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

27 May 2021 CW Team

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.

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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

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