South Mumbai's Peddar Road, one of the city's most coveted residential addresses, is set for a significant transformation. Oberoi Realty has signed a development agreement for the redevelopment of two adjacent housing societies in the area, marking another strategic land acquisition in the developer's ongoing push to deepen its presence in premium South Mumbai micro markets. While the company has not disclosed a revenue figure, an ICICI Direct Research note estimates the project's gross sales potential at more than ₹1,500 crore.

The development agreement covers two adjacent housing societies located at M.L. Dahanukar Marg and Dr. G. Deshmukh Marg on Peddar Road. The combined land area measures approximately 4,800 square metres, subject to set-back areas.

According to a regulatory filing by the company, Oberoi Realty's share of the free sale component from the project is estimated at up to 1.40 lakh sq ft of RERA carpet area, subject to the applicable provisions of the Development Control and Promotion Regulations for Greater Mumbai, 2034, and other relevant laws.

The research firm estimated gross sales potential of more than ₹1,500 crore from the project, assuming Oberoi Realty could command a 25% premium over prevailing prices in the area. The development agreement signed for this project will enable the company to move towards a launch in the medium term. Situated in one of South Mumbai's most expensive micro markets, the project offers a saleable area of 1.4 lakh sq ft, the note said.

The Peddar Road deal is part of a broader acquisition push by Oberoi Realty in recent weeks. Earlier in March, the company signed a development agreement with MHADA for a land parcel in Aram Nagar, in the Versova area of Andheri West, Mumbai. The company expects to receive approximately 17.18 lakh sq ft of RERA carpet area as its free sale component from the Versova project, excluding the rehab component for existing tenants, and subject to statutory approvals and applicable regulations.

In February 2025, the company emerged as the highest bidder for the lease of 11 acres of land in Mumbai's Bandra East, quoting ₹5,400 crore. The bids had been floated by the Rail Land Development Authority (RLDA).

Oberoi Realty's development agreement for two Peddar Road housing societies reinforces the developer's strategy of targeting premium South Mumbai locations where land is scarce and pricing power is strong. With an estimated gross sales potential of over ₹1,500 crore from just 1.40 lakh sq ft of saleable area, the project underscores just how valuable a Peddar Road address remains in Mumbai's luxury real estate market. Combined with its recent MHADA deal in Versova and the Bandra East land bid, Oberoi Realty is building a formidable pipeline in some of the city's most sought-after locations.