
The company will construct new, modern housing units that meet the latest standards of safety and comfort.
Additionally, the project will include community amenities such as schools, healthcare facilities, and public spaces, further enhancing the quality of life for the residents.
Free-Sale ComponentOne of the key aspects of the project is the free-sale component, which is a significant incentive for the developer.
Oberoi Realty anticipates being entitled to a free-sale area of approximately 3.2 lakh square feet of Real Estate Regulatory Authority (RERA) carpet area.
This component will allow the company to generate revenue and offset the costs associated with the slum rehabilitation project.
Market ReactionShares of Oberoi Realty Ltd ended at ₹2,130.00, down by ₹116.95, or 5.20%, on the BSE following the announcement.
Despite the slight drop in share price, the overall market sentiment remains positive, with analysts and investors recognizing the long-term potential of the project.
ConclusionThe appointment of Oberoi Realty as the developer for the Bandra Reclamation Slum Redevelopment Project is a significant step towards improving the living conditions in Mumbai.
The project not only aims to uplift the community but also aligns with the broader goals of urban development and sustainability.
With its expertise and commitment, Oberoi Realty is well-positioned to deliver a project that will set new standards in slum rehabilitation and urban renewal.
Frequently Asked Questions
Who has been appointed as the developer for the Bandra Reclamation Slum Redevelopment Project?
Oberoi Realty Ltd has been appointed as the developer for the Bandra Reclamation Slum Redevelopment Project.
What is the size of the plot for the Bandra Reclamation Slum Redevelopment Project?
The plot for the Bandra Reclamation Slum Redevelopment Project is 10,300 square meters.
What is the free-sale component entitled to Oberoi Realty in the project?
Oberoi Realty is entitled to a free-sale component of approximately 3.2 lakh square feet of RERA carpet area from the development and redevelopment of the land.
Who confirmed the appointment of Oberoi Realty for the project?
The Slum Rehabilitation Authority (SRA) of Brihanmumbai confirmed the appointment of Oberoi Realty for the project through a letter dated January 10, 2025.
How did the stock market react to the appointment of Oberoi Realty as the developer?
Shares of Oberoi Realty Ltd ended at ₹2,130.00, down by ₹116.95, or 5.20%, on the BSE following the announcement.
Related News Articles
Transforming India's Real Estate Landscape: RERA's Success Stories and Innovations
RERA has brought transparency and accountability to India's real estate sector, transforming the home-buying experience. Discover the successful implementations and innovations that are shaping the industry's future.
ED Alleges Jaffer Sadiq's Real Estate and Film Ventures Fueled by Drug Money
The Enforcement Directorate (ED) has accused Jaffer Sadiq, a prominent figure in the film industry, of financing his real estate and movie projects using illicit funds derived from drug trafficking. Sadiq, along with his brother, was arrested on June 26 i
ITC to Acquire Aditya Birla Real Estate’s Pulp and Paper Unit for 35 Billion Rupees
Indian conglomerate ITC has announced the acquisition of Aditya Birla Real Estate's pulp and paper business for an estimated 35 billion rupees. This strategic move aims to strengthen ITC's market position in the paper and pulp industry.
Trump's Luxury Real Estate Ventures to Expand Significantly in India
From four high-rise luxury residential projects in key Indian cities, the Trump Organisation plans to increase its presence to 10 properties over the next six years, solidifying India's position as the primary international market for the brand outside th
Shardul Amarchand Advises Brookfield on $100 Million Powai Real Estate Deal
Shardul Amarchand Mangaldas provided legal counsel to Brookfield on a major real estate transaction in Powai, Mumbai, valued at approximately USD 100 million. This deal underscores the growing importance of high-value real estate investments in the bustling financial hub.
Mumbai's Real Estate Market Booms: A Surge in Home Sales and Rising Property Values
The Mumbai Metropolitan Region's residential market has experienced a significant increase in home sales, with 68,082 units registered in the October-December quarter. This surge is attributed to various factors, including a strong economic recovery and f