Oberoi Realty Ties Up with AMAN for Branded Residences

Oberoi Realty Limited recently announced its joint venture I-Ven Realty Limited (hereinafter referred to “I-VEN”) has entered into an agreement with AMAN Group SARL of Switzerland (“AMAN”) for the development of a luxury hospitality (hotel) and residential project in Mumbai, on a prime four-acre parcel located at Dr. Annie Besant Road in Worli, one of the top commercial and residential corridors within the city. 

The project will consist of an approximately 80-key hotel combined with branded residences with an estimated saleable carpet area between 150,000 - 200,000 square feet.

Key Highlights

• Oberoi Realty JV partners with Aman Group for Worli project
• Development includes luxury hotel and branded residences
• Operations targeted by 2032 with long-term Aman management agreement

Both the hotel and branded residences will be developed and operated under the internationally recognized Aman brand, with Aman’s operational and operational management team being responsible for managing and operating this project as an ultra-luxury resort-type property. 

The agreements between I-VEN and AMAN specify that Aman will manage the operations (hotel) unit for an initial term of 25 years, with automatic extension for an additional 10-year term. The hotel operations are expected to begin no later than August 31, 2032.

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Oberoi Realty has a 39.13% ownership interest in the special-purpose entity (“SPE”) formed to develop and operate this project with the Promoter, Vikas Oberoi and Alpha Wave Ventures II LP.

The proposed partnership between I-VEN and AMAN is expected to enhance the asset positioning significantly and is positioned to make this project a destination point of choice or the premier destination point for ultra-luxury hotels and branded residences located within this otherwise underdeveloped district of Mumbai.