Oberoi Constructions was established in the early 1980s and has since evolved into a premium real estate developer in Mumbai. In over four decades of operation, Oberoi Realty has completed 51 projects across the city's western suburbs — Borivali, Goregaon, Andheri — eastern suburbs including Mulund, and in Worli. That geography, until March 2026, had one conspicuous gap: South Mumbai's old-money residential belt. The Peddar Road signing closes it.
On March 30, 2026, Oberoi Realty informed stock exchanges that it has signed a development agreement for the redevelopment of two adjacent housing societies on Peddar Road in South Mumbai. The development agreement pertains to Silverene Cooperative Housing Society Ltd. and Oceanic Cooperative Housing Society Ltd., both situated on Peddar Road. The developer has partnered with these two adjacent housing societies for the redevelopment of a land parcel spread over approximately 4,800 sq m.
The development agreement covers two neighbouring housing societies located at M.L. Dahanukar Marg and Dr. G. Deshmukh Marg on Peddar Road. Oberoi Realty's free sale component from this project is estimated at up to 1.4 lakh sq ft of RERA carpet area. The free sale component is what the developer can sell in the open market after fulfilling rehabilitation obligations for existing society residents — the standard structure in all South Mumbai redevelopment projects under the Development Control and Promotion Regulations for Greater Mumbai, 2034.
The project offers 3, 4 and 5 BHK luxury flats with ultra-modern amenities. Projects of this complexity in South Mumbai usually take 12 to 24 months to move from signed agreement to RERA registration and public launch. Analysts suggest that the project's location in one of South Mumbai's most sought-after residential pockets could allow the developer to command a premium over prevailing market rates.
ICICI Direct Research, which reviewed the deal, estimates the project's gross sales potential at over Rs 1,500 crore, making it one of the more significant residential redevelopment announcements in South Mumbai this year. The estimate assumes that Oberoi could command a 25% premium over prevailing rates in this ultra-prime locality.
Peddar Road sits in the heart of South Mumbai's most exclusive residential belt, connecting Kemps Corner to Haji Ali along one of the city's most storied addresses. The road has historically housed business dynasties, senior judges, and captains of industry in bungalows and low-rise buildings that are now aging well past their useful structural lives but sitting on irreplaceable land.
The deal highlights the increasing focus on redevelopment projects in prime locations where land availability is limited. South Mumbai, known for its legacy buildings and premium real estate, is witnessing a steady rise in redevelopment activity as older structures make way for modern, high-end developments. This venture not only highlights the enduring appeal of South Mumbai's elite localities but also reaffirms the growing trend of redevelopment in areas where scarcity of land is a major factor.
The area offers proximity to Breach Candy Hospital, the American Consulate, Kemp's Corner shopping, Marine Lines and the financial districts of Nariman Point and BKC via the Bandra-Worli Sea Link. Sea-facing and hill-facing views are available from upper floors, adding further value that open-market per sq ft numbers cannot fully capture.
Average property rates per sq ft in Peddar Road, Mumbai South for flats stand around Rs 70,000 per sq ft. In terms of price appreciation, flat rates in Peddar Road changed by 13.6% in the last one year, 12.9% in the last three years, and 22.5% in the last five years. The upper end of the market reaches higher still: recent data indicates average property prices of Rs 80,000 to Rs 1,20,000 per sq ft at the top of the range.
At Rs 1.07 lakh per sq ft on 1.4 lakh sq ft of carpet area, you reach Rs 1,500 crore. The numbers are conservative by Peddar Road standards if the project delivers the specification Oberoi is known for.
Oberoi Realty's move on Peddar Road is not an isolated transaction. The Peddar Road agreement is part of a deliberate pipeline-building strategy. Earlier in March 2026, the company signed a development agreement with MHADA for land in Aram Nagar, Andheri West, where the free sale component is estimated at approximately 17.18 lakh sq ft of RERA carpet area — a project of an entirely different scale targeting a different buyer profile. In February 2025, Oberoi emerged as the highest bidder for an 11-acre RLDA parcel in Bandra East, quoting Rs 5,400 crore — one of the largest land bids in Mumbai's recent history.
Together, these three transactions reveal a company that is simultaneously building in South Mumbai's ultra-luxury tier, Mumbai's mid-to-premium suburban market, and the city's most prime commercial-adjacent residential zone.
The Peddar Road project also sits alongside the developer's most closely watched South Mumbai reference point: Three Sixty West, a mixed-use development located in Worli, comprises two towers — one housing The Ritz-Carlton Hotel and the other with luxury residences managed by The Ritz-Carlton. Tower B reaches 260 metres, ranking among the top 10 tallest buildings in India and transforming the vertical profile of the Worli district. Oberoi Peddar Road follows that precedent of choosing scarcity-driven South Mumbai sites where no new comparable supply is structurally possible.
The current active residential portfolio includes Sky City in Borivali, Elysian in Oberoi Garden City Goregaon, Eternia and Enigma in Mulund, Forestville in Kolshet Thane, Oberoi Garden City Thane in Pokhran, and Three Sixty West in Worli. Developments are designed to cater to premium, luxury, and uber-luxury segments. The company has also ventured into commercial developments with projects like Commerz and Commerz II, catering to the growing demand for office spaces in Mumbai.
The company's expertise extends beyond construction; it encompasses strategic land acquisition, meticulous planning, robust project management, and a customer-centric approach. Their ability to successfully navigate complex regulatory environments and execute large-scale projects efficiently gives them a distinct advantage in a challenging market like Mumbai.