Oberoi Realty & Aman Group JV in Mumbai

New Delhi, Jan 11 (PTI) Oberoi Realty on Wednesday said its joint venture firm I-Ven Realty Ltd has tied up with Switzerland-based Aman Group for management of a hotel and branded residences project in Mumbai.

Oberoi Realty Ltd has a 39.13 per cent stake in the JV firm I-Ven Realty Ltd. Another 39.13 per cent ownership interest in the JV is held by Vikas Oberoi (the promoter of Oberoi Realty, and the balance 21.74 per cent ownership interest is held by Alpha Wave Ventures II, LP, according to a regulatory filing.

The JV or special purpose vehicle holds leasehold rights on about 4-acre of land parcel at Dr Annie Besant Road, Worli, Mumbai.

The SPV plans to construct a hotel consisting of about 80 guest rooms, food and beverage outlets, and other allied facilities and amenities. It also plans to build about 150,000-200,000 sq ft (carpet area) of residential real estate for sale, along with allied facilities and amenities.

Oberoi Realty said the SPV has signed a hotel management agreement -- a residence branding and marketing agreement -- and other related agreements with AMAN GROUP SARL, Switzerland.


Aman will manage and operate the hotel under the 'Aman' brand.

The hotel, to be operational in 2032, will be managed and operated by Aman for an initial term of 25 years, with an automatic extension for a further 10 years unless chosen otherwise by Aman.

The residences will be developed, marketed and sold using the licensed Aman marks, and managed and operated under the 'Aman' brand.

Oberoi Realty is one of the leading real estate developers in the country.

Recently, the company acquired a land parcel in Mumbai for Rs 5,400 crore through an auction process.