OBEROI CENTERSTAGE — New Project Coming Up in Bandra East, Mumbai

Oberoi Realty Advances Bandra East Railway Land Project

Oberoi Realty has capitalised its SPV Centerstage Realty with Rs 268.50 crore, meeting bid-mandated share capital for developing railway land in Bandra East, Mumbai. Centerstage Realty Private Limited was incorporated on June 2, 2026, as a special purpose vehicle (SPV) to execute the project. The company's capital infusion on June 9, 2026, marks a significant step toward formalizing the long-lease development agreement with the Railway Land Development Authority.

Site Scale and Location

The land spans approximately 45,371 sq mt, or roughly 11 acres, and is situated adjacent to the Western Express Highway in Bandra East. Its proximity to Bandra Railway Station, Bandra Kurla Complex (BKC), Western Express Highway, and upcoming metro corridors positions it as a prime destination for high-value commercial development in Mumbai's central business district.

Located adjacent to the Western Express Highway and just 300–500 metres from Bandra railway station, the plot offers excellent connectivity and is seen as ideal for premium office and retail development, given its proximity to the Bandra-Kurla Complex (BKC) and Andheri-Kurla Road.

Development Parameters

Spread over 45,371 square metres with a permissible FAR of 400 and a 99-year lease tenure, the Bandra (East) site enjoys a strategic location with excellent connectivity. The site carries a floor space index of 19.50 lakh sq ft, making it suitable for large-scale mixed-use development, and its location in one of Mumbai's most strategically connected micro-markets adds considerable commercial significance to the project.

Competitive Bidding Process

The Rail Land Development Authority (RLDA) awarded the landmark commercial development project at Bandra (East), Mumbai, to Oberoi Realty Ltd. The tender witnessed intense competition from leading developers. M/s Shree Naman Developers Pvt. Ltd., in joint venture with the world's largest global alternative asset manager, Brookfield, emerged as a close competitor, submitting a bid of 5,373.09 crore with an equivalent 45% revenue share. The closely contested bids underline the premium nature of the Bandra (East) site and its long-term commercial potential.

Financial Structure and Bid Terms

The company communicated its successful bid to RLDA on 4 February 2026 and subsequently paid INR 247.50 crore to the authority within 30 days of receiving the letter of demand, as required. The company has the option to stagger payments over an extended period reportedly through to 2038, with a portion linked to future revenue generation from the project an arrangement that reduces immediate capital pressure while allowing phased development.

The RLDA's current monetisation exercise covers 25 acres across four prime sites in Mumbai, with a target of raising INR 8,000 crore through land leases. Oberoi Realty's Bandra East acquisition accounts for nearly 68 per cent of that target on its own, underscoring both the scale of the bid and the competitive premium attached to the location.

About Oberoi Realty

What makes Oberoi Realty's Mumbai presence distinctive is the addresses — Worli, Bandra East, Juhu, and Malabar Hill are among the most coveted in the country. The developer's strategy is deliberately concentrated. Rather than spreading across dozens of cities and hundreds of projects, Oberoi Realty has chosen to dominate specific micro-markets in Mumbai — going deep rather than wide. Oberoi has completed over 35 projects till date in FY25 and has a portfolio of 30 million sq ft of ongoing and forthcoming developments.