According to Oberoi Realty, the Slum Rehabilitation Authority (SRA) has chosen the company to carry out a slum rehabilitation project on a 2.5-acre (about 10,300-square-meter) plot of land in Bandra Reclamation, Mumbai. The Maharashtra Housing and Area Development Authority (MHADA), a government agency responsible for urban housing, owns this site.
According to a recent regulatory filing, the developer intends to renovate the site and get a free-sale entitlement of about 3.2 lakh sq ft RERA carpet area following the Development Control & Promotion Regulations for Greater Mumbai, 2034.
Last year, Adani Realty, the Adani Group’s real estate division, was the highest bidder for the renovation of a 24-acre property at Bandra Reclamation. The land piece, which has a potential development size of 45 lakh square feet, is valued at an estimated INR 30,000 crore.
Due to its prime position and easy access to famous monuments like the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra’s real estate market continues to be a popular choice for residential and commercial constructions. Developers and investors are drawn to it because of its great value.
This redevelopment project is a component of Mumbai’s larger urban renewal plan, which aims to solve the problems caused by slum settlements that take up large areas of the city’s valuable real estate. The Bandra Reclamation project demonstrates the increasing involvement of private developers in slum redevelopment, turning crowded neighbourhoods into well-planned urban districts and providing inhabitants with better living conditions.
A development agreement for a sizable 81.05-acre land piece in Tekali village, Alibaug, close to Mumbai, was announced earlier this week by Oberoi Realty. As part of the agreement, landowners will get revenue and area-sharing for the proposed residential development. An upscale, five-star hotel or resort with an FSI of 30,000 square meters is to be built on 8.6 acres (about 34,803 square meters) of this lot.
Using an FSI of roughly 1,20,000 square meters, 150 branded, fully serviced luxury residential villas will be built on the remaining 72.45 acres, or 2,93,207 square meters.
Oberoi Realty’s participation in the Bandra Reclamation redevelopment project offers hope for high-quality execution because of its history of creating upscale complexes around the Mumbai Metropolitan Area. Under the SRA framework, the company’s involvement underscores the growing reliance on private-sector partnerships to expedite urban revitalisation. Such projects are a positive step in striking a balance between urban growth and social upliftment as Mumbai continues to address its housing and infrastructural issues.
Source: Prop News Time
