The said Land is adjoining a property already being redeveloped by the company in joint venture. Currently, there are structures on the said Land which are tenanted by Municipal Corporation of Greater Mumbai in favour of various persons.

Oberoi Realty expects to generate a free sale component of around 2.5 lakh square feet (on carpet area) from the development and redevelopment of the said Land, as per the extent provisions of Development Control & Promotion Regulations for Greater Mumbai, 2023.

Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

The realtor's consolidated net profit fell 20.2% to Rs 321.64 crore in Q1 FY24 as against Rs 403.08 crore for Q1 FY23. Revenue for Q1 FY24 rose marginally to Rs 933.56 crore from Rs 934.81 crore posted in corresponding quarter previous year.

The scrip rose 0.64% to currently trade at Rs 1144.95 on the BSE.