Oberoi Realty to Develop 1.8 Million Sq Ft Mall, Hotel, and Office Complex in Worli

Oberoi Realty, a prominent real estate developer in India, has announced its plans to undertake a significant mixed-use development project in Mumbai’s upscale Worli neighbourhood. This project is set to include a 1.8 million square feet area comprising a mall, a boutique hotel, and a commercial office space.

Project Overview

Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty, disclosed the company’s plans during a recent investor call for the first quarter of FY25. The proposed development in Worli will consist of approximately 1.8 million square feet, with around 600,000 to 700,000 square feet dedicated to the mall, an 80,000 to 100,000 square foot boutique hotel, and the remaining area earmarked for office space.

Location Significance

Worli is one of Mumbai’s most sought-after locales, known for its high-end residential and commercial properties. The area is home to several luxury developments, and its real estate market is among the most expensive in India. The plot for this new development has a history tied to the pharmaceuticals giant Glaxosmithkline Pharmaceuticals Ltd, which sold the land for over ₹107 crore in 2013 to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions.

Project Timeline and Execution

Oberoi Realty is expected to commence construction on this significant project within the next two quarters. The company is currently finalizing the project’s design and planning phases, with Vikas Oberoi expressing confidence in the timely execution of the development. Given the scale and location of the project, it is anticipated to attract significant attention from both investors and potential tenants.

Upcoming Projects in the Mumbai Metropolitan Region

In addition to the new project in Worli, Oberoi Realty continues to receive accolades for its luxury development, Three Sixty West, also located in Worli. This project, which has already sold out its inventory through a partnership, is being touted as unmatched in the market. Oberoi emphasized that there is no competition to the high-end product they have created, positioning the company as a dominant force in Mumbai’s luxury real estate sector.

Beyond the flagship Worli development, Oberoi Realty has a busy schedule with several upcoming launches across the Mumbai Metropolitan Region (MMR). The company plans to introduce a residential project on Pokhran Road in Thane, along with new towers in Borivali and Goregaon. Vikas Oberoi highlighted the company’s aggressive approach, with construction already underway on five towers in Thane. The contract for this project has been awarded to Larsen & Toubro (L&T), and the company is gearing up for a festive season launch, indicating a robust pipeline of projects.

Expanding Beyond Mumbai: A Foray into Delhi-NCR

Oberoi Realty is also set to make its first entry into the Delhi-NCR real estate market with a project in Gurugram. This expansion is part of the company’s broader strategy to diversify its geographic presence and capitalize on the growing demand in the National Capital Region. Alongside this, the company is also planning to launch additional projects in Worli and Thane over the next 12 months.

Market Impact and Future Outlook

Oberoi Realty’s decision to develop a significant mixed-use project in Worli reflects its confidence in Mumbai’s real estate market, particularly in the luxury and commercial segments. The location’s premium nature, coupled with the planned offerings of retail, hospitality, and office spaces, positions the project to cater to a diverse clientele.

The company’s existing projects, like Three Sixty West, have already set a high benchmark, and the upcoming Worli development is expected to build on this success. Furthermore, the strategic expansion into Gurugram signals Oberoi Realty’s intent to establish a pan-India presence, potentially setting the stage for further growth in other key markets.