Listed real estate developer Oberoi Realty plans to come up with a 1.8 million sq ft mall, a hotel and a commercial office space in Mumbai’s Worli, said Vikas Oberoi, chairman and managing director of Oberoi Realty. Worli is one of the costliest residential and commercial real estate markets in India.
Pharmaceuticals major Glaxosmithkline Pharmaceuticals Ltd had sold its Worli plot for over ₹ 107 crore to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions in 2013, according to news reports. The construction of the project in Worli will probably start within the next two quarters, according to the company. "We are going ahead with the mall, an office building and a small boutique hotel.
We will start work probably within the next two quarters," Oberoi said during the investors call for Q1FY25. Also Read: Mumbai real estate news: Oberoi Realty to redevelop land on Carter Road in Bandra West "We are hoping it should be somewhere around 1.6 million to 1.
8 million square feet. We are targeting anywhere between six and seven lakh sq ft of mall, a small hotel probably 80,000 to 1 lakh sq ft and rest of it will be office space," Oberoi informed during the call. With regard to another project by Oberoi Realty in Worli named Three Sixty West, Oberoi said “there is no competition to the product we have built, and our partner has also sold out on all his inventory.
So today, we literally have a monopoly on the inventory, and I see this only getting better," he said. Also Read: Why is there a rush to own luxury apartments in Oberoi Realty's Three Sixty West project in Mumbai? Upcoming residential launches in Mumbai Metropolitan Region The company plans to launch a project in Thane's Pokhran Road and also two towers in Borivali and Goregaon. "We are starting execution on five towers (Pokhran Road, Thane).
L&T has been awarded the contract. They have already started work as we speak. And yes, we are gearing up for the festive launch.
Work will start on all five towers and (we may) probably launch one or two towers,” he said. He said that the company has also witnessed strong leasing interest across office assets and expects occupancy to increase in the next few quarters. “We are gearing up for our Pokhran (Pokhran Road), Thane launch and also towers in Goregaon and Borivali in the upcoming festive season," said Oberoi.
Also Read: Oberoi Realty plans to foray into Gurugram; launch projects in Thane and Worli in the next 12 months: Vikas Oberoi Apart from MMR, the company also plans to launch its first project in Gurugram. This will mark the company's foray into Delhi-NCR real estate market. In May 2024, Oberoi had said that it plans to launch three housing projects in the next 12 months, including its first project in Gurugram, a project in the Worli area in Mumbai and one in Thane.
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