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Oberoi Realty has announced that its joint venture firm, I-Ven Realty Ltd, has entered into agreements with Switzerland-based Aman Group to develop and manage a luxury hotel and branded residences project in Worli, Mumbai. The special purpose vehicle, which holds leasehold rights over a 4-acre land parcel on Dr Annie Besant Road, plans to construct an 80-room hotel and 150,000-200,000 sq ft (carpet area) of residential space for sale. Aman will manage the hotel under its brand for an initial 25-year term, extendable by 10 years. The residences will also be marketed and operated under the Aman brand. The hotel is expected to become operational in 2032.
Oberoi Realty on Wednesday stated that its joint venture entity, I-Ven Realty Ltd, has tied up with Switzerland-headquartered Aman Group for the development and management of a luxury hotel and branded residences project in Mumbai. Advertisement
According to a regulatory filing, Oberoi Realty holds a 39.13% stake in I-Ven Realty Ltd, while another 39.13% is owned by Vikas Oberoi, the company's promoter. The remaining 21.74% stake is held by Alpha Wave Ventures II, LP. The special purpose vehicle (SPV) holds leasehold rights over approximately 4 acres of land located on Dr Annie Besant Road in Worli, one of Mumbai's prime real estate corridors.
The SPV plans to develop a hotel comprising around 80 guest rooms, along with food and beverage outlets and allied facilities. In addition, it intends to construct between 150,000 and 200,000 sq ft of residential real estate (carpet area) for sale, complemented by associated amenities.
The company said that the SPV has executed a hotel management agreement, a residence branding and marketing agreement, and other related contracts with AMAN GROUP SARL. Under these arrangements, Aman will manage and operate the hotel under the Aman brand. The hotel is scheduled to become operational in 2032. Aman's management contract will run for an initial term of 25 years, with an automatic extension for a further 10 years unless the brand opts otherwise.
The residential component will be developed, marketed and sold using licensed Aman trademarks and will also be managed and operated under the Aman brand, positioning the project within the ultra-luxury segment.
Oberoi Realty is among India's prominent listed developers with a significant presence in Mumbai. The announcement follows the company's recent acquisition of a land parcel in Mumbai through an auction process for INR 5,400 crore, signalling continued expansion in high-value urban markets.
Source - PTI
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