Oberoi Realty has received approval for project on Glaxo plot in Worli

Q: Mumbai-based real estate developer Oberoi Realty has received required approvals to go ahead with its project in Worli.

Vinu S,

19th January 2016

Real estate News in Mumbai

bmc

real estate developers

commencement certificate

oberoi realty

galxosmithkline

dr. annie besant road in worli

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (2)

It is also come to know that the joint venture had proposed development of 44 duplex apartments in two 65-storeys towers on the Glaxo plot. The company could not immediately go ahead as the Brihanmumbai Municipal Corporation had demanded a fee from Glaxo worth up to 50% of the value of the land sale, which was Rs 108 crore. But the Supreme Court later set aside the BMC's decision, making the way for the project to go ahead.

Aneek Das,

19th January 2016

Comment

Hi aneek,
It is only because of the good track record of the developers. Their good performance track record are witnessing good response to their projects even during the current slow down market. They are very confident that their launches will receive good response as they did in Mulund and Borivali.

Kalki K,

19th January 2016

Do you know that in 2012, the company has shifted 15 of its existing customers that had booked apartments in this proposed premium residential project to another high-end mixed-use project Three Sixty West including branded residences and five-star category hotel to be managed by Ritz Carlton.

Aneek Das,

19th January 2016

Now, the company is planning to launch 2 more projects spread over 2 million sq-ft. in the next one year after the response it has received for its Mulund and Borivali projects launched over the past one year. The company has sold apartments worth Rs 1,775 crore, led by 619 apartments at its Sky City project in Borivali in the past one quarter.

Kalki K,

19th January 2016

Earlier in 2011, the developer had bought out private equity fund ICICI Venture Funds' 50% stake in the joint venture company I-Ven Realty for about Rs 300 crore.

And now a 4 acre land acquired from GalxoSmithKline near Mumbai's old passport office on Dr. Annie Besant Road in Worli.

Kalki K,

19th January 2016

Comment

Hello kalki,
I heard that they have received the commencement certificate for their Glaxo Worli Land parcel and as far as approval view is concerned, t has been cleared. They will soon decide whether to go ahead with a retail or residential project on this land parcel. Project is not yet finalized.

Roshni Pawal, Mumbai

19th January 2016