On MHADA plot for EWS housing, twin to one of city’s plushest buildings coming up

Mumbai: Oberoi Realty which built Three Sixty West, one of Mumbai’s ultra-luxury developments at Worli, has acquired a 3.2-acre land parcel just 400 meters away diagonally across and where they will build another tower with similar dimension and pricing.

The current residential Three Sixty West has two towers comprising 4 and 5 BHK units in addition to duplex apartments and penthouses. Its USP is that all apartments are west facing and offer a spectacular sea view. Among those who have bought houses here are actor Abhishek Bachchan, Shahid Kapoor and Karan Bhagat, founder and CEO of 360 One, earlier known as IIFL Wealth & Asset Management, who recently bought two units for over ₹170 crore.

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Last year the promoters of Everest Food Products also acquired two apartments for over ₹143 crore. According to data shared by CRE Matrix, 360 West, constructed by Oberoi Realty, along with its partner, has witnessed 19 transactions since April 2023 worth over ₹1,300 crore.

The new project will stand diagonally across Dr Annie Besant Road and will come up on a Maharashtra Housing and Area Development Authority (MHADA) colony called Adarsh Nagar confirmed Pravin Mahadik, assistant vice president of redevelopment projects, Oberoi Realty.

Adarsh Nagar had been constructed in the 1950s to provide affordable housing for the economically weaker sections (EWS). It comprised 68 buildings and 18 cooperative housing societies. One of these 18 societies, The Shramik Cooperative Housing Society which comprises seven buildings with 504 lower-income (LIG) category homes, has now entered into this redevelopment deal with Oberoi Realty.

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As per the agreement, Shramik Society’s seven old buildings will be torn down and replaced by two 44-storeyed rehab towers on a partial plot size of around 3.52 lakh sq ft. In lieu of this, the company expects to get 6.24 lakh square feet carpet to be sold in the open market. The current property rates in this area are between ₹1 lakh to 1.5 lakh per sq. ft, according to Nikhil Dixit, partner, Shilp Associates, project management consultants appointed by the society.

“Each family that currently occupies 330 sq. ft size apartments will receive a new flat which will have double their existing space (674 sq. ft) and an additional ₹22 lakh as corpus for every society member”, says Surendra Naik, chairman of the society. “Each family will also receive ₹40,000 per month as transit rent for three years, which will be given to them in one stroke as advance payment,” Naik added.

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MHADA sources confirmed that the Shramik Housing Society had approached them about redevelopment and that they would be issuing the NOC once the plans are submitted and approved. “The developer will pay a premium amount of ₹230.51 crore to MHADA in four instalments. The available FSI for the project is 4 and can go up to 5.3,” sources added.

Plans and layouts are underway to utilise the free sale component in the makeover project for a sister complex of 360 W luxury tower. “The construction and design will be in keeping with our brand signature style. The final call on this front, however, will be taken by Vikas Oberoi, chairman and managing director of the company,” Mahadik said.