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Private Sector | Maharashtra - India | PID: 203897
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Property developer Oberoi Realty has announced that the Slum Rehabilitation Authority (SRA), Brihanmumbai, has confirmed the appointment of the company as the developer in respect of the slum rehabilitation scheme for lands admeasuring around 2.5 acres at Bandra Reclamation in Mumbai.
The said land parcel is owned by the Maharashtra Housing and Area Development Authority (MHADA), the state government’s urban housing body.
The listed developer expects to be entitled to a free sale component of around 3.2 lakh sq ft RERA carpet area from the development and redevelopment of this land parcel, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034, the company said in a regulatory filing.
The property market in Bandra is characterized by its prime location and connectivity to key areas like Bandra-Worli Sea Link and Bandra-Kurla Complex. Known for high-value residential and commercial properties, the area attracts developers and investors seeking premium opportunities.
Last month, the company also entered into a development agreement for an over 81.05-acre land parcel in Tekali village in Alibaug near Mumbai. The consideration for the transaction to the landowners will be in the form of revenue and area share from the residential project to be developed on the plot.
| Updated on: 16 - Jan - 2025
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