Mumbai-based, listed, real estate developer Oberoi Realty has inked a development agreement (DA) for the redevelopment of two housing societies in the Peddar Road area of South Mumbai. The company, in a regulatory filing, said the project is estimated to have a sale potential of 1.40 lakh sq ft of RERA carpet area.
“We write to inform you that the Company has today entered into a Development Agreement with two adjacent housing societies situated at M.L. Dahanukar Marg, and Dr. G. Deskhmukh Marg, Peddar Road, Mumbai for redevelopment of lands admeasuring in aggregate ~4,800 square meters (subject to set-back areas),” the company said in the regulatory filing.
According to the company, its free sale component from the project is estimated to be up to 1.40 lakh square feet (RERA Carpet area), subject to the provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034 and applicable law. The company did not disclose the project’s revenue potential.
In a note issued on March 30, ICICI Direct Research estimated the gross sales potential at more than ₹1,500 crore.
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“This is the old project for which it has signed a development agreement. This would now help the company to launch the project in the medium term. The project is situated in one of the most expensive areas in South Mumbai, offering 1.4 lakh sft of saleable area. We estimate gross sales potential of more than ₹1500 crore from the project, assuming Oberoi could collect a premium of 25% to the prevailing price in that area,” the note said.
Recent acquisitions
Earlier this month, Oberoi Realty had inked a development agreement (DA) with Maharashtra Housing and Area Development Authority (MHADA) for a land parcel in Mumbai’s Versova area.
The company announced on March 16 that it has entered into a development agreement for MHADA-owned land in Aram Nagar, in the Versova area of Andheri West, Mumbai.
“Based on the extant provisions of the Development Control and Promotion Regulations for Greater Mumbai, 2034, the company expects its share of the free sale component to be approximately 17.18 lakh square feet (RERA carpet area) (excluding its share of rehab component for existing tenants) from the development of the project Land, subject to statutory approvals and applicable regulations,” Oberoi Realty had said in the statement.
In February 2025, Oberoi Realty had announced that it emerged as the highest bidder, quoting ₹5,400 crore for the lease of 11 acres of land in Mumbai’s Bandra East. The Rail Land Development Authority (RLDA) had floated the bids for the same.
