Oberoi Realty Limited announced that the company has entered into a Development Agreement for development and redevelopment of land admeasuring approximately 12,790 square meters, situate at Adarsh Nagar, Worli, Mumbai City (said Land). The said Land is leased to Maharashtra Housing and Area Development Authority and currently, there are 7 buildings on the said Land with a total of 504 flats. The Company expects to currently generate a free sale component of around 0.624 million square feet (RERA Carpet area) from the development and redevelopment of the said Land, as per the aforementioned provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034.
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