X-posted from my thread in the international forum (http://www.skyscrapercity.com/showthread.php?p=24742254)

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Oberoi Skyz -- Worli, Mumbai



http://img35.imageshack.us/img35/3906/skyz1au7pz3mz8.jpg

Oberoi Skyz by Oberoi Constructions is one of the first skyscrapers proposed for the now growing Worli skyscrapers.

Touted as a super-lux development, Oberoi Constructions apparently didn't even deign to advertise, but instead targeted über-rich individual clients including Indian sports stars, industry tycoons and Bollywood celebs.

In contrast to many of the unique architectural gems (http://www.skyscrapercity.com/showthread.php?t=360628) coming up in Mumbai, Oberoi Skyz is decidedly run-of-the-mill. Comprising two towers of 65 floors, each with one unit per floor, the towers are located smack dab in the middle of Mumbai's Worli neighborhood's bourgening skyline where it will rub shoulders with equally tall towers and even taller supertalls.

So while the architecture of the 65-story twin towers (50 stories + 15 floor podium) is nothing special, this was not always the case. Skyz it was one of the first towers in Mumbai whose developers thought tall. The project was originally supposed to be a massive "rocket-shaped" tower 90 stories (http://www.gostructural.com/article.asp?id=725)/345 meters (http://www.lera.com/lerastallbuildings.htm) tall, but were denied clearance because they would interfere with a nearby TV tower.

Thankfully, that era of thinking in Mumbai is coming to a close, with even taller towers having since been approved in virtually the same area as Oberoi Skyz. So you can say that this tower was either proposed too soon and was thus shortened, or the legal wrangling surrounding this tower's approval paved the way for other, taller projects.


http://img82.imageshack.us/img82/7325/01ke6.jpg

The project is approved and according to the builder is under construction, however no u/c pics of the towers have been found.


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For posterity's sake, here's an old post from 2006:

Found some long awaited news on Oberoi Skyz!

Its from the HT Epaper (http://epaper.hindustantimes.com/), from 12 November (actually, its rather old news!) Previous month's archives aren't accessable unless you have a subscription, but thankfully omnipotent Google has a cache of the article (http://72.14.209.104/search?q=cache:BC9FVMi-72EJ:epaper.hindustantimes.com/artMailDisp.aspx%3Farticle%3D12_11_2006_001_006%26typ%3D0%26pub%3D264&gl=us&ct=clnk&cd=3).

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8,000 sq ft flat in Worli? Skyz the limit (http://72.14.209.104/search?q=cache:BC9FVMi-72EJ:epaper.hindustantimes.com/artMailDisp.aspx%3Farticle%3D12_11_2006_001_006%26typ%3D0%26pub%3D264&gl=us&ct=clnk&cd=3)

Project’s 44 apartments being snapped up at Rs 20 cr — and rising

Gurbir Singh
Mumbai

THERE’S NO evidence of construction on the dusty five-acre plot in Worli, where an old GlaxoSmithKline factory once stood. There’s no piling, not even environmental clearance for the super-exclusive twin towers that will rise here.

But ever-booming Mumbai does not really need proof of construction. The flats in the twin towers planned at the Glaxo site on Dr Annie Besant Road will cost you Rs 20 crore — today.

Think over the price. But don’t think too long. Tomorrow, it might be Rs 25 crore.

Bookings opened a few weeks ago at Rs 19,000 per sq ft, and India’s who’s who lined up to grab a piece of Skyz, as Mumbai’s newest towers are called. They will rise 65 floors, but with only 44 apartments.

So far, 15 apartments have been sold. The last sale was at Rs 25,000 per sq ft, and it could keep rising. Vikas Oberoi, co-promoter of the Skyz project, said by the time the project ends, the price could touch Rs 50,000 per sq ft.

Each apartment will be bungalow-sized at 8,000 sq ft and will have five bedrooms. Each will be a duplex, spread across two floors.

“We wanted a swimming pool for each apartment, but the civic body turned it down as there is a water shortage in the city,” explained Oberoi.

What he did manage to clear is two towers-on-stilts that will start 15 floors above the ground. So every apartment gets a view of the Arabian Sea. One buyer has booked two adjacent apartments: 16,000 sq ft for Rs 40 crore.

The list of owners isn’t exactly public, but it includes names like Kishore Biyani, chief of the Pantaloon Group and Enam Financial’s Akash Bhansali.

“I could also go for two. It’s a great project,” Biyani told HT. “Vicky Oberoi is a friend. I told him, when you open bookings, I want to be the first.” But Skyz is not for open booking. Entry is by invitation only.

AWESOME TRIO
http://img153.imageshack.us/img153/4697/174du5.jpg

I seem to remember that site photos were posted once, but can't seem to find them.


Here's a backgrounder on the project from the Indian Skyscraper Blog (http://indianskyscraperblog.wordpress.com/2008/10/07/mumbai-oberoi-skyz-65-fl-x-2/)

-Jai

This is great. Too bad the originally planned height wasn't allowed.

Cant beleive contruction has not kick off yet and yet people are purchasing their flats.

I dont think this is even the proper rendering as I dont really like the design as well as not being in great detail. I

dont think this will be the actual design come to think of it & Oberoi may surprise us with their signature project with so many other flash projects u/c.

Also the web-site says the project is up-coming so nothing definite.

http://www.oberoiconstructions.com/index.htm

Here's another view from Business today (http://businesstoday.digitaltoday.in/index.php?issueid=23&id=3554&option=com_content&task=view) magazine
http://img89.imageshack.us/img89/189/live1a1537uj9.jpg

______

As stated above in Jai's post, they'll come up at the land owned by Glaxo

http://img291.imageshack.us/img291/5999/oberoiskyzfd7.jpg


click here (http://wikimapia.org/#lat=19.007512&lon=72.818788&z=17&l=0&m=a&v=2) to view on wikimapia

Damn!!!! :cheers: look where they are!!!!! dead in front of Arabian sea no tall building in front of them. 65-F twin babies ala imperial towers. they'll be a sight to behold once completed. look out for these ones.

Here's another view from Business today (http://businesstoday.digitaltoday.in/index.php?issueid=23&id=3554&option=com_content&task=view) magazine
http://img89.imageshack.us/img89/189/live1a1537uj9.jpg

______

As stated above in Jai's post, they'll come up at the land owned by Glaxo

http://img291.imageshack.us/img291/5999/oberoiskyzfd7.jpg


click here (http://wikimapia.org/#lat=19.007512&lon=72.818788&z=17&l=0&m=a&v=2) to view on wikimapia

They'll definitely be super visible. I'm not necessarily sure that's a good thing though.

If each of the 44 apartments have five bedrooms, you might as well expect several large families to live in these towers.

The bedrooms can also be turned into a games room, chill out lounge, home office, small cinema room, creche etc.

This complex is located near the 300-metre Mumbai Television Tower.

guys, I spoke with someone from Oberoi constructions yesterday. She said that they're waiting for some kind of approval and construction will only start after that.

^^ Aww...I wonder what kind of approval she is talking about. Thanks for the info, IU.

IU

nice detective work. thanks. I guess the Bribe wasn't enough to approve it. so they want more. just give them more & get it over with. :)

wanna see the cranes on the site like right now !

guys, I spoke with someone from Oberoi constructions yesterday. She said that they're waiting for some kind of approval and construction will only start after that.

larger rendering of Skyz again from Business Today (http://businesstoday.digitaltoday.in/index.php?issueid=26&id=&option=com_registration&task=homegallery&home=1&exist=yes&thumbid=31&assignedid=39) -

http://img136.imageshack.us/img136/9639/1461live1a1kd6.jpg

According to LERA (http://www.lera.com/lerastallbuildings.htm) the towers will be 1,132 feet/345m tall which sounds plausible wrt the latest proposal of 65fl.

Suncity, please change the title to "WORLI | Oberoi Skyz | 345m | 65 fl x 2 | Pro". Please also add "x 2" to the title of the Imperial Towers thread.

IU, that height has been on LERA's webpage for quite a while. LERA designed the original 90 story tower, whereas these twins were designed by an Indian architect (I forget who exactly.)

A height of 345m makes sense for 90 floors, not 65.

From the original post:
While now 65-story twin towers (50 stories + 15 floor podium) they were originally supposed to be a massive "rocket-shaped" tower 90 stories (http://www.gostructural.com/article.asp?id=725)/345 meters (http://www.lera.com/lerastallbuildings.htm) tall, but were denied clearance by AAI.

ooops, I should have read your original post. That height approx wrt to floors I admit was kind of retarded.

look at what we have here from TOI. It was BMC's approval that the lady the other day was talking about. The plot seems to be tangled in land issues and the BMC wants Oberoi to pay them 54cr to allow them to start construction since GlaxoSK which sold the plot to Oberoi didn't own the land but had leased it from BMC.

Apr29-> Glaxo plot: BMC allows work, but on 50% payment

Mumbai: Oberoi Constructions, which is building a 65-storey luxury residential tower at Worli, will have to pay half the cost of the plot to the BMC. Oberoi had paid Rs 108 crore for the 4-acre plot in 2004.

Stating that it does not want to be an impediment to development as long as its share is paid, the civic administration said it will allow construction of the tower—touted as Mumbai’s tallest—at the Worli plot once owned by Glaxo SmithKline (GSK). In return, the developer has to pay the BMC’s share of transfer fee—50% of the plot price.

After evaluating the report filed by BMC’s building proposal department, municipal commissioner Jairaj Phatak on Monday also decided to regularise the unauthorised amalgamation of the plot, part of which was sold to Oberoi Constructions in 2004. The regularisation is subject to the BMC getting its share.

The developers, on their part, still have the option of challenging the decision in court, civic officials said.

“We want Mumbai to develop, but at the same time we want to make sure that developers do not pay the BMC peanuts while they make crores in profit, “ Phatak told TOI. “In this case, if the developer pays up, we are happy to regularise the sub-division of the plot vide a committee resolution, and then he can go ahead with the planned development on the plot,” he added.

GSK and Oberoi were on the verge of losing the huge chunk of land after the BMC last month served them a notice seeking to cancel the lease. This, after the BMC decided to hike the fee for transfer of lease rights from 7% of the plot price to 50%. “Even the state is charging a 50% fee, so why should the BMC settle for less,” Phatak asked.

Vikas Oberoi of Oberoi Constructions said he has to discuss the matter his board before taking the matter forward. “The final decision rests with the board. If it decides to pay up, then we will,’’ he added.

The civic body had leased out its land to GSK, which then took on lease another neighbouring plot in 1991 and sought the BMC’s nod to amalgamate the plots. The civic improvements panel agreed to it, but neither the BMC nor GSK bothered to sign a fresh lease deed for the amalgamated plots.

Senior officials from the estate department, in their notice, had said that an executive engineer of the development plan was not authorised to subdivide a plot as was done in this case. So, the original leaseholder (GSK) cannot transfer the right to the land to another party. The developer had also refused to pay the transfer fee and the proposal was kept on hold. While that happened, the BMC decided to increase the fee.

I spoke with the project manager of Oberoi Skyz at LERA the other day. He said that the building would have more than 65 floors but less than 70. Now here's the best part of the convo. He said that within a month, another supertall will be launched in Mumbai. He gave me no details about the project nor its developer but said that LERA is involved in it. So everyone keep an eye on google news and the daily newspapers.

sweet... can't wait!

IU pulls it off again! *bows*

Thanks again for the updates IU!!

np folks. Here's another render of Skyz showing its backside -

http://img178.imageshack.us/img178/5457/skyzec6.jpg

It's from a PDF (http://www.langan.com/International.pdf) on Langan Engineering & Environmental services's website. According to the PDF they assisted in the design of a shallow mat foundation support for each tower — an unprecedented foundation type for a Mumbai tower. Langan performed a three dimensional finite element analysis to demonstrate that the raft foundation was feasible. The innovative design resulted in multi-million dollar cost savings for each tower and reduced the projected foundation construction schedule.

Wow, that looks a helluva lot better. Materials and facade make all the difference

The render of the otherside looks much better than the original one.

Thanks IU for doing the research and digging out all the info.

:cheers:

If its over 60-F, I'll take any renderings. even if it is box shaped cookie cutter designs all concrete. Bombay skies need to be filled up quick for India's ego's sake.

Thats a nice design from the back!

I like it.

Nice design, hope to see it more in Mumbai's towers

some info from India Today (http://www.itgo.in/index.php?option=com_content&task=view&issueid=&id=2668&sectionid=7&secid=46&Itemid=1) -

Oberoi Skyz
http://img113.imageshack.us/img113/3889/080605031204luxurioushoje5.jpg

This twin-tower, 65-storey extravaganza coming up in the heart of Mumbai will have duplex apartments of 8,950 sq. ft each, with floor-to-ceiling windows opening to a sky deck, a temperature-controlled indoor swimming pool, with state-of-the-art gymnasium, sky lobbies, exclusive, private elevators, and a little water body inside each duplex.

USP: Private elevators, sky lobbies, indoor swimming pool
Location: Worli
Area: 8,950 sq. ft
On sale: A few flats are still up for grabs
To be completed: Early 2011
Builder: Oberoi Constructions
Price: Rs 50 crore-Rs 55 crore (approx.)

sweet, mumbai is moving up the chain

i'm sure the skyline in mumbai will be comparable to that city in china by 2020

65-storey bldg hits Rs134 cr block (http://www.dnaindia.com/report.asp?newsid=1175519)

MUMBAI: Plan to build one of the country’s tallest skyscrapers — a 65-storey highrise housing plush apartments at Annie Besant Road in Worli — has run into trouble.

The civic body on Wednesday served a notice on landholder, pharma major GlaxoSmithkline (GSKPL) Pvt Ltd, asking it to cough up penalty and transfer charges worth Rs 134.64 crore before going ahead with the project. According to the Brihanmumbai Municipal Corporation (BMC), GSKPL, the original lessee, didn’t seek its mandatory permission before transferring the land to the developer.

On May 25, BMC’s estate department had served a show-cause notice on GSKPL, seeking an explanation how the pharma major entered an agreement to transfer the land to the developer on April 24, 2004, without the “prior permission or knowledge” of the municipal corporation, which owns the plot.

GSKPL and the developer I-Ven Realty Ltd — a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions — then filed their reply.
The BMC, however, found their reply unsatisfactory and through the notice served on Wednesday revoked the transfer of the property to IVen - a copy of the notice is in DNA’s possession.

But since the corporation had approved the plan in principle in 2004, the notice says the BMC was ready to validate the agreement transferring the land to the developer if GSKPL paid the fine and transfer charges worth Rs134.64 crore.

These towers look great!I really hope that these towers get approved

Guys, I've updated the first post in this thread with the same information as the thread I created in the international forum

• MUMBAI | Oberoi Skyz | 65 fl X 2 (http://www.skyscrapercity.com/showthread.php?p=24742254)
http://img222.imageshack.us/img222/336/01id9.jpg (http://www.skyscrapercity.com/showthread.php?p=24742254)

An update on the legal wrangling around Oberoi Skyz and a small site pic:

Civic body going to SC over Worli twin towers (http://www.livemint.com/2008/09/09223225/Civic-body-going-to-SC-over-Wo.html)
The expensive Mumbai residential towers have been dogged by regulatory and legal issues from the start
Madhurima Nandy
Posted: Tue, Sep 9 2008. 10:40 PM IST

Mumbai: It was touted as the most expensive and exclusive residential block in south Mumbai’s Worli area, but it has been dogged by regulatory and legal issues from the start and a fresh twist could see its fate being decided by the country’s apex court.

The most important issue involves the ownership of the land with Mumbai’s local corporation, the BrihanMumbai Municipal Corporation (BMC), claiming that it has a right to the land. BMC also approves all real estate projects in the city.

I-Ven Realty Ltd, a joint venture between Mumbai’s Oberoi Constructions Pvt. Ltd and private equity firm ICICI Venture Funds Management Co. Ltd planned to develop 44 duplex apartments in twin 65-storeyed towers overlooking the Arabian sea. The development attracted buyers such as Future Group chief Kishore Biyani and 20 apartments were sold.

The current prices of the apartments are around Rs40,000 per sq. ft, or Rs32 crore for a 8,000 sq. ft flat.

V. Radha, joint commissioner, BMC said, “The land belonged to BMC and was given to Glaxo on lease.”

A GlaxoSmithkline Pharmaceuticals Ltd unit used to be located at the project site. Glaxo transferred this land to the developer, but Radha said there were “lapses in the transfer of land between Glaxo and the developer”. Even after the Glaxo unit was demolished, the developer could not begin construction as BMC refused to give the mandatory no-objection certificate and demanded Rs134 crore because the land had originally belonged to it.

http://img261.imageshack.us/img261/1407/10092008007003012ip1.jpg
Legal issues: The site for the proposed twin tower project. The municipal corporation says it will move the Supreme Court against the developer.

In August, after the developer moved Bombay high court against BMC’s demand, the latter was directed to either give the project a clean chit or appeal against it in a higher court. The project could have begun after the court's verdict, but BMC has now opted to file an appeal.

“We are going to appeal in the Supreme Court by this month-end,” said Radha.

“I am not giving up on the project. I have already paid Rs7.5 crore as transfer of land fee to the BMC and have got the required approvals for the project. I am answerable to my buyers for the delay” said Vikas Oberoi, managing director of Oberoi Constructions which bought the the 4-acre Glaxo property back in 2004 for Rs107 crore.

Radha added that BMC had “detected fraudulent measures in the developer’s usage of floor space index (FSI),” which decides how much development can be carried out on a plot of land.

However, Oberoi denied the charges. “How can they accuse us of FSI frauds when we haven’t even begun construction? Tampering with the permissible FSI limits occurs only when you start constructing,” he said.

Another twin-tower project being developed in Mumbai by Shapoorji Pallonji and Co. Ltd and builder Dilip Thakker faced several objections ranging from construction on space reserved for public road, obstructing ventilation and endangering the environment by bringing down a hill. While construction of one tower is complete and another tower is nearing completion, the developers have not publicly advertised the project. It is believed that some of the apartments have been sold by invitation.

Delays in housing projects can hurt developers, said Shailesh Kanani, an analyst with Angel Broking Ltd. “It causes problems in cash inflow for the developer because he can’t continue with bookings and even investors get stuck because the project has made no progress.”

Another excuse for more money...

larger pic from their epaper-
http://img261.imageshack.us/img261/1407/10092008007003012ip1.jpg

Despite being tangled in legal hurdles, it looks like Oberoi Constructions has gone ahead and contracted out the construction work.

According to this (http://www.steelfabindia.in/services.html), the construction work has been contracted out to L&T constructions while L&t has sub contracted the steel work to Steel Fab India.

I spoke to a PR dude in Oberoi constructions on Saturday. OC is still gung-ho about the project. They expect things b/w them and the BMC to be settled by the SC in the next 2 months.

I spoke to someone from OC today. 2 more months till the bmc squabble settles..that's what they're still saying.

Meanwhile, the project managers from LERA and Langan gave a presentation in March in NYC on the structural and geotechnical challenges that Oberoi Skyz will face-

http://img176.imageshack.us/img176/8295/oberoiskyz.jpg
Clicky (http://www.ascemetsection.org/component/option,com_events/task,view_detail/agid,208/year,2009/month,3/day,25/Itemid,116/)


I was in NJ/NY region back in late March. If I had known about this then I would have attended it.

I was on LERA's website (http://www.lera.com/projects/in/oberoiskyz.htm) and they say the towers will be 230m (755 ft). So its still pretty tall.

Found larger and clearer renders from LERA's website (http://www.lera.com/projects/in/oberoiskyz.htm)


http://img3.imageshack.us/img3/2176/1175415large.jpg


http://img3.imageshack.us/img3/4559/7327393large.jpg

unbelievable indeed 44 apartments with 5 bedrooms really a great thing know.. Hopefully all the apartments would be accomodated with the joint family..

What the latest with these towers?

Is construction underway or what?

No it's not. If it was, the thread would have been hit with multiple posts. The thing is that our BMC sethlogs don't have time to think about city's growth besides shelving in money for themselves. I would love to see this project come up as it would be a magnificent addition to Worli's Skyline. But again, BMC is so imperfect that even if for one, it were to carry out process legally and more ethically (without involving corruption), it wouldn't benefit the city.

Land issues and environmental problems and other BS reasons is all they can come up with. Mr. Oberoi was right saying if the construction hasn't started yet, where does the question of tampering the FSI come up in the first place?

FWIW - this is the site of the towers. The project is as good as dead but posting this just in case it resuscitates:

August 2
Copyright ab_aditya
http://img138.imageshack.us/img138/5268/4878721277ca754babcco.jpg

In a way im glad. The towers as they are, are rather bland. Such a prominent location deserves a better looking building.

:cry: at least build something

I didn't like the design come to think of it.

I only liked its height.

Hope they change its design to something more swanky lol.

Looks like, by their latest press release, this has been brought back from the dead...and construction has started
Commenced construction activities of its mixed use luxury project at Worli

http://www.oberoirealty.com/pdf/Press%20Release%20Q2FY11%20-%20final.pdf

Can one of the Mumbai forumers check this site out plz

Also since it says its 'mixed use' and not 'residential', hopefully they have re-jigged the design also, coz quite frankly the old design was pants!

Its good to know.

Are we sure sure they are not talking about that project of their's (With multiple towers) where Skylark Tower was going to be near Century Bazaar?

btw, how can the title be "On Hold" when construction never started, nor was it even approved?

Are we sure sure they are not talking about that project of their's (With multiple towers) where Skylark Tower was going to be near Century Bazaar?

btw, how can the title be "On Hold" when construction never started, nor was it even approved?

hmm I'm not sure I thought they only had one plot in Worli?...Obviously I'm wrong then...but I think it will take a Mumbai forumer to clarify for sure which plot (if any) is undergoing construction/site prep

No,nothin yet, sorry for the crappy pic, anyways the gate kept open most of the time with one car standing
http://img843.imageshack.us/img843/8109/img0182vm.jpg (http://img843.imageshack.us/i/img0182vm.jpg/)

i heard they still have not got permission from AIR/DD

Oberoi Group Co Looks to Acquire ICICI Venture’s 50% in SoBo Project

MUMBAI

The Oberoi Realty group is in talks to buy the 50% stake held by ICICI Venture in a posh residential project in South Mumbai. Oberoi Realty, the group’s publicly-held company, is expected to pay . 300 crore for the stake, giving ICICI Venture a return of just less than six times in seven years. Oberoi, in 2004, teamed up with ICICI Venture to float a joint venture to buy a prime four-acre plot belonging to GlaxoSmithKline to develop a residential high-rise.

The JV had planned to build around 44 duplex apartments in two 65-stroreyed towers, overlooking the sea. But it could not immediately go ahead as the Brihanmumbai Municipal Corporation (BMC) had demanded a fee from Glaxo worth up to 50% of the value of the land sale, which was . 108 crore. But the Supreme Court set aside the BMC’s decision, paving the way for the project to go ahead. “The investment was made through a close-ended fund and therefore an exit with strong returns is good for investors,” a person close to the transaction said. Vishakha Mulye, MD & CEO of ICICI Venture declined to comment. Vikas Oberoi, chairman and MD, Oberoi Realty also declined to comment. The proposed deal values the property at almost . 150 crore per acre, which is lower than the last notable deal in the same locality.

Indiabulls Real Estate bought 10.5 acres belonging to Bharat and Poddar Mills for around . 2,100 crore or . 200 crore per acre through auctions conducted by the National Textile Corporation. “If the sale is done at . 300 crore, then the deal is clearly in favour of Oberoi Realty if valuations of recent deals are benchmarks,” said an analyst with a Mumbai-based brokerage, which tracks Oberoi Realty. The property developer has almost . 1,500 crore in cash, a rarity given that most realty firms are struggling with debt. The remaining 50% in the project is owned by an unlisted firm, owned by the developer’s promoters.

Building Blocks

• Oberoi Realty is expected to pay . 300 cr for the stake, giving ICICI Venture a return of just less than six times in seven years

• Proposed deal values the property at almost . 150 cr per acre, lower than the last notable deal in the same locality
link http://www.mumbaipropertyexchange.com/News/NewsDetail.aspx?id=1981

Nice find sreekanth :)

Oberoi Realty buys out ICICI Venture's stake in Bby project

Oberoi Realty today said it has purchased 50% stake in I-Ven Realty Ltd from private equity firm ICICI Venture.
ICICI Venture and promoters of Oberoi Realty had equal stake in I-Ven Realty, which was formed to purchased a prime 4 acre plot at Worli in Mumbai from Glaxo SmithKline in 2004.
In a filing to the BSE, Oberoi Realty said it has purchased 5 lakh equity shares and 3,62,500 non-convertible preference shares of I-Ven Realty Ltd from India Advantage Fund I, acting through its investment manager ICICI Venture Funds Management Company Ltd.
Mumbai-based developer Oberoi has also invested in convertible debentures issued by I-Ven Realty.
"Oberoi Realty holds 50% stake in the equity share capital and preference share capital in I-Ven Realty Ltd," the filing said, adding that it also holds 50% of the optionally convertible debentures in I-Ven Realty

http://www.moneycontrol.com/news/business/oberoi-realty-buys-out-icici-ventures-stakebby-project_592269.html

This project came back from the dead. Good find Jinka Sreekanth!


i heard they still have not got permission from AIR/DD

Has it got permission yet?

Glad that the building still has possibility but when I look at this building from the front all I see is a lot of waffles stacked on top of a toaster oven...must be hungry...but seriously they could have come up with a design that said more than "developer plops cookie cutter residential high-rise to make money."

Oberoi Realty buys out ICICI Venture's stake in Bby project

http://www.moneycontrol.com/news/business/oberoi-realty-buys-out-icici-ventures-stakebby-project_592269.html

So that explains the why Callison recently came up with this concept design:

RESIDENTIAL TOWER AT MUMBAI (http://www.callison.com/portfolio/index.cfm?display=project&Project_ID=244)
Iconic structure
300,000 sf
(27,881 sm)
70 Stories

This tower is Mumbai’s premiere luxury residential development, strategically located for convenient access and panoramic views of the city’s core and Arabian Sea. Including triplex, duplex and serviced apartments, the tower’s aero-dynamic design and clover-leaf form features such amenities as sky garden decks, private infinity pools, and an expansive resort-like recreation center.

http://img204.imageshack.us/img204/1439/pdbayheights02.jpg

http://img14.imageshack.us/img14/4797/pdbayheights01.jpg


With a new design in the works, it's time to kiss the old design goodbye. Here's another view of the old design that someone uploaded on his flickr album (http://www.flickr.com/photos/33865023@N04/4099022567/in/photostream) in 2009:

http://img690.imageshack.us/img690/8611/4099022567f6bdf33b82z.jpg

That one tower's going to take up that entire plot?

The New Design is pretty tacky!! The old one is conservative but looks refined and sophesticated. However, Oberoi Reality is pretty aesthetically aware of their products- I`m sure they will come up with a design that looks immaculate eventually.

Nomura Fin services' analysis (http://breport.myiris.com/NFASIPL/OBEREALT_20110929.pdf) of the deal:

As the construction of the project couldn’t take off after the land deal was concluded in 2004, we see delay in launch of the project as one of the significant risks associated with the project. It is quite possible that the project could see significant delays in approval from the BMC and also Oberoi’s claim of FSI of 2.7 on the land could be under question if the proposed changes in the FSI regulations go through. We assume the project launch will only be possible by 2014, as Oberoi Realty has another luxury project (~2.1 mn sq ft, ~3x the current project size) in Worli which is targeted for the launch by Mar 2013. The launch could be further delayed if the Oasis project does not do as well as anticipated.