Oberoi Realty JV, Aman Group ink pact for luxury development in Mumbai’s Worli

Oberoi Realty’s joint venture company I-Ven Realty has entered into a hotel management agreement, a branding and marketing pact with Switzerland-based Aman Group for a hotel and luxury residential project in Mumbai’s Worli locality.

The listed company holds 39.13% ownership interest on a fully diluted basis in the special purpose vehicle (SPV). Another 39.13% ownership interest is held by promoter Vikas Oberoi, and the balance 21.74% held by Alpha Wave Ventures II, LP, each on a fully diluted basis.

The SPV holds leasehold rights in respect of around 4 acres of land on Dr. Annie Besant Road in Worli.


As part of the development of this plot, the SPV plans to construct a hotel with 80 rooms and around 150,000-200,000 sq ft (carpet area) of residential real estate for sale, the company said in a regulatory intimation.

Following the hotel management agreement, Aman will manage and operate the hotel under the ‘Aman’ brand.

The Hotel is expected to be operational by August 2032 and will be managed and operated by Aman for an initial term of 25 years, with an automatic extension for a further period of 10 years unless chosen otherwise by Aman, the developers said.

The residences will be developed, marketed and sold using the licensed Aman marks, and managed and operated under the ‘Aman’ brand. The tenure of this agreement will be the same as that of the hotel.