Oberoi Realty, a prominent real estate developer, has announced an agreement to develop a 3.2-acre prime land parcel in Mumbai's sought-after Worli locality. The land, leased to the Maharashtra Housing and Area Development Authority (MHADA), currently houses seven residential buildings with a total of 504 apartments.

The development and redevelopment project is expected to yield around 6.24 lakh sq ft RERA carpet area as free sale component, according to the Development Control & Promotion Regulations (DCPR) for Greater Mumbai, 2034. This move aligns with Oberoi Realty's strategy to expand its footprint in Mumbai's premium real estate market.

The listed company has shown strong performance in its latest quarter, reporting booking value of Rs 1,775 crore from the sale of 228 apartments spanning nearly 4.5 lakh sq ft. This has elevated the developer's bookings value for the 2023-24 financial year to Rs 4,007 crore, resulting from the sale of 705 apartments covering over 1.07 million sq ft.

With a track record of delivering 43 completed projects across Mumbai, Oberoi Realty remains a key player in the city's real estate market. The developer's portfolio includes premium projects in residential, office space, retail, hospitality, and social infrastructure sectors.

The strategic development of the Adarsh Nagar site in Worli is expected to enhance Oberoi Realty's position in the competitive Mumbai market, offering residents new and modern housing options in a prime location.