Oberoi Realty enters agreement to redevelop prime land in Mumbai's Tardeo

Oberoi Realty Ltd., a company based in Mumbai, announced on September 27 that it has signed a contract for the rehabilitation of a valuable land parcel in Tardeo, Mumbai City, measuring roughly 13,450 square metres.

According to a stock exchange filing, Oberoi Realty is already redeveloping a property next to this block of land through a joint venture.

The site is currently home to existing structures, which the Municipal Corporation of Greater Mumbai occupies on behalf of various people.

With the signing of this new development deal, Oberoi Realty expects to generate a sizeable free-sale component, which is anticipated to be in the range of 2.5 lakh square feet (on a carpet area basis). 

The company further stated that this forecast is in accordance with the guidelines stated in the Development Control & Promotion Regulations for Greater Mumbai in 2023.

Despite constant income and rising expenses, Oberoi Realty reported a 20 percent fall in its combined net profit for the June quarter, coming in at Rs 321.64 crore.

Between April and June of this fiscal year, total revenue decreased slightly from Rs 934.81 crore to Rs 933.56 crore. From Rs 463.32 crore in the same quarter last year, expenditure increased to Rs 509.07 crore in the current quarter.