I-Ven Realty, a joint venture between Oberoi Realty (ORL), its promoter Vikas Oberoi and Alpha Wave Ventures, has entered into hotel management and branding and marketing agreements with Switzerland-based Aman Group (Aman) to develop a luxury hotel and branded residences in the Worli, Mumbai. The special purpose vehicle (SPV) holds leasehold rights for a land parcel measuring 16,689.93 square metres on Dr Annie Besant Road. The agreements cover management and operation of the hotel and the development, marketing and sale of residences under the Aman brand, positioning the project as a branded hospitality and residential offering.

The SPV shareholding is held with Oberoi Realty holding 39.13 per cent, Vikas Oberoi holding 39.13 per cent and Alpha Wave Ventures holding 21.74 per cent, reflecting the strategic ownership structure for the development. As outlined in the project, the hotel will comprise about 80 rooms alongside food and beverage outlets and allied facilities. The residential component is planned at nearly 150,000 to 200,000 sq. ft. of saleable area and will include associated amenities and support spaces.

Aman will manage and operate the hotel under the Aman brand and the hotel is expected to be operational by 31 August 2032. Management arrangements envisage an initial term of 25 years with an automatic extension for a further period of 10 years unless Aman elects otherwise, indicating a long-term operating horizon. The residences will be developed, marketed and sold using licensed Aman marks and will be managed under the same brand framework to ensure consistency across hospitality and residential components.

The transaction is a move to strengthen the presence of branded luxury hospitality in Worli and to leverage Aman’s global reputation in India’s premium real estate segment. The leasehold nature of the site and the structured SPV ownership suggest a project approach built for long-term value creation rather than short-term turnover. Observers note that branded residences often command pricing and service expectations that differ from standard developments and the partnership intends to address those market dynamics over the development and operational phases.