MUMBAI: Oberoi Realty has signed a long-term agreement with Swiss luxury hospitality group Aman to develop a boutique hotel and branded residences on a four acre site in Worli, marking one of Mumbai’s most high-profile luxury real estate tie-ups.
The project will be executed through I-Ven Realty Limited, a special purpose vehicle in which Oberoi Realty Limited holds a 39.13 per cent stake. Promoter Vikas Oberoi owns an equal 39.13 per cent, while Alpha Wave Ventures II, LP holds the remaining 21.74 per cent.
According to disclosures filed with the BSE and NSE, the leasehold land parcel spans 16,689.93 sq metres on Doctor Annie Besant Road. The development will include an Aman-branded hotel with around 80 guest rooms, alongside curated food and beverage offerings and allied facilities.
In addition, the project will feature Aman-branded residences spanning approximately 150,000 to 200,000 square feet of carpet area, which will be sold to private buyers.
The hotel management agreement and the residences branding and marketing agreement have an initial tenure of 25 years, with an automatic extension of 10 years unless terminated earlier. There is no upfront consideration payable to Aman, with the partnership structured around long-term management and branding arrangements.
The hotel is expected to commence operations by 31 August 2032. Once operational, Aman will be responsible for managing and marketing the property, extending its portfolio of ultra-luxury destinations into one of Mumbai’s most expensive residential corridors.
The tie-up underscores Oberoi Realty’s strategy of pairing prime urban land with global luxury brands to capture demand at the very top end of India’s property market.
