Oberoi Realty to Redevelop Bandra Land Under SRA Scheme
In a move poised to redefine the urban landscape, Oberoi Realty Ltd. has been appointed by the Slum Rehabilitation Authority (SRA) to redevelop a 10,300-square-metre plot at Bandra Reclamation under the Slum Rehabilitation Scheme. The company revealed this development in a regulatory filing on Friday.
The land, owned by the Maharashtra Housing and Area Development Authority (MHADA), will be transformed as part of the Slum Rehabilitation Scheme, aimed at replacing informal settlements with modern residential and commercial spaces. This project aligns with the Development Control and Promotion Regulations (DCPR) for Greater Mumbai, 2034, which govern urban planning in the city. Oberoi Realty expects to unlock a free-sale component of approximately 3.2 lakh square feet through the redevelopment. This component is a key incentive under the SRA model, allowing developers to offset rehabilitation costs by generating revenue from the sale of newly constructed residential or commercial units.
This redevelopment initiative is part of Mumbai’s broader urban renewal strategy to address the challenges posed by slum settlements, which occupy vast tracts of prime land in the city. The project at Bandra Reclamation underscores the growing participation of private developers in slum rehabilitation, transforming densely populated areas into organised urban spaces while offering improved living conditions to residents. With a track record of premium developments across the Mumbai Metropolitan Region, Oberoi Realty’s involvement in the project brings optimism for quality execution. The company’s participation reflects the increasing reliance on private-sector partnerships to fast-track urban regeneration under the SRA framework. As Mumbai continues to tackle its housing and infrastructure challenges, such projects represent a step forward in balancing social upliftment with urban growth.
