Oberoi Realty secures 11-acre Bandra East land from RLDA for commercial project
Published
Oberoi Realty Limited has been awarded a commercial development project on a land parcel in Bandra East, Mumbai, by the Railway Land Development Authority (RLDA). The company disclosed its winning bid through a regulatory filing dated 4 February 2026, offering Rs 5,400 crore against a reserve price of Rs 5,365 crore. The land, spanning roughly 45,371 square metres or about 11 acres, is leased to the developer for 99 years.
The development will be carried out through Centerstage Realty Private Limited, a project company incorporated on 2 June 2026 and wholly owned by Oberoi Realty. The parent company infused Rs 268.50 crore into the subsidiary on 9 June 2026. The project is listed in the company's launch pipeline for FY27, covering April 2026 to March 2027. For buyers tracking the OBEROI BANDRA RLDA project, the announcement marks the point where the site has moved from the bidding stage into formal land ownership arrangements.
Key terms of the land lease
The lease payments to RLDA are structured in two instalments of Rs 247.50 crore each. The first is payable within 30 days of the authority issuing its letter of demand, and the second within 150 days of the same letter. The net present value of all amounts payable over time, running until 2038, is Rs 4,905 crore. Under the arrangement, the developer also shares 45% of revenue with RLDA.
The site carries a permissible floor area ratio of 400. The development is estimated to offer a floor space potential of approximately 19.50 lakh square feet, and Oberoi Realty will bear all development and construction costs. The lease agreement will be executed by RLDA in favour of Centerstage Realty, so that the project company alone carries out the development.
The details
The project is being planned primarily for commercial use. Oberoi Realty intends to follow a strata sale model, which allows businesses and investors to own premium office spaces while the developer retains a portion of the building for long-term leasing and recurring income. Mixed-use components are part of the broader plan, with retail and residential elements to be announced at a later stage.
- Land area: approximately 45,371 square metres (about 11 acres)
- Lease tenure: 99 years from RLDA
- Permissible FAR: 400
- Floor space potential: approximately 19.50 lakh square feet
- Winning bid: Rs 5,400 crore
- Revenue share to RLDA: 45%
- Use mix: primarily commercial, with mixed-use elements to be announced
- Pricing: on request
The project has not yet been registered under MahaRERA. Registration will follow the finalisation and submission of project plans, and is not expected before 2027. Until registration is granted, the project is not open for sale or booking, and pricing will be shared through the developer's channels when sales begin.
Location and connectivity
The land sits directly adjacent to the Western Express Highway in Bandra East, roughly 500 metres from Bandra suburban railway station. Its position connects the site to Bandra-Kurla Complex, one of Mumbai's main commercial districts, and to the business corridors of Andheri to the north. Bandra East has seen steady demand from occupiers and buyers who want a central address with access to both suburban rail and the highway network.
Several infrastructure projects are expected to shape the area's connectivity in the coming years. These include the Navi Mumbai International Airport and the Sewri-Worli Elevated Connector, a 4.5-kilometre project linking the Mumbai Trans Harbour Link to the Western Express Highway, along with the expansion of metro lines across the city. Bandra East is currently positioned within a locality price range of roughly Rs 3 crore to Rs 20 crore, spanning affordable first-home options and luxury stock near BKC.
About the developer
Oberoi Realty Limited is headquartered in Goregaon East, Mumbai, and is led by chairman and managing director Vikas Oberoi. The company is listed on the BSE and has built its presence largely in Mumbai, with projects also underway in Bengaluru. Its joint venture, I-Ven Realty, is developing a project in Worli in partnership with the Swiss luxury hospitality group Aman Group. The company has also explored land opportunities in the Delhi-NCR region.
The Bandra East parcel adds to the company's Mumbai portfolio at a time when the city's commercial market is drawing growing attention from occupiers and investors. The strata model for this project reflects a structure in which ownership and long-term leasing can coexist within a single development.
What comes next
The next steps centre on finalising the project plans and completing the approvals required before MahaRERA registration. Oberoi Realty is currently in the process of obtaining these approvals, and the first lease payment to RLDA falls due within 30 days of the authority's letter of demand. Buyers and investors interested in the Bandra East project can expect further announcements on configurations, use mix and sales timelines as the project progresses toward registration, which is not expected before 2027.