Oberoi Realty to Develop 10,300 Sq Meter Land in Mumbai for Slum Rehabilitation
Oberoi Realty has been appointed by the Slum Rehabilitation Authority (SRA) to develop and redevelop a 10,300 sq meter land in Bandra Reclamation, Mumbai. The company expects to gain a free sale component of around 3.2 lakh sq ft from the project.
Oberoi RealtySlum RehabilitationMumbaiReal Estate DevelopmentMhadaReal Estate MumbaiJan 12, 2025
This initiative is part of the Slum Rehabilitation Scheme, which aims to improve living conditions in the city's underdeveloped areas.
The land, owned by the Maharashtra Housing and Area Development Authority (MHADA), is set to undergo significant transformation under Oberoi Realty's expertise.
Oberoi Realty, a leading real estate developer in India, has a strong track record in luxury housing and commercial projects.
The company expects to be entitled to a free sale component of around 3.2 lakh sq ft from the development and redevelopment of the said land.
This free sale component will be a significant addition to their portfolio and contribute to their growth in the Mumbai market.
The project not only promises to enhance the quality of life for the residents but also aligns with Oberoi Realty's commitment to sustainable and community-focused development.
The company has already executed an agreement for the development of land admeasuring approximately 81.05 acres situated at village Tekali, Alibaug, in December 2024.
This ongoing expansion demonstrates Oberoi Realty's strategic approach to capturing opportunities in prime locations.
The Slum Rehabilitation Authority, Brihanmumbai, is a regulatory body responsible for overseeing the redevelopment of slum areas in Mumbai.
The authority ensures that the projects are carried out in compliance with the city's urban planning guidelines and that the needs of the local community are met.
The appointment of Oberoi Realty as the developer for the 10,300 sq meter land is a significant step towards achieving these goals.
Maharashtra Housing and Area Development Authority (MHADA) is a government body that plays a crucial role in the development of affordable housing and urban infrastructure in the state.
By partnering with private developers like Oberoi Realty, MHADA aims to accelerate the pace of development and provide better living conditions for the citizens of Maharashtra.
With the expected free sale component, Oberoi Realty is well-positioned to capitalize on the growing real estate market in Mumbai.
The company's focus on quality and sustainability is expected to attract both residential and commercial buyers, further boosting the local economy.
In conclusion, the development and redevelopment of the 10,300 sq meter land in Bandra Reclamation by Oberoi Realty represents a significant milestone in the city's urban renewal efforts.
The project is expected to bring about positive changes in the community and contribute to the overall growth of Mumbai.
Frequently Asked Questions
What is the size of the land being developed by Oberoi Realty in Bandra Reclamation, Mumbai?
The land being developed by Oberoi Realty in Bandra Reclamation, Mumbai, is approximately 10,300 sq meters.
What is the expected free sale component from the development project?
The expected free sale component from the development project is around 3.2 lakh sq ft.
Who is the Slum Rehabilitation Authority (SRA) in Brihanmumbai?
The Slum Rehabilitation Authority (SRA) in Brihanmumbai is a regulatory body responsible for overseeing the redevelopment of slum areas in Mumbai, ensuring compliance with urban planning guidelines and meeting the needs of the local community.
What is the role of the Maharashtra Housing and Area Development Authority (MHADA) in this project?
The Maharashtra Housing and Area Development Authority (MHADA) is a government body that plays a crucial role in the development of affordable housing and urban infrastructure in the state. In this project, MHADA owns the land and partners with private developers like Oberoi Realty to accelerate development.
What other significant projects has Oberoi Realty undertaken recently?
Oberoi Realty has recently executed an agreement for the development of land admeasuring approximately 81.05 acres situated at village Tekali, Alibaug, in December 2024.
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