Oberoi Realty to buy Crompton Greaves’ Worli building for over Rs 200 crore

Property deals are back, in a major realty transaction in upmarket Mumbai, Crompton Greaves has sold its iconic corporate office in Worli to Oberoi Realty for a little over Rs 200 crore, three independent sources confirmed to ET NOW. Crompton Greaves’ corporate office in Mumbai will soon be demolished by Oberoi Realty to add land mass to the on-going Worli project.

Sources share that Oberoi Realty will transfer the almost one acre property to its Worli project in which the realty major has 35% stake. Oasis Realty is the JV between Oberoi Realty and Sahana Group which is building a hotel operated by Ritz-Carlton and a luxury residential building which needs more space and is adjacent to Crompton Greaves building. Avantha Group’s Crompton Greaves has been on an asset selling spree to repay debt and will be utilising the proceeds of this transaction for the same.

When contacted Oberoi Realty said, “Do not want to comment on rumours or speculations.” In an e-mail response, Avantha Group spokesperson said “As per policy across the Avantha Group, we do not comment on speculation.”