Oberoi Realty expands in Tardeo

Oberoi Realty has officially entered into an agreement for the development and redevelopment of a sizable plot of land, measuring approximately 13,450 square meters, located in the Tardeo area of Mumbai. This significant development move was disclosed in a filing to the Bombay Stock Exchange (BSE).What makes this development particularly noteworthy is its adjacency to another property that Oberoi Realty is currently redeveloping in a joint venture. At present, there are existing structures on this land, and these structures are tenanted by the Municipal Corporation of Greater Mumbai on behalf of various individuals.This strategic move by Oberoi Realty is expected to yield substantial results, as the company foresees generating a free sale component of approximately 2.5 lakh square feet (on a carpet area basis) from this endeavour. This development project is a testament to Oberoi Realty's commitment to expanding and enhancing its presence in Mumbai's real estate landscape.