Project Development
Oberoi Realty Signs Development Agreement for Adarsh Nagar Worli MHADA Redevelopment
Oberoi Realty has entered into a development agreement for the redevelopment of a 12,790-square-metre MHADA-leased land parcel at Adarsh Nagar in Worli, south Mumbai. The company disclosed the agreement in a regulatory filing to stock exchanges on 6 May 2024 and expects to generate approximately 6.24 lakh square feet of free sale residential space under Greater Mumbai's Development Control & Promotion Regulations.
| Land Area | 12,790 sq metres at Adarsh Nagar, Worli |
|---|---|
| Landowner | Maharashtra Housing Area Development Authority (MHADA) |
| Current Site Status | Seven buildings on the land with a total of 504 flats |
| Free Sale Entitlement | Around 6.24 lakh sq ft (RERA carpet area) |
| Announcement Date | May 6, 2024 (regulatory filing to Bombay Stock Exchange) |
| Project Status (as of September 2024) | Upcoming – development agreement signed, no RERA filing or formal launch date announced |
| Product Type | Luxury residential redevelopment (apartment configurations not yet disclosed) |
| Price Band | Not disclosed – pending project launch |
| Possession Timeline | Not disclosed – typical MHADA redevelopment process includes approvals, slum rehabilitation, demolition, and construction phases |
Project Overview and Agreement
Oberoi Realty entered into a development and redevelopment agreement for land measuring approximately 12,790 square metres at Adarsh Nagar in Worli, filing the disclosure to the Bombay Stock Exchange on 6 May 2024. The land is leased to the Maharashtra Housing Area Development Authority (MHADA) and currently houses seven buildings with a total of 504 flats.
The company expects to generate a free sale component of around 6.24 lakh sq ft (RERA carpet area) from the development and redevelopment of the said land, as per the extant provisions of Development Control & Promotion Regulations of Greater Mumbai, 2034.
Current Status and Timeline
As of September 2024, the Oberoi Adarsh Nagar project remains in the "upcoming" stage with no formal RERA registration or official launch announcement. The development agreement has been signed, but the project has not yet moved to the pre-launch or launch phase. Typically, MHADA-leased redevelopment projects require completion of statutory approvals, rehabilitation of existing occupants, land handover, demolition, and foundation work before construction becomes visible or RERA filing occurs.
Location and Infrastructure Context
Adarsh Nagar is located in Worli, a premium residential and commercial locality in South Mumbai. The project's location is expected to benefit from the Mumbai Coastal Road, which will greatly reduce commute time and is anticipated to enhance real estate value in areas such as Worli, with a projected price increase estimated to range from 5 to 15 percent.
The Mumbai Metro Rail Corporation is preparing to open a new phase of the Metro 3 network, extending services to the Acharya Atre Chowk station in Worli, which will connect six key stations including Dharavi, Dadar, Siddhi Vinayak, Worli, and Acharya Atre Chowk. The 4.5-km Sewri–Worli connector is now 62 per cent complete and slated for commissioning by end-2026, which will provide signal-free connectivity between the eastern waterfront and the city's western corridors.
Product and Configuration
Specific apartment configurations, amenity details, and pricing have not been disclosed by Oberoi Realty as the project remains in the pre-launch phase. The developer has not yet announced whether the redevelopment will comprise 2, 3, 4, or 5 BHK units, nor has it released floor plans, possession schedules, or price bands.
Developer Background
Oberoi Realty Ltd is a real estate development company that is part of the prominent Oberoi Realty Group. The company focuses on residential, retail, office space, social infrastructure and hospitality vertical developments. The Adarsh Nagar project marks Oberoi Realty's second major MHADA redevelopment agreement; in January 2025, the company was appointed to develop a 2.5-acre parcel at Bandra Reclamation.
Frequently asked questions
When was the Oberoi Adarsh Nagar Worli project announced?
Oberoi Realty announced the development agreement on 6 May 2024 through a regulatory filing to the Bombay Stock Exchange.
What is the size of the project and how many flats are currently on site?
The land measures approximately 12,790 square metres and currently houses seven buildings with a total of 504 flats.
How much new residential space will the project generate?
The company expects to generate a free sale component of around 6.24 lakh sq ft (RERA carpet area) from the development and redevelopment.
Has the project launched or obtained RERA approval?
No formal RERA registration, price announcement, or official launch date has been disclosed as of September 2024. The project remains in the pre-launch stage.
What infrastructure projects are planned near Worli?
The Mumbai Metro Rail Corporation is extending Metro 3 services to the Acharya Atre Chowk station in Worli. Additionally, the Sewri–Worli connector, a 4.5-km link, is under construction.
What is the current status of the Mumbai Coastal Road near Worli?
The first phase of the Coastal Road, a 10.58 km section from Princess Street flyover to the Worli end of the Bandra–Worli Sea Link, was inaugurated on 11 March 2024.