Oberoi Realty Signs Development Deal with MHADA for Versova Project

Oberoi Realty Limited has announced a new development agreement for a land parcel located in Aram Nagar, Versova, in Andheri West, Mumbai. The land belongs to Maharashtra Housing and Area Development Authority (MHADA), and the project will be developed under the applicable redevelopment regulations in the city. 

The agreement marks another step in the company’s strategy to expand its real estate portfolio in prime Mumbai locations.

Details of the Development Agreement

The development agreement allows Oberoi Realty to undertake redevelopment of the land parcel under the provisions of the Development Control and Promotion Regulations for Greater Mumbai, 2034. The company expects to generate a substantial free sale component from the project once all statutory approvals are obtained.

According to the company, its share of the free sale component from the project is expected to be approximately 17.18 lakh square feet in terms of RERA carpet area. 

This estimate excludes the company’s share of the rehabilitation component that will be allocated to the existing tenants as part of the redevelopment process.

Project Location and Potential

Versova and Andheri West are among the most sought-after residential and commercial locations in Mumbai due to their strong infrastructure, connectivity, and proximity to key business districts. The redevelopment project is expected to benefit from this strategic location, potentially attracting strong demand from homebuyers and investors.

Large-scale redevelopment projects in Mumbai also play a crucial role in improving urban infrastructure while providing modern housing and commercial spaces.

Oberoi Realty Share Price Today

On March 17, 2026, Oberoi Realty share price opened at ₹1,435.00. At 11:10 AM, the share price of Oberoi Realty was trading at ₹1,455.20, up by 2.60% on the NSE.

Also Read: Raymond Realty Announces 7th Joint Development Project in Mumbai!

Conclusion

The development agreement with MHADA is expected to strengthen Oberoi Realty’s project pipeline in Mumbai. With a potential free sale component of around 17.18 lakh square feet, the project could contribute significantly to the company’s future revenue growth once approvals and development milestones are achieved.

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