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

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement