Oberoi Realty Signs Agreement For Redevelopment of Tardeo Land

One of India's leading real estate developers, Oberoi Realty has signed an agreement to redevelop a 3.3-acre parcel of land in the South Mumbai neighbourhood of Tardeo.

According to the provisions of the Development Control & Promotion Regulations for Greater Mumbai, 2023, the company anticipates that the development and redevelopment of this land parcel will generate a free sale component of approximately 2,500,000 square feet on carpet area.

The adjacent property is currently being redeveloped by the company in a joint venture. Currently, Municipal Corporation of Greater Mumbai (MCGM) has leased the structures on the aforementioned plot to various individuals.

In May, the developer reached an agreement with NRB Bearings to acquire the latter's approximately 6.4-acre land parcel and structures on Thane's Pokhran Road 2 from NRB Bearings. This parcel of land is adjacent to the company's existing 68-acre property.

Prior to that, the developer had acquired for nearly Rs 200 crore a 9-acre land parcel in the same vicinity of Thane from the air-conditioning and commercial refrigeration company Blue Star India.

The company reported net profit of over Rs 321 crore for the quarter ended June on the back of revenue worth over Rs 933.56 crore.

In key property markets such as Mumbai, Pune, Chennai, Hyderabad, and Bengaluru, many transactions for land parcels, including outright acquisitions and joint ventures, have either closed or are anticipated to close shortly.

More real estate developers are opting for and proposing residential developments on land parcels that are already in their land bank or are currently being acquired, as a result of the ongoing upswing in the housing market segment.

The majority of land parcels acquired by developers across the nation over the past 18 to 24 months have been added to their residential development pipeline, indicating an increase in capital expenditure utilisation aimed at achieving higher quarterly sales.