News Orders & Deals Oberoi Realty Joint Venture Partners with Aman Group for Luxury Worli DevelopmentOberoi Realty Joint Venture Partners with Aman Group for Luxury Worli Development
I-Ven Realty Limited, a joint venture where Oberoi Realty holds 39.13% ownership, has partnered with AMAN GROUP SARL for a luxury development in Worli, Mumbai. The project involves hotel management and residences branding agreements for a development featuring an 80-room hotel and 150,000-200,000 sq. ft. of residential space on 16,689.93 sq. mt. of prime land. The agreements include a 25-year initial term with automatic 10-year extension, with the hotel expected to be operational by August 31, 2032.
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Oberoi realty 's joint venture company I-Ven Realty Limited has signed comprehensive agreements with AMAN GROUP SARL, Switzerland, for a luxury hospitality and residential development in Mumbai's premium Worli location. The partnership marks a significant milestone in the company's expansion into branded luxury real estate segments.
Joint Venture Structure and Land Holdings
I-Ven Realty Limited operates as a strategic joint venture with a well-defined ownership structure. The company holds leasehold rights to prime real estate measuring 16,689.93 sq. mt. (approximately 4 acres) situated at Dr. Annie Besant Road, Worli, Mumbai.
| Parameter: | Details |
|---|---|
| Oberoi Realty Stake: | 39.13% (fully diluted basis) |
| Vikas Oberoi Stake: | 39.13% (fully diluted basis) |
| Alpha Wave Ventures II, LP: | 21.74% (fully diluted basis) |
| Land Area: | 16,689.93 sq. mt. (approx. 4 acres) |
| Location: | Dr. Annie Besant Road, Worli, Mumbai |
Development Project Specifications
The ambitious development project encompasses both hospitality and residential components designed to cater to the luxury market segment. The hotel component will feature approximately 80 guest rooms along with food and beverage outlets and allied facilities. The residential segment will comprise 150,000-200,000 sq. ft. of carpet area for sale, complemented by premium facilities and amenities.
Partnership Agreement Details
The collaboration with AMAN GROUP SARL involves two primary agreements that will govern the operation and branding of the entire development. Under the Hotel Management Agreement, Aman will manage and operate the hotel under the prestigious 'Aman' brand. The Residences Branding and Marketing Agreement ensures that residential units will be developed, marketed, and sold using licensed Aman marks.
| Agreement Type: | Scope and Terms |
|---|---|
| Hotel Management Agreement: | Management and operation under 'Aman' brand |
| Residences Branding Agreement: | Development, marketing, and sales using Aman marks |
| Expected Operational Date: | August 31, 2032 |
| Initial Term: | 25 years |
| Extension Option: | Automatic 10-year extension |
| Consideration: | Nil |
Strategic Rationale and Expected Benefits
The partnership leverages Aman Group's extensive expertise in the luxury hospitality and residential sectors. Aman Group specializes in owning, managing, and operating premium properties while providing comprehensive planning, decorating, furnishing, and promotional services under the "Aman" and "Janu" brands. The SPV expects to benefit significantly from this association, particularly in terms of brand positioning and operational excellence for both hospitality and residential components of the development project.
Historical Stock Returns for Oberoi Realty
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.36% | -2.77% | -7.96% | -7.65% | -4.93% | +167.13% |
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