Oberoi Realty has signed a development agreement for development and redevelopment of land located at Carter Road in Bandra West locality of Mumbai.
The land measures approx. 2,576 sq. mtrs. In May, it had announced the redevelopment of seven old buildings having 504 flats in the Adarsh Nagar area of Worli. As part of the agreement, it received 6.24 lakh sq. ft. RERA carpet to be sold in the open market.
The company expects to currently generate a free-sale component of around 40,000 sq. ft. (RERA carpet area) from the development and redevelopment of the said land, as per the extant provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034.