Real Estate

Real Estate Transactions

Oberoi Realty takes over Rs.3,000-Cr rehabilitation of central Mumbai society

Economic Times  

A stalled redevelopment project in Worli worth INR 3,000 crore has been taken over by Oberoi Realty after the earlier builder, HBS Realtors, appointed by the society in 2009, was unable to complete the work. Almost two decades after first initiating a redevelopment proposal, 12 years after appointing a builder and seven years after they vacated their flats, the residents were left high and dry by HBS Realtors (Wonder Value Realty). The prime 3-acre plot is located opposite the Glaxo property in Worli. The society has terminated its earlier agreements with HBS Realtors and given 100% consent to Oberoi to finish the project. The 3-acre plot has a saleable portion of almost 8 lakh sq ft.