Mumbai-based Oberoi Realty Ltd on Wednesday (September 27) said it has entered into an agreement for the redevelopment of a prime land parcel spanning approximately 13,450 square metres in Tardeo, Mumbai City.
This plot of land is situated adjacent to a property that Oberoi Realty is already redeveloping through a joint venture, according to a stock exchange filing.
At present, the land hosts existing structures, which are occupied by the Municipal Corporation of Greater Mumbai on behalf of various individuals.
With this new development agreement in place, Oberoi Realty anticipates generating a substantial free-sale component, estimated at around 2.5 lakh square feet (on a carpet area basis).
This projection aligns with the provisions set forth in the Development Control & Promotion Regulations for Greater Mumbai in 2023, the company added.
Shares of Oberoi Realty Ltd ended at Rs 1,135.00, up by Rs 9.40, or 0.84 percent, on the BSE.
