Oberoi Realty has bagged the rights to redevelop Adarsh Nagar near Lokhandwala in Andheri, a suburb in Mumbai, and the project is estimated to provide one million sq ft to the company for free sale after factoring in the rehabilitation of existing 1,000 tenants. Most of the approvals are in place and the company has already received the consent of the tenants required to go ahead with the project. Tenants are likely to start moving out in the next 30 days, while the company is planning to start the construction in the next couple of months. The project is expected to be completed in the next 3-4 years.
The residential colony was built by Maharashtra Housing and Area Development Authority (MHADA) for low-income group around 20 years ago, under a project funded by the World Bank. The colony is now likely to make way for premium and luxury apartments, the segment Oberoi Realty operates in.
