Listed real estate developer Oberoi Realty plans to build a 160,000 square meter mall, a hotel and commercial office space in Mumbai’s Worli district, said Vikas Oberoi, chairman and managing director of Oberoi Realty.
Worli is one of the most expensive residential and commercial real estate markets in India. The pharmaceutical company Glaxosmithkline Pharmaceuticals Ltd had sold its property in Worli 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.
Construction of the Worli project is expected to begin within the next two quarters, the company said.
“We are moving forward with the mall, an office building and a small boutique hotel. We will probably start work in the next two quarters,” Oberoi said during the first quarter of fiscal 2025 investor conference.
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“We are hoping it will be between 1.6 million and 1.8 million square feet. We are targeting a mall between 600,000 and 700,000 square feet, a small hotel of probably 80,000 to 100,000 square feet and the rest will be office space,” Oberoi said during the call.
Referring to another Oberoi Realty project in Worli called Three Sixty West, Oberoi said, “There is no competition to the product we have built and our partner has also sold out all its inventory. So today we literally have a monopoly on the inventory and I see that only going to improve,” he said.
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Upcoming new housing launches in Mumbai Metropolitan Region
The company plans to launch a project in Thane’s Pokhran Road and two towers in Borivali and Goregaon.
“We are starting the execution of five towers (Pokhran Road, Thane). L&T has got the contract. They have already started work as we speak. And yes, we are getting ready for the grand opening. Work on all five towers will start and we will probably open one or two towers,” he said.
He said the company has also seen strong leasing interest in office properties and expects occupancy to increase in the next few quarters. “We are gearing up for the opening of our locations in Pokhran (Pokhran Road), Thane and also the towers in Goregaon and Borivali in the coming festive season,” Oberoi said.
Read also: Oberoi Realty plans foray into Gurugram; launch projects in Thane and Worli in next 12 months: Vikas Oberoi
Besides MMR, the company also plans to launch its first project in Gurugram. This will mark the company’s foray into the Delhi-NCR real estate market. In May 2024, Oberoi had announced plans to launch three residential projects in the next 12 months, including its first project in Gurugram, a project in Mumbai’s Worli area and one in Thane.
