Mumbai-based developer Oberoi Realty has entered into a development agreement to redevelop a 1,740 sq m land parcel in Malabar Hill under the Maharashtra government’s cluster development scheme.
The company stated that the project will be undertaken along with adjoining housing societies as part of a larger cluster redevelopment plan. According to a regulatory filing, the developer’s free-sale entitlement from the project is estimated at up to 51,000 sq ft of RERA carpet area, subject to provisions under the Development Control and Promotion Regulations (DCPR) 2034 and applicable laws.
The land parcel spans around 0.43 acres and offers a total RERA saleable area of approximately 51,000 sq ft, translating to a floor space index (FSI) of about 2.7. As per ICICI Direct, the project is likely to be launched in FY27 and is expected to generate sales exceeding Rs 700 crore.
The Malabar Hill project is part of a series of recent redevelopment and land acquisition moves by Oberoi Realty in Mumbai. On March 28, the company announced signing development agreements for two housing societies in the Peddar Road area of South Mumbai. The combined redevelopment is estimated to have a saleable potential of around 1.40 lakh sq ft of RERA carpet area, with ICICI Direct Research projecting gross sales of over Rs 1,500 crore.
Earlier in March, the developer also entered into an agreement with the Maharashtra Housing and Area Development Authority for a land parcel in Versova’s Aram Nagar area in Andheri West.
In addition, in February 2025, Oberoi Realty emerged as the highest bidder with a Rs 5,400 crore bid for an 11-acre land parcel in Bandra East, offered by the Rail Land Development Authority.
These developments underline the company’s aggressive expansion strategy in Mumbai’s premium real estate market.
Source: Hindustan Times
