Oberoi Realty takes over Rs 3,000 cr rehab work for Worli society
Real Estate

Oberoi Realty takes over Rs 3,000 cr rehab work for Worli society

Oberoi Realty has taken over a stalled rehabilitation work of Rs 3,000 crore for the Worli society after the earlier builder, HBS Realtors, was unable to complete the work designated by the society in 2009.

The demolition of Worli’s Shivshahi cooperative housing society where 192 families stayed seven years ago shows the mess in redevelopment projects in Mumbai.

Nearly two decades after first starting a redevelopment offer, 12 years after appointing a builder, and seven years after they left their flats, the residents were left high and dry by HBS Realtors.

The 3-acre parcel is located opposite the Glaxo property in Worli.

In 2014 the buildings were demolished. In 2019, though, the builder stopped paying their rents—displacement hardship allowance — forcing them to shift to far-off locations.

A few months ago, an offer letter was given by Oberoi Realty to the harried society members.

Unexpectedly, in 2007-08, Oberoi had pulled the same society to court, blaming it for reneging on a memorandum of understanding (MOU) signed with it for redevelopment. Oberoi had lost the case against the society, which had then designated HBS Realtors and Infrastructure Leasing & Financial Services Limited (IL&FS).

The new offer letter of Oberoi assures each resident a 1,025 square foot flat with 425 car parking spaces in the renewed tower. The developer will also pay the society Rs 27 crore to be disseminated among the members as additional corpus since the prior builder did not pay the DHA.

The society has dismissed its earlier agreements with HBS Realtors and given 100% consent to Oberoi to complete the project. The 3-acre plot has a saleable part of nearly 8 lakh sq ft.

Image Source


Also read: Vikas Oberoi: Oberoi Realty to actively pursue redevelopment business

Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

Oberoi Realty has taken over a stalled rehabilitation work of Rs 3,000 crore for the Worli society after the earlier builder, HBS Realtors, was unable to complete the work designated by the society in 2009. The demolition of Worli’s Shivshahi cooperative housing society where 192 families stayed seven years ago shows the mess in redevelopment projects in Mumbai. Nearly two decades after first starting a redevelopment offer, 12 years after appointing a builder, and seven years after they left their flats, the residents were left high and dry by HBS Realtors. The 3-acre parcel is located opposite the Glaxo property in Worli. In 2014 the buildings were demolished. In 2019, though, the builder stopped paying their rents—displacement hardship allowance — forcing them to shift to far-off locations. A few months ago, an offer letter was given by Oberoi Realty to the harried society members. Unexpectedly, in 2007-08, Oberoi had pulled the same society to court, blaming it for reneging on a memorandum of understanding (MOU) signed with it for redevelopment. Oberoi had lost the case against the society, which had then designated HBS Realtors and Infrastructure Leasing & Financial Services Limited (IL&FS). The new offer letter of Oberoi assures each resident a 1,025 square foot flat with 425 car parking spaces in the renewed tower. The developer will also pay the society Rs 27 crore to be disseminated among the members as additional corpus since the prior builder did not pay the DHA. The society has dismissed its earlier agreements with HBS Realtors and given 100% consent to Oberoi to complete the project. The 3-acre plot has a saleable part of nearly 8 lakh sq ft. Image SourceAlso read: Vikas Oberoi: Oberoi Realty to actively pursue redevelopment business Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

Next Story
Real Estate

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Next Story
Infrastructure Transport

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Next Story
Infrastructure Urban

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?