Oberoi Realty Limited's presence in Aram Nagar is anchored in a formal development agreement with the Maharashtra Housing and Area Development Authority. Real estate developer Oberoi Realty Ltd announced on Monday, March 16, 2026, that it has entered into a development agreement with the Maharashtra Housing and Area Development Authority for a prime land parcel located at Aram Nagar in Versova, Andheri West, Mumbai. The project is expected to yield approximately 17.18 lakh square feet of free sale component based on RERA carpet area calculations, excluding rehabilitation components for existing tenants. The project will be executed under the Development Control and Promotion Regulations for Greater Mumbai, 2034.
This is a redevelopment-led entry rather than a fresh land purchase, which matters for how a buyer should read it. As with most redevelopment-led projects in Mumbai, the final outcome will depend on regulatory approvals under the Development Control and Promotion Regulations (DCPR) 2034. The project is located in Andheri within a well-established residential and commercial area that continues to observe consistent demand.
The Aram Nagar MHADA project is one node in a wider, current push by the developer into land-constrained, high-demand parts of Mumbai. In February 2025, the company emerged as the highest bidder for the lease of 11 acres of land in Mumbai's Bandra East, quoting ₹5,400 crore, in bids floated by the Rail Land Development Authority. In South Mumbai, the company has also entered South Mumbai's premium redevelopment market, and in November 2025, it signed a development agreement for a 4,706 sq m plot on Nepean Sea Road, with an estimated free-sale component of about 1.18 lakh sq ft. It followed this with a Peddar Road move, where Oberoi Realty inked a development agreement for two Peddar Road housing societies, with a free sale component of 1.40 lakh sq ft RERA carpet area and ₹1,500 crore gross sales potential. Seen together, this development aligns with Oberoi Realty's broader strategy of securing high-potential urban land parcels.
Oberoi Realty's roots in Mumbai real estate go back further than its current corporate name. Oberoi Realty was incorporated as Kingston Properties Private Limited in 1998, and the current name Oberoi Realty was adopted on 22 October 2009, after which the company became a Public Limited entity and the name was changed to Oberoi Realty Limited. Its flagship township set the template for the company's residential business: Oberoi Garden City, the flagship project, was developed in Goregaon East on an 80-acre land parcel, which the company had acquired in February 2002. By 2005, Oberoi Realty had expanded into Andheri (West and East) and Mulund (West).
The business today spans far beyond residential towers. Oberoi Realty Ltd is primarily engaged in real estate development and hospitality activities, and the company develops residential, commercial, hospitality, retail, and social infrastructure projects, with major products including residential apartments, commercial office spaces, retail spaces, and hospitality services. Its named portfolio includes Oberoi Garden City, Eternia & Enigma, Priviera, Oberoi Chambers, Commerz, Commerz II, The Westin Mumbai Garden City, Oberoi Mall, Oberoi International School, and Sky City Borivali East. On the western suburbs front specifically, the company scaled up with the launch of its residential project Sky City at Borivali on 28 October 2015, spread across 25 acres of land, consisting of multiple towers of up to 60 storeys each. In South Mumbai, Three Sixty West by Oberoi Realty was the flagship project of the company in Worli, Mumbai. The company's growth has continued into branded luxury partnerships too: Oberoi Realty's joint venture company I-Ven Realty Limited has signed comprehensive agreements with Aman Group SARL, Switzerland, for a luxury hospitality and residential development in Mumbai's premium Worli location, marking a significant milestone in the company's expansion into branded luxury real estate segments.
Leadership continuity runs through this entire history. Founded in the early 1980s, the company was established in the early 1980s by Mr. Ranvir Oberoi and is now led by Mr. Vikas Oberoi. Vikas Oberoi holds the position of Chairman and Managing Director of Oberoi Realty Limited, having been on the company's board since its inception.
Aram Nagar sits within Versova, a coastal pocket of Andheri West that has long combined old low-rise cottages with a dense cluster of media and film-production activity, alongside newer high-rise redevelopment. Versova Metro Station on the Blue Line lies about 1 km from Aram Nagar, linking it to Ghatkopar, while Andheri West Metro on the Yellow Line is about 2 km away; Andheri and Jogeshwari railway stations are nearly 5 km from here, and Mumbai International Airport lies about 8 km away via the Western Express Highway, with the Bandra Kurla Complex business district roughly 14 km from the locality. This positions the pocket within reach of both the western suburbs' job hubs and the airport corridor, while remaining walkable to the sea.
The area's character as an entertainment hub is well documented: the area houses several film studios and various film celebrities, with renowned entertainment companies such as Yashraj Studios, Big FM, Balaji Telefilms and Sahara TV also present in Andheri West. Social infrastructure around Aram Nagar includes established hospitals and retail: Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute is among the nearby facilities, and the wider Versova belt has Crystal Plaza, City Centre Mall, Cinemax Versova and PVR ECX for shopping and recreational needs.
On pricing, published transaction data places Versova among the costlier western-suburb markets. Average property rates per square foot in Versova, Mumbai for flats stood around Rs 42,250 per sq ft, with flat rates changing by 11.9% in the last 1 year, 25.6% in the last 3 years, and 27.5% in the last 5 years. A more recent locality read puts the figure close behind: as of April 2026, the average property price in Versova, Mumbai, is about Rs. 39,750 per sq ft. Andheri West more broadly is recognised as a base for large listed developers: sound infrastructure, excellent connectivity and proximity to the employment hub make Andheri West a prominent real estate hub, where Godrej Properties, Adani Realty and Oberoi Realty are among the reputed developers offering housing stock in the locality.
Because the Aram Nagar development proceeds through a MHADA redevelopment agreement rather than an open-market land purchase, its scale and shape are tied to statutory processes rather than a single outright transaction. The company disclosed this material development through regulatory filings to stock exchanges, and the development agreement covers lands belonging to MHADA at the strategically located Aram Nagar area in Versova. The free-sale figure of 17.18 lakh sq ft is calculated net of the rehabilitation housing that existing occupants of the site are entitled to, which is standard practice across Mumbai's MHADA and slum-redevelopment schemes and is also how the company has structured its parallel South Mumbai agreements at Peddar Road and Nepean Sea Road.
For a buyer evaluating Oberoi Realty specifically in Aram Nagar, the relevant comparison is not a single project but a company-wide pattern: a developer that built its early reputation on a single large integrated township in Goregaon, then methodically added the western suburbs, Worli, and Borivali to its map, and is now applying the same redevelopment playbook to secure land in supply-constrained coastal and South Mumbai micro-markets. Oberoi Realty's agreements mark another strategic land acquisition in the developer's ongoing push to deepen its presence in premium Mumbai micro-markets, of which the Aram Nagar, Versova parcel is a western-suburbs anchor alongside the developer's older projects in Goregaon, Mulund and Andheri.