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.
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