Oberoi Realty Signs Redevelopment Deal for Two Peddar Road Societies
Mumbai-based Oberoi Realty, a prominent listed real estate developer, has taken a significant step in South Mumbai’s luxury housing market by signing a development agreement (DA) for the redevelopment of two housing societies in the prestigious Peddar Road area. According to a regulatory filing, the combined land parcel spans approximately 4,800 square meters, excluding set-back areas, and offers immense potential for premium residential development.
The company expects the project to generate around 1.40 lakh square feet of RERA carpet area for free sale, subject to applicable laws and the Development Control and Promotion Regulations for Greater Mumbai, 2034. While Oberoi Realty has not officially disclosed the expected revenue from the project, analysts are already eyeing substantial returns. A note from ICICI Direct Research, dated March 30, suggests that the gross sales potential could exceed ₹1,500 crore. The estimate assumes that Oberoi could command a 25% premium over prevailing rates in this ultra-prime locality.
This redevelopment marks another milestone for Oberoi Realty in the city’s high-end real estate segment. Earlier this month, the company had signed a DA with the Maharashtra Housing and Area Development Authority (MHADA) for land in Versova, Andheri West, highlighting its focus on strategic land acquisitions and redevelopment projects across Mumbai. The Versova project is expected to offer about 17.18 lakh square feet of RERA carpet area in the free sale component, excluding rehabilitation space for existing tenants, pending statutory approvals.
Oberoi Realty has consistently been active in high-value projects across Mumbai. In February 2025, the company emerged as the highest bidder for a lease of 11 acres in Bandra East, quoting ₹5,400 crore in a bid floated by the Rail Land Development Authority (RLDA). With these new redevelopment agreements, the company is reinforcing its presence in some of the most sought-after neighborhoods, combining luxury, strategic location, and significant commercial potential. The Peddar Road project, in particular, is set to strengthen Oberoi Realty’s portfolio in South Mumbai luxury real estate, catering to discerning buyers seeking premium living spaces in the city’s most coveted areas.
This move underscores the company’s long-term vision to capitalize on redevelopment opportunities in prime urban localities, making it a key player in shaping Mumbai’s luxury residential skyline.
