Oberoi Realty Capitalises Bandra East SPV 'Centerstage Realty' with ₹268.5 Crore for 99-Year RLDA Railway Land Lease
Oberoi Realty Capitalises Bandra East Subsidiary with ₹268.5 Crore
On 9 June 2026, Oberoi Realty infused ₹268.50 crore into its wholly owned subsidiary Centerstage Realty Private Limited, meeting the minimum paid-up capital requirement stipulated in the bid documents for the Railway Land Development Authority's Bandra East land parcel.
The Bandra East Railway Land Acquisition
The SPV, incorporated just a week earlier on 2 June 2026, will exclusively execute the development of approximately 45,371 sq m of railway land adjoining the Western Express Highway, leased for 99 years. 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.
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.
Winning Bid and Payment Structure
This follows Oberoi's earlier first tranche payment of ₹247.50 crore to RLDA and its winning bid of ₹5,400 crore in February 2026. The company communicated its successful bid to RLDA on 4 February 2026 and subsequently paid ₹247.50 crore to the authority within 30 days of receiving the letter of demand, as required.
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. 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.
Capitalisation and Project Execution
The investment was made through a rights issue in which Oberoi Realty subscribed to 26,85,00,000 equity shares of Centerstage Realty at a par value of ₹10 each. The capital infusion brings the SPV's paid-up share capital to ₹268.50 crore the minimum threshold specified in the bid documents issued by the Railway Land Development Authority (RLDA) for this project.
The June capitalisation of the SPV represents the next procedural step toward formalising the lease agreement and commencing project execution.
About Oberoi Realty
Since its establishment in the early 1980s by Mr. Ranvir Oberoi and now led by Mr. Vikas Oberoi, Oberoi Realty Ltd has transformed into a beacon of real estate development in Mumbai. The company is a Mumbai-based real estate developer focused on residential, commercial and mixed-use projects, with a strong presence along key transport corridors such as the Western Express Highway. The company boasts an impressive portfolio encompassing over 30 projects, spanning more than two million square feet across Mumbai's vibrant landscape.
RLDA's Monetisation Programme
The RLDA's current monetisation exercise covers 25 acres across four prime sites in Mumbai, with a target of raising ₹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.